Q. My wife and I spend a substantial amount of time each year living in two other states, so that we can spend time living near each of our two children and their own families. We have our California estate planning documents created some time ago, but wonder whether we should create new documents in… Read More »
Posts Categorized: Estate Planning
New Law Makes Big Changes to IRA’s & Other Retirement Plans
Q. I heard that there is a new law which makes major changes to IRA’s and other retirement plans. Can you comment? A. The new law, signed by President Trump on December 20, 2019, and effective January 1, 2020, is called the “SETTING EVERY COMMUNITY UP for RETIREMENT ENHANCEMENT ACT”, or the “SECURE ACT” for… Read More »
The 5 Parts of a Good Estate Plan
Q. My wife and I would like to set up a basic estate plan. What are the essentials? A. Many people believe that if they have a will, their estate planning is complete. But there is much more to a good estate plan. A good plan should be designed to avoid probate, minimize estate taxes, protect… Read More »
Does Your Trust Contain A ‘Poison Pill’?
Q. In past articles you have written about the option of seeking a Medi-Cal subsidy to help pay for the cost of nursing home care if that need arises. I have a Living Trust. Are there provisions that I should include, or some that I should avoid, in order to facilitate Medi-Cal qualification? A. Great… Read More »
Should I Name All of My Children As Co-Trustees of My Trust?
Q. I am setting up a “Living Trust” and considering name all three of my children, together, as successor co-trustees. Do you have any thoughts as to whether that makes sense? A. Yes, I do. Your desire to treat all of your children equally, or at least not to appear to favor one over the… Read More »
Giving Your Home to Your Children Can Have Tax Consequences
Q. I am thinking about giving my home to my son now, so that probate can be avoided and my affairs simplified when my time comes. Any comment as to whether this plan makes sense? A. Caution: Transferring your home to your son by gift during your lifetime can have adverse tax consequences. Example: assume… Read More »
When Your Most Valued Assets Are Not Covered by Your Will
Q. My wife and I hold title to her home as joint tenants, and most of our cash assets are in the form of two large IRA accounts and one big annuity. We have basic wills which leave everything to the other and then on to our children. Our son suggested that our wills may… Read More »
An Approach to Handling Legal Affairs When Your Spouse Can’t Sign
Q. My husband suffers from dementia and we have significant expenses for care in the home. In order to help with these expenses, I have been thinking about selling our vacation property which we no longer use or cashing in one of his annuities. I would also like to set up a Living Trust and… Read More »
Setting The Incapacity ‘Trigger’ in Your POA & Trust: Two Doctors or One?
Q. I am in my late 80’s and am updating my estate plan. I find I have an important decision to make: in my Power of Attorney (“POA”) and my Trust, if I ever lose mental capacity should I require the opinion of two doctors, or just one, to certify my incapacity before duties transfer… Read More »
Planning an Inheritance for A Child or Grandchild on Public Benefits: The Special Needs Trust?
Q. One of my grandchildren has a disability and receives SSI and Medi-Cal. I would like to leave him a bequest from my estate when I pass. But won’t doing so cause him to lose his public benefits? A. Not if you plan correctly. As you probably know, your grandson cannot have more than $2,000… Read More »