Q. My wife and I have 4 sons. Unfortunately, one of them is not deserving of an equal share of our estate when we pass, and we have shared that with him. He now threatens to challenge our trust after we die on the ground that we lacked capacity when we recently created it. We… Read More »
Posts Categorized: Estate Planning
Are Your Estate Planning Documents HIPAA Compliant?
Q: I heard on a radio program that Living Trusts should be HIPAA compliant, but I didn’t quite catch the full comment. Can you shed any light on this? A. Sure. Most trusts and powers of attorney contain provisions which call for a change in trustee or agent when the maker of these instruments (you)… Read More »
Does a Power of Attorney End On Death?
Q, My wife and I were wondering whether a Power of Attorney that each would give to the other would end upon death? Can you advise? A. Short answer. Yes! A Financial Power of Attorney (“POA”) generally ends upon the death of the principal, the principal being the one who gives the “powers” to an… Read More »
Consider Tax Savvy Year End Gifts To Family
Q. Last year around this time, you wrote an article on year-end gift planning, but I cannot find the copy I saved. My wife and I are considering making large gifts to our two children to help them remodel their homes, and we would like to do so in a way that is “tax wise”…. Read More »
Understanding A “Springing” Power of Attorney
Q. I recently heard the term “Springing” Power of Attorney, but I am not sure what that means. Can you shed any light on this? A. Sure. Broadly speaking, there are two general categories of financial Powers of Attorney: (1) those that are immediately effective upon signing by the principal, and (2) those that are… 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 leaves everything to the other and then on to our children. Our son suggested that our wills may… Read More »
Add Flexibility To Your Trust To Handle Change
Q. My husband and I are concerned about how to keep our trust up to date in light of changing tax law and changing family circumstances. What if we are too ill to make changes ourselves. Any thoughts on how we can handle these concerns? A. With the ever-changing tax landscape, and changes over time… Read More »
Does Your Trust Need a Tuneup?
Q. My wife and I had our Living Trust prepared back in the year 2008. I hear there have been changes in tax law since then which might affect us. Is it time to have our trust reviewed? A. You refer to the Tax Cuts and Jobs Act,” (“TCJA”) signed by former President Trump on… Read More »
Planning an Inheritance for a Child on Public Benefits
Q. One of our adult children has a disability and receives SSI and Medi-Cal. We are concerned that an inheritance may terminate his benefits. We have heard something about a Special Needs Trust. Can you tell us more about that? A. Sure. As you apparently know, under present rules your son cannot have more than… Read More »
Understanding “Living Trusts “
Q. My wife and I don’t really understand what a “Living Trust” is and how it is different from a Will. Can you help us understand it? A. Yes. A “Living Trust”, is a legal document which (1) provides for asset management in the event of your incapacity, and (2) allows your assets to go… Read More »