Q. My wife and I are considering annual gifts to our grandchildren to help with their future college expenses. Do you have any suggestions as to the best way to do this? A. Yes. One of the best options is to make annual gifts into a 529 Education Savings Plan, so named for Section 529… Read More »
Posts Categorized: Estate Planning
Preserving Your Parent’s Low Property Tax on Trust Distribution
Q. My mom owned her home for 35 years before she recently passed. Her trust leaves it 50-50 to my brother and me. I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that. Is there a way that we can do this without triggering a… Read More »
Is Your Home in Trust? Better Check Your Title Insurance
Q. My wife and I created a Living Trust some years ago and put our home in our trust. I recall hearing something on the radio recently about making sure that the transfer into our trust did not void our title insurance. Do you know anything about this? A. Yes. You refer to the concern… Read More »
Is Your Trust 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 becomes… Read More »
Can I Use My Father’s POA to Help Him Qualify for Medi-Cal?
Q. My father is in a nursing home and could really use a Medi-Cal subsidy to help with the cost, which is running about $8,500 per month. He has dementia and cannot manage his own finances. Years ago he signed a Power Of Attorney naming me as his agent. Can I use it to make… Read More »
A Tax Savvy Alternative To Joint Tenancy: Community Property With Right of Survivorship
Q. My husband and I hold title to our home in joint tenancy. When we bought it years ago we were told that was the simplest way to avoid probate. However, I now hear that there may be tax advantages to holding title as community property. If so, is there a way to get the… Read More »
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’ve 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 make… Read More »
Don’t Unwind Your Trust by Mistake
Q. My father had a Living Trust which originally held title to his house. He recently died and when we went to handle his affairs, we discovered that the home was no longer in his trust. It seems that he took it out of his trust when he refinanced his home some years back. I… Read More »
Tax Savvy Year-End Gifts
Q. My wife and I are considering making large gifts to our two children and four grandchildren, and we would like to do so in a way that is “tax wise”. Do you have any advice for us? A. Yes. Many people mistakenly believe that you cannot gift more than $14,000 per year without… Read More »
Does My Trust Contain A ‘Poison Pill’ ?
Q. In previous 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 down the… Read More »