Q. My late wife and I set up a trust about 10 years ago, and now I want to change the Successor Trustee and remove a beneficiary. Is that a simple thing to do? A. Like so many things in life, it depends. Here are some of the considerations: Is It Amendable? Not all trusts… Read More »
Posts Categorized: Estate Planning
What’s in the New Tax Law?
Q. I hear a lot about the new tax law that Congress passed and President Trump just signed, but I am unclear as to how it might affect me and my family. Can you give us a summary? A. Sure. While much of the new “Tax Cuts and Jobs Act” was designed to reduce the… Read More »
8 Questions to Ask Before Agreeing to Be Trustee
Q. A close friend asked me to be the Trustee of his trust in the event of his incapacity or death. While it is an honor to be asked, I wonder what questions I should ask before accepting? A. It is indeed an honor, as it means that your friend trusts your judgment and is… Read More »
The Ethical Will: Putting Your Values on Paper
Q. In connection with creating our estate planning documents, my husband and I would like to leave our children and grandchildren something more than just our money and assets. We would like to leave them a sense of our values. A friend mentioned something to us about an “Ethical Will”. Do you have any thoughts… Read More »
How Much Can We Leave to Our Children Estate Tax Free?
Q. My wife and I were wondering how much we could leave to our children free of any gift or estate tax? A. The answer may surprise you. A married couple can actually transfer to up to $10,980,000 to their children, free of any gift or estate tax (in 2017). You can either do so… Read More »
Powers of Attorney Are Not All The Same
Q: My friends and I were recently discussing powers of attorney. It seems that we have different understandings as to what they look like and how they can be used. Can you provide me with a short lesson which I can share with them? A. Sure. Powers of attorney are very important legal documents. In… Read More »
What Is a Life Estate Deed?
Q. My primary asset is my home, which I purchased about 40 years ago and now own free and clear. I would like to leave it to my children, but in a way that avoids the fuss of a probate or trust administration when I die. Is there some way to do this? A. Yes,… Read More »
Planning for an Incapacitated Spouse Using a Special Needs Trust
Q. My wife suffers from Parkinson’s and has been in a nursing home for some time. About a year ago, we put everything in my name so she could qualify for a Medi-Cal subsidy to help pay for her care. We currently have only simple wills which leave everything to the survivor of us, and… Read More »
New Law: You May Now Give Your Fiduciary Post-Mortem Access To Your Social Media Accounts
Q. I am a frequent user of Facebook and Twitter, and I sometimes wonder what would happen to my accounts upon my death. Would my family be able to access my posts? A. Under a new California law that went into effect January 1, 2017, the answer is “yes”, provided that you take proactive steps… Read More »
Family Loans: Avoid Running Afoul of IRS Rules
Q. My wife and I want to make a loan to our son to help him buy a home. We are really not interested in charging interest and we might even forgive the loan in our Wills. Are there any tax implications of which we should be aware? A. Yes, there are. Concerns regarding intra-family… Read More »