At its heart, an estate plan is deciding what would happen to your property and wealth in the time following your incapacity or death. It identifies who you would like to manage your assets, the beneficiaries of said assets, and can establish your final wishes in regards to how those assets will be distributed. Estate…
Since we opened our doors back in 2015, we have never once increased our prices. That’s pretty much unheard of in our industry and something we are very proud to have been able to offer to our clients for so long. Beginning in January of 2019 though, we will be expanding our estate practice as…
Whether having recently married or you’re about to take the plunge, you more than likely have a lot on your mind. Wedding plans, family plans, and an entire lifetime together to think about. However, one thing you may not be thinking about is how your new marriage can and most certainly will affect your current…
If you or your spouse are over 55 years old, there might be some big tax concerns you have when it comes to moving. First, you’re worried about the large tax on capital gains. (But maybe you qualify for the $250K/$500K home sale exclusion). Second, you probably bought your home at a lower price and if…
PRIMARY HOMES If you are married and own a primary home, chances are you own it as either “joint tenants” (JT) or “community property with rights of survivorship” (CPWROS). Both are forms of joint ownership, so is there a difference? Oh yes! A big difference. In California, you get what’s called a “step-up in basis”…
The concept of step-up in basis is a staple in estate planning. Planning decisions must take this concept into account, as the potential benefits of preserving step-up in basis for your heirs is tremendous. The step-up in basis is a method around paying capital gains taxes, which is a form of income tax. Generally, if…
BACKGROUND: There can be many reasons why you need a trust – but here are 2 of the most common. The first reason is to avoid probate. Probate is a court process that occurs after you die when you don’t have a trust, when your home, bank accounts, and all other assets will be held by…
Asset protection planning is an important step to take in safeguarding your hard-earned assets from being lost, inadvertently, because you overlooked something important. The most foundational level of asset protection is to plan for what will happen to your assets in the event of your incapacity or death because you are 100% guaranteed to have…
Life insurance is a purchase only made once or twice in a lifetime, so it is common to be unaware of the ins and outs of policy protection. The potential pitfalls are significant, however, so review the following tips before purchasing a life insurance policy. Get the Right Type and Amounts Life insurance policies are…
Unless you’ve been living under a rock, you’ve probably heard about Bitcoin. But, you may not know what it is or how it affects your estate planning. Or, maybe you’ve got yourself some Bitcoin, but haven’t given thought to what would happen to your digital currency in the event of your death or incapacity. So…
Dealing with the financial stressors of caring for an aging loved one can affect your ability to provide them with the care and compassion they need. It can also put the security of your financial future at risk. To mitigate these concerns, consider these useful tips to help you make informed decisions about how to…
In the sea of financial planning wisdom, there are too few messages about the importance of mindset. Gone are the days when simply saving money was enough to get you to retirement. With pensions practically a thing of the past, it takes more than just a big piggy bank to afford retirement. Saving strategies aside,…
Trusts vary in their structure, funding, and terms, so it’s hard to know how divorce will impact your trust without review. It’s safe to say, without question, your trust (and really your entire estate plan) should be reviewed during your divorce to prevent unforeseen negative outcomes. The impact of a divorce on your trust can…
A celebrity’s image and likeness can continue to produce considerable income after death. This type of intellectual property is considered part of your estate, and the IRS can tax its value. In the case of pop star Michael Jackson’s estate, that recently meant an IRS bill to the tune of $64.5 million, years after his…
Of the handful of major life events that require your serious consideration, few are as emotionally charged as how to leave your assets for loved ones at the time of your death. This often complex process is accomplished via testamentary documents such as wills and trusts, which have recently become available for purchase online as…
Mortgaged property may be transferred into a revocable living trust as a measure to avoid probate and provide greater control over how the property is distributed to beneficiaries. Unlike property which the grantor owns free and clear of encumbrances, mortgaged property requires additional considerations prior to placing it in a trust. The process for funding…
President Richard Nixon named Warren Burger chief justice of the Supreme Court in 1969. Burger’s court upheld the 1966 Miranda decision, and Burger voted with the majority in the court’s landmark 1973 decision, Roe v. Wade, establishing women’s constitutional right to have abortions. He was awarded the Presidential Medal of Freedom in 1988. In summary,…
If you have ever met someone who repeatedly sabotaged their life or seemed to have a hard time moving things forward, despite the best of intentions, it may be that they were dealing with unprocessed grief. Most people have never been taught to deal with grief and as a result are stuck dealing with confusing…
Multi-generational households are becoming the new (or maybe it’s really old) in vogue way to handle the care of aging parents. And we’re all for it so long as you consider the implications and set your family up for success. With Mom or Dad moving in, you can anticipate some extra expenses, not just financially,…
As your family size grows, there is lots to prepare for and consider. Welcoming a new family member can be a joyous occasion, and requires some planning. Adding a new family member can affect your finances and create a need for more protections. Reassessing your insurance coverage might not be at the top of your…
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