Everything You Need to Know About Beneficiary Designations
If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each...more
There’s a good chance that your estate plan includes a revocable trust — sometimes known as a “living trust.” This type of trust can help your estate avoid probate, guard your privacy and provide protection in the event...more
Most US homeowners and business owners understand the importance of an estate plan; they just never seem to get around to completing the task. What do you need to know about a trust? Why are trusts a central component of any...more
When we think about making plans to secure our future, generally the discussions revolve around education, career, family, and finances. Creating a comprehensive estate plan, including effective advanced directives, can elude...more
Do you need an asset protection strategy in San Diego, California? What is an “Asset Protection Strategy” and who should make sure to have an asset protection strategy in place?...more
As described in our previous client memo in May 2022, the FDIC is amending its regulations governing deposit insurance to merge the revocable and irrevocable trust deposit insurance categories into one “trust accounts”...more
What is a Trust? A Trust is a legal entity involving three roles: The Grantor or “Trustor”, the Trustee, and the Beneficiary. The Grantor (the creator of the trust) will give the Trustee the right to hold and manage property...more
Many think estate planning is only a concern for those who are later in their stage of life or wealthy. They put it off for years, or entirely. Estate planning is for everyone and essential to maintain financial security...more
Estate planning can be a daunting task for individuals and families. The stakes can be high. The decisions are often numerous. Family dynamics frequently come into play. However, for those living with special needs or those...more
Revocable trusts can simplify asset management during life and facilitate and make private asset transfers at death. You may think that your estate planning work is done when you sign your revocable trust agreement, but, to...more
So, you finally sat down to start your estate plan but have heard so many conflicting points about wills and trusts that you don’t know where to start. If you are choosing between a trust and a will, you’re not alone. One of...more
Losing a family member or friend is a difficult situation for everyone. In 1969, the Swiss-American psychiatrist Elizabeth Kübler-Ross wrote in her book “On Death and Dying,” that grief could be divided into five stages:...more
David F. Johnson presented “Trust Issues In Divorce Proceedings” on November 17, 2021. This presentation covered trust issues that arise in divorce disputes, such as spouses creating an irrevocable trust, fraud claims to void...more
In the next webinar in our Estate Planning 101 series, wealth preservation attorney Whitney Patience O’Reilly will discuss the basics of trusts. She will review the differences between revocable and irrevocable trusts and...more
If you are getting divorced, you may find that your marital assets include interests in one or more trusts. It could be that you and your spouse established the trusts during your lifetime, or perhaps a family member created...more
Effective January 1, 2020, the new Illinois Trust Code (ITC) will replace the Illinois Trusts and Trustees Act, ushering in several changes of note for fiduciaries. In light of the ITC, fiduciaries and estate planners should...more
Ann Breakey (“Petitioner”) appealed an order of the Department of Treasury which determined that she was not an “owner” of the property she inhabited for purposes of being granted a Principal Residence Exemption (“PRE”)....more
In Coyle v. Jones, two sisters fought over the whether $197,000 belonged to their mother’s estate or to a trust. No. 05-16-00876-CV, 2017 Tex. App. LEXIS 11173 (Tex. App.—Dallas November 30, 2017, no pet. history). ...more
December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more
What is a trust and how does it differ from a will? Before planning your California trust you should know three important things: 1. A Trust Defined - A trust provides for the allocation of assets when you...more