A Domestic Asset Protection Trust has many benefits but some asset protection attorneys recommend against them because of issues that may arise.
The important role of a trustee is crucial to the successful administration of a trust. A trustee is “trusted” individual who is responsible for making sure the provisions of the trust agreement are followed. Trustees are basically responsible for management of the trust property, including maintaining accurate records of every transaction taken that relates to [ ] The post Trust Administration Attorneys Can Handle Administration Issues appeared first on Northern California Center for Estate Planning and Elder Law.
When a parent becomes mentally impaired, it is only a matter of time before they need help taking care of their own personal and financial affairs. Some of the common signs of diminished capacity are disorientation and memory loss. When you see these signs, it may be time to consider taking steps to provide necessary care. It would be best, however, to make plans ahead of time. Whichever course you take, there will be many difficult issues ahead, but your elder law attorney can help. No. 1 – Starting the incapacity planning conversation with your parents The first step you should take, before actually starting the conversation, is to talk to all involved family members to make sure you are all on the same page. Resolve any misunderstandings or disputes ahead of time so that you can approach your parents with a united front. Doing so should reduce the risk of putting your parent on the defensive. This doesn t mean the entire family needs to be in on the conversation. The planni
There are some estate planning objectives that are rather self-evident. Clearly, you want to make sure that your assets get into the hands of your loved ones after you pass away, but there are many different ways to go about it. You should educate yourself and act in an informed manner when you are making estate planning decisions. With this in mind, we will look at five estate planning issues that everyone should consider in this blog post. Taxation There is a federal estate tax that can significantly impact your ability to provide opportunities for your loved ones. You can transfer unlimited assets to your spouse tax-free, but transfers to others are potentially taxable. This year, the federal estate tax exclusion is $5.43 million. The exclusion is the amount that you can transfer before the estate tax would be applicable. You should inventory the value of your estate so that you can determine whether or not you are exposed to the estate tax. If you are, there are strategies that ca
As a pet owner, you know the feelings of joy and satisfaction you get from your animal companion. As an aging senior, however, you also know that there are a lot of things that you used to do that you probably shouldn’t do any more. Senior pet owners have to consider several issues as they age that younger pet owners don’t really need to think about as much. If you are a senior pet owner and have yet to do so, developing a pet plan is an essential piece of being prepared for the future. Issue 1. Your Pet and Your Estate Plan You create an estate plan to deal with the issues that arise after your death. For pet owners, providing for your pet’s care after you’re gone is essential. Creating and properly funding a pet trust is one of the best ways you can make sure your pet will be cared for in the future. If you haven’t already created a pet trust, you need to speak to your estate planning attorney about creating one as soon as possible. Issue 2. Your Pets and Your Home Many se
Married couples in California who want to create an estate plan will have to think about a variety of issues together. When a single person develops an estate plan, he or she doesn t necessarily have to coordinate with anyone else about the choices the plan addresses. Married couples, on the other hand, should make it a point to speak to one another about these essential topics while they craft a plan. If you are married, or are considering becoming married, here s what you should consider when you go about the process of crafting an estate plan. Spousal Inheritance Rights One of the most important issues in estate planning that faces married couples is the question about what to do when it comes to inheritance. Spouses have a relatively unique place when it comes to inheritance law in that they are automatically entitled to receive an inheritance upon the other spouse s death. Everyone else, even people closely related to you, does not have this automatic inheritance right. So, at th