Being a trustee for a loved one’s estate is a very important job with serious responsibility. The role of trustee is an essential element of successful trust administration. The trustee is responsible for guaranteeing that the provisions of the trust document are followed. A trustee is ultimately responsible for managing the trust property and keeping [ ] The post Trust Administration: Quick Tips for Trustees appeared first on Northern California Center for Estate Planning and Elder Law.
When a couple ties the knot, their lives change in a variety of ways. When a couple begins their new lives together, it is important to think about all of the changes and updates that need to be made. Having a comprehensive estate plan that includes both people is a great way to start. With [ ] The post Estate Planning Tips for Newlyweds appeared first on Northern California Center for Estate Planning and Elder Law.
We regularly get inquiries from our clients who are recipients of an inheritance. An ever increasing asset that is being inherited is a retirement account such as an IRA. Special considerations must be attended to when inheriting an IRA because of their special characteristics. In this blog, we ll discuss some of these considerations. Don’t automatically request to cash in the IRA. The income tax repercussions could be great and there are better options. If you opt for a lump sum distribution, you could lose out on the smarter opportunity of seeing it continue to grow on a tax deferred basis and, instead, you’ll definitely feel the pain of immediate taxation. Under IRA rules, you aren’t afforded the option of adding this to your own IRA unless you are a spouse who is eligible for a rollover . What you can do, however, is incorporate a direct “trustee to trustee” transfer and elect a stretch option. You are then able to withdraw an amount every year over the course of
People who create an estate plan in Northern California will almost invariably draft a last will and testament as a key part of their plan. When creating your will, you will be called upon to make some very important decisions that will affect your estate after you are gone. Though the form of your will is governed by specific California laws, you are free to make whatever choices you deem appropriate. Your estate planning lawyer will guide you on the process of creating a last will, but as you do so, you might want to consider the following tips. Last Will Tip 1. Realize that your will is only one piece of your overall inheritance plan. In years past, a last will and testament was the only way people could reliably leave inheritances. This popular notion of wills as the primary inheritance tools is widely reflected in popular films, television shows, and books. However, the modern reality is that last wills only make up a single part of a broader inheritance plan. Your plan will almo
Regardless of your age or circumstances, everyone should have an incapacity plan. The law allows capable adults to make decisions about what they want to happen to them should they lose their ability to communicate or make choices. This process, known as incapacity planning, involves creating a variety of tools that will record your wishes. Even though your attorney will guide you through the process of creating an incapacity plan that complies with the relevant California and federal laws, there are some steps you have to take that are not necessarily addressed by the legal requirements. To help you create an incapacity plan that will be as good as you can make it, you will want to consider the following tips as you go about the process. Incapacity Planning Tip 1: Do your homework. When you go through the incapacity planning process, you and your attorney will create documents that address various legal issues. Many of these issues hinge upon not only legal terms, but also upon med
A lot of people do no realize that they the assistance of an elder law attorney until it is too late. Elder law is not a commonly encountered area of the law for many people, and many of those people do not know what it is all about. To help give you a better understanding of what elder law is and how it might play a role in your life, we have developed this brief list of tips. Tip 1. Elder law is a broad topic. Everyone goes through changes as they age. Young people going into the workforce for the first time, couples having their first child, and people nearing retirement age all have issues and problems they need to address. Elder law is an area of the law that addresses the issues that arise as people reach senior citizen status or older. Elder law is not a single area of the law, but rather a topic that addresses numerous different issues. For example, some elderly people never have to worry about transitioning into an assisted living facility. Others, on the other hand, not only