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March 2019 Archives

Understanding estate taxes after a person's death

After people pass away in California, there are still a number of tax tasks and obligations related to their estate, which includes all of the assets owned by a person at the time of death. This includes real estate, bank accounts, securities, overseas properties and even gifts made during a person's lifetime. In addition, there are other types of property that are also considered to be part of a person's estate, even if their ownership structure is more complicated. These include annuities, some types of life insurance proceeds, jointly held property with a right of survivorship and property that the person can control even without ownership.

Using a trust as a way to protect assets in estate planning

Protecting your assets as you age and for the people you love after you die is complex. There is no single solution that works in every scenario. Depending on your age, the kinds of assets you own, and your legal and medical situation, a variety of solutions can offer you financial and legal protections.

When do you need to start making a last will or estate plan?

Public education often fails to provide people with important information about the necessities of modern life. Many people don't learn in school about how to file taxes, maintain a house or fulfill their social and interpersonal obligations to their families and loved ones. Financial and legal responsibilities are very rarely part of the curriculum for high schools. That can leave many people unprepared for the demands of the real world.

Why it matters that Luke Perry had an estate plan

California residents and others have likely heard about the recent passing of actor Luke Perry. He died on March 4 of a stroke, which is incorrectly believed by some to be a condition that only elderly people are afflicted by. However, Perry had taken steps to create an estate plan prior to the stroke occurring. This allowed family members to decide to end care while in the hospital.

The truth about long-term care planning

When the subject of long-term care planning comes up, some people in California have views and thoughts that conform to an old way of thinking about LTC. This essentially means assuming Medicare will pay for such expenses or that children will pick up the tab. Some other people believe they'll never need such care.

Handling probate and estate administration duties

If you have recently lost a loved one and have been named to serve as the administrator, personal representative or executor of their estate, you will have to deal with many different issues. Probate administration can be complex and may require you to complete a number of different tasks.

Trust options outstrip scientific advances for afterlife

People in California can make use of the flexibility of trusts to achieve many of their goals for after they pass away. While many people are aware of how trusts can be used to transfer funds to loved ones, support charitable contributions or establish ongoing support over generations, fewer may know that there are even more options that people can access by creating a relevant trust. For example, many people are interested in the idea of being frozen after death in the hopes that scientific technologies will later allow people to revived.

Relocation and disability applications

California residents who file a claim for disability benefits from the Social Security Administration will typically experience no repercussions from moving to another state after they have submitted their claim. However, they should make it a priority to notify the SSA as soon as possible regarding the change in their contact information.

Revocable trusts as part of an estate plan

A revocable trust is not the only kind of estate planning document that California residents need. A will and powers of attorney that appoint people to manage health care decisions and finances if a person is unable to do so are also important. However, a revocable trust is a powerful document that can perform a number of different function as part of an estate plan.

Rules for filing a disability claim with Social Security

Few in California want to admit that a disability prevents him or her from gainful employment. But an illness or injury makes this an unavoidable situation for some. Social Security Disability Benefits (SSDI) are obtainable for those who cannot work, but can be a difficult task to be awarded benefits.

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