Law Offices of Connie Yi, PC
Tell Us About Your Case
888-312-6978

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at (925) 484-0888 or email us directly at [email protected] to schedule the consultation.

View Our Practice Areas

Bay Area Estates and Tax Law Blog

Spotlighting tax duties re a special needs trust

Trusts are impressively flexible and creative estate planning instruments that provide varied benefits – including significant tax advantages – for their creators and beneficiaries.

Many trusts readily illustrate that utility, including a special needs trust. That trust vehicle enables a beneficiary to receive benefits under select government programs (for example, Medicaid and Supplemental Security Income) while protecting personal assets held in trust. Funds from a trust can be used for a beneficiary’s benefit without compromising needs-based eligibility.

Why reviewing your estate plan now might be beneficial

Let’s state the obvious regarding the current COVID-19 global health pandemic: It is a dangerous and persistent nemesis that has materially altered the lives of Californians and people spanning the globe.

We have stressed that point periodically on our website at the long-established Bay Area estate planning Law Offices of Connie Yi. We noted in our April 28 blog post, for example, that the viral challenge has “disrupted the customary way of doing things.”

Plan to uphold your child's lifestyle if you pass away

Parents want to protect their children and provide for them as much as possible. The chances are good that you've ensured that your children have the best standard of life possible right now. They are accustomed to this and probably think that it will continue.

Because you know what your children expect and what they're used to, you need to ensure that your estate plan is set up to help this happen. How you set things up can have a big impact on how your children are raised if something happens to you.

Are surviving spouses/heirs on the hook for a decedent’s debts?

Even the estate of a deceased planner who executed a will goes through the process known as probate.

A key focus of probate is the one entertained by the creditors of an individual who has passed away. A recent national article on the process notes that creditors avail themselves of it “to try to collect what’s owed them.”

How to account for foreign assets in an estate plan

Here’s an initial point to note concerning today’s above-posed blog headline: You unquestionably do need to spotlight all foreign financial holdings you control and ensure legal compliance with Internal Revenue Service mandates.

If you don’t, there will literally be a heavy price to pay. The IRS is thorough in its tax probes and uncompromising in the penalties it levies on alleged wrongdoers.

Staying on a solid planning track during uncertain times

The COVID-19 health care crisis presses on, with material challenges still arising in California and globally. Notwithstanding the pandemic’s persistence, though, encouraging developments are emerging that underscore successes in the fight to restore normalcy.

Such stories are of course vitally important in a world seemingly turned upside down. We duly noted in a recent Law Offices of Connie Yi blog post that no person in California or elsewhere “could even a brief few weeks ago remotely imagine the vastly aligned universe we now live in.”

What should I do with all my executed planning documents?

You certainly merit a shout out and congratulations if you’ve taken the proactive step to work with proven legal counsel and execute tailored estate planning documents.

Like many individuals, you perhaps had some trepidation when beginning that exercise, wondering what it would essentially entail. Some people even question whether they need an estate plan to begin with.

The top estate planning mistakes to avoid

If you or a close family member is starting to look into estate planning, you'll likely be eager to understand some of the common pitfalls. Many people start to plan their estate with a very naive perspective, and this can lead to less-than-optimal strategies that may be costly to modify further down the line.

The following are some of the most common estate planning mistakes made by those who are drafting their will or creating trusts. By being aware of these mistakes, you'll be able to avoid them going forward.

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response

Office Locations

Law Offices of Connie Yi, PC
323 Ray Street
Pleasanton, CA 94566

Phone: 925-484-0888
Pleasanton Law Office Map

Cupertino
19925 Stevens Creek Blvd
Suite 100
Cupertino, CA 95014

Toll Free: 888-312-6978
Map & Directions

San Francisco
490 Post Street, Suite 508
San Francisco, CA 94102

Toll Free: 888-312-6978
Phone: 415-433-3350
Map & Directions