Important estate plan elements, people can express their wishes about medical treatments and who makes decisions for them through advance directives. In some cases, people in California who suffer from illnesses that will someday incapacitate them have time to plan...
Bay Area Estate And Tax Planning Law Firm
Month: May 2021
How can I protect my financial interests if I become incapacitated?
Legal guardianships or powers of attorney protect people from financial abuse and other hardships when they are unable to make decisions on their own. It can be easy to assume estate planning is all about leaving an inheritance to one's heirs, but it is much more...
Here’s why do-it-yourself estate planning is such a bad idea
This article looks at three of the biggest risks of do-it-yourself wills, including the risk for legal disputes. As USA Today reports, 64 percent of Americans don't have a will or estate planning documents and many see no urgent need to have an estate plan in place....
Helping those in California navigate through estate tax laws
While it is true that most people do not like to contemplate their own passing, it is something they must do if they want to ensure their estate is in order and will be properly administered - particularly if significant assets are involved. For most, there are...
Four tips for appointing a responsible estate executor in a will
This article looks at four of the most important qualities to look for when choosing an estate executor. Choosing an executor is not a decision to take lightly. The executor is the person who will be responsible for ensuring that when a person passes away, his or her...
FATCA, FBAR and foreign tax compliance issues: What you need to know
The enactment of FATCA has led to additional reporting requirements for foreign financial accounts. The Internal Revenue Service (IRS) is cracking down on those who do not properly report foreign accounts. The agency is providing incentives for those who voluntarily...
FATCA change gives banks more time to report
United States taxpayers around the world have been paying close attention to some of the changes being made to existing tax laws. In 2010, the Foreign Account Tax Compliance Act (FATCA) went into effect, which was designed to capture tax revenue from the overseas...
Estate planning with a second marriage
A divorce can require significant changes to an estate plan A divorce case will work many changes in your life and one of the more important is how it will change the relationship between your eventual estate and that of your first wife or children. During your...
Estate planning should include end-of-life care
If you became mentally incapacitated, for instance due to Alzheimer's disease, dementia or another serious illness or injury, how would you want to be cared for? If you could not communicate with your doctors, who would you want to speak on your behalf? And who would...
Estate planning must begin early for those without children
Childless elderly people face unique challenges, especially when it comes to estate and care planning. More people are choosing not to have children, which has given rise to what is being called the "elder orphan" population. Elder orphans are those who are both...