Individuals beginning the estate planning process in California may have heard about a component called an irrevocable life insurance trust but may not know what it entails. This can help you leave your wealth to your heirs, but is it right for you? What is an...
Estate And Tax Planning Law Firm
Estate Planning
Coping with the stress of being an executor in California
California residents who’ve recently lost a loved one usually have to deal with grief. Another area of stress after the death of a friend or family member is managing the estate, particularly if you have been named executor. The executor is the person named in an...
Standard of care requirements for trustees
A person who creates a trust has to transfer his or her responsibilities to a person known as a trustee. The trustor has to choose the ideal person for the job. First, it's important to know about the certain duties that a trustee in California must fulfill. The...
Determining your need for an irrevocable trust
If you have started the estate planning process in California, you'll come across many elements that will help you transfer assets to heirs after your passing. One of those elements is an irrevocable trust, but are these instruments suitable for you? What is an...
Understanding revocable trusts in California
In estate planning, there are many types of trusts that you can create. One of the most popular trusts is the revocable trust. This trust is suitable for people who want to have some flexibility with their estate planning, which includes control of assets. What are...
Revising estate plans in 2022 and beyond
Devising an estate plan could deliver a far more preferable outcome than allowing California's intestate laws to govern probate decisions. When someone devises a last will and testament or health care proxy document, the person enshrines his or her wishes legally....
Considerations for a special needs trust
The key aspects to consider before forming your special needs trust are fiduciary duties and who will perform them. In California, you have a right to set aside funding for the future care of any beneficiary you name. Beneficiaries with disabilities face a threat to...
Using an IDGT: What and why
Trustors use an IDGT to isolate specific trust assets. This is in order to segregate estate tax from income tax. The Intentionally Defective Grantor Trust is a trust used with deliberate and purposeful intent to protect assets. Maximizing next-generation assets IDGTs...
The basics of international estate planning
International estate planning is recommended to members of families who live apart in separate countries. An international estate plan helps an estate owner from California and its beneficiaries who live and own assets in different countries. There are certain...
What Are FLPs And LLCs?
There are many small to moderate-sized businesses in California that must choose the type of entity they want to operate as with respect to structure. While there are many sole proprietorship and equal partnership arrangements, two of the most common are actually...