It’s called a grantor retained annuity trust. Candidly, it’s not an estate planning tool with universal applicability.Could it make sense for you, though? We reference GRATs on our website at the long-established Bay Area Law Offices of Connie Yi. We...
Estate And Tax Planning Law Firm
Estate Planning
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...
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...
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...
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,...
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...
Can IRS action re 2019 tax filing affect my estate planning?
Some realities are seemingly immutable and feature recurrent obligations for individuals and families year after year.Filing taxes is a classic example. The duty to square up in a timely manner each year with the Internal Revenue Service for persons deemed to owe...
The divorce-estate planning link: be mindful of it
Kudos to any couple that has the foresight to execute a well-considered estate plan during marriage, especially married partners with children. Despite their best intentions, many spouses don’t get around to crafting a strategy that addresses life’s core...
Unequal bequests: A recipe for disaster
When creating your estate plan, you decide that you do not want to split things into thirds for your three children.After all, your oldest daughter is quite well off. She became a surgeon and then married another surgeon she met at work. Together, they make over...
Estate issues can usually be prevented
Many different things go through a person's mind when they are trying to devise an estate plan. These things include who is going to get what and how they want to make the transfers. There are a lot of things that go into an estate plan that can discourage family...