The Supreme Court’s decision in Clark V. Rameker holding that inherited IRA funds are not exempt in bankruptcy could impact estate planning decisions. In June 2014, the U.S. Supreme Court issued a decision in Clark V. Rameker, a case dealing with whether funds in an...
Bay Area Estate And Tax Planning Law Firm
Trusts
Should my estate plan include a trust?
The following types of estates can benefit from the use of a trust. Putting together an estate plan can be intimidating. The process begins with organizing your assets. Then you need to determine which documents will help you achieve your goals. At some point, you may...
Is it time to take a new look at your estate plan?
A lot of thought goes into an estate plan, but just one life change, whether it is major or seemingly minor, can render an estate plan out of date. Californians of all ages set up estate plans. For example, a married couple in their 30s may want to select potential...
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...
One trust that can make sense for some high-asset estate planners
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...
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 choose the right trustee the first time
There is more to creating a trust than meets the eye. In addition to adding assets to the trust, there's something else you need to think about: finding the right person to serve as trustee.While this sounds as simple as naming a trustee and moving on with the rest of...
Yet another example of the power and utility of trusts
Imagine that you're a California grandparent who dotes mightily on the grandkids. As clear evidence of your love, you have been steadily funding college saving plans for them, which have reaped gains over the years owing to their qualified status that protects them...
Being a trust administrator: hardly a casual, indifferent task
Here's a central reality regarding trust administration in California and across the United States: Individuals who establish trust vehicles (such persons are often termed trustors or settlers) as planning tools intended to benefit others often appoint trust...
The duties of trustees and the rights of beneficiaries
In the world of trusts, trustees have duties and beneficiaries have rights.What duties do trustees have? If you have been named as a trustee for a trust, then you have many important duties that must be taken seriously, including:The duty to administer the trust...