Blog Posts in 2011
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Posted on Dec 30, 2011 By Los Angeles Estate Planning Attorney
Earlier this year the IRS filed a lawsuit against the California Board of Equalization due to the board's refusal to turn over records on real estate transfers made to relatives with little or no ...
Continue reading "Trying To Avoid Gift Taxes? The IRS May Be Coming For You!" »
Posted on Dec 27, 2011 By Los Angeles Estate Planning Attorney
At a glance, online legal form providers may seem like a cheaper alternative way to go for 'do-it-yourself' estate planning. After all, the commercials on radio and television make it seem ...
Continue reading "DIY Estate Planning Is No Substitute for The Real Thing" »
Posted on Dec 26, 2011 By Los Angeles Estate Planning Attorney
While custodial accounts are very similar to trusts, the point of a custodial account is to allow you to transfer property to minor beneficiaries without having to establish a trust. They work in the ...
Continue reading "Custodial Accounts vs. Trusts" »
Posted on Dec 23, 2011 By Los Angeles Estate Planning Attorney
If you want to leave and inheritance to a minor beneficiary, and the amount of that inheritance is not too substantial, a good idea would be to leave the assets in a restricted account. This way you ...
Continue reading "Inheritance To Minors - Restricted Accounts" »
Posted on Dec 22, 2011 By Los Angeles Estate Planning Attorney
If you are thinking of leaving a minor a substantial inheritance you may want to consider leaving it to them in a trust for their entire lifetime. The benefits of creating a trust like this are: - You ...
Continue reading "Inheritance To Minors - Lifetime Trust" »
Posted on Dec 21, 2011 By Los Angeles Estate Planning Attorney
If you are considering leaving an inheritance to minor beneficiaries you will need to plan carefully as property left to minors will most likely be subjected to some kind of court-supervised ...
Continue reading "Inheritance To Minors - Staggering A Trust" »
Posted on Dec 15, 2011 By Los Angeles Estate Planning Attorney
In previous posts we discussed types of payments that will qualify for tax exemptions, such as the unlimited education gift exclusion. Another one of these such unlimited exclusions would be payments ...
Continue reading "Unlimited Gift Exclusion for Medical Expenses" »
Posted on Dec 14, 2011 By Los Angeles Estate Planning Attorney
In addition to the annual exclusion gift there are two types of unlimited gifts. These will not count against the annual gift tax exclusion. The first of these unlimited types of gifts would be any ...
Continue reading "Unlimited Gift Exclusion for Education" »
Posted on Dec 13, 2011 By Los Angeles Estate Planning Attorney
Now that all the Thanksgiving leftovers have been eaten and the madness of Christmas shopping has begun, it means that the end of 2011 is fast approaching upon us. However, between the shopping and ...
Continue reading "Annual Exclusion Gift for Year End Estate Planning" »
Posted on Dec 9, 2011 By Los Angeles Estate Planning Attorney
Even if you've already gone through the process of setting up your estate plan, you should always feel free to give your estate planner a call when there are some additional questions or concerns ...
Continue reading "Do Not Hesitate To Call Your Estate Planning Attorney" »
Posted on Dec 8, 2011 By Los Angeles Estate Planning Attorney
Not according to the California courts. In the case of Christopher Gene Fazzi v. Norma Jean Klein, 2010 Cal. App. LEXIS 2112 , Christopher sought to remove his mother, Norma, has the sole trustee for ...
Continue reading "Are Trustees Protected from Fiduciary Breaches by No Contest Clauses?" »
Posted on Nov 29, 2011 By Los Angeles Estate Planning Attorney
In the event that a decedent's trust contains a no-contest clause, does that mean that a beneficiary has no right to compel the trustee to distribute and account for the assets? Not necessarily. ...
Continue reading "When A No-Contest Clause is Not Applicable" »
Posted on Nov 28, 2011 By Los Angeles Estate Planning Attorney
So you want to pass on some assets to your child without their spouse being able to have any control over these assets? Why would you want to do that? Well, the truth is, most parents can see the ...
Continue reading "Protecting Assets Gifted to Your Children" »
Posted on Nov 18, 2011 By Los Angeles Estate Planning Attorney
Liliane Bettencourt, the heiress to the L'Oreal cosmetics fortune, has recently been found to be mentally incapable of managing her affairs by a French judge. This decision now grants control of ...
Continue reading "World's 2nd Richest Woman Placed Under Guardianship" »
Posted on Nov 15, 2011 By Los Angeles Estate Planning Attorney
Autumn brings about a lot of changes to the surrounding natural environment. One could not be hard pressed to stop and scan the horizon to view these colorful changes. But have you taken the time to ...
Continue reading "Has Your Estate Changed With The Leaves?" »
Posted on Nov 11, 2011 By Los Angeles Estate Planning Attorney
So, you've found yourself named as the acting agent under general durable power of attorney. Here are a few simple guidelines to help you understand and carry out the duties required of you under ...
Continue reading "Simple Advice for Durable Power of Attorney Agents" »
Posted on Nov 9, 2011 By Los Angeles Estate Planning Attorney
Often times we view the courts and the government as entities that are there to help us in our times of need. However, that may be a false sense of security when it comes to estate affairs. Claims of ...
Continue reading "Estate Abuses By Gov. Officials" »
Posted on Nov 7, 2011 By Los Angeles Estate Planning Attorney
In the State of California, estates can be distributed through an independent probate according the decedent's will or court-supervised if there were no estate plans. However, there is another ...
Continue reading "California Small Estates" »
Posted on Nov 4, 2011 By Los Angeles Estate Planning Attorney
In the last post I wrote about how when the principal passes away it automatically nullifies any powers of attorney that might have been in place during his/her lifetime. But there is also another ...
Continue reading "Divorce Renders Power of Attorney Null" »
Posted on Nov 3, 2011 By Los Angeles Estate Planning Attorney
Powers of attorney are an essential part of your estate plan while you are still alive. However, did you know that they are useless after you die? Any authority that is granted under these powers ...
Continue reading "Powers of Attorney Cease When You Become Deceased" »
Posted on Nov 2, 2011 By Los Angeles Estate Planning Attorney
Do you believe that you might have been named in a loved one's will, like your father's, but were never shown any will or trust documents and perhaps a sibling or other family member is now ...
Continue reading "Are Will or Trust Details Being Witheld From You?" »
Posted on Oct 27, 2011 By Los Angeles Estate Planning Attorney
So, what will become of Steve Job's estimated $7 BILLION estate? Many people are well aware of his stake in Apple, but many might not have known that Jobs had a big bite out of Disney as well. He ...
Continue reading "What Will Happen to Steve Jobs' Slice of Apple?" »
Posted on Oct 26, 2011 By Los Angeles Estate Planning Attorney
A generation skipping transfer tax may be applied to your estate if you leave all or part of your estate to your grandchildren bypassing your own children. This tax can be very expensive and is also a ...
Continue reading "Generation Skipping Transfer Tax - What Is It?" »
Posted on Oct 20, 2011 By Los Angeles Estate Planning Attorney
Is today that big day? Is today the day your child becomes *gasp* an adult? You might have been thinking of the perfect gift to give your child once they turn 18. Perhaps a vacation or a brand new ...
Continue reading "Has Your Child Become A Legal Adult?" »
Posted on Oct 19, 2011 By Los Angeles Estate Planning Attorney
With the many budget constraints on the State of California at the moment, there are also many concerns about being able to report crimes, like elder abuse, in a timely manner. Thankfully, a new law ...
Continue reading "Online Reporting for Elder Abuse - Coming Soon!" »
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