Estate Planning

Reviewing your estate plan will alert you to any changes that need to be addressed. For example, you may need to make changes to your plan to ensure it meets all of your goals, or when an executor, trustee, or guardian can no longer serve in that capacity. You’ll probably want to do a quick review each year, because changes in the economy and in the tax code often occur on a yearly basis. Every five years, do a more thorough review.

A living trust is a legal document that serves you during life if you become incapacitated and at your death.

The benefits of having a SNT are many and taxes are only a part of it. Other benefits include the ability to keep needs-based public benefits, appropriate financial and asset management,  and identifying individuals and/or corporate fiduciaries to administer the assets and advocate for the benefit of the special needs person.

Often it can be too easy to put off making an estate plan or updating an existing one. Do not wait for something unexpected to happen.  Here are 5 mistakes to avoid before it’s too late.

With the ongoing concerns related to Coivd-19, many spouses and individuals have thought their estate planning documents.  If you have already done the work to make an estate plan, now may be a good time to revisit it to ensure that you still feel the same way about what you put into your documents several years ago. 

PLEASE BE AWARE if you are also receiving benefits under CalSTRS (CalPERS if you are a California government employee), then Social Security may apply either or both of the following to your Social Security benefit: Windfall Elimination Provision or Government Pension Offset.

Putting it all together: The conclusion of our 3 part series.

What if you know exactly who you want as your child’s guardian? Or if you know exactly who you would not want to be guardian? You need a will if you want to choose who takes care of your child if you were to die before they reach 18.

California has not had any kind of a statewide estate, gift, or generation-skipping transfer tax since prior to 2005, however, with the proposal of a new bill introduced by California State Senator Scott Wiener, that could all change.