Is Something Missing?

            Is something missing in your estate plan?  Do the documents that you rely upon still serve you and your loved-ones? There are certain recurring estate planning short comings to be aware of.  Let’s discuss some important ones.             In the event of incapacity is the power of attorney and living […]

posted on: January 26, 2015

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Lake County Land Trust – 20 years on.

          Twenty years since its creation, the Lake County Land Trust (“LCLT”) is going strong in its vital mission, “… to protect the unique and valuable wildlife habitats in Lake County, particularly on Clear Lake.” Let’s examine the LCLT’s successes, its ambitious new project, and how you can participate and contribute.           […]

posted on: January 26, 2015

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Protecting a Minor’s Inheritance

            Leaving an inheritance outright to a minor raises various concerns.  Let us consider some important concerns and possible solutions.             A frequent concern is that anything left to a minor may be taken away and used by a self-serving parent.  For example, consider a couple who names their now single […]

posted on: January 26, 2015

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Estate Planning and the Estranged Child(ren).

          Parents and children each have expectations of one another.  Unfortunately, life does not always meet expectations and may lead to parents and child(ren) becoming estranged from each other.  Estrangement often leads to the unhappy parent disinheriting their estranged child(ren).  Why do these unfortunate situations come to pass?  What usually happens?  What […]

posted on: January 26, 2015

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Estate Planning for Special Assets

            There are often particular assets in one’s estate which may require special consideration either due to its nature, value, or significance.  Let us consider some types of special assets and how they might be handled.             Businesses that require a license or special expertise will require that a special trustee […]

posted on: January 26, 2015

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Caring for Dependent Adult Children.

           Parents with dependent adult children with disabilities or mental illnesses are naturally concerned about who will care for their children when they can no longer do so themselves.  Dependent children, after all, often live at their parents’ home, receive substantial personal care and financial assistance from their parents and rely on their parents to […]

posted on: January 26, 2015

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The Importance of the Residuary Clause.

          Is a residuary clause necessary in a will or trust? Yes, both a will and a trust should always contain a residuary clause in addition to any specific bequest clauses. The bulk of a decedent’s estate, if not all of it, typically passes according to the terms of the decedent’s testamentary residuary clause.  Let […]

posted on: January 26, 2015

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Inherited IRA’s are not Protected Retirement Plans

An Individual Retirement Account (“IRA”) that is inherited by a designated death beneficiary will not be treated as a retirement account exempt from the beneficiary’s creditors inside a bankruptcy. So decided the US Supreme Court on June 12, 2014, in Clark et ux v. Rameker.  Let us review the benefits of retirement accounts and what […]

posted on: January 26, 2015

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Preserving the Step Up in Basis at Death of Second Spouse

    The income tax concept of “basis” figures prominently in estate planning. On the sale (or final disposition) of an asset, the seller’s basis is used to calculate whether the seller has a gain or loss for income taxes.     A capital gains tax occurs when an asset is sold or more than its […]

posted on: January 26, 2015

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Affordable Care Act & Expanded Medi-Cal

  Under the Affordable Care Act (“ACA”), low income persons under age sixty-five (65) may enroll in the expanded Medi-Cal in order to meet the federal requirement that everyone have health care insurance. At age 65, Medi-care covers doctor visits, hospital visits, and some prescription drugs.  Medi-Cal, however, remains relevant for long term residential custodial […]

posted on: January 26, 2015

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