On January 1, 2016, many blind and disabled residents of California will become eligible to establish tax free accounts under the Achieving a Better Life Experience Act of 2014 (“ABLE Accounts”) to save for future educational and disability related expenses. ABLE accounts extend the benefits of 529 college savings plans to disabled persons to include […]
posted on: October 26, 2015
Read MoreOn January 1, 2016, a recently signed California law will allow revocable Transfer on Death Deeds (“TOD deeds”) to be recorded in California. Let us examine the TOD deed and where it is most likely to be appropriate. The TOD deed is a revocable beneficiary deed, involving the gift of a residence, which is signed, […]
posted on: October 12, 2015
Read MoreFEMA Assistance and the Valley Fire – Many who lost homes in the Valley Fire need assistance to replace lost income, to make repairs, and to cover other expenses incurred due to the fire. On September 23, 2015, the President declared Lake County to be a federal disaster area. Now Valley Fire victims can apply […]
posted on: September 28, 2015
Read MoreThe Safe Deposit Box – Safe deposit boxes protect important documents (including one’s trust, will, and power of attorney) and small valuables against loss due to theft or destruction. But will these important documents and valuables be accessible to the right person when the time arises? Let’s discuss this and other questions that concern safe […]
posted on: September 8, 2015
Read MoreLife Estate for Surviving Spouse – A person may decide to give their surviving spouse the right to live in the residence for life (i.e., “a life estate”) and leave their children full ownership of the residence once the surviving spouse no longer lives there. Let us consider the issues raised by such a scenario. […]
posted on: August 25, 2015
Read MoreWhen a Minor receives Assets – Minors, i.e., persons under 18 years old, cannot own money or other assets in their own name. What happens when a minor receives a judgement, settlement or an inheritance that would otherwise be payable outright in the minor’s name but for the minority? There are a variety of approaches […]
posted on: August 10, 2015
Read MoreDeath & Taxes – The only guarantees in life are death and taxes. Let us discuss the various taxes to be considered when a decedent dies. The Federal Estate (Death) Tax applies very rarely. That is, when a decedent leaves an estate with a net value of over $5,400,000 to persons other than a surviving […]
posted on: July 27, 2015
Read MoreWhen to Look a Gift Horse in the Mouth – Usually inheriting assets from a decedent’s trust or estate is a good thing that increases a recipient’s net worth. Sometimes, however, inheriting assets comes at too great a cost. Let’s consider some examples. Inheriting real property can come with hidden problems. If it is contaminated […]
posted on: July 13, 2015
Read MoreMy Child is 18, Now What? – Needless to say many important changes often occur when a child turns 18. They may leave home, go to school, enlist in the armed forces, or get a job, to name some possibilities. Once a child turns age 18 all the parental legal controls that previously applied when […]
posted on: June 29, 2015
Read MoreMedi Cal Recovery And Special Needs Trusts – A Special Needs Trusts [“SNT”] allows the trust’s Special Needs Beneficiary to remain eligible for needs based Medi-Cal benefits while receiving supplemental distributions from the SNT; these cover goods and services not paid for by Medi-Cal benefits. Medi-Cal estate recovery for reimbursement for what Medi-Cal paid while […]
posted on: June 29, 2015
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