We Must update all Transmutation Agreements for updated assets and portfolios. If you have signed a Transmutation Agreement, send us a schedule of your current assets. If you have not updated your Trust for DEFRA and have catastrophic illness concerns, we must do so. Give a copy of this Newsletter to friends and neighbors to help spread the word about this New Catastrophic Health Law in California called the Deficit Reduction Act.
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HOT TOPIC: What is Your Long Term Care Plan?
According to various sources, 60% of us will require some form of long term care during our lifetime. Another 50% of us will be involved in providing some form of long term care for a family member during their lifetime. Do you or your parents have an established long term care plan? Why should you?…
Utilizing Trusts As IRA Beneficiaries – Avoiding The Tax Traps
The IRS has become more stringent on Trusts as beneficiaries of IRAs in allowing payouts over a beneficiary’s life expectancy. If there are multiple beneficiaries in the Trust, the Trust must be qualified as a “designated beneficiary” in order to allow distribution over the life expectancy of the oldest Trust beneficiary. Designating Living or Family…
Client Alert!! Filial Support Laws Beginning To Groundswell
Pull up a chair, you’re gonna need it. North Dakota has now actively joined the ranks of states who are resurrecting filial support laws to enable state authorities to collect judgements against children for the parents’ nursing home debts. A filial support law was recently upheld in Pennsylvania in the case of Health Care and…
Take Control Of Your Home With A Living Trust
Many people believe that Living Trusts are only for the wealthy and “Trust fund” children/grandchildren. Living Trusts can be designed for anyone who owns assets, especially real estate. Because the home is normally a person’s most valuable asset, it should be owned in a Trust to avoid the awesome probate rules in California. If you…
What To Do Before And After The Death Of A Spouse Or Parent
A Step By Step Approach Part I When it comes to taking care of estate planning business, most clients are paralyzed by procrastination. Procrastination has cost the American public more than any tax bill ever enacted. We can hear something or see something that we, admittedly, need to accomplish for the benefit of ourselves or…
UDPA Changes In The Law
1) Uniform Durable Powers of Attorney (UDPA) Changes in California Law The following are recent legislative changes under the Uniform Statutory Durable Powers of Attorney (UDPA) for California. The following powers need to now be specifically included in the UDPA: 1) The powers of an agent to create, modify, or revoke a Trust; 2) The…