Removing Money from Trusts to Avoid Tax Bills
Trusts have been hit hard this year with two separate taxes. First, a 3.8 percent tax on net investment income as part of the Patient Protection and Affordable Care Act took effect on January 1, 2013.
Notes on family and the law
Plain-spoken answers to the questions families ask us. These articles are educational material, not legal advice, and shouldn’t be relied on as legal counsel.
What a Trust Protector is, and Why You Need One
Trust funds are a widely used device in the realm of estate planning. Different types of trust accounts have sprung up to suit the needs of various individuals and entities. The basic idea of a trust fund, however, is the same.
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Beware of Estate Planning Myths
A recent article in Forbes declared estate planning to be the most confusing area of law. This is unfortunate because estate planning applies to everyone, without exception. Often, confusion is based on common estate planning myths, leading to mistakes that are easily avoidable.
Learning From Celebrities – Estate Planning Gone Wrong
Celebrities are constantly demonstrating the “what not to do” of estate planning. An article in Forbes discusses the top estate planning mistakes made by celebrities, and what we can learn from them. First and foremost, take the time to write a will, no matter how old, healthy, or busy you are.
What Happens Without a Will?
Although it is important for virtually everyone to have a will, many people continue to die intestate — without a will — every year. If you are one of those people without a will, it is important that you take a moment to determine what will happen to your assets when you are gone.
Common Questions About Advance Health Care Directives
One term commonly thrown around by estate planners is “Advance Health Care Directive.” But what exactly is it, and how does it work? Below are some frequently asked questions about advance health care directives. What is an Advance Health Care Directive?
Finding a Trustee that You Can Trust
Who you select to serve as trustee of your trust account is likely one of the most important and difficult estate planning decisions that you will make.
Did I Revoke My Will?
Often times throughout a person’s life there will be reason to amend or re-draft a will. To ensure that you final wishes are carried out as you have specified, it is important to properly revoke any prior will.
Directing Your Legacy Before Death: The Case of George Lucas
Creator of the wildly successful Star Wars and Indiana Jones film franchises George Lucas has recently sold his largest asset, the LucasFilm company, to The Walt Disney Company. The sale, which netted Lucas over $4 billion, was a smart move for Lucas from an estate planning perspective.
‘Modern Family’ Actress’ Mother Files Objection to Guardianship Proceedings
Since early October, 14-year-old actress has been living with temporary guardian and sister, Shanelle Gray. Recently, the Sacramento Bee reports that Winter’s mother Chrisoula Workman has filed an objection to the guardianship, and is seeking to regain custody of her daughter.
Probate Avoidance: The Small Estate
One of the many ways California residents can avoid probate is through the “small estate” law, codified in California Probate Code Section 13100-13116. Under this law, an estate valued at $150,000 or less does not need to pass through probate before its assets are distributed.