In this article, you can discover: How a charitable trust can empower you to make a positive impact beyond your lifetime. How a charitable trust can support wonderful community causes while creating income opportunities. Addressing loved ones in a charitable trust. What is the Purpose of a Charitable Trust? A charitable trust is a unique and valuable arrangement for planning a legacy of philanthropy, and is essential for taking advantage of the potential tax benefits with the Internal Revenue Service (IRS). Donors consult estate planning attorneys to understand what type of charitable trust to create. The primary focus of charitable trusts is to meet the philanthropic goals of the donor, perhaps while generating income, providing for living expenses, and offering flexibility and control to the donor. How Can We Plan for Our Lifetime and Our Heirs? There are two main types of charitable trusts and both can be set up with an…Read More
In this article, you can discover: How a comprehensive special needs plan ensures well-being, care, and support. The role of caregivers, decision-makers, and special needs trusts for care of a loved one. Addressing care through trustee roles, funding, education, and vocational support. What Is A Special Needs Plan For? A comprehensive special needs plan is essential when a person with special needs requires support. Families often consult estate planning attorneys to understand how best to safeguard their loved ones. The primary focus of such a plan is to ensure the long-term health, welfare, and maintenance of the individual. This includes addressing their medical needs and determining how these needs will be funded. The plan encompasses the physical care, decision-making related to it, and the financial support required. How Can We Ensure Special Needs Children Or Loved Ones Will Be Taken Care Of When We Die? To plan for the well-being…Read More
Understanding the legal steps to take following the passing of a surviving parent. Losing a loved one is never easy. You deserve the ability to mourn their passing without the burden of legal responsibilities hanging over your head. Unfortunately, even while you are grieving your loved one, there are practical and legal steps that should be taken. While necessary, administering an estate is no simple task. By educating yourself on this subject, you will be able to complete these necessary legal formalities without depriving yourself and your family of the proper time to mourn. Working with a skilled estate attorney provides you with the legal oversight needed to effectively manage your parents’ affairs. By completing these steps correctly, you will be able to administer and transfer all property and assets in a smooth and efficient manner. Death Certificates Obtaining a death certificate is the first step in administering your parents’…Read More
The following article will cover: Tax-minimizing strategies for estate planning in California. Exploring tax strategies in other states, such as Florida, Nevada, or Delaware, for beneficial tax planning in California. Removing assets from the estate as a potential strategy to minimize taxes in California. What Are Estate Planning Tax-Minimizing Strategies That Can Be Used In California? In California, there are several tax-minimizing strategies that can be employed in estate planning, depending on an individual's marital status and asset composition: Family revocable trust (ABC trust): For married couples, the IRS code provides tax advantages when they set up a family revocable trust, also known as an ABC trust. This basic estate planning strategy takes advantage of marital exemptions and other benefits. Lifetime gifting: For both single and married individuals, lifetime gifting can be an effective tax-minimizing strategy. Working closely with financial advisors and CPAs, clients can take advantage of the current…Read More
Dealing with a disability of any kind is frustrating on its own. In these situations, you need income in order to survive – but what happens if your employer challenges this? You are entitled to certain rights as an employee. If you were retaliated against by your employer for collecting disability, you may have the ability to sue them. How does this process work? Read on to find out… Was The Claim For Retaliation Under State Or Federal Law? In these situations, there may be several different claims at play, and thus, different time frames must be kept in mind. For example, for a California employee, a claim for retaliation for taking a medical leave may be brought under either Federal law or California law. The California statute has benefits and terms that require that available damages that are not recoverable under Federal law. It is possible that you may…Read More
When a loved one transitions into assisted living, there are a lot of factors to account for. In these situations, one of the most significant things to consider is what to do with their documents. While you don’t want to discard anything important, it is also unnecessary to hold onto documents that are irrelevant. So which documents should you keep – and which should you discard? Understanding how to properly save and store documents will be instrumental in ensuring that your loved one has a smooth transition into their assisted living situation. Not only will it take the burden off of them as they shift their housing, but it will also ensure that they have a sense of security moving forward. Old documents can be difficult to go through and organize. They are, however, important when it comes to securing one’s identity and financial information. Below is a comprehensive guide…Read More
