Recently several reports have come out predicting that life expectancy is on the increase. Males born in the 1900’s could expect to live into their 60’s. A male born in 2005 can expect to live into his late 70’s. Mac Arthur Research Network on an Aging Society estimates in a…
In many San Diego communities, and especially at the beaches of La Jolla, Del Mar, Cardiff, Encinitas, and Carlsbad, there are people who own a home but make their residence in another state. Or maybe you live here in California and own a second home in Colorado, Oregon, Utah or…
When you give money or property to another person as a gift, you may have to pay a gift tax. The tax is paid by the donor. The person receiving the gift does not have to pay the tax The exemptions for gifts and the gift tax rates are established…
The U.S. House of Representatives will vote perhaps as early as this week on legislation to extend the current estate tax rates permanently. Currently the tax rate is 45% of any estates in excess of $3,500,000. As previously discussed in past blogs, $3,500,000 was the tax exemption for 2009. In…
Celebrity deaths often highlight various estate planning issues as prior posts have discussed. Michael Jackson’s death brought public awareness to issues about choosing your executor and trustees, pour over wills, and guardianship. You may recall that Michael Jackson named his mother as guardian of his children. His second choice was…
Every revocable living trust should have a Schedule A attached to it. This is a document prepared by your estate planning lawyer to list all of the assets that are part of your trust, ie. they have been titled in the name of your trust “John Doe, Trustee of the…
With the recent downturn in the economy, San Diego has been one of the hardest hit with declining property values and unemployment. According to the Feds, the states in a full recession are California, Florida, Arizona, and Nevada. California has reached 11%unemployment and San Diego is in the top five…
Previous posts have discussed how to disinherit your heirs such as a child, sibling, or parent. But what if you want to disinherit your spouse? Some people may want to disinherit their spouse because they have already provided for him or her elsewhere in their estate plan. Another reason for…
In San Diego, there are many people wondering in this economy, when they can retire, when to take social security, how much they need to retire, etc. Social security has predicted that many Americans will live into their 90’s in the years to come and the cost of living will…
For a person who is terminally ill, obviously time is of the essence. This urgency creates unique estate planning issues. Planning under these circumstances may involve not only the terminally ill individual but also an estate planning lawyer, CPA, financial advisor, and insurance agent. Family members may also need to…