As we approach the holidays, estate planning is probably the last thing on your mind. The end of the year is actually a great time to think about your estate plan. Here are some tips for year end planning. 1. Consider making gifts before year end. Gifting to your children…
Since the recent election, there is speculation that the Republicans may try to address the estate tax issue with the lame duck Congress. It was a Republican controlled Congress that enacted the law in 2001. The law called for an increase in the estate tax exemption until 2010 when the…
Many clients have questions about leaving a distribution from their estate to a beneficiary who has an addiction. Leaving money or assets to an individual who has an alcohol, gambling, or drug addiction can be concerning so they want to make sure that the individual will not squander their inheritance…
As of November 1, 2010, the cost to file for probate is increasing to $395. This fee is set by the Court and the size of the estate is not considered. What other costs are involved in probate? The person petitioning the Court to be appointed administrator or executor will…
A very special theme park opened in San Antonio, Texas this past spring. It is called Morgan’s Wonderland and is a 25 acre theme park designed for kids and adults with special needs. Gordon and Maggie Hartrman found out 13 years ago that their only child Morgan had severe cognitive…
Frequently we have clients who come in after the death of a spouse and have learned that their spouse failed to update a beneficiary designation of a life insurance or an IRA or some other retirement account after a divorce. They want to know if there is anyway to prove…
Many people ask whether as family members they can be responsible for a loved one’s debts. Often debts can rapidly accumulate especially if a decedent has had a long illness. If the decedent left an estate that is solvent, the estate will pay the expenses of a last illness and…
Since 2007, California gives certain legal rights to same sex partners and opposite sex seniors (where one partner is at least 62 years old) who are not married but are registered domestic partners. In some cases, these rights may be very similar to married couples. In order to become a…
It is estimated that 70% of Americans make charitable donations in some form. It could be yearly donations to their favorite charities or it could be in the form of making a charity the beneficiary of their trust. American Association of Retired Persons (AARP) has some tips for donating to…
A prenuptial agreement is a written contract that is created by two people before marriage. Prenuptial agreements are on the rise according to divorce attorneys. 73% of divorce attorneys report that in the last 5 years, there has been a steady rise in prenuptial agreements. 52% of such attorneys founnd…