Estate planning for some reason is a task a lot of people put on their “To Do” list but it never seems to work its way to the top of the list. Why is that? People have many reasons for procrastinating. For some, estate planning causes them to have to…
Back in October, we reported on the case of Brooke Astor’s estate where prosecutors alleged that Brooke Astor’s son Anthony Marshall and his lawyer cheated Brooke Astor out of an estimated $60 million by convincing her to change her will when she was suffering from Alzheimer’s disease. The two were…
In the 1950’s there was a TV program called “The Millionaire” where an anonymous millionaire gave away a million dollars each week to people he never met. The money was conditioned on the donee not revealing how he got the money or how much he received. I guess no one…
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…
Seniors, especially women, are more vulnerable to elder abuse of all forms. Statistics show that more women than men fall prey to financial abuse.Financial elder abuse can be the taking of money or property from an elder. It can be misusing a power of attorney. It can be changing an…
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…