Posted on January 23, 2015 by Robert Denham, Esq
Many are familiar with section 529 college savings accounts, from which tax-free distributions must be used for qualified higher education expenses. The “Achieving a Better Life Experience Act of 2014” or the “ABLE Act of 2014” adds a similar account under IRC §529A that individuals who become severely disabled before age 26 may establish to use for “qualified disability expenses,” which can include education, housing, and transportation. Continue reading
Filed under: Estate Planning, Legal Topics, Tax Law | Tagged: 529A Accounts, ABLE accounts, ABLE Act, Achieving a Better Life Experience Act of 2014, disabled, qualified disability expenses, tax legislation | Leave a comment »
Posted on January 9, 2015 by Robert Denham, Esq
The law requiring notice of incarcerated heirs has just been extended to beneficiaries, too. Practitioners have long recommended giving notice of at least those incarcerated beneficiaries who might take property by intestate succession. But now it’s the law.
Filed under: Criminal Law, Estate Planning | Tagged: California Victim Compensation and Government Claims Board, incarcerated beneficiaries, incarcerated heirs, trustees | 1 Comment »
Posted on December 17, 2014 by Karen Turk, Esq.
Estate planning attorneys regularly advise their clients about the tax and other advantages of transferring real property to irrevocable trusts or similar estate planning vehicles. But they may not consider the potentially disastrous title insurance implications of such transfers. The original property owners may have had coverage under their policy, but—depending on the type of policy—once the property is transferred to the estate planning entity, the entity (i.e. trustee of the trust) isn’t the “insured” anymore and coverage could be lost. Continue reading
Filed under: Estate Planning, Legal Topics, Real Property Law | Tagged: estate planning entity, estate plans, named insured, property transfer, title insurance, title insurance coverage | 2 Comments »
Posted on September 8, 2014 by Robert Denham, Esq
From the former capital of the Confederacy in Richmond, Virginia, comes the spark for a Supreme Court decision that could extend same-sex marriage to all fifty states within a year. Continue reading
Filed under: Constitutional Law, Estate Planning, Family Law, Legal Topics, New Legal Developments | Tagged: same-sex marriage, same-sex marriage ban, Supreme Court | 1 Comment »
Posted on July 30, 2014 by Robert Denham, Esq
The tragic death of actor Philip Seymour Hoffman has given us an opportunity to consider his estate planning, with lessons and strategies for the rest of us. Continue reading
Filed under: Elder Law, Estate Planning, Legal Topics, Tax Law | Tagged: celebrity wills, death tax, Estate Planning, estate tax, generation skipping tax, living trust, Philip Seymour Hoffman, trust fund | 1 Comment »
Posted on July 21, 2014 by CEB
The following is a guest blog post by April E. Frisby of Frisby Law. April is a lawyer in Orange County who practices business and securities transactional law, as well as estate planning. April is also an adjunct law professor at Whittier Law School.
It can be hard to get folks to think about estate planning—especially the younger ones in the beginning stages of their careers. They believe that there will be many changes in their life before end-of-life planning becomes necessary or they think they don’t have enough money to worry about it. Or, perhaps most risky, they think they can just pick up a form at a stationary store or print it from a website and they’ll be all set. Hopefully the following points will help you convince folks that they need your expertise to get an estate plan in place now! Continue reading
Filed under: Estate Planning, Legal Topics | Tagged: estate plan, living trusts, nomination of guardian, power of attorney, will and trusts | 1 Comment »
Posted on July 16, 2014 by Robert Denham, Esq
The law says that retirement funds are exempt property in bankruptcy, but the Supreme Court has held that this exemption doesn’t apply to inherited IRAs. End of story? Not quite. Continue reading
Filed under: Bankruptcy Law, Business Law, Elder Law, Estate Planning | Tagged: bankruptcy, banruptcy exemptions, creditors, Estate Planning, heirs, Individual Retirement Account, inherited IRA, retirement accounts | Leave a comment »