The U.S. House of Representatives has recently passed the "SECURE" Act and it's expected to soon be approved by the Senate and signed into law by the President. This new law will enhance the ability of workers to set aside, on a tax-advantaged basis, more money to fund their retirement. Good news! However, also buried in the Bill is a little-known provision that will accelerate and increase the taxation of inherited IRAs - - in order to pay for these new worker benefits! Not so good news!
Whether you (or your parents) are a senior citizen, and even if you (or your parents) already have insurance coverage for prescription drugs, you'll want to read on.
Estate planning can be a challenge for anyone. Because each person's life is different, his or her estate plan is also different, which means that you and everyone else will have unique factors to consider when trying to find the best way to express your end-of-life wishes.
It's a terrible tragedy to see people work hard, scrape and save their whole lives, then just throw away their money - - and their family's future - - when they die. Unfortunately, this happens all of the time!You may be wondering how this can happen to someone who diligently watches his or her financial affairs and successfully builds a good size estate. It's often just plain lack of knowledge. Think about it...most of our knowledge is acquired through experience. But, few of us have yet to experience the consequences of death (unless someone close to you has passed away and you've been involved in handling his or her estate).Here are just a handful of some of the most common mistakes that we see people make when it comes to managing their estate while they're alive (and how to avoid them!).
It’s great that you’ve taken the steps to begin your estate plan. Doing so is a difficult but important step in your life. Creating estate planning documents, like a will, has never been easier thanks to the proliferation of online estate planning services. These services are often appealing because they’re seen as a quicker and more affordable than taking time to collaborate with an attorney on an estate plan.
When it comes to getting an estate plan prepared - - whether it's a Will or Living Trust - - it can be confusing to know whether or not an attorney is necessary. There are a lot of "do it yourself" types of services available out there that give the impression that estate planning is a simple, fill-in-the-blank type of document that's simply assembled and put together with a few questions and a few clicks of a button.But, the truth of the matter is that your estate plan can and should be so much more than a stack of legal documents.Did you know that attorneys were also called "counselors at law"? What this means is that beyond just the estate planning documents that an attorney can prepare for you and your family, an attorney can counsel you about the estate planning decisions that you may make. While you may have a certain idea in your mind about how you want your estate planning to be set up, you may not be aware of some of the potential consequences of those decisions. In particular, with the increasing number of what are called "blended families", where there are children from a prior marriage, estate planning decisions can become complex and require some additional guidance.Think about it, if you had a medical need, you wouldn't opt to go online, self-diagnose yourself and then perform surgery on your own (or let just anyone treat you). You would seek out the experience, expertise, guidance and training of a licensed medical professional. The same is true for your estate planning. You've spent your lifetime working hard to take care of your family. Why wouldn't you take the same care to ensure that your loved ones' inheritance is properly protected, maintained, distributed and preserved through proper guidance provided by a licensed, experienced estate planning attorney?If you are in the Los Angeles or Orange Counties of Southern California, the Law Firm of Kavesh, Minor & Otis can help you. We have several offices throughout LA and Orange County and have been around for over 35 years. With several attorneys on staff who are California State Bar Certified Specialists in Estate Planning, Trust & Probate Law, you can be sure to receive the proper care you and your family deserve to prepare your estate planning and provide you peace of mind.If you would like to schedule a free 90-minute consultation with one of our attorneys, attend one of our upcoming free Living Trust Seminars. You can also contact our main office at 1-800-756-5596. If you are unable to attend an upcoming seminar, please feel free to join our e-mail list and we will be sure to e-mail you of future seminar dates.This post is brought to you by the good folks at the Law Firm of Kavesh, Minor & Otis, Inc., servicing the estate planning needs of those in the Los Angeles and Orange County areas of Southern California for over 37 years. We recommend attending one of our free seminars, where you can book a free attorney consultation and even qualify to receive a fee discount. You can contact us at 1-800-756-5596 for more information. We'd also love to connect with you on Facebook, Twitter or LinkedIn.
If you have been selected as executor of a loved one’s estate, it is important to be knowledgeable about your duties and responsibilities. Your conduct could be questioned in a court of law.
Another week has passed and another Hollywood figure has lost his life to an unexpected medical emergency. Director John Singleton was only 51 years old when he suffered a stroke and was taken off of life support by his loved ones. As he survived in a coma in a California hospital prior to his death, his mother and children were in court fighting over whom should be able to control his medical and financial affairs.
So, you had your Living Trust prepared a few years ago. Bravo! You're already a lot further ahead than majority of other people in your same shoes. However, a big mistake people make when they've had a Living Trust prepared for them is that they have a tendency to think that it's a "one-and-done" type of plan. Like most things in this life, your Living Trust requires some maintenance to ensure that it works the way it was intended to when the time comes. Here are five reasons that you may need to have your Living Trust reviewed.
One of the primary purposes for many trusts is to keep real property from going through probate. This keeps the beneficiaries of the trust from having to wait for the court to allow distributions and close the estate. The only restrictions to its access would come from within the trust itself if you decide to put conditions on the receipt of the real property.
You have worked hard throughout your life to accumulate the assets that you have during your lifetime, so it's only natural that should something happen to you (such as if you were to get ill or disabled) or if you were to pass away, that you would want to make sure that you maintain some control of those hard-earned assets. This is where estate planning can help. When it comes to estate planning, there are two main types of legal instruments used-a Will and a Living Trust. Many people have heard of a Will, particularly as it is a term that is often times used throughout TV shows and movies. However, fewer people know what a Living Trust is or what the differences are between the two types of estate plans.
How to act now to secure and preserve your digital assets
By Philip Kavesh, Attorney