An individual with property that they hope to leave to others when they die want that legacy to be a positive influence on others. Unfortunately, estates have a tendency to disrupt families and cause major conflicts. The fights that erupt over inheritances can worsen...
Bay Area Estate And Tax Planning Law Firm
Bay Area Estates and Tax Law Blog
Control irrevocable trusts provide in California
An irrevocable trust offers a robust mechanism for safeguarding your assets while simultaneously mitigating federal estate taxes. In this structure, the trust's founder, known as the grantor, designates a beneficiary to receive assets from the trust. When establishing...
Own digital assets? Consider putting them in your will
Digital assets are becoming a significant part of life. They range from tangible assets like cryptocurrency to more personal ones like digital photos. In the context of estate planning in California, these assets can and should be considered in your estate plan. Doing...
Why millennials shouldn’t avoid estate planning
While many people in California understand that estate planning is essential for their lives, many millennials overlook it. Some studies have shown that a surprising number of millennials have failed to take steps to ensure that after they pass, their final wishes get...
Choosing an irrevocable trust’s trustee
If you're someone with substantial assets in California, at some point, you may want to consider creating an irrevocable trust. An irrevocable trust can shield your assets from certain taxes and ensure that your beneficiaries are well taken care of after your passing....
What small business owners should consider with estate planning
Small business owners in California should factor in their business when preparing their estate plan. This can make the ownership transition easier and the estate management more straightforward after their death. Proper planning can help minimize estate taxes and...
The responsibilities of a trustee
California trustees have a fiduciary relationship with the trust's beneficiaries. In other words, they are legally responsible for acting on their behalf, not their own. While doctors and lawyers also have a fiduciary responsibility to their patients and clients, a...
Embracing diversity and inclusion in your estate plan
When California residents think about planning their estate, they often consider how to divide their assets and who will receive what. But there is another crucial aspect that sometimes gets overlooked, which is embracing diversity and inclusion. This means thinking...
Using 529 accounts as estate planning tools
California residents may be able to avoid estate taxes by making gifts to an irrevocable trust during their lifetimes. However, by doing so, they lose control over the money, which may be problematic if they need it later in life. Fortunately, it may be possible to...
Incorporating life insurance in your estate planning
Estate planning in California is all about planning what will happen to your loved ones when you are no longer around to care for them. There is a strong correlation between getting life insurance and estate planning. Estate planning and life insurance When...