People often make the mistake of thinking they do not need an estate plan until they have reached a certain age or have a certain amount of money in the bank. This simply is not the case as there are documents which you are well-advised to have in place as early as when you gain independence from your parents in your 20s. The complexity of estate planning varies by age […]
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DON’T BE LIKE BOB Dear Clients, Colleagues, and Friends, Bob and Mary got married in 1993. Mary had one daughter, Jane, from a prior marriage. Even though Bob never officially adopted Jane, he treated Jane as if she were his daughter throughout the entire marriage. However, in Bob’s joint trust with Mary, she was referred to as “Bob’s wife.” Moreover, Bob’s Will referred to Jane as his “step-child”. The joint […]
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Have you heard the stats regarding passing down wealth? The data is actually quite concerning, particularly for affluent investors. By most accounts, wealth barely lasts for up to 3 generations for most HNWI. The latest research indicates that in too many instances 70% of wealth is lost when it’s transferred from the wealth-generating generation to the next. From there, an estimated 90% is lost after that. Why does this happen? […]
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Discovering that an individual has been stealing from an estate is a common problem, particularly for people who have substantial assets. Those living in the state of California, are covered by the California Probate Code, which provides statutory bases for pursuing the wrongdoer. Depending on the circumstances, the penalty can range from requiring the abuser to return the stolen money or assets to more severe punishments, such as double damages, […]
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Using census data from the period of 2006-2010, a study revealed the richest neighborhoods in the United States. Comparing metrics such as average household income and property values, it should be no surprise that many of them are located in California. Coming in high on the list were coastal communities located in the Los Angeles and San Diego areas. The entertainment industry, balmy weather, white sandy beaches, and palm trees […]
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Use it or Lose it: The Sanders 99.5% Act’s Estate Tax Proposal On March 25, 2021, Senator Sanders and the Whitehouse formally proposed a bill which would make changes to the current estate and gift tax system. This bill apparently has some support among Democratic Senators and Congressmen. While it is the hope of many that this proposed law will not be enacted, it seems best to “plan for the […]
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Dear Clients, Colleagues and Friends, One Democratic estate tax policy proposal must be carefully watched when debate on the Biden tax plan begins: the potential changes to the grantor trust rules embedded in the Sanders ‘For the 99.8 Percent Act.’ This proposal would add new Section 2901 to the Code and would change grantor trust taxation in four important ways. If you, as grantor, formed an irrevocable trust to remove […]
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As America’s society is becoming more progressive concerning gender roles, more women than ever are climbing the corporate ladder. The latest influential and affluent demographic in the states, career women aren’t just making money, but they’re making a lot of it. According to the Boston Consulting Group, women’s wealth worldwide will increase 7% a year for a total of $72.1 trillion. At first, it seems that women have been succeeding […]
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A frivolous lawsuit is one in that has no legal merit and, therefore, has no chance of actually succeeding. A frivolous lawsuit is often filed with the intention of harassing, annoying, or disturbing the other party in question. In some cases, the lawsuit is filed to limit the collection and/or foreclosure proceedings on an outstanding debt as a possible strategy to settle the case for less. Litigious people will threaten […]
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Estate Planning for Cryptocurrency Holders Cryptocurrencies might be the way of the future. They could also require significant changes to your estate plan. Cryptocurrencies gained popularity in the past few years, especially with the rise of one of the most popular cryptocurrencies, Bitcoin. Cryptocurrencies are digital assets that do not require a centralized bank. Instead, they allow the transfer of funds electronically. Currently, one Bitcoin is equal to nearly $3,500 […]
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