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Estate Planning: Affordable Care Act and expanded Medi-Cal

by | Last updated Feb 26, 2020 | Advance Health Care Directive, Affordable Care Act, Estate Planning, HIPAA, Trusts, Wills

Under the Affordable Care Act (“ACA”), low income persons under age 65 may enroll in the expanded Medi-Cal in order to meet the federal requirement that everyone have health care insurance. At age 65, Medicare covers doctor visits, hospital visits and some prescription drugs. Read...

Eight Common Estate Planning Objectives Of Married Couples

by | Last updated Apr 17, 2019 | Estate Planning, HIPAA, Living Trusts, Probate, Trusts, Wills

As the previous posts demonstrate, estate planners still struggle with how to structure estate plans for married couples in order to accomplish both the tax and nontax objectives of such couples. Introducing the portability election into the arena has only made such choices even more varied. If you asked 10 different […] Read...

So You Have Been Named Executor of An Estate – What Does It Mean?

by | Last updated Feb 22, 2023 | Estate Administration, Estate Planning, Executor, Living Trusts, Staff, Succesor Trustee, Trusts, Wills

An executor is a person named by a Will in charge of wrapping up the decedent’s estate and making sure that the wishes of the decedent are followed. Often, people name close friends or relatives as executors of their estate, reflecting on that person’s trustworthiness, reliability, and managerial ability. People named as an executor frequently feel a sense of validation or honor at their designation, recognizing that it is a big deal to be left in charge of someone’s Will—but perhaps not recognizing the staggering amount of responsibilities and potential liability that accompany this distinction. An executor’s duties are imposed upon them by the probate code, and though the task of concluding an estate seems simple on the surface, it can be fraught with complications. The marquee duty of an executor is known as a “fiduciary duty,” meaning that the executor must act honestly, in good faith, and in the best interest of the beneficiaries of the estate. Any breach of these duties may expose an executor to personal liability if the beneficiaries choose to sue—something few executors expect. A typical estate, without any complications, can still take up to one year or more to conclude. During this time, an executor can expect to doing the following: Paying debts of the Estate Paying taxes due by the Estate Distributing assets to beneficiaries Creating and managing Estate accounts for handling expenses File the Will with the probate court, follow filing deadlines and instructions, notifying beneficiaries and named parties It is important to distinguish the role of an executor from that of a trustee. A trustee is a different type of...

Estate Planning News – April 22nd, 2014 – IRA Inheritance

by | Last updated Sep 24, 2020 | Estate Administration, Estate Planning, IRA, Resources, Succesor Trustee, Taxes, Trusts, Weekly Update

In this week’s Estate Planning News, our firm has highlighted the oft-overlooked area of Estate Planning and IRAs. We chose three articles that explain different IRA planning strategies, ideas, and perspectives on how IRAs can and should be used in an Estate Plan. Retirement accounts, in general, are governed by strict regulation and need to be handled carefully by well-informed parties. This digest should arm readers with information to adequately discuss their plans with a qualified professional. If You Are the Surviving Spouse of an IRA Owner – Fidelity.com If you are the spouse of an IRA owner who has named you as his or her beneficiary, it’s critical that you-and the owner of the IRA-understand the rules that govern IRA inheritances. Read More at https://www.fidelity.com/viewpoints/retirement/surviving-spouse-IRA Ed Slott and Company – IRA, Tax, Retirement Planning Articles, Insight Previously, same sex married couples did not have the spousal IRA benefits of opposite-sex married couples under the tax code. These benefits include the ability to make spousal IRA contributions, tax-free splitting of IRAs in a divorce, and spousal rollovers at death. However, the IRS recently issued guidance that gives same-sex married couples the spousal IRA benefits. Read More at http://www.theslottreport.com/2013/09/spousal-ira-rollovers-for-same-sex.html Understanding Who Should Be Beneficiary of Your IRA How To Turn A Modest Tax-Deferred Account Into Millions For Your Family How would you like to turn your modest tax-deferred account into millions for your family? Depending on whom you name as beneficiary, you can keep this money growing tax-deferred for not only your and your spouse’s lifetimes, but also for your children’s or grandchildren’s lifetimes. Read More at...