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March 2017 Archives

Repeal of federal estate tax may not affect many people

California residents may be curious about what they'll need to worry about in terms of estate planning should the federal estate tax be repealed. President Donald Trump's campaign platform included his desire to repeal the federal estate tax, which currently stands at 40 percent. However, proper estate planning is still important to ensuring that the owner's wishes are carried out.

Will provisions should be comprehensive

Californians who want to use their estates to care for their loved ones and dispose of their property need to be careful when they write wills. Experts say that many important details commonly get overlooked and that no matter is too insignificant for inclusion in an estate plan.

Tax laws, trusts and estate planning

Some California residents might wonder whether they should make an estate plan when there might be a change in federal estate tax law. However, there are generally benefits to estate planning that are independent of that. Among them are setting up an irrevocable trust that will protect assets in the event of a divorce, from creditors, and in other situations.

New legislation allows easier access to special needs trusts

California residents may have heard that Barack Obama signed the Special Needs Trust Fairness Act into law in December 2016. The new law modifies a rule that says a first-party special needs trust needs to be created by a disabled person's parent, grandparent or guardian. Now, those who are disabled but have the mental capacity to make decisions on their own can create a first-party special needs trust by themselves.

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