Dana Point Wills

Estate Planning

POST DIVORCE CHECKLIST

People often describe their wedding day as one of the happiest of their lives. However, sometimes happily-ever-after doesn’t last as long as it should and the day comes when dissolution papers are signed, assets dissolved, and households are split. This process of divorce can be emotionally draining, and people find themselves in some of their …

Estate Planning

Epic Fails- DIY Deeds

I am sure most, if not all of you have heard of the phrase, “I have enough knowledge about a topic to be dangerous.” This was the case with Joe Johnson. He and his spouse hired an attorney to assist with drafting and executing his estate plan. At the end of the consultation, when it …

Estate Planning

BASIS STEP UP 101

Property (real or otherwise) inherited by family or friends is not considered to be taxable by the federal government. The ability to be taxed on a piece of property that is inherited can be a big concern and point of confusion for many people.  The lesser known IRS “gift” Basis Step Up, also known as …

Estate Planning

TOP 5 ACTION ITEMS FOR FAMILIES WITH MINOR CHILDREN

“Estate planning is for old people.” • “Estate planning is for the wealthy.” • “I’m not going to die young.” We’ve all said those words or heard them said before. These are misconceptions or justifications that we use to put off thinking about our mortality and taking action. I say “we”, because until I became …

Estate Planning

Pitfalls of DIY Estate Planning

There is no doubt that everyone loves a bargain when organizing their estate and giving instructions on the distribution of their worldly goods after death. Yes, you can write your wishes on a piece of paper or you can fill out some quick online forms and have either witnessed as a last will and testament …

Estate Planning

Turning 18 brings big changes for young adults and their parents

How to be legally prepared for the new laws that affect you An 18th birthday opens new doors for minors and presents the independence of a fresh adulthood for children. Recognized as a young adult by almost every state in the union, these minors are finally legally able to vote, enter into contracts and make …

Estate Planning

Estate Planning and New Tax Bill

Estate planning goes beyond estate taxes and to the heart of protecting what's most important to you; your family's legacy, their goals and dreams.

Estate Planning

Trust or Will?

  You’ve heard of the words “trust” or “will” and probably wondered what they are, and which would fit your situation. Keep reading  for some helpful information.  A trust is a contract between the owner of assets (the trustor) and the receiver of those assets (the trustee) to hold and administer those assets on behalf …

Estate Planning

Retirement- Things to Consider Beyond Savings

When a business owner thinks about retirement, he typically settles on one of two plans- sell the business or gift to his children. The choice between the two are usually very personal and will coincide with the goals of the business owner. For each option, there are different considerations, and necessitates the implementation of a …

Estate Planning

Why Plan Your Estate?

More times than I care to count, I hear this statement from people; “I don’t have anything so I don’t need to do any estate planning right now.” This is a major misconception about estate planning and it permeates not only through the young community but also with seniors as well. Below, I will outline …

Estate Planning

Estate Planning & the Fiscal Cliff: What to expect if Congress and the White House do not reach a compromise.

Estate Planning & the Fiscal Cliff: What to expect if Congress and the White House do not reach a compromise. If you have been avidly following the fiscal cliff conversation between Congress and the White House, you will have realized that it is quite probable, even possible, that there will be no action taken to …

Estate Planning

Debunking the “Trust Administration Myth”

I just wrapped up my first trust administration and from this experience, this blog entry was born. Based on the questions asked by my client, I realized that many individuals out there are sorely uneducated about this process. Below is a brief explanation of this process.One of the primary misconceptions that I have encountered is …

Immigration

The Deferred Action Program- Temporary Reprieve for millions of “childhood arrivals”

As of yesterday, August 15th, 2012, approximately two million illegal immigrants were given the opportunity to apply for the “deferred action program”. A two year temporary reprieve, this program will allow individuals to remain in the United States without fear of deportation. Additionally, by showing an economic necessity, these illegal immigrants can be granted temporary …

Estate Planning

Dusting the cobwebs on that “old” estate plan

Estate plan aren’t created to be current throughout your lifetime. When drafted, they are based on the current climate of the estate tax laws and your own circumstances, with some flexibility built in. The changing legislative, economic and social times can have more of an effect on your existing estate plan than you think. This is why, if …

Estate Planning

“Napkin Wills”

Last week, I spoke with a prospective client (PC) who recently started giving her future and mortality a lot of thought. Her job required her to be around people who were victims of terrible tragedies. In response to whether she had her affairs in order, she mentioned that her wishes were written on a napkin. My …