In California, we have so much at our fingertips: the ocean, the mountains, the desert, the city... It's part of the reason that California is, by a long shot, the most populous state in the nation (try 38.8 million residents as of 2014!).
Another huge upside is that we are close to Nevada! I may be partial (a Reno native and a Nevada lover at heart), but it is undeniable that the Silver State offers many benefits to both individuals and businesses that aren't available here in California.
They say the only things in life that are certain are death and taxes. Good news: After some recent changes in estate and gift tax law, they may only be half right. Today, many can die in peace and face no adverse tax consequences.
The current Estate Tax Exemption is $5,430,000 per person and $10,860,000 per married couple.
In our last blog post, we mentioned that a trust can provide an element of control that a will cannot (see reason number 2). A Special Needs Trust (SNT) is a perfect example of this. An SNT is an estate planning tool that you can use to both provide for a loved one with a disability, and control how and when money is spent for his or her benefit.
Do you have a trust? Not sure if you need one? Here are the top 5 reasons why a trust should be something you consider.
1. Stay out of Court.
Many people operate under the misconception that a will in and of itself will keep them out of probate, but that is simply not true.
There are a myriad of reasons why you put off creating an estate plan. You’re too young. You’re too busy. It’s too expensive. Thinking about your own death? It’s too morbid!
Thoughts like these are understandable. After all, if we are getting into the nitty gritty of what will happen to your estate, it must mean you’re already gone, and if you’re already gone, who cares, right?
WRONG!
An estate plan is like insurance, or maybe even anti-virus software; you don’t think you need it until you really need it.
People often hesitate to hire young lawyers. Alongside an attorney whose resume touts his 30+ years of experience, the newer lawyer may be disfavored. But there are several key reasons why you should consider hiring a young estate planning attorney.
According to a study reported in The Practical Lawyer, a publication of American Bar Association, the top three complaints that clients have about their lawyers are: 1) Cost and Billing; 2) Lack of Response; and 3) Incompetence.