The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according to estimates from the nonpartisan congressional Joint Committee on Taxation. So, you may be wondering, is
A dream without a plan is simply a wish. Estate planning is not just about death and taxes — it puts you in the driver’s seat of your financial life, allowing you to set achievable goals. It is a great opportunity to focus on the legacy you want to leave behind for loved ones, help you avoid the expense and delay
Our clients at Kaiser Law Group have achieved their success in a variety of different ways coming from varied backgrounds. Some of our clients scratched and clawed their way to success from humble beginnings, while others got a leg up from their parents and used those building blocks to achieve even greater success. I’m a passionate student and observer of ideas
Are you married and is the last time you and your spouse updated your estate plan more than a few years ago? Then chances are your estate plan contains good old “AB Trust” planning (also called “Marital and Family Trusts” or “QTIP” and “Bypass Trusts”) which, up until 2011, was the only way for married couples to double the value of
One of the issues that I spend the most time discussing with my estate planning clients is who to choose as a successor (e.g. back-up) trustee. Most clients go with close friends or family members, although those with more complicated estates or those who have had difficult trustee experiences themselves often see the benefits of working with third-party trustees such as
This week is National Estate Planning Awareness Week In 2008, Congress supported the establishment of the National Estate Planning Awareness Week. What should we be aware of this week? That slightly over half of Americans say they have no estate plan or estate planning documents in place. The National Association of Estate Planners and Councils features a list of popular objections
Today, I just set up my wife Kristie as my “legacy contact” on Facebook. That means that if I were to pass away, she would have authority to manage my Facebook page. This article from Slate.com describes some of the additional details and considerations. At first glance, it might seem like managing a social media page would be the least of
Many of our clients know that for California residents who own real estate or otherwise have over $150,000 of assets that don’t pass by beneficiary designation, a living trust is an efficient and protective way to transfer wealth to the next generation. What people often don’t know is that one little-discussed advantage of trusts over wills is that wills become court
In our estate planning practice, we counsel a number of blended families. They face unique issues relating to the couple’s desire to balance caring for their new spouses with protecting their children from previous relationships. The attached Wall Street Journal article from earlier this year discusses a different aspect of the overlap between estate planning and family law. It’s a reminder
Kaiser Law Group has a sub-specialty in working with blended families. Our clients in second marriages who bring children from previous relationships are seeking to strike a delicate balance between taking care of their spouse and making sure that their children are protected. Accomplishing this balance requires a great deal of trust, open communication and flexibility. I’ve found that couples who