Category Archives: Probate

What is a Third Party Special Needs Trust??

Special needs trusts come in three main flavorsfirst-party special needs trusts, third-party special needs trusts, and pooled trusts.  All three trust varieties are designed to manage resources for a person with special needs so that the beneficiary can still qualify for public benefits like Supplemental Security Income (SSI) and Medicaid.  While first-party special needs trusts and pooled trusts hold funds that belong to the person with special needs, third-party special needs trusts, as the name implies, are funded with assets that never belonged to the trust beneficiary, and they provide several advantages over the other two types of trusts. Continue reading

Financial Considerations for Remarrying Later in Life

What are the financial issues that come with remarrying later in life? I’ve been seeing a wonderful man for two years, and we’ve been talking about marriage, but I want to make sure we understand all the possible financial consequences before getting hitched.

That’s a great question. Getting remarried later in life can actually bring about a host of financial and legal issues that are much different and more complicated than they are for younger couples just starting out. Here are some common problem areas you need to think about, as well as some tips and resources that can help. Continue reading

Who Will Receive Your Property??

Great review of basic considerations before finalizing your estate plan.

“Who should receive my property?” asked Helen to her attorney, Clara. “There are so many decisions to make. Since Morgan passed away, I need to make these decisions myself. Should I give property to the children outright or in trust? Is there a best age for them to receive the property? And what if one of them were to pass away before I do? The grandchildren are still too young to manage property. I also have made a loan to one of the children. Should I forgive that loan? And what about my dog Rover? Who will take care of Rover?” Continue reading

Balancing A Career and Caregiving, You Can’t Go It Alone

Hollywood can be a great platform to provide mass exposure to many of the issues and challenges that plague society. It’s like the cliché, “art imitates life.” For example, the film Still Alice portrays some of the challenges families endure when one family member suffers from the Alzheimer’s disease. The success of the film, and the awards won by its leading lady, Julianne Moore, have brought awareness of these trials to the forefront of society. However, when the lights of the theatre dissipate and the box office numbers dwindle, the real-life caregivers and their challenges with their Alzheimer’s patients continue. Continue reading

Domicile – Where You Live Affects Your Taxes

A successful business owner with a large estate passed away in 1976. He had grown up in Texas, moved to California and also lived for many years in Nevada. With a $2.5 billion estate, there were substantial federal and state taxes. While the estate proceedings were held in Nevada, both California and Texas sued to collect state estate tax. The Nevada Court eventually determined that the domicile or personal residence of the businessman was in Nevada. While this was an unusual case with a very large asset value, there are several reasons why you should understand the basic rules of domicile. Where you live can affect both the distribution of your estate assets and your estate taxes. Continue reading