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Dynasty Trusts

This is a part in a series of articles I have written on various types of irrevocable trusts. What is a Dynasty Trust? Many people refer to dynasty trusts to mean an irrevocable trust that is built so that after the death of the grantor, the trust benefits the grantor’s descendants.  I don’t disagree with this…

Advance Health Care Directives

What to Consider When Creating an Advance Health Care DIrective What is the purpose of an Advance Health Care Directive? If you are an adult with capacity, you have the right to provide instructions about your own health care choices. An Advance Health Care Directive sets forth (1) the person(s) you nominate to make medical…

Sales to IDGTs

This is a part in a series of articles I have written on various types of irrevocable trusts. Intentionally Defective Grantor Trust What is a sale to an Intentionally Defective Grantor Trust (IDGT)? Why would a trust be “intentionally defective”? And what is so popular about this strategy? Intentionally Defective Grantor Trust An IDGT is a…

AB150: What you need to know to save on taxes

On July 16, 2021, Governor Gavin Newsom signed Assembly Bill 150 into law. This bill enables certain California taxpayers to write off more than the $10,000 limit placed on state and local tax (SALT) deductions — but it’s not automatic, you need to know what to do to get this relief. BRIEF HISTORY OF SALT…

They say we die twice.

This is a picture of me and my uncle (who I call “Mama”) taken when I first moved to Michigan from India. Mama was the world’s greatest listener, as you can see even in this picture. He passed away in February of this year. Almost ten years ago, when I left the DA’s office, I flew…

Proposition 19: The Aftermath

Proposition 19 was a highly contested ballot measure during the recent election, narrowly passing with 51% approval. The proposition was marketed as a solution to benefiting wildfire victims and the elderly. However, the proposition also rips away protections against property tax changes that California residents have enjoyed for almost forty years. Proposition 19 removes a…

What does per stirpes mean?

Per Stirpes vs. Per Capita at Each Generation? Say What? While engineering your estate plan, you’re likely to come across the terms “per capita at each generation” or “per stirpes.” (No, we are not talking about stripes here. Unfortunately, your estate plan is not available in stripes, houndstooth, or gingham).  Instead, these terms are options…

Why file a Form 706?

IRS Form 706 is commonly known as an “Estate Tax Return.” It is not well-known even by most accountants and is rarely filed. But estate planning lawyers will swear by them! So what’s the deal? Why are they so elusive to some, and yet so important to file according to others? Usually, there is a…

How Trust Administration Works: Each Step Explained

HOW TRUST ADMINISTRATION WORKS What happens if someone creates a trust and then dies? Now what? The person in charge is called the “successor trustee.” Being a successor trustee is an honor and privilege since the person who created the trust (the “Decedent”) trusted your judgement and character to allow you to exercise control over…

How a Probate Works: Each Step Explained

How Probate Works If your loved one has passed away and left behind certain assets, you may or may not have to go to court in order to access or inherit those assets. You can learn more about what a probate is generally and why it occurs by reading our article, What is a Probate? …

Should I name my trust as the owner or a beneficiary?

This is a common question from those who set up living trusts. First off, if you are contemplating NOT doing a trust because you plan on just owning an account in your personal name, and you figure by naming other individuals as your beneficiaries, you are fine, then please read why you should not rely…

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