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Considerations When Creating a Power of Attorney

What is the purpose of a Power of Attorney? If you are an adult with capacity, you, as the Principal, have the right to designate an Agent, sometimes called an “Attorney in Fact” or “Financial Agent”, to manage your financial affairs for you. When is a Power of Attorney effective? The authority of an Agent…

The U.S. Exit Tax

Bye-Bye U.S., Hello Exit Tax! If you are a U.S. citizen thinking about relinquishing your U.S. citizenship, or if you are what is defined as a “long-term” green card holder and thinking about giving it up, you may be in for a surprise. The U.S. has a sinister parting gift for you, called an “exit…

Taxation of Trusts

How Trusts are Taxed We can talk hours about the intricacies of trust taxation, but here are some basic concepts that will still go a very long way when it comes to how trusts get taxed. Trusts get taxed in two different ways: a grantor trust, and a non-grantor trust. Grantor Trust A grantor trust…

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…

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…

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