Who Needs a Bypass Trust? Prior to 2012, many married couples created joint trusts known as “A-B” trusts. The problem now is that these trusts may actually cause more harm than good. In this article, I discuss Bypass Trusts — who needs them, who does not, and what to do if you have one of…
It’s not the QTIP you’re thinking of! To better understand this concept, it’s advised that you first read my article about estate taxes and then my article on bypass trusts. The QTIP trust is a popularly-used strategy to limit potential estate taxes among married individuals, while also being able to control the destination of assets…
Why set up an irrevocable life insurance trust (ILIT)? An irrevocable life insurance trust (referred to as an ILIT) is a type of irrevocable trust that typically is used to own life insurance policies on your life. Instead of you owning the policy and naming your family members as the beneficiaries, the ILIT will own…
Feeling in-SECURE? In January of this year, a new law came into effect known as the SECURE Act, which is the most impactful legislation affecting retirement accounts in decades. You may have read politicians applaud the bill but be very weary — what Congress cloaked under the guise of “freebies” turns out to be nothing…
What is an Irrevocable Trust? Many people often ask me, “What’s an irrevocable trust?” Or some clients come ready to ask the follow-up question, “If an irrevocable trust means I cannot change it, why would anyone want to create one?” Let’s get one thing straight. No one wants a trust they can’t change. Rather, it’s…
When a Beneficiary Dies “When the RMS Titanic sank into the icy waters of the North Atlantic, one of the lesser-known problems it raised was how to handle the estates of married couples who refused to part as the ship went down. Several women chose to remain with their husbands on board the ship instead…
Understanding the Estate and Gift Tax There are two types of federal taxes. The first, and more well-known one, is called income tax. The second type of tax is known as transfer taxes. There are three kinds of transfer taxes: the gift tax, the generation-skipping transfer tax, and the federal estate tax. One of the…
Why do People Create LLCs? If you own a rental property, it is strongly advised that you create an LLC. I’m going to give you 3 reasons why, but before that a few introductory remarks in general about who I am and why you should listen to me. I have personally sued property owners and…
Why are some estate plans more expensive than others? If this is your first time doing an estate plan, one question you are probably asking yourself is, “How much is a trust going to cost?” This is a reasonable question to ask. But it should not be the only question you ask. Instead, you should…
PROP 19: REDUCE PROPERTY TAXES BEFORE FEBRUARY 16TH! Proposition 19 will affect each and every person who owns a property, whether it’s a primary residence, a vacation home, a rental property, or a commercial property. According to the new law, we have a limited window to take action in order to lock in our property taxes under the old…
Proposition 19 will affect each and every person who owns a property, whether it’s a primary residence, a vacation home, a rental property, or a commercial property.
According to the new law, we have a limited window to take action in order to lock in our property taxes under the old rules.
Please click below to watch a recording of Bridge Law’s webinar discussing Prop. 19 and what you need to know. There are strategies available to us if we plan now!
Watch our Prop. 19 Webinar
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