End of Life Act
End of Life Act New options to end life marks the beginning of a new era in California. After a few decades of debate, “The End of Life Option Act” has been signed into law providing terminally ill patients with the option to die sooner with dignity. On October 05,...
New IRS Filing Requirement for 2016
If you filed an Estate Tax Return after July 2015, the IRS is now requiring you to also file Form 8971 (and accompanying Schedule(s) A) before March 31, 2016. The purpose of this form is to ensure that information on property values reported to the IRS by Executors...
Truths and Myths About Estate Planning
Truths - An estate plan that utilizes a “fully funded” revocable living trust avoids probate. Fully funded means that all appropriate assets are titled in the name of the trustees of the trust. Please note, retirement plans should not be retitled to your trust! True...
International Estate Planning Basics
Estate Tax Exclusion amount in 2009 available to a non US citizen who is a resident is $3,500,000. Estate Tax Exclusion amount in 2009 available to a nonresident noncitizen spouse limited to $60,000. Gift Tax Exclusion amount in 2009 available to a non US citizen who...
Estate Planning for Families with Kids
OF HEARTS AND MINDS Estate Planning for Families with Kids If you are a parent and have children, this series on estate planning for families with kids is designed to address your basic estate planning questions. When I meet with clients with children under the age of...
Planning for a Loved One with Special Needs
When planning for a loved one with special needs, here are a few points to consider. When I speak of a Special Needs Trust, I sometimes use the term ‘luxury trust’. My point in using this term is to highlight the fact that Special Needs Trusts are designed to provide...
Special Needs Planning: One Trust or Two
The importance of a Special Needs Trust was reviewed in a previous article in this paper. In that previous article, we noted that the purpose of the Special Needs, or Luxury Trust, is to provide assistance to the special needs child beyond that which is provided by...
Have Your Cake and Eat it Too with a Charitable Remainder Trust
Here is a tasty estate planning recipe to consider: INGREDIENTS: 1 Cup Appreciated assets (rental or vacation property, or appreciated stock are good choices). 1 Charitable Remainder Trust. Can be for a single person or married couple. Can be a Uni-Trust or an Annuity...
The ABC’s of Estate Planning: Part 1
THE ABC’s of HEALTH CARE DIRECTIVES, part 1 Advance Health Care Directives, often referred to as Living Wills, Advance Medical Directives or Powers of Attorney for Health Care are important estate planning documents for individuals from 18 to 80 and beyond. What is an...
The ABC’s of Health Care Directives, Part 2
In our previous edition of McDowall News we explained what an Advance Health Care Directive is. In this edition we will talk about what is not an Advance Health Care Directive. Speci cally, we will discuss DNR’s and POLST’s. What is not an Advance Health Care...
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