Four Things Your Spouse Should Know
Married couples typically share nearly every facet of their lives. However, even the most intimate partners may hesitate to broach certain subjects when discussing death. While discussions about burial arrangements and remarriage can be awkward, addressing them as integral components of crafting a thorough estate plan is essential. Estate planning is a profound gesture of…
Strategies for Executives to Achieve Their Estate Planning Objectives
As a business executive, you strategize and set goals for your professional endeavors. Have you taken the time to apply these skills to ensure the well-being of your family? If you still need to, our assistance is available to provide strategies for executives when estate planning. Protection from Lawsuits and Creditors Many executives enjoy protection…
Continue Reading Strategies for Executives to Achieve Their Estate Planning Objectives
Estrangement & Estate Planning
Regrettably, family conflicts sometimes escalate beyond mere fleeting disagreements, leading to estrangement. Family estrangement refers to physical and emotional distancing among family. This separation often reaches a point where there is minimal or even no communication between family members for an extended time. For example, a parent may avoid contact with a child who has…
The Corporate Transparency Act: What It Is and Why Every Trustee and Business Owner Should Begin Preparing
Corporate Transparency Act The Corporate Transparency Act (CTA) was created under the Anti-Money Laundering Act of 2020 and goes into effect on January 1, 2024. The CTA seeks to prevent individuals from using anonymous shell companies to engage in illegal financial activities, such as money laundering and terrorism. It requires privately held corporations, partnerships, limited…
The Federal Deposit Insurance Corporation Will Increase Insurance Coverage of Trust Bank Accounts
The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks in case of bank failure. The Banking Act of 1933 established the agency to restore public confidence in banks. As of 2023, the FDIC insures deposits up to $250,000. Most trust funds have bank accounts insured by FDIC. However,…
Benefits of Gift Giving
Many of our hard-working clients want to pass on their wealth to family members. Nonetheless, individuals with a high net worth must consider potential gift and estate tax implications when gift giving. By creating a thorough estate plan, we can effectively tackle these worries. These trusts can help distribute assets in a tax-efficient manner. Grantor…
The Importance of Avoiding Intestacy
Many Americans pass away without a will, which is called dying intestate. In this circumstance, what they have left behind is distributed during intestate succession. Rather than decide who they want their assets to go to, the state decides. In most states, the decedent’s closest family members will receive what they left behind, which many…
Choosing Your Successor Trustee
When establishing a trust, choosing your successor trustee is one of the most crucial choices you will need to make. You can act as the trustee if your trust is a revocable living trust. However, you must name a successor trustee. The successor trustee will manage the trust on your behalf in the event of…
Time to Protect Your Child’s Future
As a parent, you want to protect your child’s future, but have you ever pondered what might happen if you could not be a part of it? This contemplation can be a sad one for anyone. Nevertheless, by proactively putting a plan in place, you can find solace in knowing that if the unexpected occurs,…
Services to Cancel After a Loved One Passes
The passing of a family member presents challenges on multiple fronts. In addition to grieving, practical responsibilities need attention. For example, their accounts must be settled, including utilities, insurance, memberships, digital subscriptions, and other recurring payment programs. Resolving these accounts aids in preventing avoidable fees and safeguards against identity theft. Your initial step should be…
Continue Reading Services to Cancel After a Loved One Passes
What an Estate Plan Should Not Include
When you pass away, estate planning facilitates the transfer of wealth to your loved ones. Therefore, estate planning involves preparing various legal documents to ensure your wishes are carried out effectively. However, there is some personal information that we recommend an estate plan should not include: Social Security Numbers You do not need to provide…
RESPECT Yourself and Complete Your Estate Plan
Aretha Franklin, the legendary Queen of Soul, left behind a legacy that will forever be remembered. But what many people didn’t expect was the discovery of her last will and testament hidden in a most unexpected place – her couch! Yes, you read that right. It seems even icons like Aretha can have their estate…
Continue Reading RESPECT Yourself and Complete Your Estate Plan
Consider Your Digital Accounts in Your Estate Plan
It’s common knowledge to include bank accounts, retirement accounts, and other standard financial accounts in estate plans. However, did you know it’s essential to have a digital estate plan that accounts for your digital accounts, such as PayPal, Venmo, and Apple Pay? Without a digital estate plan for these accounts, your loved ones may need…
Continue Reading Consider Your Digital Accounts in Your Estate Plan
Those Who Are Self-Employed Must Address These 3 Concerns
Self-employment often comes with the freedom that many individuals seek. However, there are various added responsibilities that those who are self-employed face. As a matter of fact, here are three important issues that should be addressed by the self-employed and the attorneys helping them plan: Safeguard Your Financial Future While employers typically offer retirement accounts…
Continue Reading Those Who Are Self-Employed Must Address These 3 Concerns
July Newsletter: Estate Planning News You Can Use to Beat the Heat
Inadequate or outdated estate plans can have detrimental effects on both you and your loved ones. Our July newsletter aims to emphasize the significance of establishing a comprehensive estate plan that safeguards your legacy and facilitates a seamless transition for future generations. Parent-Child Relationship in Estate Planning The parent-child relationship can take many forms, including…
Continue Reading July Newsletter: Estate Planning News You Can Use to Beat the Heat
The Battle Over Aretha Franklin’s Estate Continues
The legendary Queen of Soul, Aretha Franklin, passed away on Aug. 16, 2018, of pancreatic neuroendocrine cancer. Contrary to her lawyer’s advice to establish a will and trust before her death, Aretha Franklin did not leave behind an estate plan for her estimated $80 million estate. Since she was very private, she decided against formal…
Continue Reading The Battle Over Aretha Franklin’s Estate Continues
The Supreme Court Will Hear a Case That Could Change the Tax Law
The Sixteenth Amendment to the United States Constitution, ratified in 1913, grants Congress the power to levy and collect income taxes. But what becomes of income that hasn’t been received or realized? The Supreme Court will hear arguments in a tax law case addressing such issues. The case arose from a one-time tax on accumulated…
Continue Reading The Supreme Court Will Hear a Case That Could Change the Tax Law
Protecting Your Family During Unemployment
Some businesses could not pull through the increased expenses inflation has brought on over the past few years unscathed. Due to this, companies have put employees out of work or laid off employees to reduce costs. If you are dealing with the stress of recent unemployment, remember you are not alone. You can use this…
Estate Plan Details May Not Specify What to Do With Books – Think Twice Before Discarding Them
We often see books slipping through the cracks of estate plans. The majority of books have little or no market value, so it’s no surprise that they are often discarded or given to charity. However, some old book collections could be housing a hidden treasure due to a book’s rarity or what the owner has…
June’s Newsletter Discusses the 2024 Revenue Proposals
The Biden administration has released a proposed budget for fiscal year 2024, calling for an increase in federal spending and a series of counterbalancing revenue raisers. “General Explanations of the Administration’s FY2024 Revenue Proposals,” also called the “Greenbook,” outlined the budget. The Greenbook is a comprehensive document prepared by the US Department of the Treasury.…
Continue Reading June’s Newsletter Discusses the 2024 Revenue Proposals
The Importance of Properly Protecting Your Etsy Store
Etsy is an online marketplace established in 2005. Since its early days, it has become one of the most extensive commerce companies globally. While Etsy sellers span worldwide, most sellers are American. For this reason, this marketplace contributes billions of dollars annually to the nation’s economy. This already successful e-commerce platform experienced even more growth…
Continue Reading The Importance of Properly Protecting Your Etsy Store
Questions & Answers With a Probate Litigator
Probate refers to the legal process of administering the estate of a deceased person. Probate litigators are attorneys specializing in legal disputes regarding probate matters. In this Q&A, our probate litigator, Matthew Stein, Esq. will answer important probate and estate planning questions. What does a probate litigator do? Probate litigation attorneys handle estates, trusts, and…
Continue Reading Questions & Answers With a Probate Litigator
Advanced Estate Planning
When people think of estate planning, what comes to mind for most people is planning for after death. However, while traditional estate planning covers the basics (ensuring a smooth transfer of wealth and minimizing tax liabilities and probate fees), advanced estate planning encompasses various strategies and techniques designed to protect and distribute your assets according…
Did You Know of the Corporate Transparency Act?
The Corporate Transparency Act, or the CTA, enhances corporate transparency to combat money-laundering, terrorism, tax evasion, and other financial crimes. It does so by setting up a national database that identifies the humans behind the companies. This database helps law enforcement sift through companies used for nefarious purposes. The Objectives of the Corporate Transparency Act…
Continue Reading Did You Know of the Corporate Transparency Act?
The Pitfalls of DIY Probate
The state of California determines probate attorney fee commissions based on the estate’s total value. The state of California determines probate attorney fee commissions based on the estate’s total value. For estates valued over $150,000, but less than $25,000,000, the statutory fees for attorneys and executors in California’s probate cases are a sum of the…
The Death of Raquel Welch – What Is Her Estate Plan?
Raquel Welch, whose acting career spanned five decades, passed away in February at the age of eighty-two. Welch appeared in more than thirty films and fifty television series, won a Golden Globe Award, and has a star on the Hollywood Walk of Fame. However, Welch was more than an actress. She was also a savvy…
Continue Reading The Death of Raquel Welch – What Is Her Estate Plan?
Revisit Your Estate Plan After Home Remodeling Projects
Spring has sprung, which means many homeowners are kicking off remodeling projects. It’s the time of year when homeowners are motivated to undertake various projects to enhance their homes’ efficiency, infuse their living spaces with their unique touch, and address overdue maintenance tasks. In fact, the National Association of Home Builders (NAHB) celebrates May as…
Continue Reading Revisit Your Estate Plan After Home Remodeling Projects
What to Bring to A Meeting With Your Estate Planning Attorney
When you first meet with your Law & Stein estate planning attorney, you’ll discuss and strategize a plan for your assets. We aim to protect your wealth, minimize tax liabilities, and create the most comprehensive plan to fulfill your intentions. We know that talking about end-of-life wishes can be a sensitive topic. Therefore, we want…
Continue Reading What to Bring to A Meeting With Your Estate Planning Attorney
Estate Plan Etiquette + Probate Rules to Know
In honor of May being National Etiquette Month, we offer ways to bolster your estate plan by incorporating the key elements of etiquette. Furthermore, this month’s newsletter outlines circumstances that may indicate an update to your estate plan is calling. Lastly, we discuss some essential probate rules to know should you need to wind up…
Continue Reading Estate Plan Etiquette + Probate Rules to Know
The U.S. Supreme Court Will Soon Hear Arguments in the Case of Tyler v. Hennepin County
The U.S. Supreme Court will soon hear arguments in the case of Tyler v. Hennepin County. In this case, Geraldine Tyler lost her condo in Minneapolis, Minnesota, after neglecting to pay $15,000 worth of property taxes by 2015. Hennepin County seized and sold the condo for $40,000 to cover the taxes, interest, and fees due.…
Apple’s Tax Agreement With Cupertino Has Fallen Under California Tax Authority’s Scrutiny
The California Department of Tax and Fee Administration (CDTFA) launched an audit in 2021 investigating an arrangement between Apple and the city of Cupertino. The arrangement began in 1998 using a 1950s law that looks at orders based on the sale location. In other words, online orders are taxed based on the company’s location, not…
Garn-St Germain Act Exceptions
The Garn-St Germain Act was passed in 1982 and signed into law by President Ronald Reagan. The act was implemented to help the loan industry, which was struggling with inflation and high interest rates. It allows lenders to enforce contracts, such as mortgage agreements, that contain due-on-sale clauses. They can be enforced even if the…
Including a Limited Liability Company in Your Estate Plan
A limited liability company (LLC) can own some of your bank accounts and property. For this reason, including a limited liability company in your estate plan can be a great tool. Doing so can protect the wealth that you’ve worked hard for. What Is an LLC? An LLC combines the advantages of a partnership or…
Continue Reading Including a Limited Liability Company in Your Estate Plan
What to Bring to A Meeting With Your Probate Attorney
If you’ve scheduled a meeting with your probate attorney, you’ve taken the first step in navigating the challenging and confusing probate process. Your probate attorney will assist you with court filings, mediate and resolve conflicts between beneficiaries, and represent you if legal issues arise. Being prepared with the necessary documentation is essential when you first…
Continue Reading What to Bring to A Meeting With Your Probate Attorney
A Detailed Look at Los Angeles’ New Mansion Tax, and Potential Ways to Avoid It if It Comes to Your City
Los Angeles is known for being one of the most affluent areas in the country, but more recently, it has also struggled with its high rate of homelessness. To address concerns surrounding housing affordability and a widening wealth gap, the city proposed Measure “United to House LA” (ULA), which has become known as the “mansion…
Matthew Stein Awarded Provisors Group Leader of the Year
Law & Stein is proud to announce that our very own Matthew Stein has won the ProVisors Group Leader of the Year Award. ProVisors is the premier national networking organization exclusively for trusted advisors. It is the largest, fastest-growing cross-referral network of 8,000+ trusted advisors. A Provisors group leader promotes the organization’s mission to be…
Continue Reading Matthew Stein Awarded Provisors Group Leader of the Year
The Balancing Act of Estate Planning
Estate planning requires a balancing act of providing the greatest benefits to loved ones while saving on income and estate taxes and safeguarding savings from beneficiaries’ creditors. This balance requires careful consideration alongside proper legal and financial tools. Saving on Taxes Unfortunately, estate and income taxes might be quite the hurdle for you and your…
When You Should Hire a Trust and Estate Litigation Attorney
You should consider hiring a trust and estate litigation attorney when there is a dispute or conflict related to an estate or will. Some situations where an estate litigation attorney can be helpful include: Disputes over the validity of a will. If there are questions about the legitimacy of a will, an estate litigation attorney…
Continue Reading When You Should Hire a Trust and Estate Litigation Attorney
What Is Undue Influence in California?
Undue influence is a legal term used to describe a situation where a person is forced or manipulated into making a decision against their own free will. In California, undue influence can be used to invalidate a contract, will, or other legal documents. It can also be used to establish a claim for financial fraud…
What Is Trust and Estate Litigation?
Trust and estate litigation refers to legal disputes that arise in the context of trusts, wills, and estates. This type of litigation usually involves disagreements between family members and other interested parties over the interpretation or implementation of a will, trust, or estate plan. https://www.youtube.com/watch?v=h1Xq2gpLgAk Trust and estate litigation can take many forms, including challenges…
The Three Goals of Estate Planning
Are you concerned about the future of your assets? Estate planning is the process of planning how your assets will be handled after death. It usually involves signing a will and a trust. You also sign a healthcare directive and power of attorney that take effect if you become incapacitated. It’s important to know that…
What Is Probate?
Probate is a legal process that occurs after someone dies. It’s a court proceeding that is time-consuming, complicated, and costly. However, it’s required to appoint legal title to assets at death. During a typical probate, the court oversees the distribution of a deceased person’s assets. The process usually starts with submitting a will and a…
Probate and Trust Litigation Has Doubled in Southern California
Did you know probate and trust litigation has doubled in Southern California over the past ten years? https://www.youtube.com/watch?v=T3WDZAMXT3s The death of a loved one is a traumatic experience. Sometimes a parent dies without a will, or the family disagrees over the terms of a will or a trust. When these disagreements can’t be resolved, probate…
Continue Reading Probate and Trust Litigation Has Doubled in Southern California
Law & Stein to Participate in the 2023 Walk4ALZ
Law & Stein Is Excited to Participate in the 2023 Walk4ALZ Our firm and many of our family and friends are participating in Walk4ALZ April 1st at Angel Stadium. The firm has proudly raised over $1500 to help local families battling dementia in Orange County. We look forward to participating in this event, as supporting…
Continue Reading Law & Stein to Participate in the 2023 Walk4ALZ
Polselli v IRS. What Will the Supreme Court’s Decision Be?
Polselli v IRS. What Will the Supreme Court’s Decision Be? According to the IRS, Remo Polselli underpaid his federal taxes for over ten years. He currently owes $2 million in taxes. In the search for his assets, the IRS issued summonses demanding records from his wife’s bank and the law firm’s banking records where he…
Continue Reading Polselli v IRS. What Will the Supreme Court’s Decision Be?
Probate Theft and How You Can Avoid It
What Is Probate Theft? Probate theft, also called inheritance or estate theft, refers to the theft of property or assets belonging to an estate during the probate process. Probate is the legal process by which an estate of a deceased person is administered. Part of this process is the distribution of property and assets. When…
A Scenario Highlighting the Court’s Drastic Change to Conservatorship
The story starts just like any other. Mom, who had been diagnosed with dementia a couple of years prior, met a man while out on a walk (we’ll call him “Stranger”). Within a couple of weeks, Stranger moved into Mom’s house and professed his love to Mom, and proposed. Mom was a widow and, between…
Continue Reading A Scenario Highlighting the Court’s Drastic Change to Conservatorship
The ULA Tax and What It Means for You
The ULA Tax April 1st, 2023, marks the day California’s housing bill, United to House L.A. (ULA), takes effect. The housing bill was created to fund more affordable housing to decrease homelessness in California. However, with this bill comes a much higher sales tax on property that exceeds $5 million dollars in value. What Does the…
March Local News Update
Tax Deadline Extension Please be advised: The tax deadline has been extended to October 16 for disaster area taxpayers in California to file various federal individual and business tax returns and make tax payments. Local Judges Retiring Two of Orange County’s long standing judges, Kim Hubbard and Gerald Johnston will be retiring this year.
The Fight Over Lisa Marie Presley’s Estate – What’s Happening and How Can You Avoid This
A Trust Dispute It made headlines when Lisa Marie Presley, daughter of the great Elvis Presley, suddenly passed away on January 12, 2023. However, shortly after that, the headlines quickly shifted to the dispute over who will be handling Lisa Marie’s trust now that she has passed away.In 1993, Lisa Marie established a trust with…
Transparency During the Trust Administration Process
When a loved one passes away, the successor trustee distributes the assets according to the decedent’s last wish. During that time, emotions are high, and things can become contentious and potentially lead to a lawsuit. This can happen even if the trustee is doing everything right. Transparency is a way to reduce the stress for…
Continue Reading Transparency During the Trust Administration Process
Did You Know That a Trustee Has Tax Duties?
A trustee takes responsibility for managing money and assets set aside in a trust for the benefit of another person. Along with this financial responsibility comes tax duties. A trustee must file complete and accurate tax returns and pay taxes when they are due. Here are a few things for a trustee to keep in…
Continue Reading Did You Know That a Trustee Has Tax Duties?
Deciphering the SALT Workaround
The state and local tax (SALT) deduction permits taxpayers who itemize when filing federal taxes to deduct certain taxes paid to state and local governments. However, the 2017 Tax Cuts and Jobs Act imposed a $10,000 SALT itemized deduction limit. This affected California in particular because of the high-income tax rates in the state. What…
Litigation vs. Mediation vs. Arbitration – what is the best route for you?
By Matthew G. Stein, Esq. As a trial attorney, I often advise my clients that cases are won or lost on the opening statement – after that, you have very little control in a trial. You do not get to choose the courtroom or the judge or the trial date. In fact, often there is…
Continue Reading Litigation vs. Mediation vs. Arbitration – what is the best route for you?
Trustee Duties When Trustor Is Incompetent
So, you’ve found yourself in the position of trustee and are managing your loved one’s estate while they are still alive. What are your duties to account to the eventual beneficiaries of your loved one’s estate? And what if your loved one is incompetent, thus the reason you are now overseeing their estate? Beneficiaries Left…
Protecting Your Digital Legacy
How to Manage Your Photos, Data & Social Media Accounts After You Die Thinking about your “digital legacy” may seem strange but given the amount of data and content we all use and create (think about all your phone’s pictures, iCloud backups, texts, social media accounts, and Apps like Venmo and Starbucks), it is something…
Careful With Your Crypto!
A few weeks ago, the Rams won a Super Bowl for the first time since they have called Los Angeles “Home”. One of their stars, Odell Beckham Jr. (“OBJ”), signed a one-year contract prior to this season to play wide receiver for the Rams. For better or for worse, OBJ decided to convert his base…
New Year! New Attorneys! Same First-Rate Counsel!
As we enter a new year, we extend our appreciation and gratitude to both our existing and new clients. We have a genuine passion for what we do and we thank you for trusting Law & Stein as your legal counsel. 2021 Recap 2021 was another unique year where we found ourselves overcoming challenges similar…
Continue Reading New Year! New Attorneys! Same First-Rate Counsel!
‘Tis The Season…For Tax Exempt Gifting!
As the holidays are fast upon us, many are concerned with ensuring they have the perfect gifts for their loved ones. However, gifts are not only the wrapped goodies left under the tree or on a loved one’s doorstep – they can be a great estate planning tool as well! Annual Exclusion Current 2021 law…
Cryptocurrency & Estate Planning
Cryptocurrency or virtual currency (used interchangeably) has become quite the coveted asset among investors because of the seemingly lucrative return due to its fast appreciating nature. Cryptocurrency has also been the subject of growing interest by government regulators, including the Internal Revenue Service (“IRS”). But what is virtual currency? How is treated for tax purposes?…
New SALT Cap Workaround (AB 150) May Provide Tax Savings for You
California has enacted AB150, joining the growing list of states implementing a workaround on the current $10,000 cap on state and local tax deductions. A Little Background In 2017, as part of the Tax Cuts and Jobs Act (TCJA), Congress greatly limited the ability of taxpayers to deduct their state and local taxes (SALT). In…
Continue Reading New SALT Cap Workaround (AB 150) May Provide Tax Savings for You
When the Deceased Leaves a Spouse Off of Their Will, California Assumes They Just Forgot
Just got remarried? Time to update the estate plan! Just had a baby? Time to update the estate plan!Remembering to update your estate planning documents, (your will and trust), may not be top of mind after every life changing event. These milestone moments take up time, emotions, and let’s face it, valuable sleep, so California…
Prop 19 Is In Effect. Is There Still Time To Avoid Reassessment?
The good news? There still may be hope for those who missed the boat on planning before Prop 19 became effective! Prior to February 16, 2021, real property was reassessed at market value if it was sold or transferred, and often times property taxes increased dramatically as a result. After February 16th, passing real property…
Continue Reading Prop 19 Is In Effect. Is There Still Time To Avoid Reassessment?
Inheritance Dispute? Don’t Just Sit There. Mediate!
“Why did my dad leave most of his money to charities and not his kids?” “It’s unclear what my father’s intentions were with our family vacation home.” “My mom left a handwritten document stating who should receive her jewelry and art collection. Is this an official document?” Losing a loved one is a difficult time,…
Continue Reading Inheritance Dispute? Don’t Just Sit There. Mediate!
Digital Assets. What Are They & How Do I Protect Them?
Our lives essentially revolve around technology and this trend is only continuing to grow.Nearly all of our important documents and files, whether they be personal, business or financial, are stored on various digital platforms. Therefore, it is extremely important to ensure those documents and files, also referred to as digital assets, are not only protected…
Continue Reading Digital Assets. What Are They & How Do I Protect Them?
“Dedicated.” “Determined.” “Compassionate.” Just a Few Client Descriptions of Our New Attorney!
We hope this newsletter finds you and your family healthy and happy in the first quarter of this new year. We are excited to share some news so without further ado, let’s share!Our number one priority is to continue to provide new and existing clients with exceptional client service through insightful and strategic counsel and…
What Do New Year’s Resolutions Have To Do With A Law Firm?
It’s pretty safe to safe to say that most people make resolutions for the new year. You may not write them down in a special, secret binder, or proudly slur your intentions at the annual new year’s party; but there’s a good chance you are trying to make improvements in some form.So just what do…
Continue Reading What Do New Year’s Resolutions Have To Do With A Law Firm?
Did You Complete the “Homeowner’s Exemption” on Your Residential Property Tax Bill?
Under Prop 19, the “HomeownersExemption” Allows for Reduction in Property Value for Tax Purposes We have received numerous calls on how the recently passed Proposition 19 will impact residential property taxes when handed down to children and beneficiaries.In response to these questions and more, Partner, estate planning attorney and tax planning attorney, R. Zebulon Law…
Continue Reading Did You Complete the “Homeowner’s Exemption” on Your Residential Property Tax Bill?
How Elder Abuse Can Lead To Litigation
California Looks Out For It’s Elders Because elder abuse can take on many forms, and because, sadly, millions of families suffer every year from elder abuse, California has enacted laws to protect elders and those who are in a dependent situation.California passed a law entitled the Elder Abuse and Dependent Adult Civil Protection Act. This…
PROPOSITION 19: There’s a Narrow Window to Beat the Increased Property Tax
The Pros & Cons This November, California voters approved Proposition 19, which expanded some property tax exemptions for people 55 and over, but also increased property taxes in many future property transfer situations when there is a death in the family. The quick recap is there are some property tax PROS for eligible homeowners to…
Continue Reading PROPOSITION 19: There’s a Narrow Window to Beat the Increased Property Tax
Are You A Trustee? Take It Seriously
“My father died, and I am named as successor trustee. Now what do I do?”Most people have had little to no experience administering a trust and typically have many questions as to where to even begin with the administration of the trust. The goal of this article is to help provide a general overview of…
Did Circumstances Change? Perhaps Your Irrevocable Trust Can Too.
Just by virtue of the name, “irrevocable” living trust, one would assume this is something that cannot be revoked, changed, or terminated. In fact, if you are the person who created the trust, you should consider the terms of an irrevocable living trust to be set in stone; a benefit which has provided much needed…
Continue Reading Did Circumstances Change? Perhaps Your Irrevocable Trust Can Too.
How to Avoid These Elder Financial Abuse Scams
“Hi Grandma, it’s me. I am in a bit of a bind and need you to send me money immediately please.”“We are contacting you because you have the same name as the deceased who had an overseas investment worth $1.1M, which you now stand to inherit. There is a processing fee to obtain your money…
Continue Reading How to Avoid These Elder Financial Abuse Scams
Super! Rising! New!
As we begin the summer and start to move into the back half of 2020, we sincerely hope this newsletter finds you safe and well. During these past few months we have continued to work diligently for our clients with Zoom calls, Facetime meetings, and drive-thru signings with lots of hand sanitizer and social distancing…
Is Your Estate Plan Secure with the New SECURE Act?
The Setting Every Community Up for Retirement Enhancement (SECURE ACT) is intended to help people save for retirement. Most significant are the changes to Individual Retirement Accounts (IRAs), which could help many older Americans save even more for retirement. But there are also some benefits that have been lost. That said, the SECURE Act will…
Continue Reading Is Your Estate Plan Secure with the New SECURE Act?
Should I Update My Estate Plan Now? How About Now?
Is now a good time to update my estate plan? The answer is more than likely, yes. Knowing when to update your estate plan is probably not something that is at the top of your list. It’s been a few years since you completed your estate plan. That binder is sitting quietly in your closet,…
Continue Reading Should I Update My Estate Plan Now? How About Now?
Just Like Kobe Bryant’s Daughter, Kids Have Rights in the Family Trust
Since Kobe Bryant’s tragic passing earlier this year, his wife recently realized their infant daughter was not included in his trust. In the Bryant family trust case, and others we’ve experienced, more than likely the omission was an accident. Assuming it was an accident, what are the steps you, as the living spouse or child,…
Continue Reading Just Like Kobe Bryant’s Daughter, Kids Have Rights in the Family Trust
So What’s the Difference Between a Living Trust & an Irrevocable Trust?
“Why wouldn’t they just form a living trust and put their house in it? After all, once that is done, their house is safe because the trust provides asset protection.” Unfortunately, this is a common misconception regarding how trusts work and the protections a trust can provide. Before covering some details about the differences between…
Continue Reading So What’s the Difference Between a Living Trust & an Irrevocable Trust?
Show Me The Money, Accounting of Trust
The story always starts the same, “there was supposed to be money, but we don’t know what happened.” For a vast majority of inheritance disputes, compelling the trustee to provide the beneficiaries with an accounting of the trust assets is a vital and mandatory first step. But before jumping in with an accounting of the…
What You Didn’t Know About Law & Stein
We want to take a moment to thank you for trusting us as your legal counsel and share a few more details about our diverse practice areas. We know you have a choice and we take pride in representing each and every client who comes through our door to manage their estate planning or litigation…
Does Your Current Estate Plan Make Sense in Light of the Recent Changes to Tax Laws?
By R. Zebulon Law, Esq. LL.M., CPA & Christina M. Chan, Esq. On December 22, 2017, President Trump signed H.R. 1, the Tax Cuts and Jobs Act. Part of the law concerns the estate tax exemption limit, which has doubled from $5.6 million to $11.2 million per person. The new estate tax exemption limit is effective…
Tax Cuts and Jobs Act of 2017
By R. Zebulon Law, Esq. LL.M., CPA This morning (December 22, 2017), President Trump signed H.R. 1, the Tax Cuts and Jobs Act. This is the most significant tax legislation in 30 years, and we wanted to share some of our initial impressions and observations with our clients and friends. Probably the most signification change…
New Deed Recording Tax
Dear friends, family and clients: We wanted to make you aware of a recent legislative change that will go into effect in the new year. The California State Senate passed the Building Homes and Jobs Act (SB-2). The bill’s purpose is to provide funding for affordable housing in California, it will be funded by an…
IRS Extends Portability Deadline
November 2017 Law & Stein LLP wants to remind our clients, friends, and families that on June 26, 2017, the IRS issued Internal Revenue Bulletin 2017-26, which essentially extended the deadline to file certain estate tax returns to January 2, 2018. This is an interesting opportunity, which in some cases, could help save some estate…