Newman Law Group

September 2017 Archives

Charitable giving may help in reducing estate taxes

Charitable giving can be a philanthropic and strategic move for high-asset families. While the majority of California families do not have the net worth required for estate tax, those that do will face reduction of the estate due to taxation. Effective estate planning allots for strategies for reducing estate taxes, and charitable giving is one way that families can do that.

Trust administration: Choosing a trustee

After a person dies, there are usually many tasks for those left behind to be completed. It is important to select a person that can handle the technical and time-consuming responsibilities of handling estates, including trust administration. Individuals often choose a trust instead of the more traditional will to manage their estate, and when a person uses a living trust, a successor trustee must be selected. In California, the successor may be one of several types of entities, including an adult child, family member, friend, bank or professional fiduciary. 

Planning for more than distribution of estate assets

Sitting down for a serious family talk can be pretty intimidating. It's likely that nobody knows a person better than their family, but having frank conversations can be hard. Some families also like to smooth over the rough edges of life and prefer to talk about nice things. Avoidance isn't always a good answer. Some California residents may benefit from a practical strategy for talking to one's family about an estate plan for the division of estate assets and other end-of-life concerns. 

Updating wills can be vital for correct distribution of estate

Many people tend to neglect the little details of life, until all of a sudden, life springs upon them and they are caught unaware. Updating wills, trusts and other estate planning documents can sometimes fall in the procrastination category. But there are reasons for California residents to pay attention to updates on their estate planning documents.