Dangerous Scenario No. 3: “Lack of Long-Term Care Compliance”
The primary goal of long-term care estate planning is to protect, preserve and manage your estate if you are not well. Why is long-term care estate planning so important? Because it allows you to accomplish a number of crucial objectives: Be in a position to maximize your ability to preserve your estate for you and your loved ones in the event of medical crisis. Help ensure that your money and other assets go to the people you choose without the need of your estate going through Probate. Defuse potential conflicts over management of your affairs if you become disabled by ... Read More
Dangerous Scenario No. 2: “Federal Estate Tax Compliance”
There have been significant changes to the Federal Estate and Gift Tax laws. If your documents were prepared under the old system, they may be out of date, and very likely contain overly complicated and unnecessarily burdensome provisions, especially if you are married, or were married at the time your documents were prepared. The good news is that very few estates will be subject to tax liability under the new system of regulations. You should review your plan to determine if it needs to be amended in light of the new estate tax system.
Dangerous Scenario No. 1: “Trust Mills”
Did you purchase a living trust from an organization that you thought was a law firm? Here’s how a “trust mill” works: under the pretext of preparing your estate plan, sales people from these companies obtain your personal financial information in order to use in advancing their hidden agenda: selling inappropriate annuities and other similar investments, most often to senior citizens. According to the California Attorney General: “To give themselves a cloak of legitimacy, these sales agents pretend to be experts in living trusts. In their solicitations, these sales agents often pose as expert financial or estate planners. They pass ... Read More
