Vanessa Terzian E: vterzian@lagerlof.com PH: 818-864-6174 | Edward Terzian E: consultation@inheritancerecovery.com PH: 818-579-2358
Elder abuse comes in many different forms – physical abuse, emotional abuse, or financial abuse. Each one is devastating in its own right. Many times, sadly, as with my situation, the elder abuse involves a family member. When that happens, you feel scared, disappointed, angry, and you can’t believe this is happening to you. You…
Clients frequently ask “Can I change my living trust by crossing things out and writing in new parts? The California Court of Appeals answered that question last week: not if you want your changes to stick. In Cory v. Toscano, the person who created the trust gave “(a) To Elaine [last name omitted here for…
Common purposes for trusts include: Privacy. Trusts may be created purely for privacy. The terms of a will are public and the terms of a trust are not. In some families, this alone makes the use of trusts ideal. Spendthrift Protection. Trusts may be used to protect beneficiaries (for example, one’s children) against their own…
With a federal exemption of estate taxes and gift taxes through 2012 of $5 million per person, significant planning strategies may be completed within the next year and a half in order to save a significant amount of funds for future generations. There are challenges in making these decisions, however, as oftentimes you must relinquish…
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity. Contents 1 Estate…
Not in writing – then no deduction… The IRS (ECC 201120022) stated in a email that a taxpayer who makes a charity gift and fails to obtain a contemporaneous written acknowledgment from the charitable donee cannot claim an income tax charitable deduction even if the donee subsequently files an amended Form 990 for the year…
In 2010, there was a lot of commotion over the repeal of the $100,000 modified adjusted gross income limitation. With the reinstatement of the “Bush tax cuts”, Roth IRA conversions have once again become a powerful short-term and long-term income tax planning strategy, especially in 2011 and 2012. Understanding Roth IRA conversions is not easy.…
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity. Estate planning devices…
Community Foundation (DAF) versus Private (Family) Foundation Community Foundations (Donor Advised Funds or DAFs) and Private Foundations are both gift options that can be used separately or combined for even more flexibility. Some of the differences are explained below: Donor Involvement: – DAF: The Donor recommends grants to be qualified non-profit groups. Grants are approved…
What to consider when selecting an Estate Planning Attorney Selecting an estate planning attorney is an important task since the person will be helping you determine what will happen to your assets after you die. It is important to find a practicing attorney who specializes in estate planning. Estate planning is more than drafting a…