Vanessa Terzian E: vterzian@lagerlof.com PH: 818-864-6174 | Edward Terzian E: consultation@inheritancerecovery.com PH: 818-579-2358
Most estate plans include a last will and testament (often just referred to as a “will”), general durable power of attorney, health care power of attorney and health care directive to physicians (also known as a living will). Trusts are extremely powerful and also flexible agreements that are also often used in estate planning. Common…
The Need for Planning One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes cost between $35,000 and $150,000 a year. Most…
What are AB/Marital Bypass Trusts? These living trusts are often set up by those with larger estates that may be charged federal estate taxes on the death of the asset holder(s). They basically allow an estate to bypass the taxation and probate processes by removing ownership of assets from individuals and putting them into a…
REVIEW OF 2011-2012 ESTATE TAX AND GIFT TAX LAWS After much debate and last minute shenanigans, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (“TRUIRJCA” or “TRA 2010” for short) was signed into law by President Obama on December 17, 2010. This new law provides sweeping changes to the rules governing federal estate…
The Advantages of Setting Up a Trust Trust funds, also commonly known as deeds of trusts, are great ways of helping protect your family by ensuring that they are well provided for in the future. Generally, trust funds help protect your assets, guarantee income for your beneficiaries and help you avoid certain taxes. Here are…
In common law legal systems, a trust is a relationship between three parties whereby property (real or personal, tangible or intangible) is transferred by one party to be held by another party for the benefit of a third party. A trust is created by a settlor (archaically known as the feoffor to uses), who transfers…
One of the chief concerns facing owners of family or closely held businesses is how to effect an orderly and affordable transfer of the business to the next generation or a key employee. That objective, given adequate time and proper planning, can be accomplished easily and often profitably. But as most business owners know, seldom…
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…