Vanessa Terzian E: vterzian@lagerlof.com PH: 818-864-6174 | Edward Terzian E: consultation@inheritancerecovery.com PH: 818-579-2358
In some circles, “probate” almost feels like a dirty word. There are plenty of reasons that a person may prefer to skip the probate process, when possible, but it is a fact of wills and trust administration. The details of probate can vary somewhat from place to place. For example, probate in California will…
I hear the same excuse over and over…. I don’t have an “estate.” I have more debt than assets. The only thing I have is my home. As you may have guessed, these are excuses that people make for not preparing an estate plan. These people are sadly misinformed. They think estate planning is only…
As an asset protection lawyer in Pasadena, I find that it often makes sense to advise clients to create multiple LLCs when they own more than one investment property. While it might seem more convenient to simply set up one LLC for all of your properties, you can maximize your asset protection by putting each…
Sometimes in life the unexpected happens and leads to changes which can be stressful, uncomfortable, and even financially painful. People who are diagnosed with Dementia, Alzheimer’s Disease, Stroke and Parkinson’s often need skilled nursing home care. If you have been told by other professionals that you do not qualify for Medi-Cal coverage to pay for…
If you or a loved one is in need of Long-Term Care, and you’re wondering how to pay for it, the GOOD NEWS is that almost everyone can qualify for Medi-Cal benefits, even people who are already in nursing homes. But don’t expect the Government or the Nursing Home facility to show you how. That’s…
A good asset protection plan puts dangerous assets in limited liability companies (LLCs). There should be a separate LLC for each dangerous asset in order to insulate your other assets from liability arising from this dangerous asset. By insulating the asset with its own LLC, only this asset will be taken if a judgment arises…
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…