Vanessa Terzian E: vterzian@lagerlof.com PH: 818-864-6174 | Edward Terzian E: consultation@inheritancerecovery.com PH: 818-579-2358
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…
DetailsIn 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…
DetailsOne 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…
DetailsElder 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…
DetailsClients 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…
DetailsCommon 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…
DetailsWith 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…
DetailsEstate 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…
DetailsNot 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…
DetailsIn 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.…
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