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GRAT A grantor retained annuity trust (GRAT) is an efficient way for a donor to transfer asset appreciation to beneficiaries without using or using a minimal amount, of the donor’s gift tax exemption. After the donor transfers property to the GRAT and until the expiration of the initial term, the…

ILIT An existing insurance policy can be transferred into an irrevocable life insurance trust (ILIT), or the trustee of the ILIT can purchase an insurance policy in the name of the trust. The donor can make gifts to the ILIT that qualify for the annual gift tax exclusion, and the…

SLAT With the threat of a lowered estate and gift tax exemption amount, a spousal lifetime access trust (SLAT) allows donors to lock in the current, historic high exemption amounts to avoid adverse estate tax consequences at death. The donor transfers an amount up to the donor’s available gift tax…

Installment Sale This strategy is similar to the intrafamily sale. However, the income-producing assets are sold to an existing irrevocable trust instead of directly to a family member. In addition to selling the assets, the donor also seeds the irrevocable trust with assets worth at least 10 percent of the…

Basis Management Assets such as property or accounts gifted or transferred to an irrevocable trust do not receive a step-up in income tax basis at the donor’s death. Gifted assets instead retain the donor’s carryover basis, potentially resulting in significant capital gains realization upon the subsequent sale of any appreciated…

In response to the COVID-19 crisis, the Federal Reserve lowered the federal interest rates to stimulate the economy. Accordingly, donors should consider loaning funds or selling one or more income-producing assets, such as an interest in a family business or a rental property, to a family member in exchange for…

Strategies to Consider in an Election Year With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58…

Probate 101 Most individuals aren’t sure what the term “Probate” actually means. They think of it only as a lengthy, costly, and drawn-out legal formality that takes place to handle a deceased person’s stuff. Technically, what Probate means is to prove the Will in a Probate Court proceeding. Some time…

Estate Planning in 2020 The Tax Cuts and Jobs Act, called The Act signed into law in 2017, provides excellent estate planning opportunities. The lifetime exemption amount for the gift, estate, and generation-skipping transfer taxes increased from $11.4 million to $11.58 million on January 1, 2020. The annual gift tax…

Next Generation With the current estate tax exemption at $15.8 million per person, you might be asking, do I transfer the property now or wait? It is generally advised to make gifts of assets with a high tax basis and retain assets that have been significantly appreciated. Retaining appreciated assets…

Bill Ab3182 Would Restrict Homeowners in an HOA to Vote to Prohibit or Limit Rentals. This Bill Has Passed in the House and the Senate. It is Waiting on Governor Newsom’s Approval. Assemblyman from San Francisco, Phil Ting, authored the Bill. In his original proposal was a heinous bill, later…

Divorce Unfortunately, divorce is a topic that may come up during your estate planning and your lifetime. No one wants to think about divorce when getting married, and especially don’t want to think about dying after being married? It’s a community property state in California, but the law is relatively…

Please read below from the California Department of Real Estate. FRAUD WARNINGS FOR CALIFORNIA HOMEOWNERS IN FINANCIAL DISTRESS As homeowners begin to feel the financial impacts from the efforts to stop the spread of the coronavirus (COVID-19), loan modification and foreclosure rescue scams may start again to surface targeting vulnerable…

A Contract Hiring an Independent Home Improvement Contractor Unfortunately, this is a phone call we receive far too often where a homeowner is in a situation seeking legal help against an independent contractor left with unfinished work, poor quality, overcharged, etc. A contract or written agreement could have avoided some…

What Happens if You Can’t Pay Rent During This Covid-19 Pandemic? There are always reasonable general solutions to follow. Federal, state, and local governments have also enacted a blast of COVID-19 emergency relief acts for tenant protections. Most simply delay the eviction for struggling tenants who can prove a loss…

If you’ve begun the estate planning process, you might have thought about what you want your legacy to be once you’ve passed away. For many of us, this means setting and achieving philanthropic goals during our lifetime and for the many years to come. Giving to charities benefits many individuals…

Have you wondered what might happen to your loving little family member who walks on four legs, has feathers or scales, and loves you unconditionally after you pass away? The best legal option when considering your pet and estate planning is to make a pet trust. With a pet trust,…

Because members do not “vote” on rule changes, there is no mechanism to stop a rule change before it takes effect. However, the law allows members to reverse a recent rule change. As long as members act promptly – within 30 days of the association’s delivery of the new rule…

Contracts are used to close different kinds of real estate transactions and each agreement will vary accordingly. There are a few essential components to all real estate contracts that you might want to become familiar with. If you understand the materials needed, you can then help ensure each agreement you…

US Citizens Get a Big Tax Break That Non-citizens Do Not Get. If both partners of a married couple are US Citizens, then the first spouse to die can leave any amount of money to the survivor, and this is entirely free of the estate tax. This is called an…

Changes to the HOA Election Process Senate Bill 323 introduces significant changes to the election process for residential common interest developments (HOAs). The critical changes include qualifications that must be placed on all the candidates seeking election for the HOA Board. The new legislation imposes one mandatory candidate qualification on…

Senate Bill 652 adds a new Civil Code Section 4706 to the Davis-Stirling Act and prohibits HOAs from banning religious items on entry doors or door frames, as long as the items do not exceed certain dimensions, does not interfere with the door function, and is not obscene or threatening…

The following should be an “18th Birthday Present” to the parents and their kids, so they are secure. In most states, parents are without the authority of making health care decisions or managing money for their kids as soon as they turn 18. That means if a young adult is…

Gov. Gavin Newsom signed many bills into law affecting California HOAs in 2020. Here’s what associations need to know, and below, you’ll find one of them. Assembly Bill 5 is a significant new law that changes the legal definition of an employee. The law created Labor Code Section 2750.3 and…

A simple will can accomplish a lot of your estate planning goals. It can leave all property to someone often your spouse or partner or if you’re single to your children or relatives, friends, or charities. A simple will can say what to do if that person dies first or…

When is it time to consult with an elder law attorney? What’s the right age to start looking into this? Elder law clients tend to come in one of three forms. The first type is the client that’s in their late forties or early fifties when it’s much too soon…

Countries whose legal systems evolved from the British common law system, such as the United States, typically use the probate system for distributing property at death. Probate is a process where the decedent’s Will, if any, is entered in court. After hearing evidence from the representatives of the estate, the…

Due to the time and expenses associated with the traditional probate process, estate planners frequently counsel clients to enact probate avoidance strategies. Some prevalent probate-avoidance plans include Revocable Living Trusts, Joint Ownership of Assets, and making lifetime gifts. If a Revocable Living Trust is used as a part of an…

A simple will can accomplish a lot of your estate planning goals. It can leave all property to someone often your spouse or partner or if you’re single to your children or to relatives, friends, or charities. A simple will can say what to do if that person dies first…

Transfer on Death Deeds is the least expensive way to transfer real property without having to go through the headache of probate or creating a revocable living trust. Beginning January 2016 and lasting until January 2021, revocable transfer on death deeds are currently legal in California. Revocable means that you…

Here is a situation I experienced with one of my new clients seeking help with an older trust… Does this look like yours? If I remember correctly, you indicated that your Estate Plan was made 15 years ago. If you have not made any changes to those documents since then,…

One of the Most Common Questions That We Get Asked is if There’s a Way to Protect the Home How do I protect my house? Can I protect my home from a nursing home stay or keep it away from Medicaid so that if I have to go to a…

A question that I’m asked a lot is regarding website solutions and whether or not you truly need an attorney to draft your estate plan. In my opinion, 100 percent, you need an attorney to draft your estate plan. I can’t tell you how many times I have reviewed documents…

Care Instructions Including Living Wills Although this is undoubtedly a truly sensitive subject, it must be addressed. All of us should review healthcare-related documents, including a living will, DNR, healthcare directive, and HIPAA release immediately. You need to have signed current documents in place that reflect your desires. Your health…

Assets titled in the name of the trust avoid probate and provide privacy from the public in regards to your assets. In addition, a named trustee may serve to avoid having a guardian or conservator appointed for you by the state as you age or become incapacitated. This avoidance of…

Do you want to pay estate taxes? No? Well, if you haven’t planned, you might be paying them anyway. When you made your Will, did you leave any money to the government? No way, right? You might be wrong about that. Most of us don’t want to leave any money…

All too often, boards spend large amounts of time focused on relatively unimportant matters, so as a result, weightier matters get ignored. It can be easy to get caught arguing about an endless number of minor issues and lose sight of their responsibilities. They might skimp on items like reserves…

AB5 A new and controversial law governing “gig work” (a fancy term for independent contractors) in California went into effect on January 1, 2020. Several groups, including freelance writers and Uber drivers, are fighting the regulation that was signed in September 2019 by Governor Gavin Newsom. The law is popularly…

Homeowners Associations Serving on your homeowner association (HOA) board can be a thankless, challenging, and lonely job. It might seem like no one wanted it, and somehow I got stuck with it kind of a position. Usually, the job description comes with late-night maintenance phone calls, long-winded alcohol-induced suggestions, and…

Our clients typically wonder what’s going to happen to their children if either or both parents pass away. Now what? The term “Guardianship” is used to appoint or name an individual(s) to take care of your minor children if either parent or both, have passed away or become incapacitated. In…

What is a Contract or Agreement? A contract is an agreement that is binding and legally enforceable when adequately formed. This kind of arrangement is the most frequently used for legal dealings. It happens in nearly every case where something is sold or purchased. Some examples include contracts for the…

Health Information Rights The Health Insurance Portability and Accountability Act of 1996, HIPAA privacy rule provides you with health information privacy rights. Your health information rights include the right to access your health information, an accounting of disclosures of your health information, and to correct or amend your health information…

Ask Yourself These Benefit and Restriction Questions Before Moving Into an HOA This list will allow you to do questioning as needed more quickly. HOA Benefits: What services will I receive in return for my monthly HOA assessment? How are our streets kept free of cars, trucks, and recreational vehicles?…

Understand That Hoas May Vary Significantly in the Services They Provide The original developer initially establishes the scope of the association by setting out the services and expenses in the associations budget; the declaration offers how the association can enforce the members’ obligations. The by-laws set forth the procedures and…

New Survey Finds That Majority Believe Having a Will Is Necessary While Less Than Half the Population Possess an Estate Plan. People are understandably conflicted when it comes to the end of life estate planning. We are forced to confront our mortality and consider the future of those we leave…

If done accurately, you can let your life insurance be in a life insurance trust. Once that life insurance trust is in existence, that life insurance, if you die, is payable to the trust beneficiaries, which may be the same people you were going to leave that life insurance to…

Medicaid Asset Protection Trust (MAPT) is probably the most effective tool for protecting the home, but did you know the Medicaid Trust can protect more than just the house? Medicaid Trusts can also hold cash assets, and as long as they’re in the trust for five years, those assets cannot…

Attorneys without the right training can negatively impact you in ways that are very difficult to repair. So what should I look for in selecting just the right elder law attorney? First of all, be sure that this is an area of practice the attorney specializes in and focuses on,…

What’re the Differences? There is a difference between a power of attorney and a durable power of attorney, or DPA. The “durable” occurs when the POA is not affected by your subsequent incapacity, and to be durable, it must be explicitly stated as such. That’s what the durable part means,…

What Are the Definitions of Elder Abuse According to the Centers for Disease Control and Prevention, elder abuse is an intentional act or failure to act, by a caregiver or another person in a relationship involving an expectation of trust that causes or creates a risk of harm to an…

What Does A Home Owners Association Management Company Do? If you live in a homeowners association, you have probably learned about or maybe even received a non-compliance notice from the management company. If you have reported common area maintenance problems, this will end up handled by the management company. This…

Every state has statutes and laws to create a Will if someone passes away without creating a Will themselves. Those laws are called intestacy laws, and you can be said to have died “intestate” if you have no Will. There are misconceptions about what happens if you die without a…

  On October 12, 2019, Governor Gavin Newsom signed into law, Senate Bill No. 323, which was sponsored by State Senator Robert Wieckowski. This Bill made many changes to the Davis-Stirling Common Interest Development Act (Davis-Stirling Act). The following is a summary of the changes. This summary is not meant…

It is easy to succumb to the dark clutches of depression at any stage of life. Life is full of surprises and twists, and not all of them have a positive effect on the psyche. However, once a senior is in the grasp of depression, it is often difficult to…

Consider this story. Beth’s divorce from her husband was recently finalized. Her most valuable assets are her retirement plan at work and her life insurance policy. She updated the beneficiary designations on both to be her two minor children. She did not want her ex-husband to receive the money. Beth…

How Many Plans Do I Need?! Most folks have at least heard of an estate plan. But fewer realize that a simple will is not enough to prepare for your future. In fact, a combination of plans – financial, tax, legacy, and estate – are vital to your financial well-being…

While the rest of the nation celebrates its independence on July 4th, you can rest assured that you too can declare independence for your family — from court interference. Life can be unpredictable. Whether it is a financial issue, the birth or adoption of a child, sickness, or incapacity, it…

How to Leave Your Life Insurance and Retirement? Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From…

Owning your own business can be a great endeavor that takes a lot of passion and drive. Many small business owners focus on the day-to-day management and growth of the business, rather than thinking about a time when he or she may not be in the business. This is a…

Are Your Documents Following the Same Script? In the event of your untimely death, how your beneficiaries — or those people who receive your assets from your estate — are determined is highly dependent on how your property is titled.

Not Married? You’re Not Alone – but You Still Need a Plan. Approximately half of America’s population over the age of 16 is unmarried. While much of the discussion involving estate planning focuses on married couples, this topic is just as important for a single person. Many times it is…

Baby boomers – the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, has entered and continues to enter into retirement. As they make this financial transition into retirement, many are learning that they have…

A dream without a plan is simply a wish. Estate planning is not just about death and taxes — it puts you in the driver’s seat of your financial life, allowing you to set achievable goals. It is a great opportunity to focus on the legacy you want to leave…

If you’re thinking about giving your children their inheritance early, you’re not alone. Studies suggest that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying…

Each year on January 1st, everyone receives what can be thought of as yearly coupons for tax-free gifts. There are several different ways that you can redeem those coupons: Annual exclusion gifts. These gifts are transfers of money or property that do not exceed the annual gift tax exclusion. These…

Why You Should Think About It When Estate Planning If you carry debt, do not assume that your death or incapacity will make it automatically disappear. On the contrary, the money you owe may eat away at the assets you were planning to leave to your heirs or — if…

How Your Health Savings Account (HSA) Works with Your Estate Plan? If you’re enrolled in a qualified high-deductible health plan (HDHP), you must consider how your health savings account (HSA) fits into your estate plan—especially to make sure that any hard-earned money left in your HSA when you die goes…

Tax prep activity is the perfect opportunity to get your estate plan in order and kill two birds with the proverbial stone. Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan.

Yes! If you own a vacation home, timeshare, investment property, or any other asset outside of the state where you are domiciled you must make sure it’s included in your estate plan. If you fail to include these in your estate plan or fail to have an estate plan at…

Estate planning is an important task that everyone should undertake as it helps to protect your family and your loved one’s financial future. But estate planning can do much more than focus on finances, it can also provide for the care of those you leave behind. One aspect of estate…

If you find yourself in the “sandwich generation” (someone who is caring for both your children as well as your parents simultaneously), you need to know whether or not your parents have put together an estate plan. While it is still your parent’s choice to make estate planning decisions, having…

Many people who put together an estate plan do so when they start a family – assuming they put an estate plan together at all during their lifetime. While putting an estate plan together is a good thing to do, many people make few updates once the plan has been…

Serving as the official minute-taker may not be the most glamorous job in the HOA, but it’s one of the most important. The minutes are an official and legal record of the meeting—a written report of the discussion and decisions made so everyone knows what happened.

Negotiate Your Listing Agreement The listing agreement is a standard document in the real estate industry. It establishes and defines the relationship between the broker and the seller, and is arguably one of the most important documents for the seller to understand. It’s also one of the easiest pieces of…

No one wants to discuss death and dying. And yet, it’s a critical time in everyone’s life and one for which we know we need to prepare. While many people have the desire to share their wishes, something is preventing people from openly communicating with their families.

Student Loan Debt There are two issues many people prefer to avoid thinking about: death and debt. Unfortunately, both of these seem to be inevitable. Student loan debt is a part of life nowadays, particularly for students obtaining advanced or professional degrees. As of 2017, the total national student debt…

Using Social Media Social media can be a powerful tool for connecting with community members and sharing information they need to know. People who cannot attend HOA meetings because of scheduling conflicts may be more willing to like a photo or leave comments about an upcoming community project if they…

Your Beloved Collection Whether your beloved collection consists of artwork, books, cards, music, or other significant items, you should not forget about this valuable asset when estate planning. You have likely spent quite some time — whether years or your entire life — building your collection; you should not leave…

Joint Tenancy for Newlyweds If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well…

Create Your Estate Planning Documents Cheaply? There are many software programs, as well as websites, that sell do-it-yourself estate planning documents. These websites and form tools seem to offer a convenient and cost-effective alternative to consulting with an estate planning attorney. But do they meet your needs and protect your…

Landlord-Tenant Dispute Landlord-tenant disputes are more common than many people realize—even when there is a carefully drafted lease or rental agreement. They may disagree about everything from privacy rights to access to the property to pet policies and late payments. Finding a solution that benefits both parties can be a…

Common Area Fees A common area maintenance (CAM) fee is a standard feature on commercial real estate leases. This fee covers the cost of maintaining the parts of the building shared by all the tenants. Common areas typically include restrooms, lobbies, stairwells, elevators, and parking lots. You want these areas…

Why Do You Need to Think Before You Sign? Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marries create important and unique issues…

Are Your Documents Following the Same Script? In the event of your untimely death, how your beneficiaries — or those people who receive your assets from your estate — are determined is highly dependent on how your property is titled. Generally, property with title includes vehicles, boats, airplanes, real estate,…

POD Accounts A payable-on-death account also called a POD account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance…

Successfully Receiving an Inheritance If you recently received an inheritance, or are expecting to receive one shortly, it has likely triggered mixed emotions in you. You have lost a loved one and also experienced monetary gain. Studies show that a third of Americans who received an inheritance completely spent it…

How Proactive, Comprehensive Estate Planning Can Help A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets – such…

You Must Do Once Your Divorce Is Final The divorce process can be long and expensive. However, the work does not end once the divorce decree is signed. To ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three…

Annual HOA Meeting The annual HOA meeting is the most important meeting of the year, an opportunity for members to vote on items like the budget and board members and discuss issues that improve the community. Yet, getting people to show up for the annual meeting sometimes feels like an…

Your Business Partnership Deserves More An adage tells us that two heads are better than one. Teaming up with someone who shares your vision and complements your strengths is a powerful tool for success in business. Steve Wozniak knew how to build a computer. Steve Jobs knew how to sell…

Hudack Law 1250 Corona Pointe Court, Suite 402 Corona, CA 92879 Serving the Inland Empire, Orange, and San Diego Counties (951) 708-3577 Email us below at info@hudacklaw.com

Hudack Law 1250 Corona Pointe Court, Suite 402 Corona, CA 92879 Serving the Inland Empire, Orange, and San Diego Counties (951) 708-3577 Email us below at info@hudacklaw.com

Still a Good Idea? Twenty years ago, the Roth IRA first became available to investors as a financial tool for their estate planning needs. These accounts have maintained their popularity because unlike their traditional IRA counterpart, a Roth IRA provides account owners tax-free income during retirement. Many people chose to…

Successful Estate Planning Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House—or a telenovela—to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, several threats lurk…

Spendthrift Trust Many tools can be used when putting together your estate plan. One such tool is trust. A trust is a fiduciary arrangement, established by a grantor or trust maker, which gives a third party (known as a trustee) the authority to manage assets on behalf of one or…

Digital Assets in Your Estate Plan When you put together your estate plan, your mind was on insurance policies, real estate, and family heirlooms. You carefully thought through who to name as a guardian for your children and beneficiary of your estate. These are all important aspects of estate planning,…

Compliance with HOA Rules Living in a community with a homeowners association (HOA) can sometimes be a challenge. There are more than enough stories from homeowners detailing strict fines and difficulty dealing with board members. There are just as many stories from board members about homeowners who don’t follow the…

Update Your Estate Plan Once you’ve established an estate plan, it’s easy to put it away in a file cabinet or lockbox where you never have to think about it again. After all, the only people who care about what’s in the documents are your heirs. Yet, that’s precisely why…

Commercial Lease Finding the right location for your business is an important factor in its success. It’s just as important to get lease terms that work in your favor. Commercial leases are usually drafted by real estate professionals looking out for the interests of the landlord. These leases are also…

Give Back The holiday season is a time to reflect, celebrate, and give. It’s an opportunity to show appreciation for the people in your life and share with them your blessings—usually in the form of gifts stacked under the tree. Listening to squeals of delight as your loved ones unwrap…

Take a Look at Your Estate Plan As the holiday season approaches, you may spend a lot of time preparing for the special events and annual traditions. It takes work, but it’s worth it when you see your loved ones smile and can reflect on a job well done. As…

Rewarding Your Employees Corona business and estate planning attorney Joseph Hudack knows that deciding to retire from your business can a tough decision. To ensure that what you have built continues, there needs to be a plan for succession. For some people, they have spent years grooming a child or…

Retirement for Business Owners Corona business and estate planning attorney Joseph Hudack knows that for many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings. But, when you’re the owner of a business, planning…

Bequeath Your Frequent Flyer Miles Corona estate planning attorney Joseph Hudack gets ask regularly about what happens to accumulated miles once you’re gone. They could be worth thousands of dollars, so you probably don’t want them to just disappear, but some airline policies say that’s exactly what will happen. The…

A “Good” HOA Meeting Corona real estate, HOA, and estate planning attorney Joseph Hudack knows that no one ever told a neighbor “I’m so excited about the HOA annual meeting!”. Having a complete agreement on any topic is difficult, however, if we took a poll, we would get close on…

Newlywed Post-Honeymoon Corona Estate Planning Attorney Joseph Hudack loves to assist newlyweds. Your dream wedding is over, and the day was perfect. You went away on your honeymoon with your new spouse and had the time of your lives. Now you are back and can breathe a sigh of relief…

Legal Affairs Corona estate planning lawyer Joseph Hudack knows that with the fall season approaching, it’s an excellent time to review your affairs. Below is a checklist to ensure your planning meets your needs and is up-to-date: When was your power of attorney last updated? A power of attorney is…

If You’ve Lent Money to Family Corona estate planning attorney Joseph Hudack has observed that many children and grandchildren are skipping the traditional bank and obtaining loans from parents or grandparents. Unfortunately, we have all heard stories of families torn apart because of disagreements over money. So, what can you…

My Annuity Corona estate planning attorney Joseph Hudack says that selecting the right type of annuity for yourself is no small feat. Of course, you’ve put in the research and planned with your financial advisors. But, you might still be wondering what happens to those annuity payments upon your death.…

Small Business Owner? Corona estate planning attorney Joseph Hudack knows that preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning — including…

A Guardian for Yourself Every day we make hundreds of decisions from what to eat for breakfast to where we go on vacation. With each passing day, there are more choices to be made. But, what will happen if you can’t make decisions for yourself? Before that time comes, there…

Choose a Trustee When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs – collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep…

Do It Now We know it’s hard. Thinking about someone else raising your children can stop you in your tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you – your children’s…

A Guardian for Your Children No question having children changes everything — and estate planning is no exception. If you and your spouse pass away or become legally incapacitated, and arrangements were never made in the event of such an emergency, your minor child or children will have to be…

A Trustee, Executor, and Agent Under a Power of Attorney While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick…

Make a Successful Gift to Your Children What constitutes a “large” gift can be relative. That being said, if you are considering giving cash or property to someone, a little bit of planning can help avoid negative consequences. This is particularly true if the gifted amounts are over $15,000.00, will…

If you have overheard any discussion about estate planning, you have likely heard the words “guardian” or “trustee” tossed around in the conversation. When it comes to estate planning, who will be ultimately in charge of your minor child is an important decision that requires consideration of many factors. Although…

Your Successor Trustee If you have a revocable living trust, you probably named yourself as trustee, so you can continue to manage your own financial affairs, but eventually, someone will need to step in for you when you are no longer able to act due to incapacity or after your…

One Call You Must Make After You Buy a Home That You’ve Probably Forgotten. During the home buying process, you worked with a lot of individuals: your realtor, the seller’s realtor, the title company, the loan officer, and the home inspector.  Now that you have finalized the purchase of your…

Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning — including your business and your estate plan — is key. Below are…

Every New Homeowner Congratulations on the purchase of your new home.  Whether this is your first home or an upgrade/downsize, the purchasing of a home is a big event in your life.  When these major life changes occur, it is important that you are properly prepared. Below are a few…

Reasons Why Estate Planning Isn’t Just for the Top One Percent There is a common misconception that estate plans are only for the ultra-rich – the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money.  In reality, nothing could be further from the truth. People at…

The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according to estimates from the nonpartisan…

Assets to Adult Children When considering how to leave assets to adult children, the first step is to decide how much each one should receive. Most parents want to treat their children fairly, but this doesn’t necessarily mean they should receive equal shares of your estate. For example, it may…

Estate Planning Problems Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the topic altogether. If you already have put an estate plan together, you are ahead of the curve as many…

Assets to Minor Children Don’t Make These Common, Expensive Mistakes: How to Leave Assets to Minor Children. Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles, and good friends sometimes want to…

Every New Grandparent Must Do as Soon as Possible Congratulations on welcoming the newest addition to your family. Being a new grandparent changes everything — including how you approach your finances — and is one of the most joyous occasions in life. The excitement of a new baby — and…

Executor’s Duties An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. Depending on the state, an executor may work under court supervision or may use so-called “independent” administration for…

Piercing the corporate veil – should domination and control of the corporation be the sole factor considered? By L. Joseph Hudack, Esq., CCIM, MCR – Attorney and Broker I. Introduction America has become an entrepreneurial society with start-up businesses being incorporated every day. Statistics show that more than 60,000 new corporations…

The ‘Simple’ Fix that Can Leave Your Family Broke There are many ways to own your assets. When you die, it is only natural that you want your family to share in the bounty of your hard work. As a way to simplify the transfer process and avoid probate, you…