If your spouse or parent suffered catastrophic illness,
are you prepared to exhaust a life savings for their care?
California only allows the non-ill spouse to retain $104,400
as a lifetime allowance of the entire non-exempt estate.
Single people can only retain $2,000 in non-exempt assets.
Consider this - if you purchased a home for $450,000 with
a mortgage of $375,000 and left the home in a will at your
death, you heirs would pay statutory probate fees based
on the fair market value of $450,000 and not the equity
of $75,000. Why? California does not deduct debt when assessing
probate fees. Where there is a Will, there's a way. Where
there is a Trust, there is a better way!
One of the most significant targets of creditors (including
the I.R.S.) these days is the inheritance of children from
Family Trusts. How can you make sure your child receives
their inheritance rather than the I.R.S., creditor, Judgement
of a Court or divorce proceeding benefiting your child's
spouse?
What happens on the death of a spouse or parent from a
legal perspective? As an Executor or Successor Trustee,
what are your responsibilities and potential for liability?
Who do you need to contact and exactly what steps do you
take? Executors, Successor Trustees, Agents in Durable Powers
of Attorney all have a myriad of questions to ask when dealing
with the disability or death of a loved one. How can we
help?
How can an individual utilize IRA funds for a spouse for
his/her lifetime, then benefit children? What about children
receiving valuable IRA funds who are not sophisticated financially,
are reckless in their spending habits, prone to creditors,
divorce, or lawsuits, or just too young to handle these
funds?
