209.533.2233
Sonora, CA
209.521.6260
Modesto, CA
Share

Estate Planning

Friday, February 1, 2019

4 Reasons Everyone Needs an Estate Plan

Many people are under the misconception that estate plans are only necessary for those with substantial wealth. In fact, estate plans are important for everyone who wants to plan for the future. For those unfamiliar with the concept, an estate plan coordinates the distribution of your assets upon your death. Without an estate plan, your estate (assets) will go through the probate system, regardless of how much or how little you have. There are many reasons that everyone needs an estate plan, but the top reasons are:


Read more . . .


Friday, January 18, 2019

Removing a Trustee

Trustees are responsible for administering a trust for the benefit of the beneficiaries. In some instances, multiple trustees may administer a trust as co-trustees. Occasionally, issues arise causing the beneficiaries of a trust or the co-trustees to pursue removal of a trustee. These issues could be general unhappiness with trust accounting or failure of the trustee or co-trustee to provide information when requested. In short, the grantor (creator) of the trust, co-trustees, the trust beneficiaries,  and the  probate court have the ability to remove a trustee

Reasons a Trustee Can Be Removed

The reasons for removal of a trustee depend upon the trust documents and applicable state law. Generally, a trustee can be removed for:


Read more . . .


Friday, January 4, 2019

An Overview of Retirement Plan Options

Retirement planning is essential given ever-increasing life expectancies in the United States. Unfortunately, many Americans fail to save adequate amounts to make it through retirement. Often, individuals believe that they will be fine on Social Security. However, Social Security is only designed to compensate for 40% of your income; Social Security is designed to be an income supplement rather than a sole income source. To make matters worse, workers tend to overestimate how late into their life they will be able to work. Inadequate savings and an inability to work produce an exceptionally stressful retirement. Remember, it’s never too late to start saving.

401(k) Plans

401(k) plans are employer-sponsored retirement plans that offer tax advantages to investing. When investing through a 401(k) plan, you will declare how much of your paycheck you would like to contribute to the 401(k). The employer will then contribute the designated amount before taxes to your 401(k) account. The contributions made to your 401(k) account are non-taxable meaning that your taxable income is decreased by the amount contributed. As of 2018, the maximum amount that a taxpayer can contribute to a 401(k) account is $18,500. The tax advantages of the 401(k) plan mean that if the taxpayer earns $80,000 annually in salary and contributes $10,000 to his or her 401(k) plan, then the taxpayer’s taxable income for that year would be decreased to $70,000. When the taxpayer begins to withdraw from the 401(k) account, those withdrawals will be treated as taxable income.

However, money contributed to a 401(k) plan may not be withdrawn before the age of 59.5 without incurring a penalty unless certain exceptions apply. Unfortunately, not all employers offer 401(k) plans. If your employer doesn’t offer a 401(k) program, make sure to take advantage of other retirement plan options such as a Traditional IRA or a Roth IRA.


Read more . . .


Wednesday, December 19, 2018

Who Benefits from an IRA Inheritance Trust?

Trying to unravel all the ins and outs of the estate planning process can make your head spin. Most people associate wills with estate planning, but there are so many more legal tools that can be put in place to help plan for the future health and financial well being of you and your family. An IRA inheritance trust is one such valuable legal tool that may be beneficial to you and your loved ones. Find out of an IRA inheritance trust should become part of your estate plan.

The majority of the time, the money held in an IRA account will be distributed to the person you list on the beneficiary designation form. This is one of the forms you will fill out when you open or amend an IRA account. Not many people are actually aware that you do not necessarily have to name an individual as the account beneficiary. You may list a trust as the beneficiary. This trust is what is referred to as an IRA inheritance trust.

When considering whether or not to utilize an IRA inheritance trust, you really need to think about who would benefit from establishing such a trust. This means considering who would be the designated beneficiary of the IRA proceeds. An IRA inheritance trust can be very beneficial if you are considering designating an IRA beneficiary who may:


Read more . . .


Monday, December 10, 2018

The Basics of Powers of Attorney

A power of attorney is an estate planning document that has a variety of uses. There are several types of these documents available, and each one performs a slightly different function. One or more of these plans may be a good idea to include as part of your estate plan.

What is a Power of Attorney?

A power of attorney gives another person permission and authority to make decisions regarding various aspects of your life if you can’t make those decisions yourself or if you just want to hand over control to a friend or loved one for any other reason.

A power of attorney gives someone else, who does not have to be an attorney, the ability to make decisions for you. You are essentially authorizing this other person to act on your behalf either generally or if certain conditions are met.

You must complete a document to give this power to someone else. This document may need to be notarized or go through another type of authentication process.


Read more . . .


Friday, November 16, 2018

Using Your Will to Dictate How to Pay Off Debts

Most people realize that they can use their last will and testament to set out who should receive particular assets or income. However, few people understand that they can also describe how they would like specific debts paid off in their will as well. Unfortunately, many of your debts do not just disappear when you pass away; they are often passed on to your loved ones to address.

Thankfully, some careful planning and forethought now can help your family and friends deal with these issues much more efficiently in the future, cutting down on confusion and stress.  


Read more . . .


Friday, November 2, 2018

Can a Living Trust Replace a Will?

Wills and trusts can be extremely complicated, especially when they relate to one another or feed off of each other. You can certainly have both tools as part of your estate  plan. Depending on your unique financial circumstances and personal preferences, it may make sense only to have a will. Moreover, there are some things that a will cannot do that a trust can, and vice versa. Are there ever situations where a trust can completely replace a will? Probably not.


Read more . . .


Tuesday, October 2, 2018

4 Common Will Contests

A will contest or will challenge questions whether the will is valid or whether specific terms are really what the testator intended. In some will contests, the entire will could be determined invalid. In other situations, only portions of the will may be disregarded.

While there can be any number of validity challenges, will contest typically center around just a few common problems.

1. Lack of Testamentary Capacity

To create a will, you must be of sound mind. That means that the testator must have the mental capacity to understand what he or she is doing. The same requirement exists if the will is being modified or revoked as well.

Being of “sound mind” requires that the testator know what property he or she owns and understands the effects of creating and finalizing the will. This standard is relatively low. However, it can be a real challenge for someone who is suffering from the beginning stages of dementia or has another health issue.

2.  Undue Influence

When you create a will, you are supposed to develop it with no outside influences or pressure. When someone tricks you into including a specific provision, establishing or revoking a will, or altering your will, that can be considered undue influence. These situations are especially prevalent when the testator is vulnerable to outside pressure, such as when they have a health condition.

Having an attorney help prepare the will can help address potential issues with undue influence. For example, the testator should meet with his or her atto


Read more . . .


Tuesday, September 11, 2018

Choosing a Guardian for Minor Children

If you are a parent and you are considering estate planning, one of the most difficult decisions you will have to make is choosing a guardian for your minor children.  It is not easy to think of anyone else, no matter how loving, raising your child. Yet, you can make a tremendous difference in your child’s life by planning ahead. 


Read more . . .


Thursday, September 6, 2018

Leaving a Timeshare to a Loved One

Many of us have been lucky enough to acquire timeshares for the purposes of vacationing on our time off.  Some of us would like to leave these assets to our loved ones.  If you have a time share, you might be able to leave it to your heirs in a number of different ways. 


Read more . . .


Wednesday, August 29, 2018

Executor Fees

An executor's fee is the amount charged by the person who has been appointed as the executor of the probate estate for handling all of the necessary steps in the probate administration. Therefore, if you have been appointed an executor of someone’s estate, you might be entitled to a fee for your services.  This fee could be based upon a variety of factors and some of those factors may be dependent upon state, or even local, law.


Read more . . .


Archived Posts

2019
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014

← Newer12 3 4 5 6 7 8 Older →


Based in Modesto, CA with a location in Sonora, CA, Gianelli Nielsen, PLC serves clients throughout California.



© 2019 Gianelli Nielsen, PLC | Disclaimer
Estate Planning | Civil Litigation | Business Law | Real Estate Law | Family Law | | Attorneys | About Us

Law Firm Website Design by
Amicus Creative