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The short answer to this question is maybe. It depends on the capacity level of the adult. The question is raised when a developmentally disabled child turns 18 and is determined to be an adult and their parents no long have authority to make medical or financial...
UPDATED: CalABLE was thrilled to see that passage of the ABLE Age Adjustment Act was included in the Congressional Omnibus Spending Bill at the end of 2022. This Bill will amend the Internal Revenue Code to raise the age threshold from 26 to 46 for tax-favored ABLE...
В жизни каждого человека приходит момент, когда он начинает задумываться о будущем родных и близких, в тот момент, когда его уже не будет рядом. Зачaстую, такие мысли приходят, когда человек испытывает большие изменения в жизни, такие как: рождение ребенка,...
When I first began as an estate planning attorney, digital assets were not part of the intake process for my meetings. Flash forward a few years and I began to capture a few digital assets such as websites and social media accounts. However, about five years ago,...
The longest serving monarch has died at 96. Whenever someone passes, and maybe more so when someone who has lived so long has passed, it allows us to take a pause and reflect on our own lives. What kind of legacy do we want to leave, what kind of life have we lived...
In estate planning circles, the word “probate” often comes with a starkly negative connotation. Indeed, for many people — especially those with larger estates — financial planners recommend trying to keep property out of probate whenever possible. That being said, the...
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...
Currently under Proposition 58, parents can leave their primary residence of any value to a child (and in some cases, grandchildren) without reassessment of the Proposition 13 assessed value. Additionally, each parent can leave one million dollars of additional...
Estate Tax Exemption in 2020 is $11,580,000 In 2020, a married couple can transfer approximately $23 million before having to pay any gift or estate taxes. However, unless Congress acts, the exemption amount will be reduced to approximately $6 million per person on...
Estate planning—it is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing...