by James F. Roberts | Jul 7, 2017 | Administer a Trust, Trustee Duties
This is a proper step taken by the financial institution because when a person passes away, their social security number expires with them. Therefore, once the Trustor (creator of the trust) passes away and the trust has become irrevocable, a new tax identification number needs to be requested and issued by the IRS.
This new number can be requested by filling out and submitting form SS-4. The new tax identification number is to be used in lieu of the social security number for all tax reporting purposes.
If you have questions about how to obtain a tax identification number, please don’t hesitate to call our office at (714) 282-7588 and one of our experienced estate planning attorneys at the Law Office of James F. Roberts & Associates, APC, will be happy to walk you through this process. ?
by James F. Roberts | Jul 7, 2017 | Marriage, Update a Trust
For same-sex couples throughout the state, the answer to this question is a resounding “YES!” The recent rulings are so new that some of the implications are not yet fully understood. Regardless, what we do know is that there are countless estate planning opportunities that are newly available to same-sex couples. If you and your spouse previously executed estate planning documents, now is a great time to discuss an update. Consider taking the following actions:
Contact an experienced Anaheim trust attorney right away for a review of your existing plan and recommendations for updates that may benefit you.
Gather your old estate documents, including ancillary documents such as durable powers of attorney and health care directives.
Obtain copies of bank statements.
Assemble copies of beneficiary designation forms.
Gather deeds for real estate.
Obtain a copy of your marriage license.
Gather copies of life insurance policies, tax returns, business documents, and any other financial information that may apply to your estate plan.
It may seem like a hassle to have to update your estate plan; however, the tax savings and other benefits that are suddenly newly available to you are well worth the investment.
To learn more about the process of conducting an estate plan modification, view our free guide, The Ten Things You Must Know Before Creating or Amending Your Will or Trust. Our office of knowledgeable Anaheim estate planning attorneys are experienced with working with same-sex couples and understand how to use provisions within your plan that will maximize the benefits available to you. Call our office today at (714) 282-7488 for a consultation.
by James F. Roberts | Jul 7, 2017 | Create a Trust, Talking to Family
Related Links
Implementing an Estate Plan: Family Meeting When a Loved One Struggles
Anaheim Estate Attorney: Having “The Talk” with Your Aging Parents
A family meeting is a valuable estate planning tool that can be used to reduce the likelihood of conflict or complications during the estate administration process. Concerns over privacy and the disclosure of assets are common, however, when clients consider using this type of meeting as they create an estate plan in California. Fortunately, these concerns are easily addressed. Consider the following:
Assets frequently change consistently over the course of a lifetime, and no one can predict when the family member will pass away.
The value of the assets may be significantly different by the time the creator of the estate plan passes away.
The attorney can characterize the estate plan during the family meeting as a “contingency plan,” stressing that the main goal for the client is to use and enjoy his assets during his lifetime. Gifts to loved ones are a contingency plan in the event the client does not spend down the majority of his wealth during his lifetime.
The attorney can tailor the family meeting to avoid a specific disclosure of amounts or types of assets. The meeting can still serve many other valuable purposes, including the introduction of the beneficiaries to the fiduciaries and the professional advisors.
The client not obligated to disclose any information to beneficiaries that he does not feel comfortable revealing.
To learn more about whether the family meeting is right for your overall estate plan, contact the knowledgeable Orange County trust attorneys at the Law Office of James F. Roberts & Associates, APC. Call our office today at (714) 282-7488 for a consultation.
by James F. Roberts | Jul 7, 2017 | Create a Trust, Personal Property
A car is a common asset that is part of an estate. Effective planning can ensure that this asset transfers upon your death—without the need for probate.
by James F. Roberts | Jul 7, 2017 | Create a Trust
Updating your estate plan is an important key to the plan’s overall success. Typically, new advanced directives and powers of attorney are signed.
