TOLL-FREE
+1 (877) 314-4309
About the Author
Joe Hudack knows a thing or two about making plans for the future and negotiating terms to make them happen. He spent nearly 30 years running his own businesses and working in corporate America. There he learned that brokering a deal requires the right balance of understanding, honesty, and patience. He brings those same qualities to his law practice along with a passion for helping people navigate transitions in life with confidence. Read More About Hudack Law Estate Planning Attorney Today! or visit hudacklaw.com.
A common question in estate planning is: What Is A Trustee? A trustee is the person or institution appointed to manage the assets in a trust, according to the instructions laid out by the person who created it (the grantor). Trustees have a fiduciary duty, which means they are legally…
What Is Trust Administration and How Does It Work? Trust administration is the process of managing and distributing a trust’s assets according to the wishes outlined by the settlor (the person who created the trust). Whether the trust is a living trust or a testamentary trust, trust administration begins after…
Understanding Family Trust Beneficiaries Family trust beneficiaries are individuals or organizations named in a trust to receive assets or financial support after the settlor (the person who creates the trust) passes away. In most cases, family members are named as beneficiaries to ensure loved ones are cared for and assets…
If you own an LLC in California, you may be required to pay the $800 annual franchise tax—even if your business isn’t actively generating income. Understanding when and how this tax applies can help you avoid penalties and keep your business in good standing. How to Avoid Unnecessary Fees To…
Choosing the best address for your LLC is a crucial decision that affects privacy, compliance, and business credibility. Many entrepreneurs consider using their home address when forming an LLC, but is that the best option? Let’s explore the advantages, risks, and alternative solutions to help you determine the best address…
Keeping accurate records of corporate decisions is crucial for compliance, transparency, and liability protection. Businesses must take meeting minutes regularly to document key actions, whether during board meetings, shareholder meetings, or committee discussions. While state laws and company bylaws determine the exact requirements, here are some general guidelines. How Often…
While meeting minutes do not need to be filed with the state, they should be stored securely alongside other essential corporate documents, such as: How Long Should Meeting Minutes Be Kept? Like other corporate records, meeting minutes should be retained for at least seven years. They form part of a…
Businesses structured as corporations or limited liability companies (LLCs) must maintain accurate records of their compliance actions. One key requirement is documenting their annual general meeting (AGM), commonly known as the annual shareholder meeting. Who Needs to Hold an Annual Meeting? Most states require C corporations (including those taxed as…
While the lifetime exemption considers the total amount of all gifts made throughout your lifetime or at the time of your death, another beneficial tax avoidance option may be used yearly and is available to you at all times. Because of the annual gift tax exemption, each taxpayer can provide…
In 2025, the laws surrounding gifts to a non-U.S. citizen spouse are updated to address tax exclusions and the potential estate tax implications. Spouses who are both U.S. citizens can transfer an unlimited amount of assets to one another without incurring any gift tax. This allows for the deferral of…
When a loved one passes away, navigating probate can feel overwhelming. Understanding who is responsible for handling probate matters is essential to ensuring a smooth process for managing the estate. Named Executors in a Will If the deceased had a will, the person named as the executor is responsible for…
A significant change is coming for Homeowners Associations (HOAs) in 2025 with the implementation of AB 2159. This new law introduces the option for HOAs to use electronic voting for electing or removing directors or amending governing documents. However, electronic voting remains prohibited for other purposes, such as authorizing special…
California Senate Bill (SB) 900 introduces significant changes to how Homeowners Associations (HOAs) handle maintenance, repairs, and funding related to utility interruptions. This new legislation amends Civil Code section 5550 and expands Civil Code section 4775, redefining the responsibilities and financial options for HOAs. Key Updates in SB 900 HOA…
California’s Assembly Bill (AB) 2460 introduces critical updates to existing Homeowners Association (HOA) election laws. This new legislation modifies Civil Code section 5115 and Corporations Code section 7512, focusing on quorum requirements and notice periods for HOA member elections. Key Changes Introduced by AB 2460 Under the previous law, a…
The opportunity to give large, tax-free gifts to your heirs may soon diminish. With significant gift tax changes coming in 2025, the current federal gift tax exemption is set to be drastically reduced. Ensure your wealth stays in the family by revisiting your estate plan now. Understanding Gift Tax Changes…
HOA fraud is a serious issue that can harm communities and undermine trust within homeowners associations. Understanding the most common types of HOA fraud can help you recognize warning signs and protect your rights. Below, we explore various prevalent forms of fraud in HOAs and what you can do to…
What Is Medi-Cal Planning? Medi-Cal planning involves structuring, transferring, and managing assets to help individuals meet eligibility requirements for Medi-Cal benefits. Medi-Cal offers essential coverage for medical expenses, including prescription drugs, physical therapy, in-home care, and skilled nursing facilities. Without planning, these costs can quickly deplete a person’s savings, adding…
Creating business contracts on your own is certainly possible, but it’s important to weigh the risks and benefits carefully. While you can handle straightforward contracts yourself, there are situations where legal guidance can be invaluable. Hiring a lawyer might be the right choice if the terms are complex, if significant…
Government contracts present significant opportunities for small businesses and entrepreneurs. However, these agreements are often overlooked by business owners despite the vast array of contracting options available from the federal government. Exploring Federal Government Contracts with the SBA The Small Business Administration (SBA) provides resources specifically designed to assist small…
Understanding Contract Enforcement: Key Methods and Considerations Contracts enforced through litigation are the most common way to resolve disputes in commercial agreements. If the amount in question is below a certain threshold, parties may opt to settle the matter in small claims court, which is faster and less costly. Alternatives…
An irrevocable life insurance trust (ILIT) is an essential estate planning tool that allows individuals to manage life insurance policies in a way that minimizes tax burdens for their beneficiaries. This advanced strategy not only removes the life insurance proceeds from the grantor’s taxable estate but also ensures a smooth…
Irrevocable Gift Trusts for children and future lineal descendants provide a powerful and advantageous estate planning strategy. These trusts are particularly beneficial when individuals wish to transfer assets to the next generation but are concerned about the risks of gifting assets outright. When assets are transferred into an Irrevocable Gift…
File a Lawsuit Against Your HOA Filing a lawsuit against HOA can be a challenging process, but it’s sometimes the only way to protect your rights as a homeowner. Whether your HOA has overstepped its authority or failed to meet its obligations, taking legal action might be necessary. Here’s a…
A general partnership is a business structure where two or more individuals share ownership, profits, and liability for the company. Unlike corporations or LLCs, a general partnership does not require formal registration with the state, making it a simple and cost-effective option for business owners. However, if you plan to…
A multimember LLC is a type of Limited Liability Company that has two or more owners, known as members. Like a single-member LLC, a multimember LLC offers limited liability protection, meaning the personal assets of its members are safeguarded from business liabilities and debts. This legal structure is popular with…
The federal government imposes an estate tax, while the state of California does not levy any estate tax of its own. For California residents, the only tax that could potentially apply to their estate is the federal estate tax. However, if you own property in a state that does impose…
What Would Happen If I Sold My Parents’ House? After your parents passed away, did you inherit their house? You might be wondering about the sell inherited house tax implications if you decide to sell their property. Understanding these implications is crucial to managing potential taxes on the property’s value.…
We have been talking about inheritance taxes at the state level thus far. California is not one of the few states that has an inheritance tax. However, if you inherit property from a friend or loved one who has passed away, you may still need to consider federal inheritance tax…
Estate Planning for Business Owners One size fits all—a phrase that might work for hats, but it’s a disastrous approach when it comes to estate planning for business owners. If you own a business, establishing a comprehensive estate and business succession plan is crucial to ensure that your company’s assets…
Buy-Sell Agreements The buy-sell agreements are a legal contract that outlines the future ownership of a business in case one of the owners decides to leave or passes away. These agreements are essential for protecting the business and ensuring a smooth transition of ownership without disrupting operations. By clearly defining…
Business Succession Planning To safeguard your company’s interests, you can use a wide range of tactics. The ones you use will change based on your company’s ownership structure and nature. However, it is crucial to have them set up before you need them. For instance, if you are the only…
Revocable Living Trust Assets: A Comprehensive Guide With a revocable living trust, you maintain control over your personal assets while you’re still living. After you pass away, you can select beneficiaries and a successor trustee to determine what will happen to the assets held in the trust—all without the assets…
A/B Trust Structure: Understanding the Key Components Establishing a living trust with an AB provision results in the creation of an A/B trust structure. For the duration that both spouses are living, the trust is revocable. Therefore, before one spouse passes away, the pair may take assets out or terminate…
Divorce is a challenging experience that impacts various aspects of life, including legal and financial matters. One critical area that often requires attention during a divorce is your estate plan. A divorce can significantly alter or even nullify certain elements of your estate plan, affecting how your assets are managed…
Key Considerations – Estate Planning for Grandchildren Your role as a grandparent in estate planning for grandchildren is crucial for ensuring their financial security and well-being. Whether your grandchildren are adults or minors, the process of transferring your assets can significantly impact their future. Grandparents often take on the responsibility…
A Special Needs Trust (SNT) is a vital estate planning tool designed to enhance the quality of life for individuals with disabilities or long-term medical conditions without compromising their eligibility for essential public assistance programs like Medicaid and Supplemental Security Income (SSI). Establishing an SNT ensures that your loved one…
Estate planning for farmers and ranchers involves unique challenges. These individuals often face the delicate task of ensuring the continuity of their agricultural operations while fairly distributing assets among heirs, some of whom may or may not wish to continue the family business. From land and livestock to equipment and…
Understanding Your Rights and Expectations as a Homeowner in an HOA Homeowners joining an HOA should expect a certain level of service, rooted in legally recognized rights and basic principles of respect. Here’s what to anticipate: Recommended Resources for Further Reading About HOA For Legal Advice, Homeowners Should Consult an…
Introduction to Living Trusts A living trust is a powerful tool in estate planning that allows individuals to manage and distribute their assets effectively during their lifetime and after death. It provides a structured approach to ensure that your assets are handled according to your wishes, minimizing legal complexities and…
Why Organizing Your Records in Corona, CA is Crucial If something unexpected were to happen to you, would your family know where to find your insurance policies, titles, and financial records? Creating an estate plan now helps you organize your records and information, while also identifying and correcting any potential…
Protecting Diverse Assets with Offshore Asset Protection Trusts Individuals may own a variety of assets, including cash, stocks, and intellectual property. An effective strategy to protect these assets involves using an offshore limited liability company (LLC) in conjunction with an offshore asset protection trust. This combination can safeguard both liquid…
Homeowners’ Association (HOA) management companies can significantly reduce the burden of managing your HOA. However, not all experiences with these companies are positive. Understanding the common issues faced by HOA management companies can help you make an informed decision. Common Issues Faced by HOA Management Companies: Inadequate Communication: One of…
If something were to happen to you, would your family know where to find your insurance policies, titles, and financial records? Making an estate plan now will assist you in finding and organizing your records and information, as well as in identifying and fixing any mistakes. Ensuring Clarity and Security:…
Understanding the Impact of Conservatorship and Guardianship in Estate Planning When facing disability, the legal terms “conservatorship” and “guardianship” often come into play, dictating who manages your affairs when you’re unable to do so. Whether it’s due to mental or physical incapacity, the court may appoint a conservator or guardian…
Ensuring the Well-being of Loved Ones Through Conservatorship and Guardianship Navigating the Roles of Conservatorship and Guardianship In the intricate web of legal frameworks surrounding family dynamics and personal affairs, the roles of conservators and guardians play pivotal roles in safeguarding the well-being and interests of individuals, both young and…
Navigating Modern Challenges: Family Estate Planning Solutions In the hustle and bustle of life in Corona County and Tustin, CA, young families often prioritize immediate needs over long-term planning. However, ensuring the security and well-being of your loved ones should not be overlooked, especially in uncertain times like these. That’s…
In the realm of estate planning, the Personal Property Memorandum stands as a versatile tool offering convenience and flexibility, particularly in locations like Corona and Tustin, California. This document holds the key to seamless amendments without the hassle of redrafting your Will. California law, accommodating even handwritten alterations, elevates the…
Understanding the Impact of the Corporate Transparency Act on Homeowner Associations The Corporate Transparency Act (CTA) represents a significant regulatory change that affects various sectors, including Homeowner Associations (HOAs). Enacted to enhance corporate transparency and combat financial crimes, the CTA imposes new reporting requirements on certain entities, aiming to disclose…
How To Write A Contract For Commercial Leasing? Drafting a Contract For Commercial Leasing is a meticulous task that demands attention to detail, as each term carries significant legal implications. Even a simple oversight, such as a missed comma, can lead to contentious interpretations between the landlord and tenant. To…
A commercial real estate purchase agreement is a cornerstone document in the transfer of business properties, serving as a legally binding contract between the buyer and seller. Beyond merely facilitating the exchange of property for payment, these agreements meticulously detail the terms, responsibilities, and conditions essential for the seamless transition…
How Heirs Can Stay Informed About Probate Case Progress Navigating the probate process as an heir can be daunting, but staying informed about the status of the case is crucial, especially when it comes to Probate Case Updates. Here’s a guide to help you keep track of developments and ensure…
Creditor Attorney Guidance – Do I Have to Pay Creditors Out of Pocket if I Am a Beneficiary and the Estate is Short on Funds? In general, beneficiaries are not personally responsible for the decedent’s debts unless they were involved in deceptive practices or benefited from the assets shortly before…
Navigating the Complex Landscape of Probate in Multiple States Dealing with the passing of a loved one is already a challenging experience, and matters become more complex when the deceased holds real property in multiple states. In such cases, the probate process can become intricate, as each state has its…
Ensuring Fair HOA Board Elections: Access, Rules, and Equality Homeowners’ Association (HOA) board elections are critical events that shape the future of a community. Ensuring fairness throughout the election process is crucial for fostering a harmonious living environment. In this article, we delve deeper into the importance of equal access…
Key Differences Between Probate and Trust Administration Probate and trust administration are two distinct processes involved in managing an individual’s estate after their passing. Understanding the differences between these two can help individuals make informed decisions when planning their estate. In this article, we’ll delve into the primary distinctions and…
Arguments Against Probate Procedure Probate procedure can be a daunting process for families dealing with the loss of a loved one. Beyond the emotional challenges, the financial and time-related burdens associated with probate can exacerbate the difficulties faced during an already challenging time. 1. Financial Strain: One of the primary…
Navigating Estate 2024 Planning Amidst Potential Tax Changes In the ever-evolving landscape of estate planning, the year 2024 holds particular significance as a pivotal point for proactive strategizing. While concerns about potential retroactive tax adjustments linger, it’s crucial not to let uncertainty stall your planning efforts. The Biden Administration’s assurance…
Strategic Estate Tax Planning Estate tax planning is a crucial aspect of managing one’s financial legacy and ensuring that the assets accumulated over a lifetime are transferred efficiently to future generations. In this article, we will explore the concept of “Freezing the Size of the Estate” as a strategic approach…
Understanding Ancillary Probate Ancillary probate, a vital aspect of managing assets across state borders, comes into play when a will includes properties from multiple jurisdictions. This multi-jurisdictional probate, often necessary due to the diverse locations of assets, requires a unique set of considerations. State-Specific Probate Requirements In any state where…
The Importance of Basic Contract Templates Entering into agreements involves a complex web of rights and responsibilities for all parties involved. Ensuring a fair and legally sound contract is crucial to avoid potential disputes and legal complications down the road. One valuable tool in this process is the use of…
Exploring Charitable Giving Options: A Deeper Dive into Donor-Advised Funds and Private Foundations There are diverse charitable giving options to fulfill your humanitarian goals beyond the conventional practice of donating money to nonprofits. Exploring alternative strategies, such as a donor-advised fund (“DAF”), can provide you with greater flexibility and potential…
Inheriting for Children Under 18 More control over the administration and distribution of a child under 18’s inheritance is possible when a trust is established. A dependable person or financial organization, chosen by the parent or guardian, acts as the trustee, managing the minor’s assets until adulthood. This guarantees that…
Unlocking Reserve Studies: Understanding Reserve Fund Guidelines under the Davis-Stirling Act There are strict guidelines regarding the usage of Reserve Studies under the Davis-Stirling Act. The Davis-Stirling Act requires homeowners associations (HOAs) to create and distribute a reserve funding disclosure summary to each member annually, which is included in the…
Navigating 2024 Tax Changes: Potential Shifts in Income Tax Regulations As 2024 approaches, potential income 2024 tax changes loom, with the Biden administration considering significant alterations. Among the proposals is the repeal of the basis step-up upon death and treating capital gains akin to regular income. This article explores the…
Advantage Tax Service: Benefits of Giving to Charities Charitable giving holds a prominent place in the financial plans of individuals, providing an avenue for contributing to causes that resonate deeply. Whether integrating charitable bequests into estate planning or making lifetime donations, understanding the advantage tax service associated with these contributions…
Prenuptial Agreement Divorcing someone without a prenuptial agreement increases the likelihood that your estate will be divided differently than you intended, which may be aggravating and complicated. Legal Implications Without a Prenup In states with community property or equitable distribution laws, your Last Will and Testament cannot disinherit a spouse.…
Tax Policy: Repeal Basis Adjustment and Ordinary Income Tax on Capital Gains The Biden administration hinted that it would try to have the tax policy of basis step-up upon death repealed and capital gains treated like regular income. The base step-up is a crucial factor in transfer tax planning, even…
What Are Meeting Minutes: A Comprehensive Guide Meeting minutes play a crucial role as an official record of decisions made during board or shareholder meetings. Explores the essential components and guidelines for creating effective meeting minutes. Key Points: Brevity is Key: Meeting minutes should be concise, focusing on pertinent information.…
CC&Rs: A Guide to Homeowners’ Rights and Responsibilities Homeowners’ Association (HOA) documents, specifically the Declaration of Covenants, Conditions, and Restrictions (CC&Rs), play a vital role in outlining the rights of homeowners and the duties of HOA board members within a community. The CC&Rs encompass various aspects, including maintenance duties, enforcement…
Understanding HOA Documents: Before taking the plunge into homeownership, it’s crucial for potential buyers to delve into the world of Homeowners Associations (HOAs). These organizations play a significant role in shaping the community you’ll be living in, and understanding their rules and regulations is paramount. Here’s a comprehensive guide on…
Understanding Trusts in Estate Planning Estate planning involves careful consideration of how your assets will be managed and distributed after your passing. One crucial tool in this process is a trust, a formal agreement that allows one person (the trustee) to hold assets for the benefit of another person or…
Fraud and Embezzlement: How HOA Scandals Impact Communities In the realm of Homeowners Associations (HOAs), cases of fraud and embezzlement can wreak havoc on communities. The ramifications of theft within an HOA can be severe, often leading to prolonged legal battles and financial setbacks. While there are avenues for compensation,…
New Anti-Fraud Laws Are Enacted In California To Protect HOA Members New HOA Laws in California: An anti-fraud bill intended to safeguard HOA members in California breezed through the legislature without any opposition and became law on January 1, 2019. Key Amendments to California’s Davis-Sterling Common Interest Development Act The…
Corporate Entity Planning (LLCs, S-Corporations, Limited Partnerships) Clients frequently have estate planning objectives that corporate entity planning can help them realize. Hudack Law, APC specializes in comprehensive corporate entity planning, which includes the establishment of LLCs, S-Corporations, and Family Partnerships. These strategies provide clients significant benefits, including personal liability protection…
In general, if the changes are minor, such as 1) adding or deleting specific bequests, 2) changing who will serve as successor trustee, or 3) updating a beneficiary’s or the successor trustee’s legal name due to marriage or divorce, then a simple trust amendment will be sufficient. There really aren’t…
Understanding the Distinctions: Trustee, Administrator, and Executor The world of estate management can be confusing, particularly when it comes to the terms trustee, administrator, and executor. Often used interchangeably, these terms actually have distinct meanings and roles in handling an individual’s assets after they pass away. In this article, we’ll…
The Permanent Exemption: Maximizing Your Estate’s Tax Benefits Undoubtedly, you want to keep your estate’s tax burden below 40%. Fortunately, every taxpayer has the right to use the lifetime exemption, often referred to as the “permanent exemption,” to lower their tax liability. The lifetime exemption amount was set at $5…
What Function Does Life Insurance Play In Estate Planning? There are several ways to use life insurance in estate planning, but one common application is to give loved ones extra financial help. Life insurance products can assist in providing your family members with instant funds that can be used to…
Selecting the Right Representative: A Guide to Power of Attorney and Choosing Your Agents You might want to appoint a member of your family to represent you. Numerous people use the names of their partners or one or more children. When appointing more than one person to serve as an…
What Is Estate Planning? The estate planning process involves seeking the advice of professional advisors who are knowledgeable about your objectives and concerns, your assets, the ownership structure of those assets, and the composition of your family. It may require the assistance of several specialists, such as your lawyer, accountant,…
Navigating the Probate Process: Factors Affecting Duration According to California law, unless a federal estate tax is filed, the personal representative must finish the probate process within a year of being appointed. The personal representative in this situation may have 18 months to finish the probate process. The personal representative…
What Is a Will and Its Components? A will is a formal document that specifies what is a will and how you want your possessions and financial resources to be divided up after your death. Additionally, it might detail your desires for the care that will be provided for your…
The Disadvantages Of Probate Estate Planning Attorney Joseph Hudack knows that there are numerous drawbacks to probating a will. The probate procedure is pricy, drawn-out, and intrusive. Costs associated with the court, legal counsel, personal representatives, bonds, and accounting all add up. The cost of probate typically ranges between 3%…
What Happens When An Hoa Is Dissolved? Estate Planning Attorney Joseph Hudack says that after the HOA was disbanded, homeowners may have to deal with various everyday problems that the HOA had previously taken care of: Who will care for the condominium building’s external and structural components, for instance, if…
The Truth About Disbanding an HOA? One of the reasons why ending a HOA is so challenging is because of this. An HOA cannot be dissolved without the consent of many interested parties. If residents want to disband their HOA but one or more interested parties object, the HOA shall…
Terminating a Homeowners Association Technically, yes, but practically, it is impractical due to the difficulty. Most homeowners have not given legal or practical considerations any thought when it comes to terminating a homeowners association (“HOA”). Therefore, as was covered in this article, homeowners should exercise caution before attempting to dissolve…
What to Do if You Think Your HOA Is Fraudulent? HOA Fraud – Theft, fraud, or embezzlement can occur in any organization, while it’s not a pleasant subject, volunteer organizations like homeowners’ associations are particularly susceptible. Members must be able to spot fraud with ease and comprehend how to effectively…
How to Manage the A-B Trust? Re-Registration The A-B Trust – The trustee is appointed in accordance with the terms of the trust agreement upon the passing of the husband or wife. Since the husband and wife are typically the first trustees, the sole trusteeship usually passes to the survivor…
Dividing the Trust Estate Planning Attorney Joseph Hudack knows that the main concern is correctly dividing the trust into two sub-trusts after the first death. This split is done by determining the fair market value of all the trust’s assets as of the date of death. The trustee will then…
Administration of the A-B Trust Upon the first spouse’s passing, the living trust is divided into two components, Trust A and Trust B (A-B Trust). These two components are also known as the “bypass trust” and the “survivor’s trust.” The assets of the trust’s deceased grantor, which generally include both…
A Pet Trust Estate Planning Attorney Joseph Hudack knows that you can establish a pet trust in your will, as a component of a revocable living trust, or as a separate trust. It’s crucial to remember when choosing a trustee that they could not always be the same person who…
Donate Money to Charity Estate Planning Attorney Joseph Hudack says that if you might choose to make a donation to your preferred charity or charities. You should, however, also be certain that you can support yourself. How do you behave? You may want to include them in your will and/or…
AB 1410 The Davis-Stirling Common Interest Development Act, which governs homeowners associations in the state of California, is amended by Assembly Bill 1410. This legislation effectively forbids HOAs from forbidding homeowners or members from discussing problems they are having in the neighborhood on social media. The measure, however, extends the…
Estate Planning Attorney And Definition of Undue Influence Estate Planning Attorney Joseph Hudack knows that after the testator’s passing, a relative who believes there was undue influence on the will must challenge it in probate court. Laws differ from state to state, but generally speaking, in order to succeed in…
Joint Tenancy You have options when it comes to how the property will be titled if you are recently married or have been married and are acquiring new assets. Also, even though shared tenancy appears to be a simple and practical choice, it could not function as effectively as you…
Considerations When Selecting a Guardian for Your Children Without a doubt, having children alters everything, including estate planning, according to Corona estate planning lawyer Joseph Hudack. Your minor child or children will need to be placed with a new family if you and your spouse pass away or become legally…
Tips For Every New Homeowner Congratulations on the purchase of your new home. Corona Estate Planning Attorney Joseph Hudack says that whether this is your first home or an upgrade/downsize, purchasing a home is a significant event in your life. When these major life changes occur, you must be adequately…
Estate Planning And Probate Estate Planning And Probate Attorney Joseph Hudack say that if someone creates an estate plan throughout their lifetime, it’s common for them to do so after they begin a family. Estate Plan Updates: Although creating an estate plan is a good idea, many people don’t make…
Protecting Your Legacy: The Importance of Effective Estate Planning with the Help of an Estate Planning Attorney Effective estate planning is emphasized by estate planning attorney Joseph Hudack, who warns that calamity may result from inadequate planning. You only need to watch a telenovela or read Dickens’ Bleak House to…
Probate and Estate Planning Attorney Estate Planning Attorney Joseph Hudack. I don’t believe I am revealing anything to you that you do not already know. People are leaving California in droves. This article doesn’t discuss that phenomenon or its political implications or causes. This article explains what to do if…
What is Probate of Will? The formal legal procedure known as “probate” designates the executor or personal representative who will manage the estate and transfer assets to the specified recipients and recognizes a will. In order to ascertain whether a probate action is required, whether the fiduciary must be bonded…
Special Needs Trust There are special needs trust options, but you must ensure that they do not restrict the recipient’s access to public benefits. For instance, you may designate assets for the person with special needs directly in your estate plan, but you would need to make sure to account…
Medicaid Book Review: For Stressed-Out Husband or Wife Ethan Huizenga. It’s Not Too Late: The Ultimate Guide to Nursing Home Medicaid for the Stressed-Out Husband or Wife. It’s Not Too Late Books, L.L.C., Orange City, IA. 2021. 81 pages. When a spouse gets sick and enters a skilled nursing facility,…
Nursing Home and Debt Many senior citizens may need the services of a nursing home or at-home care at some point in their life. You might assume that government assistance or health insurance will step in and cover the cost if you cannot afford these services. Unfortunately, neither health insurance…
Nursing Home Care Friends Family Estate Planning Attorney Joseph Hudack says that if your loved one is entering a nursing home, you may worry whether you could be liable for their care. Under federal law, a facility cannot require a family member or friend to co-sign an admission agreement and…
Guardianship Ward’s Rights Estate Planning Attorney Joseph Hudack says that older people may need a trusted individual to step in and manage their affairs, should they ever suffer debilitating health problems like dementia, Alzheimer’s disease, and strokes. Guardianship can provide protection and assistance with certain decisions for an incapacitated individual…
Estate Planning Attorney – Children Social Security Estate Planning Attorney Joseph Hudack knows that a child may be eligible for Social Security benefits when at least one parent qualifies for Social Security retirement, disability, or death benefits. Children receive these benefits based on their parent’s work records. In 2021, the…
Estate Planning Attorney and Medicaid’s “Snapshot” Date When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. The date that the agency chooses for this analysis is called the “snapshot” date and it can have…
Professional Patient Advocate Estate Planning Attorney Joseph Hudack knows that individuals experiencing illnesses can benefit from having someone attend appointments with them and support their best interests. Often, close friends or family take on this role. Professional patient advocates, however, can step in when friends or family cannot be at…
Estate Planning Attorney – Older Adults with Dementia Every year, 16 million people in the United States care for family and friends with dementia, the Centers for Disease Control and Prevention reports. Caregivers of people with dementia provide care for longer durations than those who assist individuals with other conditions.…
Improve Nursing Home Quality Estate Planning Attorney Joseph Hudack says that today, more than 1.4 million individuals live in Medicare- and Medicaid-certified nursing homes across the United States. As part of an effort seeking to improve the health and safety of nursing home residents nationwide, the Centers for Medicare and…
Medicaid Pending In today’s world, it is crucial to have healthcare insurance. So, it can be concerning if your application status is still “Medicaid Pending.” Medicaid Pending status means that your application or your parent’s application has not yet been approved or denied. Essentially, your application is in limbo. Here…
Now Available, Accessible Covid Tests For The Blind For Americans who are blind or have other visual impairments, reading the instructions or deciphering the results of a traditional at-home COVID-19 rapid test can prove difficult, if not impossible. Tests designed to be more accessible to people with these disabilities are…
Smart Shopper Insurance Estate Planning Attorney Joseph Hudack knows that Medigap premiums for plans from insurance companies offering the same benefits vary widely, so it pays to be smart shopper insurance. Federal law requires that each insurance company offers the same benefits for each of the Medigap plans lettered A…
Social Security Administration Portal Make It Easier to Complete Key Tasks Online Estate Planning Attorney Joseph Hudack says that if you currently receive – or are planning to apply for – Social Security or Supplemental Security Income (SSI), you can now visit the Social Security Administration’s recently updated My Social…
Emergency Contacts and Medical Information Estate Planning Attorney Joseph Hudack says that if medical personnel are able to access your medical history during an emergency, it could mean the difference between life and death. But if, for example, you are injured, in shock, suffering from dementia, or are otherwise incapacitated,…
Prescription Drug Pricing Estate Planning Attorney Joseph Hudack knows that if you are among the more than 49 million Americans enrolled in Medicare Part D, you may feel overwhelmed by the costs of your prescription drugs from one year to the next. Proposed legislation currently awaiting review by the Senate…
Personal Needs Allowance Estate Planning Attorney Joseph Hudack knows that seniors who rely on Medicaid and live in nursing homes receive a personal needs allowance — a monthly stipend the Medicaid recipient can use to pay for needs that Medicaid does not cover. Medicaid restricts the amount of the allowance…
FDA Hearing Aids Approval FDA Hearing Aids – On August 17, 2022, the Food and Drug Administration (FDA) authorized the sale of over-the-counter hearing aids. Devices for adults with mild to moderate hearing loss will be available in October 2022. The FDA’s rule follows President Biden’s Executive Order on Promoting…
Claiming Social Security Estate Planning Attorney Joseph Hudack says that if you are about to turn 70, congratulations on reaching a big milestone. And if you also have delayed claiming Social Security retirement benefits up till now, you are joining a select group — only 6.5 percent of Social Security…
BenefitsCheckUp Estate Planning Attorney Joseph Hudack knows that older adults have access to hundreds of federal and state benefits programs. Many retirees meet the requirements for these aids, yet do not know they are eligible and miss opportunities to receive assistance. Others can feel overwhelmed by complex application processes. BenefitsCheckUp,…
Qualify for Medicaid Estate Planning Attorney Joseph Hudack knows that many seniors find themselves in need of Medicaid to pay for their long-term care but are surprised to learn that their modest monthly income may disqualify them. The reason for this is that Medicaid is a “means-tested” benefit. In other…
Generic Health Care Proxy Forms Estate Planning Attorney Joseph Hudack knows that doctors, nurses, and hospital staff work hard to care for their patients when they are sick or hurt. However, even when a procedure is done to save a patient’s life, a hospital cannot act without the patient consent.…
Adult Children Cannot Support Boomer Parents Survey A recent survey by the American Advisors Group (AAG) finds that 55 percent of adult children say they are not financially prepared to help their Baby Boomer parents cope with rising inflation and living expenses. “Americans want to see their parents age with…
Haven’t Filed Your Tax Return? Estate Planning Attorney Joseph Hudack says that about 19 million individuals requested an extension – until October 17, 2022 – for filing their 2021 taxes with the Internal Revenue Service (IRS). If you’re among them, there is no need to hold off until mid-October to…
Unsafe Portable Bed Rails, National Safety Commission Warns Estate Planning Attorney Joseph Hudack says that earlier this month warns people against using a series of adult portable bed rails models after at least three people — including one in a nursing home and another in an assisted living facility —…
Nursing Home as a Medicaid Recipient Estate Planning Attorney Joseph Hudack says that while Medicaid helps pay for nursing home care, getting into a nursing home as a Medicaid recipient is not always easy. There are several ways to navigate the process, depending on your situation. With the median cost…
State Medicaid Programs Can Recoup a Larger Share of Injury Settlements Estate Planning Attorney Joseph Hudack knows that if you are injured due to another person’s negligence and receive Medicaid benefits to pay for care, the state has a legal right to recover the funds it spends on your care…
Medicare Enrollment Period Extended Estate Planning Attorney Joseph Hudack knows that Medicare is part of the Social Security Administration (SSA), so if you need to enroll in Medicare, that’s whom you contact. But in recent months, phone lines at the SSA have been experiencing major technical issues, preventing some individuals…
Nursing Home Staffing Shortages Estate Planning Attorney Joseph Hudack says that In Tennessee, the COVID-19 pandemic has caused nursing home staffing shortages across the United States, even forcing some nursing homes to close, but some states have been hit harder than others. A new analysis looks at which states are…
Medicare Advantage Plans – Study Finds In an alarming number of instances, private Medicare Advantage plans are denying coverage for medical services that would be covered under original Medicare, according to a federal investigation. These denials are likely preventing or delaying medically necessary care for tens of thousands of Medicare…
What is a Trust Administration? Estate Planning Attorney Joseph Hudack knows that when a loved one passes away and leaves behind a trust, the process of trust administration must be followed. Many lawyers make trust administration sound straightforward when their client signs the trust document without fully describing what will…
Estate Planning Attorney And Probate Estate Planning Attorney Joseph Hudack says that it’s crucial to understand whether a probate is required once someone passes away. It can take a long time for the probate process to be completed. The longer it takes to settle and distribute the assets, the more…
New California HOA Laws Estate Planning Attorney Joseph Hudack says that California HOAs had their best legislative year in years in 2021. An already-enacted California statute is summarized in this column. Senate Bill 391 became an emergency law after Gov. Gavin Newsom signed it on September 23. It enables HOAs…
Medicaid Application Denied Estate Planning Attorney Joseph Hudack says that if you apply for long-term care assistance through Medicaid and you get “Medicaid Application Denied”, it may feel hopeless. The good news is that you can appeal the decision. Medicaid is a program for low-income individuals, so it has strict…
When to Leave a Nursing Home? Estate Planning Attorney Joseph Hudack knows that leaving a nursing home to return home is a goal for many residents and their families, but it requires careful consideration. While returning home is a good move for some, it won’t work for everyone. A nursing…
COVID At-Home Tests Estate Planning Attorney Joseph Hudack knows that if you have Medicare, you can receive up to eight free rapid “COVID At-Home Tests” monthly at participating pharmacies. The free tests are available without a prescription to all Medicare beneficiaries with Part B, including those enrolled in a Medicare…
Estate Planning Attorney Options for Grandparents Estate Planning Attorney Joseph Hudack knows that there are several ways to plan for your grandchildren’s future. Different tools may be used to incorporate this newer generation into an estate plan. One way is to give the gift of education. With college tuition rising…
Major Nursing Home Reforms, Most Extensive “In Decades” Estate Planning Attorney Joseph Hudack knows that the Biden administration has announced far-reaching major nursing home reforms, targeting staffing and accountability at facilities with deficient care. Advocates are calling the proposals, which include the first-ever federal minimum staffing levels, the most significant…
Annual Long-Term Care Survey Estate Planning Attorney Joseph Hudack says that the Annual Long-Term Care Survey climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases. In…
The Accountable Care Organization Realizing Equity, Access, and Community Care “Medicare ACO REACH Model” Estate Planning Attorney Joseph Hudack knows that in the face of mounting criticism that its Direct Contracting initiative will undermine traditional Medicare, the Biden administration announced that rather than terminate the model, it is changing its name…
Are Seniors Eligible for Earned Income Tax Credit? Estate Planning Attorney Joseph Hudack knows that working seniors without dependents may qualify for the earned income tax credit when they file their 2021 tax returns. The tax credit assists those with low incomes but was previously primarily available to people with…
Naming a Trust as a Beneficiary of Your Retirement Plan Estate Planning Attorney Joseph Hudack says that naming a trust as a beneficiary of your retirement plan can be a good idea in some circumstances. Still, it can be dangerous if you are worried about creditors coming after your estate.…
Direct Contracting Program Estate Planning Attorney Joseph Hudack knows that the Biden administration is hearing mounting calls to end a program that advocates warn will radically transform Medicare. At the same time, the administration is getting counter-pressure from the health care industry that sees a sudden threat to the potentially…
Can You Lose Medicaid Coverage? Estate Planning Attorney Joseph Hudack knows that while declining COVID-19 cases is good news, the end of the pandemic could mean millions of Medicaid recipients will lose their coverage. Federal law has prevented states from terminating Medicaid benefits while the coronavirus health emergency is in…
What Documents Are Required for a Medicaid Application? Estate Planning Attorney Joseph Hudack says that Medicaid applicants must prove that they have limited income and assets in order to be eligible for long-term care services. Before beginning the application process, it is helpful to understand what information you will be…
Get Free At-Home COVID-19 tests Estate Planning Attorney Joseph Hudack says that medicare beneficiaries will soon be eligible to obtain up to eight free rapid At-Home COVID-19 tests per month, and, unlike their privately insured counterparts, they won’t have to pay for them upfront, the Biden administration has announced. The…
When a Social Security Recipient Dies, Survivors May Be Eligible for Benefits Estate Planning Attorney Joseph Hudack says that when a social security recipient dies or a loved one pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped,…
Can You Appeal Medicare Observation Status? Medicare Beneficiaries Win Right to Appeal “Observation Status” Estate Planning Attorney Joseph Hudack knows that a federal court has ruled that hospitalized Medicare beneficiaries who were switched from inpatient to observation status can appeal the decision, making it easier for them to receive coverage…
Medicare Won’t Cover Rapid At-Home Covid Tests Estate Planning Attorney Joseph Hudack says that Americans’ ability to quickly and easily test for Covid-19 is one of the most important tools for stopping the infection’s spread. This is why the Biden administration recently announced it is requiring private insurers to cover…
Can Someone Be Declared Legally Incompetent? Estate Planning Attorney Joseph Hudack says that if a loved one is experiencing memory loss or suddenly making poor decisions, you may want the court to appoint a guardian, which requires a declaration of incompetence. Determining whether someone is incompetent to make their own…
California Removing Asset Test Estate Planning Attorney Joseph Hudack knows that California is making big changes to how it determines Medicaid eligibility for long-term care by eliminating the requirement that applicants have limited assets. While the rules apply only to California right now, other states may follow suit. Medicaid covers…
Nursing Home Staffing Crisis Taking a Devastating Toll on Residents, Their Families, and Hospitals An Estate Planning Attorney in Corona Joseph Hudack says that the nursing home staffing crisis taking a devastating toll on residents, their families, and hospitals. Overwhelmed by the stress of long hours, low pay, and exposure…
Nursing Home Turnover Rates and Weekend Help Estate Planning Attorney Joseph Hudack says that the Centers for Medicare and Medicaid Services (CMS) announced that it will add data on nursing home turnover rates and weekend staffing levels to its Care Compare website, giving consumers another tool when choosing a nursing…
Nursing Home Workers Salary Study Raising the minimum wage by as little as 10 percent would significantly improve the safety and health of nursing home residents, according to new research “Nursing Home Workers Salary”. Most direct care in nursing homes is provided by nursing assistants, who make up about 40…
Pandemic May Affect Long-Term Care Insurance Estate Planning Attorney Joseph Hudack knows that the coronavirus pandemic may affect long-term care insurance, a devastating impact on the elderly, particularly those in nursing homes and other long-term care facilities. This has raised questions about how the virus has influenced the costs and…
Fight Over James Brown’s Estate Litigation over James Brown’s estate has been dragging on for 14 years, but the case took a big step towards resolution when the South Carolina Supreme Court ruled that the woman claiming a spousal share in Mr. Brown’s estate was never legally married to him.…
Long-Reviled Military Widow’s Tax A controversial policy that reduces the benefits of military spouses is on the way out. The so-called “widow’s tax” cuts assistance to surviving military spouses who qualify for benefits under two different military benefits programs. The two programs are: The Department of Defense’s Survivor Benefit Plan…
Corona Estate Planning Attorney Tips for Having The Talk with Elderly Parents Corona Estate Planning Attorney Joseph Hudack says that talking about estate planning is a difficult emotional topic, but it’s essential for every family. Unless you’re certain your parents have an up-to-date will and a wider plan for what…
Can You Transfer Medicare and Medicaid Plans? Corona Estate Planning Attorney Joseph Hudack gets asked if you plan to move states, can you transfer Medicare or Medicaid plans with you? The answer depends on whether you have original Medicare, Medicare Advantage, or Medicaid. Can I Move My Medicare? If you…
Iowa Law Make Spouses Liable for Necessary Family Expenses An Iowa appeals court rules that the wife of a nursing home resident is liable to the “unpaid nursing home expenses” for her husband’s balance under a state law charging spouses for reasonable and necessary family expenses. Bethany Lutheran Health Services…
Medicaid Penalty Period Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not…
Medicare Premiums Increase 2022 Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month. The Centers for Medicare and Medicaid Services (CMS) announced the premium and other Medicare cost…
Long-Term Care Premium Deductibility Limits Look Pretty Familiar The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care premium insurance, and the figures are almost the same as in 2021. Many types of medical…
Nursing Home Level of Care for Medicaid Eligibility When applying for Medicaid’s nursing home level of care coverage, in addition to the strict income and asset limits, you must demonstrate that you need level care typically provided in a nursing home. Whether you are applying for nursing home coverage or…
Social Security Benefits Increase 2022 The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year,…
Promissory Note and Nursing Home Resident’s Daughter Corona Estate Planning Attorney Joseph Hudack knows that a Kentucky appeals court holds that a promissory note executed by a nursing home resident’s daughter, agreeing to pay the nursing home for the resident’s outstanding expenses, is not illegal because there was no evidence…
Lawsuit Charges Corona Estate Planning Attorney Joseph Hudack knows that plaintiffs in a class-action lawsuit against the Social Security Administration (SSA) might describe it as an open-and-shut case. When the SSA closed its field offices at the onset of the COVID-19 pandemic, it remained open for the purposes of denying…
Special Assessments and HOA Fees Corona Estate Planning Attorney Joseph Hudack knows that members of the homeowners’ community are required to pay assessment fees every month. This doesn’t mean that they will just pay whatever the HOA decides to charge them. Homeowners have every right to question an increase in…
Medicaid Estate Planning Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can be very expensive, especially around-the-clock nursing home care. Most…
Medicaid Planning Strategies While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. Three so-called “half a loaf” approaches allow a Medicaid/Medi-Cal applicant to give away some assets while…
HOA Rules and Regulations: Understanding the Framework of Community Living When you purchase a home within a community association, whether it’s a condominium, townhouse, or planned development, you automatically become a member of the homeowners’ association (HOA). This membership entails adherence to a set of rules and regulations established by…
Corona Estate Planning Attorney Joseph Hudack knows that the Social Security trustees are projecting that due to the economic downturn caused by the pandemic, the Social Security trust fund will be depleted in 2033 — one year earlier than the previous estimates. Social Security and Medicare – Once the fund…
Armed with a New Report, White House Pushes Congress to Reduce Prescription Drug Costs Corona Estate Planning Attorney Joseph Hudack – The Biden administration is calling on Congress to pass proposals to lower prescription drug prices, including allowing Medicare to negotiate with drug companies and capping out-of-pocket spending by Medicare…
It’s Medicare Open Enrollment Time Corona Estate Planning Attorney Joseph Hudack says that every year Medicare gives beneficiaries a window of opportunity to shop around and determine if their current Medicare plan is still the best one for them. During Medicare’s Open Enrollment Period, which runs from October 15 to…
Online Survey Helps Older Adults Assess Corona Estate Planning Attorney Joseph Hudack knows that all older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being…
IRS Announces Corona Estate Planning Attorney Joseph Hudack – The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer, and other products purchased to prevent the spread of the coronavirus. If you have significant medical expenses, you may be able to deduct…
Social Security Benefits Corona Estate Planning Attorney Joseph Hudack says that studies have found that workers overestimate how much they will receive in Social Security benefits when they retire. Having a good understanding of the realities can help you plan for retirement. Researchers from the University of Michigan studied the…
Britney Spears Case Puts Renewed Focus on Guardianships Britney Spears’s legal fight to wrest back control over her personal and financial affairs has flooded the issue of guardianship in Klieg lights. Corona Estate Planning Attorney Joseph Hudack says that while full guardianship may be necessary for many individuals who are…
Saying Medicaid Estate Recovery Keeps Families in Poverty, Advocacy Groups Call for Abolishing It Corona Estate Planning Attorney Joseph Hudack knows that to qualify for Medicaid coverage of long-term care, you must satisfy very complicated financial eligibility rules—rules that often can be trapped for the unwary. One of the most…
COVID-19 Relief Bill Corona Estate Planning Attorney Joseph Hudack knows that President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways. The $1.9 trillion American Rescue Plan…
Medicaid and Settlements Corona Estate Planning Attorney Joseph Hudack knows that the U.S. Supreme Court has agreed to hear a case disputing how much states can recoup from Medicaid recipients’ settlements in personal injury cases. The decision has the potential to affect anyone who receives government assistance with their medical…
Medicaid Waivers Can Help You Avoid a Nursing Home, But the Line May Be Long Corona Estate Planning Attorney Joseph Hudack knows that Medicaid long-term care benefits traditionally pay mainly for nursing home care, but the federal government can grant “Medicaid Waivers” to states allowing them to expand Medicaid to…
How Qualifying for Both Medicare and Medicaid Can Help With Costs Qualifying for Medicare hardly means free health care — there are still premiums and deductibles. However, people who qualify for both Medicare and Medicaid (called “dual eligibility”) receive help paying their out-of-pocket costs. Medicare is a federal program available…
Thousands of Elderly and Disabled SSI Recipients Accused of Owning Property That Isn’t Theirs Elderly and Disabled SSI Recipients – In December 2018, the Social Security Administration (SSA) had a nasty surprise for Laura Marshall (not her real name), a 74-year-old woman just scraping by while living in senior citizen…
Reverse Mortgage The federal government has expanded access to protections for spouses of reverse mortgage holders who are not named in the loan document, allowing more such spouses the ability to stay in their home if the borrowing spouse dies or moves to a care facility. A reverse mortgage allows…
California Senate Bills 9 and 10 California Senate Bills – Both SB 9 and SB 10 have detrimental consequences for homeowner associations. SB 9 would allow two homes on every lot zoned for single-family homes. In addition, it will require local jurisdictions to approve duplexes or lot splits administratively. When…
Estate Planning and Elder Law Attorneys Although Elder Law strategies often involve abuse, taxes, and estate planning, the two practices are distinctly different. If you need a nursing facility or long-term home care, your needs will best be met by an Elder Law attorney. One other critical consideration is an…
Before You Buy Is the HOA In Good Financial Shape? An HOA that is well run charges dues that sufficiently cover shared spaces and maintaining amenities, including saving up for future maintenance and issues (a reserve). We encourage potential buyers to review the association’s reserve accounts and financial statements. A…
Elder Law Attorney to Protect What You Have Worked For All Your Life and for Medicaid / Medi-Cal Elder Law Medicaid – Medicaid (Medi-Cal in California) has complex regulations and rules that most people find practically impossible to navigate and understand. Unless the attorney is an Elder Law practitioner, even…
Before Buying, Discover Do Members of the HOA Get Along? No one wants to be fighting with their neighbors, but disagreements can get particularly nasty in a neighborhood governed by an HOA. After all, it’s not just a she-said, he-said situation, but there are actual rules and regulations homeowners must…
A Will Or A Trust? A Will Or A Trust – If you’ve created a trust, you’ve taken control of your estate plan and your assets. Trust assets are not subject to the probate process and one of the most important benefits of trusts is that they are private. Although…
Will My Estate Go Through Probate? If you die with a valid will, your assets will still go through the probate process. However, after creditors have been satisfied, the remaining assets go to whom you’ve identified in your will. If you want to leave money to your children and name…
No Will or Trust Will or Trust – If you should die intestate, your estate will go through probate and all the world will know what you owned, what you owed, and who got what. Your mortgage company, car loan company, and credit card companies will all seek payment on…
Farmers and Ranchers Farmers and ranchers have complex estate planning needs. They may have children who want to continue the farming or ranching business and children who do not. They will be forced to decide who inherits the land, the equipment, the livestock, and other assets, all the while trying…
Joint Ownership Many people, including farmers, ranchers, and others, believe that the easiest way to plan their estates and avoid probate is to own property in joint names with family members. However, farmland or ranch property that is jointly owned and enrolled in programs administered by the U.S. Department of…
Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family. What is An Asset Protection Trust? An asset protection…
Liquidity Needs Liquidity Needs – Incapacity and death are expensive and often require cash to pay expenses. But, farmland, farming equipment, personal residences, automobiles, and other personal effects are illiquid. Without properly planning for immediate and long-term cash needs, families will be forced to quickly sell land and equipment for…
Asset Protection Trust Your Way Asset protection trust designed for inheritance protection can be as rigid or as flexible as you choose. For example, a beneficiary can be added as a co-trustee at a certain age or after the beneficiary reaches a specific goal such as graduating from college. Another…
Is Joint Ownership For You? WORD OF CAUTION: Don’t think you’re protected just because your assets are held jointly with your spouse, child, or family member. Here are three reasons why you shouldn’t rely on joint ownership: Limited Power: While a joint account holder may be able to access your…
Documents You Need to Find After a Loved One Dies After a loved one dies, you need to gather the important documents that are necessary to settle their final affairs. While the documents required will vary depending on what your loved one owned and owed, below is a list of…
WHAT NOW? Since You Bought a New Home Now Is the Perfect Time to Review Your Existing Estate Plan. This is an excellent opportunity to make sure that the individuals you have appointed in the crucial roles of guardian, executor, agent, or trustee can still carry out those duties when…
A Good Trustee Who Makes a Good Trustee? Not surprisingly, when choosing a trustee, the most critical characteristic is that they are great with finances and very trustworthy. Specifically, the trustee must manage the funds in accordance with your intent and instructions that are left in your trust. Consider whether…
What Are the Duties of an Executor? The duties of an executor, sometimes called a personal representative, is the person who is named in a will or appointed by the court and is responsible for probating the will and settling the estate. Depending on the state, an executor may work…
How to Execute the Proper Estate Planning Documents? Execute the Proper Estate Planning Documents: A properly executed Will or Trust will allow you to state how you would like your assets to be transferred — and who will receive these assets — at your death. A Will or a Trust…
How to Transfer Frequent Flyer Miles After Death Transfer Frequent Flyer Miles After Death: The main takeaway is that although airline policies may say they don’t allow miles transfers after death, employees often have the discretion to approve them. Still, there’s no sure way to know whether your airline will…
Long Term Care Where Do You Start? Number one for your Long Term Care, you should develop a picture of how you want to be cared for once you need assistance. This includes renovations to your home so you can remain there as long as possible or determine whom you…
What is an LLC Operating Agreement? An LLC Operating Agreement is the document where a Limited Liability Company memorializes its rules and structure. It’s perhaps the most crucial document an LLC creates, as it creates the unique roles and framework of a business. Every LLC should have one. Although many…
Forming an LLC Creating a Limited Liability Company (LLC) is a much easier process than creating a corporation and usually requires less preparation and paperwork. LLCs are under the authority of the state law. So the process of forming an LLC will depend on the state in which it is…
Accessing an Elderly Parent’s Bank Account With Siblings Money’s the most significant reason adult siblings will fight over their Elderly Parent’s Bank Account. Joint bank accounts can undoubtedly lead to disagreements. If one of the siblings is a primary caregiver or might help their aging parents manage the finances and…
The HOA Law The HOA Law: HOA conflicts are so common, and the cases have gotten so costly and entangled that there are precisely hundreds of laws in each state meant to cover the rights of both the HOAs and the individuals. Sadly, this is where the interpretation of the…
Elder Law Attorneys can make sure that older persons or seasoned individuals receive whatever help or care they may need in ways that best make way for family.
Homeowners Association A homeowners association is put into place by the community developer before the initial sale of the homes. The Covenants, Conditions, and Restrictions (CC&Rs), also called the Declaration, is recorded in public records and sets forth the detailed rules of what might be called membership or property ownership…
What is a Homeowners Association Law? Homeowners Association Law is relative to the enforcement and creation of organizations and their rules that manage community associations related to maintaining the association’s value and appearance. Most homeowners associations and condominiums consist of a typical association of members selected and voted for on…
What is Probate? Probate Explained: Here is the best description we find of what probate is according to Wikipedia, “Probate is the judicial process whereby a will is ‘proved’ in a court of law and accepted as a valid public document that is the true last testament of the deceased,…
What Skills Will You Need? The Executor to Settle an Estate – The best trustees and executors are patient, kind, careful, considerate, unquestionably honest, organized, and a desire to do a good job. Executors must get along with people, especially the other beneficiaries, and need a reasonable amount of time…
Elder Law Planning Who Might This Help? An elder law attorney might qualify people for Medi-Cal long-term nursing home care in these types of situations: An 85-year-old mother diagnosed with dementia and is in the hospital currently owns a home worth $600,000 and has $8,000 in savings. Immediately meeting with…
PROP 19 CHANGES Prop 19 Changes Certain Property Tax Rules – California voters gave the state’s 1978 law to limit property taxes a makeover on November 3, 2020, passing a measure that gives exemptions to the disabled, older homeowners, and wildfire victims. However, it takes away property tax breaks from…
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…
USING SPOUSAL LIFETIME ACCESS TRUSTS (SLAT) TO PROTECT YOUR ESTATE TAX EXEMPTION 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…
Installment Sale Installment Sale to an Irrevocable Trust – 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…
Swap Power Swap Power for 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…
Notes and Sales Intrafamily Notes and Sales – 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…
Strategies to Consider in an Election Year Wealth Transfer 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…
Probate 101 Understanding 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…
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…
Transferring Assets Transferring Assets to the 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…
Bill Ab3182 Would Restrict Homeowners in an HOA to Vote to Prohibit or Limit Rentals. This Bill Ab3182 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,…
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 Beware. This is Another COVID 19 Scam – 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…
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 home improvement contractor left with unfinished work, poor quality, overcharged, etc. A contract or written agreement could have…
What Happens if You Can’t Pay Rent During This Covid-19 Pandemic? California Eviction Due to COVID-19 and Tenant Protection – 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…
Charitable Giving Into Your Estate Plan 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.…
Estate Planning For Your Pet 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…
Reversing or Repealing An HOA Rule – 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…
A Real Estate Contract Contracts are used to close different kinds of real estate transactions and each agreement will vary accordingly. There are a few essential components to a real estate contract that you might want to become familiar with. If you understand the materials needed, you can then help…
US Citizens Get a Big Tax Break That Non-citizens Do Not Get. Have a Non-US Citizen Spouse – 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…
Changes to the HOA Election Process 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. This new legislation imposes one…
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. Every Young Adult Needs This Now – 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.…
New HOA Law New HOA Law – 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…
A Simple Will Can Do 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…
What’s the Right Age to Start Looking for an Elder Law Attorney? 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 for them to have an immediate concern about…
What is Probate of a Will? Probate of Will – 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.…
Avoiding Probate Mediation and Avoiding Probate – 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…
A Simple Will Can Do 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…
What is a Transfer on Death Deeds? 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…
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…
Online Estate Plans Is Online Estate Plans a Good Idea? 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…
Care Instructions Including Living Wills Now More Than Ever Review Your Health – 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…
Living Trust Primary Purpose of a Living Trust – 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…
Do You Want to Pay Estate Taxes? No? Using of Trusts for Estate Tax Savings – 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…
HOA Board 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…
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…
Homeowner Association 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…
Guardianship in Estate Planning 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…
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 HOA Benefit and Restriction Questions 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…
Understand That Hoas May Vary Significantly in the Services They Provide Considering an HOA Before Purchasing a New Home – The original developer initially establishes the scope of the association by setting out the services and expenses in the association’s budget; the declaration offers how the association can enforce the…
Having a Will Is Necessary A new survey finds that the 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…
Life Insurance Trust 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…
Medicaid Asset Protection Trusts 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…
Elder Law Attorney 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…
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 Homeowners 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 association management company. If you have reported common area maintenance problems, this will end up handled by the management company. This…
Will & Estate Planning 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…
On October 12, 2019, Governor Gavin Newsom signed into law, California 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…
Depression 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…
Consider This Story Protecting Your Children’s Inheritance When You Are Divorced – 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…
How Many Plans Do I Need? Most folks have at least heard of estate planning. 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 and…
Declare Your Family’s Independence 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 — independence from court interference. Life can be unpredictable. Whether it is a financial issue, the birth or adoption of a…
How to Leave Your Life Insurance and Retirement? 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…
Estate Plan for Your Family Business 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…
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…
Mistakes Baby Boomers are Making in Droves 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…
Estate Planning Helps 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…
Early Inheritance 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…
The Tax-Free Way 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…
Why You Should Think About It When Estate Planning Debt After Death – 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…
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 and Estate Planning Season Tax prep activity is the perfect opportunity to get your estate plan in order and kill two birds with the proverbial stone “Tax and Estate Planning Season”. Why? Because as you run down your list of “tax prep” questions, you will find that your answers…
My Estate Plan and My Vacation Property Does My Vacation Property Need To Be Included In My Estate Plan? Yes! Make sure to include it in your estate plan whether you possess a second home, timeshare, investment property, or any other asset, regardless of where you reside. If you neglect…
Estate Planning Letter of Intent Estate planning protects your family’s financial future. Estate planning may take care of loved ones as well as finances. The letter of intent is an often-overlooked estate planning tool. An estate plan’s letter of intent instructs executors on how to manage assets and care for…
Estate Planning for Parents If you belong to the “sandwich generation,” which includes people who are concurrently caring for their parents and children, you should find out if they have an estate plan. Having an estate plan, regardless of how late in life it is formed, is vital, even though…
Estate Plan Changes If they make an estate plan, many people do it when they start a family. Estate Plan Changes – while creating an estate plan is a good idea; many people fail to update it despite major life events. This can put your money and assets in costly…
Your HOA Meeting Minutes Even though it’s not the most glamorous position in the HOA, taking official minutes is one of the most crucial. The HOA meeting minutes are a documented account of the conversation and decisions made at the meeting, ensuring that everyone is aware of what transpired. If…
Negotiate the Listing Agreement The Savvy Seller – 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 End-of-Life Conversation No one wants to start the end-of-life conversation. 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.…
Your Student Loan Debt Death and debt are two topics that many people would rather not consider. Unfortunately, it appears that both of these are unavoidable. These days, especially for those pursuing advanced or professional degrees, student loan debt is a reality. College graduates graduate with an average debt of…
Using Social Media for HOA Meetings Social media to encourage HOA participation in meetings 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…
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…
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 Disputes 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…
Negotiating Common Area Fee 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…
Why Do You Need to Think Before You Sign? Beneficiary Designations and a Blended Family: 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…
Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning – 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…
POD Accounts payable-on-death accounts also called POD accounts, 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 faster, privately,…
Successfully Receiving an Inheritance If you are receiving 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 Do You Own Rental Property? 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…
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…
Contact Us Hudack Law Estate Planning Attorney California 1250 Corona Pointe Court, Suite 402 Corona, CA 92879 Serving the Inland Empire, Orange, and San Diego Counties. Hudack Law Estate Planning Attorney Arizona 20715 North Pima Road, Suite 108 Scottsdale, AZ 85255 We’re Here to Help Contact Hudack Law today at…
Contact Us Hudack Law Estate Planning Attorney California 1250 Corona Pointe Court, Suite 402 Corona, CA 92879 Serving the Inland Empire, Orange, and San Diego Counties. Hudack Law Estate Planning Attorney Arizona 20715 North Pima Road, Suite 108 Scottsdale, AZ 85255 We’re Here to Help Contact Hudack Law today at…
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…
Threats 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 successful estate planning documents prepared is the first hurdle to overcoming these types of disasters, several…
Spendthrift Trust for Your Heirs 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…
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…
Negotiate Your 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. Your commercial lease is usually drafted by real estate professionals looking out for the interests of the landlord. These…
Give Back The holiday season is a time to reflect, celebrate, and give back. 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…
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 extra savings. But, when you’re a business owner, planning for retirement requires…
Bequeath Your Frequent Flyer Miles Corona estate planning attorney Joseph Hudack gets asked 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 disappear, but some airline policies say that’s precisely what will happen. The law…
A “Good” HOA Meeting Corona real estate, HOA, and estate planning attorney Joseph Hudack knows no one ever told a neighbor, “I’m so excited about the HOA meeting!”. Having a complete agreement on any topic is challenging; however, if we took a poll, we would get close to whether anyone…
Post-Honeymoon Legal Checklist 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…
Legal Affairs Checklist 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 legal affairs checklist to ensure your planning meets your needs and is up-to-date: When was your power of attorney last updated? A power…
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 and Estate Planning Corona estate planning attorney Joseph Hudack says that selecting the correct type of annuity for yourself is no small feat. Of course, you’ve researched and planned with your financial advisors. But you might still wonder what happens to those annuity payments upon your death. Does…
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…
Choose a Guardian for Yourself Corona Estate Planning Attorney Joseph Hudack knows that 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…
Choose a Trustee Corona Estate Planning Attorney Joseph Hudack says that 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…
Do It Now Corona Estate Planning Attorney Joseph Hudack knows that 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…
Pick A Trustee, Executor, and Agent Under a Power of Attorney Corona Estate Planning Attorney Joseph Hudack says that while the term “fiduciary” has a long legal history, according to estate planning attorney Joseph Hudack, it often refers to someone who has a legal obligation to act in another person’s…
Make a Successful Gift to Your Children Corona Estate Planning Attorney Joseph Hudack. 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…
Should a Guardian and Trustee Be the Same Person? If you have overheard any discussion about an estate planning attorney, you have likely heard the words “guardian” or “trustee” tossed around in the conversation. Should Your Child’s Guardian and Trustee Be the Same Person? When it comes to estate planning,…
Selecting Your Successor Trustee Your successor trustee plays an essential role in the effective execution of your estate plan. If you have a revocable living trust, you probably named yourself as a trustee, so you can continue to manage your financial affairs. Still, eventually, someone will need to step in…
Corona Estate Planning Attorney Joseph Hudack Says That 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…
Why Estate Planning Isn’t Just for the Top One Percent Corona Estate Planning Attorney Joseph Hudack says that there is a common misconception that estate plans are only for the ultra-rich – the top 1%, 10%, 20%, or some other artificial threshold of “enough” wealth, according to estate planning attorney…
Corona Estate Planning Attorney Joseph Hudack says that 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…
Leave Assets to Adult Children Corona Estate Planning Attorney Joseph Hudack knows that 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…
Fix 5 Common Estate Planning Problems Corona Estate Planning Attorney Joseph Hudack knows the Common 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…
Leave Assets to Minor Children Corona Estate Planning Attorney Joseph Hudack knows that 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 leave gifts to beloved…
The One Task That Each New Grandparent Must Complete The newest member of your family is warmly welcomed by Corona estate planning attorney Joseph Hudack. Being a new grandparent is one of the happiest times in life and alters everything, even how you handle your finances. The anticipation of a…
Executor’s Duties Corona Estate Planning Attorney Joseph Hudack knows that 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…
Should Domination Of The Corporation Be The Sole Factor? By L. Joseph Hudack, Esq., CCIM, MCR – Corona Estate Planning Attorney and Broker. I. Introduction Should Domination Of The Corporation Be The Sole Factor? America has become an entrepreneurial society with start-up businesses being incorporated every day. Statistics show that…
The ‘Simple’ Fix that Can Leave Your Family Broke Corona Estate Planning Attorney Joseph Hudack knows that 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…