- Divorce
- Child SupportRegular income contributed by another person for household expenses, such as a non-filing spouse’s income and money from a roommate, domestic partner, parent, or friend.
- GuardianshipGuardian over the minor’s Estate to hold and manage the money. Your Estate will have to pay attorney fees to handle the guardianship proceedings to appoint the guardian, and the guardian may not be someone you want to oversee your children’s money. The Guardian of the
- Spousal Support
- Embezzlement
- Limited Liability CompaniesAlthough California limits asset protection trusts to the benefit of third parties, California does allow for other asset protection strategies that can protect a person’s assets. These include Limited Liability Companies (“LLCs”), corporations, professional corporations, liability insurance, and retirement plans such as IRA’s and private retirement plan trusts.
- Medicaid PlanningTo be eligible for Medicaid, an applicant must have limited resources. The Medicaid regulations provide that any trust in which a beneficiary is entitled to the principal, other than a validly created Supplemental Needs Trust, is considered an available resource to a Medicaid applicant. Nonetheless, if Medicaid planning is a goal, you should have your QTIP trust reviewed by an experienced Trust Attorney to see what options may be available to make revisions. This must be stated again: The drafting and implementation of a Q-TIP trust should only be handled by a passionate trust attorney with many years of experience in drafting sophisticated trusts.
- Estate PlanningIn my personal opinion, the number one “do not” in estate planning is doing it yourself. The reality is that if you do your own bankruptcy or your own divorce, somebody will tell you if you made a mistake. In estate planning, you are not going to know if you made this mistake or not because you are going to be incapacitated or deceased. So if there is one circumstance in which you want to have competent representation, estate planning is it.
- WillsHow much does it cost to write a will? Making A Last Will and testament can cost a simple flat fee to a lawyers hourly rate.
- TrustsDo Trusts Avoid Estate Taxes? A Living Trust can help avoid or reduce estate taxes, gift taxes and income taxes, too.
- Power of AttorneyA financial durable power of attorney is a legal document that gives someone the right to sign your name, whether it is for managing your bank account, real estate, 401(k), investment accounts, or even disability benefits, social security benefits; all of those can be handled via a financial management power of attorney.
- ProbateCalifornia Probate Code Stipulates that all Would Be Executors and Executrix receive compensation. Under California Probate Law, The Executor can receive 4%, on the first $100,000, 3% on the next $100,000, And 2% on the next $800,000.
- BankruptcyChapter 13 Rules: Many people choose Chapter 13 because their income is too high and cannot pass the “means test” for Chapter 7 bankruptcy. What is Chapter 13 bankruptcy? Chapter 13 bankruptcy is a form of bankruptcy that allows a person to reorganize his financial situation. Those who file for Chapter 13 keep their property and assets, but a debt repayment plan is created to repay the secured debts such as cars, furniture, or catch-up house payments, usually at a lower payment schedule. The repayment plan lasts 3 – 5 years, intending to discharge unsecured debts upon completion of plan payments, but their obligations are not entirely forgiven in Chapter 7 bankruptcy. Instead, filers pay back a portion of their debts (generally secured debts) over a three- to five-year period, after which the rest of their unsecured debt will be wiped out.
- Tax LawA Qualified Terminable Interest Property trust, commonly known as a QTIP trust for short, is a type of marital Trust that offers flexibility in planning for your spouse and remainder beneficiaries upon your death while also providing estate tax planning if needed.