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Estate Planning Defined—How can a Successor Custodian of an UTMA Account be Appointed?
Issue: Earlier this week, a potential client emailed me with a question about the manner in which a successor Custodian of an UTMA Account can be appointed. She wrote the following: My father recently died. Several years ago, he established an UTMA account for my 15...
Estate Planning Defined – What are the Current Rules regarding the Taxation of Gifts?
Issue: Earlier this week, one of my clients emailed me with a question about the current status of the federal gift tax laws, as follows: I'd like a little advice on a gift tax issue. Until now, I have kept gifts to my various family members under the taxable level...
Estate Planning Defined – What is a Form 706 and When Does It Have to Be Filed?
Issue: I received the following question from a Caller: My mother recently died and I have just learned that I am the Executor of her Estate. My wife told me that she thinks I will have to file a "706," which she says is used to pay taxes on my mother's estate. Is...
Estate Planning Defined—How can a Successor Custodian of an UTMA Account be Appointed?
Issue: Earlier this week, a potential client emailed me with a question about the manner in which a successor Custodian of an UTMA Account can be appointed. She wrote the following: My father recently died. Several years ago, he established an UTMA account for my 15...
Estate Planning Defined – What are the Current Rules regarding the Taxation of Gifts?
Issue: Earlier this week, one of my clients emailed me with a question about the current status of the federal gift tax laws, as follows: I'd like a little advice on a gift tax issue. Until now, I have kept gifts to my various family members under the taxable level...
Estate Planning Defined – What is a Form 706 and When Does It Have to Be Filed?
Issue: I received the following question from a Caller: My mother recently died and I have just learned that I am the Executor of her Estate. My wife told me that she thinks I will have to file a "706," which she says is used to pay taxes on my mother's estate. Is...
Estate Planning Defined – Can The Trustee of a Continuing Trust Who is Also The Beneficiary Withdraw Trust Principal?
Issue: I recently received the following question from a Caller: I am a beneficiary of a "Bypass Trust," which was set up after my Father's death and had been managed for the benefit of my Mother during her remaining lifetime. My Mother just died. I have been told...
Estate Planning Defined – What are the “Pros” and “Cons” of “Transmuting” Property Owned by a Married Couple in California?
Issue: Married couples who reside in California have the opportunity to accumulate community property, separate property, quasi-community property, or some combination of the three. Sometimes a married person may wish to convert his or her separate property to the...
Estate Planning Defined – How Can an HEIR AT LAW Recover Her Share of an Inheritance After the Close of the Probate of Her Relative’s Estate?
I recently received a question from a potential client who called me regarding the probate of a relative's estate. She told me that her relative died without a Last Will & Testament in place. Apparently, the Caller was not notified that her relative had died and...
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