The generation skipping tax (GST) is a federal tax that applies when someone transfers assets directly to a beneficiary who is at least two generations younger, such as a grandchild. This tax aims to prevent wealthy families from avoiding estate taxes by skipping an...
Receiving an inheritance can bring significant financial changes to your life. Along with the potential to improve your financial situation, though, an inheritance also brings the responsibility to ensure that you properly manage and distribute it. One of the most...
Conservatorship and guardianship are legal tools used to protect people who can’t manage their own affairs. While they are sometimes confused, these two roles are different and serve separate purposes. Knowing the difference helps you understand which one fits a...
Recent changes to Medi-Cal eligibility rules are affecting how people plan their estates and use living trusts in California. These changes can change how people organize their assets to qualify for benefits and protect their loved ones. It is important to understand...
Understanding the tax responsibilities of special needs trusts is crucial for effective financial planning. Special needs trusts can be either first-party or third-party, and each type has different tax implications. Knowing how taxes work with these trusts helps...