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Estate planning | The California Legal Blog
Announcing the Change of Firm Name from Anker Reed HSC to Anker, Hymes & Schreiber, LLP
Larry S. Hymes and Douglas K. Schreiber are pleased to announce that Anker Reed HSC has become Anker, Hymes & Schreiber, LLP and will continue the Anker Reed HSC tradition of serving your legal needs in the areas of:
Estate Planning and Estate and Trust Litigation
Real Estate Transactions and Litigation.
The law firm’s headquarters will remain at its current location:
21333 Oxnard Street, First Floor Woodland Hills, CA 91367
Phone: (818) 501-5800
Fax: (818) 501-4019
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Published in: Introduction	on January 7, 2013 at 1:38 pm
Leave a Comment	Tags: Anker Hymes & Schreiber, Anker Hymes & Schreiber LLP, Business, Business Formation, Business Litigation, business transactions, CA, California, Douglas K. Schreiber, Estate Litigation, Estate planning, Larry S. Hymes, law firm, Los Angeles, oxnard street, real estate, Real Estate Litigation, Real Estate Transactions, trust litigation, Woodland Hills, woodland hills ca, woodland hills ca 91367
7 Benefits of a Life Insurance Trust
Provides immediate cash to pay estate taxes and other expenses after death.
Reduces estate taxes by removing insurance from your estate.
Inexpensive way to pay estate taxes.
Proceeds avoid probate and are free from income and estate taxes.
Gives you maximum control over insurance policy and how proceeds are used.
Can provide income to spouse without insurance proceeds being included in spouse’s estate.
Prevents court from controlling insurance proceeds if beneficiary is incapacitated.
For more information about Life Insurance Trusts, you can contact our Estate Planning Attorney in Woodland Hills, Los Angeles today.
Published in: Estate Planning
Life Insurance Trust	on October 28, 2011 at 10:07 pm
Comments (5)	Tags: attorney, avoid probate, Benefits of a Life Insurance Trust, Estate planning, Estate Taxes, lawyer, life insurance trust, Los Angeles, removing insurance from estate, Woodland Hills
Trust Law	on June 10, 2011 at 6:40 pm
Leave a Comment	Tags: Asset, Estate planning, Law, Living trust, Los Angeles Attorney, real estate, Santa Clarita Attorney, trust law, Trustee, United States, Valencia Lawyer, Woodland Hills Lawyer
Tax Planning	on May 10, 2011 at 4:51 pm
Leave a Comment	Tags: Asset, Buying Life Insurance, Charitable Lead Trust, Charitable Remainder Trust, Charitable trust, Estate planning, Estate Planning Attorney, Estate Planning Lawyer, Estate Tax Saving Strategies, Family Limited Partnership, Grantor Retained Annuity Trust, Inheritance tax, Irrevocable Life Insurance Trust, Life insurance, Limited liability company, Qualified personal residence trust, Tax, Tax-Free Gifts
Published in: Estate Tax
Trust Law	on April 25, 2011 at 8:33 pm
Comments (1)	Tags: Asset, Estate planning, Estate Tax Attorney, Estate tax in the United States, Inheritance tax, Living trust, Paying Less Estate Tax, Reducing Estate Taxes, Tax, Tax exemption, Tax Planning Lawyer
Understanding Estate Taxes: Who Has to Pay Estate Taxes?
Depending on how much you own when you die, your estate may have to pay estate taxes before your assets can be fully distributed. Estate taxes are different from, and in addition to, probate expenses (which can be avoided with a revocable living trust) and final income taxes (on income you receive in the year you die). Some states also have their own death/inheritance taxes.
Federal estate taxes are expensive – the rate is 46% in 2006, 45% in 2007 and 2008 – and they must be paid in cash, usually within nine months after you die. Since few estates have this kind of cash, assets often have to be liquidated. But estate taxes can be substantially reduced or even eliminated – if you plan ahead.
Your estate will have to pay estate taxes if its net value when you die is more than the “exempt” amount set by Congress at that time.
2006, 2007 & 2008 $2 million
2010 N/A (repealed)
2011 and thereafter $1 million
For additional questions about estate tax law, speak with our experienced Estate Lawyer in Los Angeles today.
Tax Planning	on April 19, 2011 at 7:23 pm
Leave a Comment	Tags: Estate Lawyer, Estate planning, Estate Tax Attorney Los Angeles, Estate Taxes, Federal Estate Taxes, Inheritance Taxes
Trust Law	on April 12, 2011 at 5:54 pm
Leave a Comment	Tags: Benefits of a living trust, Estate planning, legal information, Living Trust Attorney, living trust help, trust law, what is a living trust
Understanding Living Trusts: How You Can Avoid Probate, Save Taxes and More FAQ (Part 4)
This is part 4 of the blog series entitled “Understanding Living Trusts: How You Can Avoid Probate, Save Taxes and More FAQ” discussing frequently asked questions about living trusts, probate, taxes and more.
Successor trustees can be individuals (adult children, other relatives, or trusted friends) and/or a corporate trustee. If you choose an individual, you should name more than one in case your first choice is unable to act.
Unlike a will, a trust doesn’t have to die with you. Assets can stay in your trust, managed by the person or corporate trustee you selected, until your beneficiaries reach the age(s) you want them to inherit. Your trust can continue longer to provide for a loved one with special needs, or to protect the assets from beneficiaries’ creditors, ex-spouses and future death taxes.
If you die in 2006 and the net value of your estate (assets minus debts) is more than $2 million, federal estate taxes must be paid on the excess at a rate of 46%. If you are married, your living trust can include a provision that will let you and your spouse leave up to $4 million estate tax-free to your loved ones, saving up to $920,000 in taxes.
Not quite. A will can contain wording to create a testamentary trust to save estate taxes, care for minors, etc. But, because it’s part of your will, this trust cannot go into effect until after you die and the will is probated. So it does not avoid probate and provides no protection at incapacity.
Not when compared to all the costs of court interference at incapacity and death. How much you pay will depend on how complicated your plan is.
Yes, but you need the right attorney. A local attorney who has considerable experience in living trusts will be able to give you valuable guidance and peace of mind that your trust is prepared properly. In some states, qualified paralegals can now also prepare trust documents; however, they cannot give you legal advice.
Yes, you need a “pour-over” will that acts as a safety net if you forget to transfer an asset to your trust. When you die, the will “catches” the forgotten asset and sends it into your trust. The asset may have to go through probate first, but it can then be distributed as part of your living trust plan.
Age, marital status and wealth don’t really matter. If you own titled assets and want your loved ones (spouse, children or parents) to avoid court interference at your death or incapacity, consider a living trust. You may also want to encourage other family members to have one so you won’t have to deal with the courts at their incapacity or death.
For additional questions about trust law, speak with our experienced Living Trust Lawyer in Los Angeles today.
Trust Law	on March 31, 2011 at 11:03 pm
Comments (1)	Tags: corporate trustee, cost of living trust, Estate planning, financial affairs, Living Trust Lawyer, Living Trusts, living will, Successor Trustee, titled assets, Trust Attorney
Understanding Living Trusts: How You Can Avoid Probate, Save Taxes and More FAQ (Part 2)
This is part 2 of the blog series entitled “Understanding Living Trusts: How You Can Avoid Probate, Save Taxes and More FAQ” discussing frequently asked questions about living trusts, probate, taxes and more.
Not really. Using joint ownership usually just postpones probate. With most jointly owned assets, when one owner dies, full ownership does transfer to the surviving owner without probate. But if that owner dies without adding a new joint owner, or if both owners die at the same time, the asset must be probated before it can go to the heirs.
With some assets, especially real estate, all owners must sign to sell or refinance. So if a co-owner becomes incapacitated, you could find yourself with a new “co-owner” — the court–even if the incapacitated owner is your spouse.
If you can’t conduct business due to mental or physical incapacity (Alzheimer’s, stroke, heart attack, etc.), only a court appointee can sign for you – even if you have a will. (Remember, a will only goes into effect after you die.)
Once the court gets involved, it usually stays involved until you recover or die. The court, not your family, controls how your assets are used to care for you. This public process can be expensive, embarrassing, time consuming and difficult to end if you recover. And it does not replace probate at death – your family could have to go through the court system twice!
Does a durable power of attorney prevent the court’s involvement at incapacity?
A durable power of attorney lets you name someone to manage your financial affairs if you are unable to do so. However, many financial institutions will not honor one unless it is on their form. And, if accepted, it may work too well — giving someone a “blank check” to do whatever he/she wants with your assets. It can be very effective when used with a living trust, but risky when used alone.
A living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust avoids probate at death, can control all of your assets, and prevents the court from controlling your assets if you become incapacitated.
When you set up a living trust, you transfer assets from your name to the name of your trust, which you control — such as from “Bob and Sue Smith, husband and wife” to “Bob and Sue Smith, trustees under trust dated (date of trust).”
For additional questions about trust law, speak with our experienced Estate Planning Lawyer in Los Angeles today.
Continue to: Understanding Living Trusts: How You Can Avoid Probate, Save Taxes and More FAQ (Part 3)
Probate Law	on March 24, 2011 at 10:16 pm
Leave a Comment	Tags: Estate Attorney, Estate Law, Estate planning, Estate Planning Lawyer Los Angeles, Living Trusts, Los Angeles, probate attorney, Probate Law
Understanding Living Trusts: How You Can Avoid Probate, Save Taxes and More FAQ
In this blog series, we will be going through frequently asked questions regarding various aspects of estate planning including living trusts, probate, taxes and more. I have a will. Why would I want a living trust?
Contrary to what you’ve probably heard, a will may not be the best plan for you and your family – primarily because a will does not avoid probate when you die. A will must be verified by the probate court before it can be enforced. Also, because a will can only go into effect after you die, it provides no protection if you become physically or mentally incapacitated. So the court could easily take control of your assets before you die – a concern of millions of older Americans and their families.
Fortunately, there is a simple and proven alternative to a will–the revocable living trust. It avoids probate, and lets you keep control of your assets while you are living – even if you become incapacitated – and after you die.
Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed according to your will. If you don’t have a valid will, your assets are distributed according to state law.
It can be expensive. Legal/executor fees and other costs must be paid before your assets can be fully distributed to your heirs. If you own property in other states, your family could face multiple probates, each one according to the laws in that state. Because these costs can vary widely, be sure to get an estimate.
It takes time, usually nine months to two years, but often longer. During part of this time, assets are usually frozen so an accurate inventory can be taken. Nothing can be distributed or sold without court and/or executor approval. If your family needs money to live on, they must request a living allowance, which may be denied.
Your family has no privacy. Probate is a public process, so any “interested party” can see what you owned and who you owed. The process “invites” disgruntled heirs to contest your will and can expose your family to unscrupulous solicitors.
For additional questions about trust law, speak with our experienced Estate Planning Attorney in Los Angeles today.
Continue to: Understanding Living Trusts: How You Can Avoid Probate, Save Taxes and More FAQ (Part 2)
Revocable Living Trust	on March 21, 2011 at 10:50 pm
Leave a Comment	Tags: Asset, asset distribution, Estate planning, Estate Planning and Probate, Estate Planning Attorney, FAQ, Law, Living trust, Los Angeles, Probate, probate attorney, revocable living trust, United States
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