News for Professionals
Here you will find periodic updates for Professionals on Estate Planning Elder Law, Asset Protection, Retirement Planning and Tax Planning.
Riverside estate planning and tax law attorney, Dennis M. Sandoval, addressed The American Academy of Estate Planning Attorneys at their 20th Annual Spring Conference in Philadelphia this weekend. On Saturday, Dennis spoke on issues relating to trust funding and trust administration. On Sunday, he spoke on naming a trust as beneficiary of retirement assets, such as IRAs and 401Ks, in order to maximize “stretch-out” and long-term deferral on income taxation of inherited IRAs.
Call 951-787-7711 or visit our website to schedule a free one consultation at our Riverside law office to discuss your estate planning, trust administration, probate and tax planning needs.
On January 2, 2013 Congress extended a majority of the “Bush Tax Cuts.” As part of that bill, the estate tax applicable exclusion amount (the amount that can be passed free of estate tax) was set at $5.25 million and indexed for inflation. This meant that a married couple, with proper planning, could pass, at death or during lifetime, as much as $10.5 million free from gift or estate tax. The gift and estate tax rate was increased to 40% from 35% in 2011 and 2012. The bill indicated this change was “permanent.”Read More»
On April 2, 2013, President Obama unveiled plans for the federal government to invest $100 million in human brain mapping. The goal is that the research will unlock the secret of mental conditions from dementia to epilepsy. This project will be known as the BRAIN initiative – Brain Research through Advancing Innovative Neurotechnologies. The funding for BRAIN is expected to be delivered in 2014. Private institutions will be encouraged to work alongside government agencies in the research. Several have already come forward in time for the launch, including the Howard Hughes Medical Institute and The Allen Institute for Brain Science. The European Union already has a Human Brain Project looking into developing this technology and building a computer simulation of the complete human brain.Read More»
Recent celebrity cases illustrate the importantance of naming a guardian for minor children and having an updated estate plan in place.
Anna Nicole Smith Estate Tragedy
When Playboy playmate Anna Nicole Smith died of a drug overdose, her Will contained a provision leaving everything to her son Daniel, who had died the year before, also of a drug overdose. The Will contained an unusual provision disinheriting all other children, including future born children. Days before the death of her son, Anna gave birth to a daughter, Dannielynn Hope Marshall Stern, who would have by the terms of the Will received nothing from her estate. The Will also contained no guardianship provisions for her daughter, who was the subject of a paternity suit between Howard K. Stern, Anna’s longtime friend and legal advisor, and celebrity photographer, Larry Birkhead. Dannielynn was also the subject of contested guardianship proceedings between Mr. Stern, Mr. Birkhead and Anna’s mother, Virgie Arthur. In April of 2007, a Bahamian judge declared Larry Birkhead to be Dannielynn’s father and awarded him custody. They now live in Louisville, Kentucky. At age six, Dannielynn appears to be following in her mother’s footsteps, recently modeling for Guess Kids ads. In June of 2011, the U.S. Supreme Court ruled that Anna was not an heir to estate of her billionaire husband, J. Howard Marshall, so all the speculation that Dannielynn might be a very rich lady one day has faded. All in all, a fairly tragic story for all involved.Read More»
In case you missed it, we fell off the fiscal cliff on January 1, 2013. However, less than twenty-four hours later, Congress passed the American Taxpayer Relief Act of 2013 (“ATRA”), reinstituting the Bush income tax cuts for most Americans and “permanently” fixing the estate tax.Read More»