Can I Get In Trouble With the IRS for Trying to Reduce the Amount of Estate Tax That I Owe?
You’ve likely heard that one of the many benefits of estate planning is reducing the amount of federal, and state, taxes owed upon your passing. While it may seem like estate tax planning must run afoul of IRS rules, with the...
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What is Estate Recovery?
Medicaid is a federal health program for individuals with low income and financial resources that is administered by each state. Each state may call this program by a different name. In California, for example, it is referred to as Medi-Cal. This...
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Removal of a Trustee
In creating a trust, the trustmaker must name a trustee who has the legal obligation to administer it in accordance with the trustmaker’s wishes and intentions. In some cases, after the passing of the trustmaker, loved ones or beneficiaries may want...
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A Shared Home but Not a Joint Deed
Many people erroneously assume that when one spouse dies, the other spouse receives all of the remaining assets; this is often not true and frequently results in unintentional disinheritance of the surviving spouse.
In cases where a couple shares a home but...
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Life Insurance and Medicaid Planning
Many people purchase a life insurance policy as a way to ensure that their dependents are protected upon their passing. Generally speaking, there are two basic types of life insurance policies: term life and whole life insurance. With a term policy,...
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When to Involve Adult Children in the Estate Planning Process
Individuals who are beginning the estate planning process may assume it's best to have their adult child(ren) join them in the initial meeting with an estate planning attorney, but this may cause more harm than good.
This issue comes up often in...
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Happy Memorial Day
Happy Memorial Day to all of those who have served past and present. Thank you for your service.
How Certificates of Shares Are Passed Down
Estate Planning: How Certificates of Shares Are Passed Down
How is the funding handled if you decide to use a living trust?
Certificates represent shares of a company. There are generally two types of company shares: those for a publicly traded company, and...
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Monk Law Firm is Growing!
Monk Law Firm, PLLC is excited to announce it's newest addition! Liam Douglas Monk was born on February 27, 2014. Ryan and Michelle are overjoyed. Big Sister Hannah and Big Brother James are over the moon to have a new friend.
*photograph taken by Madison Lane Photography, LLC
“Funding the Trust”
What Does the Term "Funding the Trust" Mean in Estate Planning?
If you are about to begin the estate planning process, you have likely heard the term "funding the trust" thrown around a great deal. What does this mean? And what will...
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