A Family Pot Trust, also known as a discretionary, sprinkling, or common pot trust, is a mechanism that allows estate planning clients to provide for their beneficiaries without requiring a rigid structure of distributions and payments.
The California Uniform Transfers to Minors Act, or “CUTMA,” contained in the California Probate Code sections 3900 through 3925, is an alternative estate planning tool available in California to transfer any type of property to a minor.
Before you go running out to establish a Generation-Skipping Trust, you should evaluate whether estate taxes are likely to be a concern based on the size of your estate, current exemption limits, and your intended beneficiaries
Divorce is already a tough emotional experience and difficult financially, but it can be even more daunting for spouses who have a child with special needs. Typically, child support ends when a child reaches the age of majority or when he or she graduates from high school. For divorcing parents of a child with special needs, however, this is often not the case, given that certain disabilities involve severe impairments that require life-long care and life-long co-parenting.
Divorcing spouses owe several obligations to each other during the divorce process. One such obligation is the “continuing duty to disclose.”
In an increasingly mobile society, your “domicile,” the place that you consider home, may or may not be the state where you currently live or spend most of your time. In cross-border areas, many individuals work in one state while maintaining their home in a neighboring state. Sometimes individuals leave their home state to live someplace else for work or to attend school. Sometimes individuals own several homes or businesses in different states. Why does it matter?
While a divorce is generally very taxing emotionally, it also has very serious financial ramifications. One concern you may have already is how your 401(k) Retirement Plan will be treated in a divorce. Similar to your home, it can be an essential asset of the community estate with significant value. You will need to propose how to handle the nonparticipant spouse’s interest when negotiating how to spilt your community property.
Naimish & Lewis, APC welcomes David Ambagtsheer on the first day of his student internship. A high school senior, David is participating in the month long Intersession Internship Program at Saint Augustine High School. Throughout the internship he will gain practical work experience by performing administrative and paralegal functions. Naimish & Lewis is committed to helping young people in our community like David who are considering the legal profession find out if this is the right career for them.
An estate plan is a set of typically four documents in which you get to make some decisions and create a legal document in order to preserve and protect your choices of what happens to you and to all of your stuff if you can’t manage it due to a disability or if you pass away.
An estate plan is typically four legal documents created to preserve and protect your choices of what happens to you and to all of your stuff if you can’t make health care decisions or manage your assets due to a disability or if you pass away.
What happens when spouses cannot agree on who gets to claim a child? Fortunately, the Internal Revenue Service (IRS) provides ground rules as explained in IRS Publications 501 and 504.
A standard provision in Marital Settlement Agreements between divorcing spouses is language waiving the right of both spouses to claim an interest in the Social Security Benefits to be received by the other spouse.
All members of the Naimish & Lewis Family Law Team will be attending the “Effective Strategies for Litigating Child Custody in Domestic Violence Cases” course on November 10, 2017.
Naimish & Lewis’s Denise Stich recently appeared as one of three guests during “The Wealth Building Hour” with host R. J. Kelly. Together with panelists Emily Bouchard and Emily Chase Smith they discuss the importance of clear communication when dealing with estate planning for blended families, prenuptial agreements, and postnuptial agreements. They also provide ways to bring this subject up and effectively communicate it without traumatizing your partner.
You receive orders that your ship will soon deploy out to sea, meaning you will be away from your new bride for at least 6 months, so you ask your good friend to watch over her while you are away. A few months after shipping out, you are excited to learn that your wife is pregnant. After some initial complications, your wife gives birth to a healthy baby....