Articles

529 Able Accounts

A New Tool in the Estate Planner’s Toolbox, but Not a Replacement for Special Needs Trusts UPDATE: August 8, 2017 The California ABLE board has issued a Request for Proposals to hire an investment consultant to manage the state’s ABLE program accounts. The Request for Proposals envisions the launch of CalABLE accounts in October 2017....

Annual Review Letter 2016

Dear Valued Client: As the holiday season rapidly approaches, we are reminded to be thankful for all that we have received. I can think of nothing more professionally fulfilling and rewarding than to get up each day and have the opportunity to be of service to the fine people I have served during my thirty-six...

California Health Care Decisions

California Health Care Decisions Law and the Right to Die With the media attention that the Terri Schiavo case received, most individuals who we meet with are asking how they can avoid being in the same predicament. The simple answer is that if a client’s wishes are adequately addressed in a valid Advanced Health Care...

California Physician Assisted Suicide

On October 5, 2015, Governor Brown signed the “End of Life Option Act”, making California the largest state in the union to legalize physician-assisted suicide. The law, which will go into effect June 9, 2016, will allow physicians to prescribe medication that will end the life of a terminally ill patient, subject to several restrictions....

Charitable Remainder Trusts & Irrevocable Life Insurance Trusts

Traditionally, real estate values are cyclical in nature. As the dramatic downturn in values begins to correct itself many investors will again see real estate gains. Locking in any gains from the real estate traditionally comes with a cost: capital gains taxes. Most investors are aware of the fact that you can defer those gains...

Conservatorship-The Basic

Conservatorships: The Basics   Conservatorship: what is it and why is it necessary? It is a common misconception. My husband is in the hospital, and is incapacitated, either due to an injury or due to deteriorating health. In any case, he cannot make his own health care decisions. Well, that means that I can make...

Deeding Your Real Estate To Your Living Trust

THIS ARTICLE DOES NOT APPLY TO ANY CLTA/ALTA HOMEOWNER’S POLICY OF TITLE INSURANCE FROM 1998 TO THE PRESENT DEEDING YOUR REAL ESTATE TO YOUR LIVING TRUST MIGHT HAVE VOIDED YOUR TITLE INSURANCE In Kwok v. Transnation Title Insurance Company, Mr. and Mrs. Kwok formed an LLC, which purchased real property in Los Angeles. Transnation Title...

Designating a Trust as Beneficiary of Individual Retirement Account Benefits

One of the most commonly asked questions we encounter is whether or not to designate your Revocable Living Trust as the beneficiary of a retirement account and what are the tax consequences of doing so. In the overwhelming majority of cases, it is our recommendation to our married clients that they name their spouse as...

Do I Owe Taxes on the Gifts I Make?

‘Tis the Season for Giving, and this is a common question that the attorneys at Drobny Law Offices receive, but especially this time of year. In typical lawyerly fashion, the answer always is: “it depends.” For 2014 the yearly limit on how much an individual may gift to another without having to worry about gift...

Estate Planning For Person With Special Needs

Do you have an heir or family member that has special needs? Is this heir currently or potentially receiving governmental benefits for their living expenses and medical needs? This article will address how to provide for them in your estate plan. The estate planning device that allows an individual to continue to receive governmental assistance...

Estate Planning with Young Children

Many young families put off estate planning – some because they are healthy and not ready to think about their own mortality; some because they think they can’t afford it; but most because they feel like their modest assets don’t yet warrant investing in a plan. But for parents of minor children especially, an estate...

Loans to Children for Down Payment on House

This is a common scenario: Parents want to help their children with purchasing a new home. Parents agree to give their children the money to put a down payment on a home. But what are the legal and gift tax implications? Who should be the owners on the property? Are there other tax consequences? As...

Medi-Cal Planning for Long Term Care

One of the more frequent inquiries this office receives is in regards to Medi-Cal planning as it relates to the costs of long-term care. This article will provide some basic information about Medi-Cal to help you determine whether Medi-Cal planning would be beneficial for you or someone close to you. A seismic shift in Medi-Cal...

Minor Children / Grandchildren Medical Consent Authorization

Minor Children / Grandchildren Medical Consent Authorization

Naming Your Pets in Your Estate Plan

The purpose of this article is to advise our clients how they can provide for their pets within their Estate Plan and to assist our clients with carrying out their wishes with respect to their pets. The American Pet Products Association estimated that in 2012, approximately sixty-eight percent (68%) of households in the United States...

New Medi-Cal recovery rules effective 2017

New Medi-Cal recovery rules are in effect for Medi-Cal beneficiaries dying after January 1, 2017 We at Drobny Law Offices, Inc. frequently receive questions about Medi-Cal from clients who wish to receive Medi-Cal benefits to cover long term care costs for themselves, their parents, or loved ones. In answering questions about how to qualify for...

Portability of the Estate Tax Exemption

The American Taxpayer Relief Act of 2012 (ATRA), which was signed into law by President Obama on January 2, 2013, made two important estate and gift tax laws permanent. First, it set the exemption amount a citizen and noncitizen resident can exempt from federal estate and gift taxes at five million dollars, indexed for inflation. ...

Probate Code Section Governing Pet Trusts

Probate Code Section Governing Pet Trusts

Revocable Transfer on Death Deeds

On September 21, 2015, Governor Brown approved AB 139, creating the Revocable Transfer on Death Deed (“RTODD”), effective January 1, 2016.  For those who do not have a Living Trust in place, a RTODD, which is similar to a beneficiary designation on an IRA, 401(k), 457(b), life insurance policy or annuity, allows an individual to...

The American Taxpayer Relief Act of 2012

While we have written and e-mailed our clients about this before, many of our clients who seriously need to address this new provision of the Estate Tax laws have not pursued it.  If you are married and have already met with us to convert your AB Trust to a Disclaimer Trust, please either disregard this...

Trustee 101: Being a Trustee of a Trust

Being a trustee of a trust can be a thankless job. Many people who are named as a Successor Trustee upon the death or disability of a Trustor want guidance on how to proceed with the trust administration. This article serves to assist in explaining the role and duties of the trustee. What is a...

Valuation Discounts Under Attack

Last year, we informed you that the IRS was in the process of issuing new regulations that would substantially limit valuation discounts for estate and gift tax purposes.   As anticipated, on August 2, 2016, the IRS finally released those proposed regulations. The proposed regulations would substantially change the valuation discounts available to high net worth...

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8.3Mark Steven Drobny
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