Eighteen-year-old Sarah tried to calm her excitement. She had been named the beneficiary of her Grandpa Jack’s IRA (Individual Retirement Account). While all of the grandchildren had been named in Grandpa Jack’s will, she was the only one to get a separate gift. Visions of a new car and new clothes began to dance through her head. “Your grandfather named…
One of the things we do at Absolute Trust Counsel is assist families with a disabled senior to preserve assets and also become eligible for Medi-Cal assistance to help them pay for nursing home care. One of the tools we often use to do this type of planning is an irrevocable trust. We also sometimes have to help families who…
Mary frowned at the local newscaster on the television. “I swear I have no idea what he’s talking about with this new tax law. He keeps talking about the estate tax this and the gift tax that. I have no clue what’s up and what’s down.” Her husband, John, replied, “Changes in the tax laws seem to affect everything. And…
When Carole and Michael created a trust for the benefit of their adult children, they had two goals in mind. First, they wanted to avoid probate, and second, they wanted to take advantage of California Proposition 58, which permits transfers of real property from a parent to a child in a tax-advantageous manner. To facilitate their goals, they decided to…
When Oliver died, at the ripe old age of 96, he left behind eight lineal descendants or heirs—three sons and five grandchildren. All of them believed that they would inherit from Oliver. He had told them about his Living Trust and promised each and every one of them that they would be “well taken care of.” Upon Oliver’s death, however,…
Sally Janes could not wait to retire.
She and her husband, Ben, had been saving for retirement since their children had completed their college degrees. They decided the “magic number” was age 65, when they would qualify for 90 percent of their Social Security benefits. Combined with their respective retirement plans and savings account, the money from Social Security would permit them to live in comfort for the rest of their lives.
Anna Mercer’s family was quite excited when she met and married Klaus Jergen. After their joyous nuptials, the couple moved to Vienna, Austria, where Klaus was employed at a local school as a history teacher. Anna, a pastry chef, soon found employment at a local bäckerei or bakery, where she perfected the art of the Sachertorte and the Linzer torte.…