FWLG Promotional Video
May 23rd, 2011 by familywealthlawgroup
How HIPAA Can Impact Your Estate Plan
May 2nd, 2011 by familywealthlawgroup
The Health Insurance Portability and Accountability Act (HIPPA) was enacted in 1996 but its enforcement has become much stricter over the years. Among other things, this law specifically protects any information held by a hospital that concerns health status, provision of health care, or payment for health care that can be linked to an individual, including any part of an individual’s medical record or payment history. As a result of this law, many hospitals have not allowed patient information or condition to be released to the loved ones of an individual who is hospitalized, even if the patient is critically ill. Therefore, it is imperative that individuals be given the specific authority to receive the information protected under HIPPA.
Generally, Advance Healthcare Directives contain the necessary HIPPA provisions. However, documents prepared prior to 2003 may not contain the necessary language. Therefore, it is important to review older documents to ensure that they are in compliance. Those individuals listed as healthcare agents are the decision makers and will have full access to information under HIPAA as well as under the relevant California law (CMIA). However, if there are family members or other loved ones an individual would like to have access to information about their medical condition but not have the authority to make decisions, they should be named in a separate document referred to as a HIPAA Waiver. Those individuals who are not listed on either document will be denied access to any information, even if they are a member of their immediate family! Therefore, it becomes imperative that specific authorization under HIPAA and CMIA be included in one’s estate planning documents.
For more information about our services, www.familywealthlawgroup.com
FWLG Offers Do It Yourself Estate Planning Services
Jan 18th, 2011 by familywealthlawgroup
Estate Planning is something people know they should do but is very often not done. I hear numerous excuses from clients about why they have put off starting the process. Generally, expense, time, and reluctancy to discuss their mortality top the list. In order to eliminate some of these excuses, our firm offers a Do It Yourself Service which allows clients to significantly cut down on the time and expense of establishing their estate planning documents. Through our website, clients are able to conveniently complete their documents online, at a much lower cost than our traditional services, and still have the assurance of attorney review and the ability to get the help they need. It is self help but with professional assistance. For more information about our DIY Service, please visit http://www.familywealthlawgroup.com/diy.html.
How the New Estate Tax Law Creates More of the Same…Uncertainty!!
Jan 11th, 2011 by familywealthlawgroup
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (“TRUIRJCA”) signed by President Obama can be construed as an improvement, but unfortunately only for the next two years. The new law allows for an exclusion amount of $5 million with a maximum estate tax rate of 35 percent. This appears to be a vast improvement over the previous law which would have provided for a measly $1 million exclusion and whopping 55 percent maximum tax rate. However, it is important to keep in mind that this law is temporary and is scheduled to sunset once again, this time on December 31, 2012. Therefore, this new law only benefits those individuals that die within the next two years. Otherwise, for those clients who plan to live past 2012, we are still left with uncertainty.
Other benefits of the new tax law include the stepped up basis rules and portability. When property is inherited it receives a stepped up basis equal to the property’s fair market value on the date of the decedent’s death. The new law also allows for “portability” between spouses of the maximum exclusion meaning that when one spouse passes away the surviving spouse would be able to utilize any unused portion of the deceased spouse’s exclusion amount, providing the surviving spouse with a larger exclusion amount.
Another interesting facet of the new law is that it provides an option for estates of decedents who pass away between December 31, 2009 and January 1, 2011. The option is to elect either apply (1) the estate tax based on the new law or (2) no estate tax and modified carryover basis rules under the previous law.
Finally, under the new law the GST Tax and Gift Tax exclusions are equal to the estate tax exemption ($5 million) along with a maximum tax rate of 35 percent. The annual gift tax exclusion remains at $13,000.
Because the new law is set to sunset back to the original $1 million exemption, for planning purposes it provides very little help. We must still continue to build into our estate plans as much flexibility as possible from a tax standpoint, while adequately addressing clients’ non-tax concerns. The focus of estate planning should continue to be on addressing the goals and concerns of the family first and then taxes as a secondary concern.
For more information about our firm, please visit our website at www.familywealthlawgroup.com
Planned Giving Event for Capital City Aids Fund
Jan 4th, 2011 by familywealthlawgroup
FWLG is excited to announce that the firm will serve as legal counsel for the Planned Giving Program of Capital City Aids Fund. CCAF is a local non-profit organization which was founded to raise money in support of HIV/AIDS services in the Sacramento area. CCAF hosts a number of exciting events throughout the year including the annual Oscar Night Sacramento.
FWLG attorney Cecilia Tsang will be a speaker at a Planned Giving Event for CCAF on January 25th. Please click on the event invitation for more information. CCAF Event Invitation For more information about Capital City Aids Fund, please visit their website at www.capcityaidsfund.org.
For more information about our services visit www.familywealthlawgroup.com.
When is a Conservatorship Appropriate?
Dec 28th, 2010 by familywealthlawgroup
As estate planning attorneys we advise clients to be proactive in planning for life events such as disability and death. In establishing the proper legal documents before such an event occurs, it allows the clients to decide important issues such as who should be the decision maker and what instructions they should follow. With regards to an incapacity or disability, we generally use powers of attorney to accomplish this goal. As long as the client has the mental capacity to execute these documents we can ensure that the right people are selected to act and given the power to do so when it becomes necessary. Unfortunately, once an individual loses or does not have the mental capacity to execute these documents, we are left with very few options.
Example: John notices that his elderly mother Mary has started to decline in health and frequently forgets things. At a recent visit to the doctor, Mary’s primary care physician notes that she appears to have dementia. John wants to make sure that her bills get paid on time and she receives the proper care she needs. Mary has no powers of attorney in place. In order for John to have the formal right to access her accounts and correspond on her behalf to financial institutions, government agencies, healthcare organizations, etc. he is likely going to have to be appointed as conservator.
A conservator is a person or entity who has been appointed by the probate court to manage the personal care and/or finances of someone who has been found by a judge to be unable to do so. There are many types of conservatorships for different purposes and durations. A conservator of the person is in charge of arranging for the conservatee’s daily needs including their housing, meals, and healthcare. A conservator of the estate is in charge of the conservatee’s finances, assets, and debts. Both of these require a lot of responsibility and trust. A friend or family member can be appointed conservator but in order to do so they must file a petition with the court be approved. While becoming a conservator can be an expensive and time consuming process, it is sometimes necessary in order to protect and aid a loved one. I highly recommend consulting with an experienced attorney before entering into this process. For more information about Conservatorships, please click on this link http://www.courtinfo.ca.gov/selfhelp/additionalinfo/documents/conshand-cover.pdf.
At Family Wealth Law Group we help prospective conservators become appointed and navigate through the court process. For more information about us, please visit our website at www.familywealthlawgroup.com.
FWLG Expanded Services
Dec 8th, 2010 by familywealthlawgroup
Unfortunately, in these economic times, bankruptcy has become commonplace. In fact, the firm receives numerous requests from clients and other associates for help in this area. Up until this point we have searched for competent attorneys to refer these cases to. FWLG attorney Eric Sayre practiced in the area of Bankruptcy prior to forming FWLG. Because of the numerous requests for assistance and our prior experience, FWLG has decided to offer limited services in the area of Bankruptcy to existing clients and individuals who are referred to the firm. We will not be advertising our services in this area, as estate planning and estate settlement continue to be the firm’s main focus. Please do not hestitate to contact us with any questions. (800) 818-3954
What is Happening with the Estate Tax?
Nov 30th, 2010 by familywealthlawgroup
As we approach the end of the year, questions continue to loom about the Federal Estate Tax (also known as the Death Tax or Inheritance Tax). Because this tax only affects wealthier families, there is much confusion about what the estate tax actually is, how it works, and who it will apply to. With the current estate tax law set to change as of January 1, 2011, many more families will be subject to the tax. However, for those families who will be subject to an estate tax, there are numerous solutions available to reduce and/or eliminate the tax. For more information about the Estate Tax law, see the video below. For more information about our firm, visit our website at www.familywealthlawgroup.com
Give the Gift of Peace of Mind During the Holidays
Nov 15th, 2010 by familywealthlawgroup
During the holiday season people are busy shopping, planning their holiday celebrations, and traveling. For this reason, it is generally the slowest time of year for our office. However, it should be one of the busiest! The focus of the holidays is family and there is no better time to think about the ways in which we can protect our families and loved ones by doing proactive planning. The family get togethers are a great time to evaluate potential estate planning needs and start a disucssion about these important issues. For instance, if you notice that an elder family member is starting to exhibit health or incapacity issues it is time to make sure that powers of attorney are in place. While these are delicate issues, individuals go through the effort to do estate planning because they care enough about themselves and those around them to do the work that is necessary to protect them. The peace of mind that is provided by establishing an estate plan can be a great gift to yourself and your family members. So, this holiday season, take the time to look around the table and disuss these issues with those you care about.
Upcoming Speaking Engagement at the American Business Women’s Association Meeting!
Nov 3rd, 2010 by familywealthlawgroup
FWLG attorney, Cecilia Tsang will be the featured speaker at the Placer County Chapter of the American Business Women’s Association meeting on Tuesday, November 9th. The goal of ABWA is to bring together businesswomen of diverse occupations and to provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition. For more information about ABWA visit http://www.abwa.org/. For more information about the speaker visit http://www.familywealthlawgroup.com/about.html.