Category Archives: Estate Planning

Attorney KC M. Knox Passes the Legal Specialist Exam

Posted on March 26, 2018 | Leave a comment

Estate Planning Attorney in Woodland HillsOn March 15, 2018 Los Angeles Estate Planning Attorney KC Marie Knox of law firm Hymes, Schreiber & Knox, LLP was informed by the State Bar of California that she passed the Legal Specialist Examination in Estate Planning, Trust and Probate Law.

California Rule of Court 9.35 served as the basis for the creation of the State Bar Legal Specialization program. The program was intended to provide a method for attorneys to earn the designation of certified specialist in particular areas of law, increasing public protection and encouraging attorney competence.

The program was the first of its kind in the United States, and it has served as a model for other state programs for certifying legal specialists around the nation.

Please visit our website to learn more about our Estate Planning Attorney in Woodland Hills.

Leave a comment

Posted in Estate Planning

Tagged , , , , , , , ,

Health Care Decisions and Advance Medical Directives Webcast

Posted on July 11, 2016 | Leave a comment

Trust Attorney Woodland HillsEstate Planning Attorney KC Marie Knox was invited by the National Business Institute (NBI) to serve as a faculty member for their Elder Law: Start to Finish seminar. The Health Care Decisions and Advance Medical Directives Webcast will take place on September 7, 2016 and will cover:

  1. Advance Directives
  2. End of Life Decisions
  3. Organ Donation and Treatment of the Remains

This legal course is designed for attorneys. It will also benefit nursing home administrators, financial planners, trust officers, accountants, social workers, geriatric care managers, and other professionals working with elder clients on estate planning issues.

About Woodland Hills Estate Planning Attorney KC Marie Knox:

Estate Planning Attorney Woodland Hills Continue reading →

Leave a comment

Posted in Estate Planning

Tagged , , , , , , , , ,

It’s Official – 2016 Estate and Gift Tax Exemption Increased!

Posted on October 28, 2015 | Leave a comment

Estate Planning Woodland HillsIt’s official — for 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015.

That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes.

The annual gift exclusion remains the same at $14,000.

For more information about estate planning, please contact our Estate Planning Attorney in Woodland Hills today: (818) 501-5800

Leave a comment

Posted in Estate Planning

Tagged , , , , , , , , , , ,

What Happens to Reward Points When You Die?

Posted on May 12, 2015 | 3 comments

Reward PointsTom was fairly successful in life and had a love for travel.  To maximize his options, Tom was enrolled in several different programs which generated reward points.  These points could then be redeemed for travel, hotel stays, car rentals, etc.  Tom assumed that when he passed away, his accumulation of reward points would simply pass on to his kids, or whomever else he designated as part of his estate plan.  Despite Tom’s intended plan, the reward programs had a different plan in mind.

Tom was enrolled in three specific reward programs, each of which was linked to a specific credit card:

  1. Citi/Aadvantage
  2. American Express
  3. Chase Marriott Rewards

Continue reading →

3 Comments

Posted in Estate Planning

Tagged , , , , , , , , , , , , ,

Don’t Leave Your Fiduciaries Floundering (Part 2)

Posted on April 21, 2015 | Leave a comment

Estate Planning Attorney Woodland HillsContinuing from Part 1, here are 2 more suggestions you can do to make the task of being a fiduciary easier:

  1. Digital Assets. As e-commerce and money transfers become more common, consider adding a second called “Digital Assets” and include the following:
    1. Online only accounts like PayPal
    2. Accounts which you have opted to access online, such as banking accounts, online businesses or activities involving the electronic transfer of funds.

It would also be of assistance to leave your online account information and passwords in a secure location that your legal representatives can access — bearing in mind the need to Continue reading →

Leave a comment

Posted in Estate Planning

Tagged , , , , , , , , , , , , , ,

Don’t Leave Your Fiduciaries Floundering (Part 1)

Posted on March 31, 2015 | Leave a comment

Estate Planning Attorney Woodland HillsThe task of a fiduciary (e.g. executor, trustee or attorney in fact), when you are no longer around or able to provide guidance, can be a difficult one. He or she is charged with the job of gathering/marshalling all your assets. Effectively he or she is taking your place when you are unable to act or are no longer with us. To make that task easier, there are a number of things you can do. Here are some suggestions:

  1. Non-Legal Records. There are documents, in addition to the legal ones, that may also assist your legal representative. Consider adding a section called “Records” and include the following:
    1. Any information on pre-paid funeral or cemetery arrangements;
    2. A list of valuable assets (such as stocks/bonds, artwork, jewelry, collectibles) and their location (such as closet safe, freezer, lockbox under bed);
    3. Deeds for real estate holdings (residential, commercial or timeshares) with copies of related insurance policies;

      4. Continue reading →

Leave a comment

Posted in Estate Planning

Tagged , , , , , , , ,

IRS Raises Limit on Tax-Free Transfers

Posted on November 3, 2014 | Leave a comment

Estate Planning Woodland HillsAs many estate planners anticipated, The Internal Revenue Service has raised the limit on tax-free transfers during life or at death.  Beginning in 2015 that amount, known as the basic exclusion, will increase to $5.43 million per person, up from $5.34 million this year.  This announcement, in Revenue Procedure 2014-61, indicates there will be no change in the annual exclusion, allowing you to give $14,000 in cash or other assets each year to as many individuals as you want without using the basic exclusion. The annual exclusion gifts don’t count towards the lifetime gift exemption. Another tactic is to fund a Continue reading →

Leave a comment

Posted in Estate Planning

Tagged , , , , , , , , , , , , , , , , , , , ,

Do You Still Need an Estate Plan if You are Not Wealthy? (Part 2)

Posted on March 19, 2014 | 1 comment

Estate-Planning Lawyer Los AngelesContinuing on our estate tax discussion from last month, there are a number of other reasons, besides minimizing estate tax, to consider whether to engage the services of an estate planning attorney:

  • Without an estate plan, the State determines what happens to your property when you die.
  • Without an estate plan, and in particular a trust, the transfer of your estate will require a probate except in the limited circumstance of what is referred to as a “small estate”.  The probate process can be expensive and time consuming.  For example, an estate of $2 million, well under the 2012 $5.12 million threshold in the IRS study, would incur attorneys’ fees set by statute of approximately $40,000.00.
  • Without an estate plan (which would typically include powers of attorney and healthcare directives), should you become ill or incapacitated, your loved ones could not easily step in to take care of health and/other decisions and needs.

So the next time the question of an estate plan comes up and you think to yourself, I have “nothing”, I do not need a plan, do yourself a favor and reconsider.

1 Comment

Posted in Estate Planning

Tagged , , , , , , , , , ,