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Listing all assets in estate planning

Below I have posted a sample of the information we like to have when we do estate planning. Though we do not require the information it’s helpful to us. It’s helpful in different ways. Let’s discuss. First, the dollar amounts are certainly not required but knowing the approximate estate size helps determine what plan is right for YOU.  Often clients do not think about the true size of their estate until they put it on paper. Often it adds up to more than they thought. That is, by the time you add your IRA, 401k, life insurance, and other things to your home equity and savings accounts the value can jump up! Second, we can’t fully fund a trust if we don’t know about all your accounts.  Having the name, account number and address helps us to help you fund the trust! Third, it
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Retirement Plan Contributions in 2012

It’s that time of year… time to start planning for 2012. How will you fund your IRA, 401k, 403b, and other retirement plans in 2012? The rules are not substantially changed. Here is a brief summary to help you. Also, please remember each type of plan has different beneficiary rules so work with a qualified California estate planning attorney to make sure your beneficiary designations are right for you! The maximum amount you can contribute to a traditional IRA or Roth IRA in 2012 remains at a $5,000 cap which is unchanged from 2011. The maximum catch-up contribution for those age 50 or older remains at $1,000.  You can contribute up to $17,000 into your 401k in 2012 with an additional $5,500 for those in the “catch-up” category (age 50 and older). For simple IRA’s you can contr
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FDIC Insurance Basics

Currently the FDIC insurance limits have been raised to $250,000 per BANK (not per account). I will post the trust rules later in the week as they are a little different. Check out fdic.gov for the latest information about FDIC insurance. It’s a huge part of estate planning, trust and probate law so I am providing it here for my loyal readers. FDIC Insurance Coverage Basics The FDIC – short for the Federal Deposit Insurance Corporation – is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails. Any person or entity can have FDIC insurance coverage in an insured bank. A person does not have to be a U.S. citizen or resident to have
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