Abbas Law Group

Your child graduated from high school and he/she is heading to college. Or your child is already there! You are excited for your child, but also nervous. And you should be. Because your child is not a "child" anymore, but a young adult. So what happens if your child becomes incapacitated? If, like in the article, someone needs to decided between fixing a shattered leg or amputate? Because your child is now considered an adult, his doctors won't have the liberty to discuss his.../her medical records with you, you cannot access their bank accounts, and you cannot make legal or medical decisions for them. So what can you do to prevent this unwanted situation? You can talk to your child and explain the need to have several documents in place: an Advanced Health Care Directive (AHCD), and a Durable Power of Attorney for Finances (DPOA). Don't hesitate to contact Abbas Law Group for more information! http://www.safebee.com//4-legal-documents-your-18-year-old See more

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act was signed into law. Why is this law important and what are the take aways ? - Pushes back the age at which retirement plan participants need to take required minimum distributions (RMDs), from 70 to 72, and allows traditional IRA owners to keep making contributions indefinitely. - Allows long-term, part-time workers to participate in 401(k) plans. - ...Offers more options for lifetime income strategies. - Permits parents to withdraw up to $5,000 from retirement accounts penalty-free within a year of birth or adoption for qualified expenses. - Allows parents to withdraw up to $10,000 from 529 plans to repay student loans - Makes it easier for small business owners to set up safe harbor retirement plans that are less expensive and easier to administer. - Many part-time workers will be eligible to participate in an employer retirement plan. - Mandates that most non-spouses inheriting IRAs take distributions that end up emptying the account in 10 years. - Allows 401(k) plans to offer annuities. However, this is not the end of the story. The law impacts revocable living trusts, so if your existing trust has conduit trust provisions (and if you have minor children, it probably does), please contact your estate planning attorneys in order to amend your existing trusts. https://www.fidelity.com//understanding-the-secure-act-and

Every so often, I will try to post useful information regarding estate planning. Today's topic: yes, you do have an estate. I often hear "I don't have an estate, so I don't need estate planning". Well, you actually do have any estate. We all do. An estate is comprised of everything you own: your house, your car, your boat, your motorcycle, your art collection, the ugly plates you got from your aunt as a wedding gift, your bank accounts, investment accounts, retirement account...s, life insurance benefits. And if you don't have an estate plan in place at your death, your executor or trustee will have to sell those ugly plates to pay for your attorneys' fees. But we'll get to that in a future post. As of January 1, 2020, if the assets are valued at $166,250 or less, the estate is considered a small estate under the new California law. Please see the article below to see the small estate threshold by state: http://www.mangusfinance.com/probate-state-by-state-thresh/ See more

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