How Much Should You Save for a Special Needs Trust?
Planning for your child’s future can seem daunting, especially when it involves their financial security after you’re gone. How much should be in a Special Needs Trust to ensure they are well cared for? Is $100,000 enough, or does it need to be more like $3 million? Discover the critical strategies for smart planning to secure your child’s future in our latest video, “Ensure Your Child’s Future with Smart Planning.” In this insightful discussion, we dive into the complexities of funding a Special Needs Trust, exploring the necessary amounts to cover living and care expenses, and the sustainable financial planning techniques that can make these numbers work. We’ll break down the 4% rule for trust returns and discuss innovative solutions like life insurance to meet financial goals without immense upfront wealth. The video also shares a heartwarming success story of a family who used life insurance effectively to bolster their child’s trust fund, showcasing the profound impact that well-considered financial planning can have on family security and peace of mind. CHAPTERS: 0:00 – Special Needs Trust Funding 1:22 – Life Insurance Solutions 3:59 – Trust Funding Methods 5:01 – Our Book Promotion 5:02 – Closing Remarks This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com source
Estate Planning for Dementia: What You Need to Know
Estate planning isn’t just about filling out simple forms. For those facing dementia or other complex health issues, documents like trusts, powers of attorney, and healthcare directives must be tailored to individual needs and local realities. Consulting an elder law or estate planning expert ensures you’re prepared for future challenges. This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com source
The one thing every homeowner should do after they buy a house…
This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com source
2024 Election Results: What you NEED to know to protect your Assets in 2025
As you know, elections can have MASSIVE consequences on estate and tax planning. This webinar explores how the outcome of the 2024 election will likely affect you and your family – and how to take charge and protect yourselves. Do not miss this rare opportunity to learn and take action while you still can! In this free webinar, we covered the following: 1. ESTATE TAX ALERT! The likely future of the “death tax” and what you can do to avoid it 2. Potential changes to capital gains and other federal taxes 3. Proposition 19 – why property taxes may Skyrocket – and how to avoid this 4. The planning steps you must take now to prepare for our new political reality 5. Trust planning to protect kids and future generations from divorce, lawsuits, and estate taxes 6. Trust planning to save the family home and avoid estate tax We offer actionable recommendations to preserve your assets. This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com source
Do You REALLY Feel Wealthy? The Surprising Truth
Are you worried about making costly estate mistakes that could affect your legacy? Protect your wealth and ensure your estate is in order with expert insights from seasoned professionals. This video dives deep into understanding wealth, addressing common misconceptions, and providing crucial advice on avoiding estate blunders that could lead to financial loss. Throughout the discussion, we explore various facets of estate planning, including the impact of Prop 19 on California real estate, strategies to manage property taxes, and the importance of having up-to-date legal documents like trusts, powers of attorney, and advanced directives. Whether you’re a middle-class family or a high-net-worth individual, you’ll find valuable tips to secure your financial future and gain peace of mind. We also discuss how perceptions of wealth can influence estate planning decisions and underscore the importance of proactive measures to protect assets from taxes and legal complications. Our experts highlight the need for personalized legal advice to navigate complex issues like property tax increases and provide practical steps every property owner should consider. CHAPTERS: 0:00 – Defining Wealth 0:52 – Wealth Perception 2:32 – Wealthy Lifestyle 3:42 – Comfort and Wealth 5:04 – Conclusion This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com source
What’s REALLY at Stake for Special Needs Families in 2024?
Discover how Prop 19’s hidden impact threatens special needs trusts and could force families to sell their homes. This critical analysis reveals the devastating effects on families with special needs children in California. Learn why this constitutional amendment could lead to astronomical property tax increases – potentially adding up to $1.3 million in extra taxes over 30 years. We break down the harsh realities of how Prop 19 affects both primary residences and rental properties held in special needs trusts. Understanding these changes is crucial for: • Families with special needs children • Property owners in high-value areas • Anyone planning to leave property to their children • Those considering special needs trust planning Don’t wait until it’s too late – many families are already facing impossible choices because they didn’t plan ahead. Our video explains why repeal efforts have failed and provides essential insights for protecting your family’s future. This comprehensive guide explores real examples of families impacted by Prop 19 and explains why traditional inheritance strategies no longer work under the new law. Learn what steps you can take now to protect your family’s property and ensure your special needs planning remains effective. #specialneedsestateplanning #trustadministration #disabilityplanning #californiaprop19explained #firstpartyspecialneedstrust CHAPTERS: 00:00 – Intro 00:50 – Prop 19 Overview 03:30 – Will Prop 19 Be Repealed? 05:50 – Importance of Tax Planning 07:40 – California’s Largest Tax Increase 10:13 – Contact Information 10:23 – Subscribe to Our Channel This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com source
Preserve Wealth: Don’t Miss These Estate Planning Tips
Are you concerned about how estate taxes might impact your family’s future? Discover the estate tax secrets that can help you legally avoid the hefty 40% rate in this insightful video. With current estate tax laws allowing an exemption of $13.61 million per person, many are spared, but understanding the nuances is crucial. Explore the complexities of estate planning, including Prop 19’s impact on California real estate and property taxes, and learn how to leverage strategies like annual gift exclusions and stepped-up basis to your advantage. #gifttaxexclusion #gifttaxation #realestate #capitalgainstax #annualgifttaxexclusion CHAPTERS: 00:00 – Estate Tax Planning 00:25 – Annual Exclusion Limits 00:43 – Cost Basis and Step Up Rules 01:18 – Prop 19 Implications 01:46 – Income Taxes Overview 01:58 – Current Estate Tax Laws Update 02:26 – Contact Us for Questions This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com source
What is Proposition 19? How can I protect my California home?
Discover the ins and outs of Proposition 19 and learn how to secure your California home in this informative video! Proposition 19 has been a hot topic in California, bringing significant changes to property tax rules. If you’re a homeowner or planning to become one, understanding Proposition 19 is crucial for making informed decisions about your property. In this video, we break down the key aspects of Proposition 19, answering questions like: What is Proposition 19, and how does it impact California homeowners? How can you protect your home and make the most of the changes brought by Proposition 19? What strategies can you employ to minimize property tax increases and ensure a secure future for your property? Don’t let Proposition 19 catch you off guard – empower yourself with knowledge and make informed decisions to protect your California home. Hit that play button now and ensure your property is in safe hands! If you find this video helpful, don’t forget to like, share, and subscribe for more valuable content on real estate, property taxes, and legislative updates. Leave your questions and comments below – our experts are here to help you navigate Proposition 19 and secure the future of your California home! This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com #estateplanning #tax #california source
The BEST Way to Create a Special Needs Trust Without the Hassle!
Are you worried about securing your child’s future, especially if they have special needs? This video dives deep into the complexities of Special Needs Trusts and how to navigate the intricacies of estate planning. Join Gilfix Law’s experts, Mark and Michael Gilfix, as they unravel crucial strategies to ensure your loved one is protected legally and financially. Discover how Prop 19 impacts California real estate and property taxes, and learn about essential legal tools like Powers of Attorney and Advanced Directives. The video comprehensively covers types of Special Needs Trusts, trustee selection, and funding strategies, including life insurance options. It also highlights changes in legal frameworks and estate tax considerations. Don’t leave your child’s future to chance; gain invaluable insights and take action. CHAPTERS: 00:00 – Welcome 01:40 – Hope is Not a Strategy 04:07 – Who We Are 05:48 – Diagnosis Impact on Planning 06:10 – Understanding Special Needs Trust 11:49 – Special Needs Trust Expenses 13:32 – Role of a Trustee 17:31 – Trustee Compensation 19:00 – Limitations of a Special Needs Trust 21:38 – Prop 19 and Special Needs Planning 27:54 – Importance of Planning Ahead 29:36 – California Tax Increase Overview 32:06 – How We Can Assist You 34:00 – Funding a Special Needs Trust 37:09 – Life Insurance Options 40:34 – Alternative Trust Funding Methods 42:26 – Integrated Planning Team 43:18 – Recent Legal Changes 46:37 – Estate and Gift Tax Considerations 49:12 – Special Needs Planning Checklist 50:57 – Revisiting Key Concepts 51:55 – Subscribe to Our Channel This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com #securefuturetrusts #financialsafetynet #financialeducation #financialpreparedness #savingforemergencies source
How to Protect Your Family Assets | Taking Your Estate Plan to the Next Level
In this comprehensive guide, discover essential strategies and expert tips on safeguarding your family assets through an advanced estate planning approach. Join us as we delve into the intricacies of estate planning, exploring key elements to take your strategy to the next level. Securing Your Legacy: Learn how to create a robust estate plan that not only protects your assets but also ensures a seamless transfer of wealth to the next generation. Understand the importance of establishing a clear legacy plan that aligns with your family’s values and aspirations. Advanced Asset Protection Techniques: Uncover advanced techniques to shield your family assets from potential risks. From trust structures to legal instruments, we’ll guide you through the sophisticated methods used by financial experts to fortify your wealth against unforeseen challenges. Navigating Tax Implications: Gain insights into the tax implications of estate planning and discover proactive strategies to minimize tax burdens on your assets. Understand how strategic financial decisions can optimize your estate for tax efficiency. Family Governance and Communication: Explore the importance of family governance in maintaining harmony and transparency in the wealth transfer process. Learn effective communication strategies to involve your family members in the estate planning journey. Investment and Portfolio Optimization: Delve into the world of investment strategies tailored for estate planning. Discover how optimizing your investment portfolio can contribute to the long-term sustainability of your family’s financial well-being. Legal Safeguards and Updates: Stay informed about the latest legal considerations and updates in estate planning. Our experts will guide you through the necessary legal safeguards to ensure your plan remains resilient in the face of evolving regulations. Whether you’re just starting your estate planning journey or looking to elevate your existing strategy, this video is your comprehensive resource for taking your family’s asset protection to the next level. Don’t leave the future of your legacy to chance – empower yourself with the knowledge and strategies needed for a secure financial future. Watch now and embark on the path to enhanced estate planning! This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues. To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com source