Attorney Andrew Bethel discusses the options for distributing assets in a trust. One option is to have separate trusts for each beneficiary, where each beneficiary has their own set amount or percentage of the estate to draw from. Another option is to have a single "pot trust," where all the assets are pooled together and managed by a single trustee, who has the authority to make distributions to the beneficiaries as needed. Andrew notes that the decision between separate trusts and pot trusts depends on the specific circumstances, including the intended time frame for holding the assets in trust, the age difference between the beneficiaries, and the potential for one beneficiary to have substantially different needs than the others. Andrew also discusses the potential tax implications of each option and the importance of considering the needs and circumstances of each beneficiary.

New Years is where we look forward and focus our goals on what we want to accomplish in the future. As you look forward to the new year and chart your goals, keep in mind these tax changes so you can maximize your 2023: Estate tax exemptions are increasing. Inheritance taxes are the same but only apply in a few states. Gift tax exemptions are also increasing. The Small Estate threshold in California increased in 2022, and will change again in the future. The California Homestead Exemption has also increased and is tied to inflation and sales values. Finally, most Americans don't have an estate plan, meaning they are leaving their estates in Uncle Sam's hands.

Despite the headache and stress the holidays can bring, they are ultimately about family and the spirit of coming together to bring the gift of joy and good will to others. Additionally, family gatherings can be the perfect time to finally tackle that estate plan you, or your parents, have been putting off. The family is likely finally all in one place and New Years is often where we not only look back but look forwards to the future.

Remember: One of the main goals of estate planning is to create a legacy that leads to generational wealth.

Attorney Andrew Bethel discusses estate planning in your 20s and 30s: planning when you don't have assets; planning when you have children and should have a last will and nominate guardians; planning when you have assets and should use a living trust; planning around student loan debt; considering retirement accounts; and crypto and other online assets.

The IRS has released the 2023 contribution adjustments for the following retirement plans: 401(k)s, 403(b)s, 457 plans, Thrift Savings Plans, IRAs, Roth IRA, and the Saver's Credit. The contribution limits are going up across the board but be aware of the income phaseouts for traditional IRAs and Roth IRAs. Retirement accounts are extremely important for building your estate and maximizing your estate's distribution.

Trustees have many legal duties they must follow when administering a trust - from a duty to account, a duty of loyalty to the beneficiaries, duty to communicate, and more. Often, the duty to provide notice is the first to arise, but the first to be missed or ignored. Trustees have to provide notice at certain times, have a time limit to do so, and the notice must include specific language according to the CA probate code.

The most persistent estate planning myth that has stood the test of time is the myth of the $1 inheritance to an estranged child. While you are not required to leave your children anything, you should have a writing clearly stating your intent. Leaving $1 will likely cause more harm than good!

Attorney Andrew Bethel addresses trust account related questions from our YouTube comment sections. Can non-US residents inherit property through a trust or transfer on death deed? When will an inheritance tax apply? What if someone had property in California but they died outside the state?

Attorney Andrew Bethel addresses trust account related questions from our YouTube comment sections. How to title trust bank accounts. Should business bank accounts be in trust? What kind of trust is best to hold business accounts? Are trust accounts FDIC insured?

Estate planning attorney Andrew Bethel discusses how to maximize your estate by minimizing three potential tax hits that dramatically lower how much you pass onto the next generation: inheritance taxes, estate taxes (death taxes), capital gains taxes, and gift taxes.