Author: Gene Kirzhner

People with children and adult family members with special needs worry about what will happen to the person if something happens to them. That is understandable. Clients often come to the Law Offices of Michael K. Lanning seeking advice. Is there any way to implement a financial fail-safe for our special needs family members as… Continue reading Special Needs Trusts: Michael K. Lanning, APLC

When a person passes away, their assets must be disbursed in a manner consistent with California state laws and directions outlined in a will when they were alive. A probate lawyer guides the executor of the will through the probate process, from identifying estate assets and beneficiaries to distributing assets and inheritances, and more. Probate… Continue reading Probate Attorney: Michael K. Lanning, APLC

A life insurance trust (LIT) is an estate planning and wealth management tool specifically designed to reduce estate tax and preserve proceeds that get passed onto heirs. The policies are drawn up by lawyers as irrevocable trusts. Life insurance trust lawyers in California operating in this specialized estate planning area often suggest life insurance trusts along… Continue reading Life Insurance Trust Lawyer: Michael K. Lanning, APLC

A California revocable living trust is a legal contract that can be changed or canceled by the grantor. As long as the grantor is alive and of sound mental capacity, the income earned by the property held in trust belongs to the grantor. The property or assets transfer to beneficiaries upon the grantor’s death. Simply… Continue reading Revocable Living Trusts: Michael K. Lanning, APLC

An irrevocable trust is one whose terms can’t be modified, amended, or terminated without the beneficiary’s or beneficiaries’ permission. As an estate planning tool, irrevocable trusts protect assets, reduce estate taxes, get government benefits, and access them. Based on your financial situation, an estate planning attorney can help you decide which and if an irrevocable trust… Continue reading Irrevocable Trust: Michael K. Lanning, APLC

Any Estate Planning Lawyer will tell you everyone has an estate, and literally, every adult should have an estate plan. An estate plan is not just about who gets your money when you die. The right plan matters just as much if you get sick or are otherwise incapacitated. It is vital for anyone who… Continue reading Estate Planning Lawyer: Michael K. Lanning, APLC

Estate administration is the process by which an individual’s lifetime financial affairs are wound up and their property and assets distributed after they die. Sounds simple? It can be direct, but sometimes it isn’t. Financial succession can be tricky. Sometimes a person appoints someone they know to act as administrator. These appointees can also be financial or… Continue reading Estate Administration in Los Angeles: Michael K. Lanning, APLC

When you hear the words “trust” or “trust fund,” the first image that comes to mind is a wealthy family in a mansion with inherited wealth passed down from generation to generation. However, you don’t have to be in the 1% to set up and benefit from a trust. Trusts, by their nature, can get… Continue reading Trust Administration: How Trusts Are Administered

When you’re young, it’s difficult to imagine the day will come when “fixed income” takes a stranglehold on your lifestyle. Perhaps you have a few investments—401Ks, IRAs. So that’s great, right? While your financial advisor might agree, they also know that investing can be a fickle activity. If you’re not taking steps toward wealth preservation,… Continue reading Wealth Preservation: Life After Work

Under U.S. law, a conservatorship is a way for someone to assume legal guardianship over an adult’s financial and everyday life. Families use conservatorships to help deal with the mounting medical, financial, and mental health needs of a parent or other family member. The status of a conservatorship depends upon the individual’s capacity to make… Continue reading Conservatorship: Michael K. Lanning, APLC