August 2013      

Team Tisser Foundation (TTF) is a non-profit corporation founded by Doron M. Tisser and his wife Laurie. TTF raises money for various charitable purposes and does not focus on any one charity or charitable purpose. The goal is to raise as much money as possible to "Help Make A Difference" by "Improving Life for Others." TTF has made donations to Memorial Sloan-Kettering Cancer Center, Leukemia & Lymphoma Society, Challenged Athletes Foundation, as well as charities helping people affected by natural disasters such as Hurricane Katrina and the Tsunamis. Since 2000, TTF has donated over $250,000 to over 40 different charities. Friends and clients generally donate money to TTF to support Doron's participation in triathlons and marathons. If you would like more information about TTF, please contact Doron at doron@tisserlaw.com, or visit www.teamtisser.org

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About
Doron M. Tisser

Doron M. Tisser has specialized in estate and gift planning, tax planning, trust and probate administration, charitable giving, buy-sell agreements, and related areas for over 30 years. Mr. Tisser is one of less than 100 attorneys in California who has been designated as both a Certified Specialist in Probate, Estate Planning and Trust Law, and as a Certified Specialist in Taxation Law by the State Bar of California Board of Legal Specialization.

Mr. Tisser has been chosen by his peers as a Top 100 Super Lawyer in Southern California since 2011. In addition, he has been selected by his peers as Super Lawyer for Southern California since 2009. Mr. Tisser has also been awarded the highest possible rating by his peers, an “A.V.” rating, for the Martindale-Hubbell Law Directory. This rating is based on ethical considerations and legal skills.

Mr. Tisser has been quoted and referenced in many magazines and newspapers across the country including Forbes Magazine, US News and World Report, Wall Street Journal, Los Angeles Times, and Entrepreneur Magazine.

Doron competes in triathlons, including Ironman races, and raises money for charities through Team Tisser Foundation, a non-profit corporation he co-founded with his wife Laurie.

 

What’s Happening

If you would like Doron M. Tisser to speak to your group or organization about the new estate tax laws, trust administration or other estate planning subjects, please contact Laura Stein (laura@tisserlaw.com) in our office by e-mail, or by calling (818)226-9125.

Reviewing Your Estate Plan

Do you know what is in your estate plan? Who are the trustees and agents you have named to manage your affairs if you are unable to manage them yourself? Who will make medical decisions for you? Who will administer your estate after your death? Who are your beneficiaries? Do they receive assets outright or in trust? Will they be protected from creditors?

If you are unable to answer these questions about your estate plan, you are not alone. Many people believe that once their estate plan is in place, they can forget about it. But your estate plan must evolve not only when the laws change, but based on your personal circumstances.

In each of our monthly newsletters in 2013, we have discussed important changes in Federal estate tax law and income tax law as well as changes in California laws. All of these changes impact your estate plan, even if your estate will not be subject to estate taxes under current law.

For example, if the estate tax exemption was lower when a married couple established their estate plan, that plan may have included tax planning which requires two or more trusts to be established upon the first of them to die. This would have been done to save estate taxes, among other reasons.

But what was once great planning can now lead to an unnecessary burden to the surviving spouse as well as additional income taxes. In the example above, even if there are no estate tax savings, the surviving spouse would be required to divide the family trust and administer two trusts instead of one throughout her lifetime. In addition, the ultimate beneficiaries would not get a complete “step-up” for capital gains purposes on one-half of the assets they inherit.

In addition to changes in the law, there are many personal reasons to review your estate plan. Here is a brief list of some of the questions you should consider every few years:

  • Are the Trustees and Executors you named in your estate plan still the right people to serve?

  • Are there any new additions to your family? Children, spouses of children, grandchildren?

  • Who are the beneficiaries of your estate plan? Are there, or should there be, any restrictions on their inheritance? Are the ages when beneficiaries obtain full control over their inheritance still appropriate?

  • Have there been changes in your financial position?

  • Have you sold or purchased a major asset (such as real estate) or transferred accounts to a new advisor or institution?

  • Have all of your assets have been transferred into your family trust?

  • Are your beneficiary designations for life insurance and retirement accounts consistent with your estate plan?

  • Should you create special trusts for your IRA and other retirement assets to minimize income taxes for your beneficiaries?

Even if you do not have any changes to make to your estate plan, a review of the provisions is extremely valuable. By keeping informed about what is in your plan, you will be able to recognize when a change in your circumstances requires a change to your plan.

To ensure that our clients stay informed about their estate plans and that we stay informed about their circumstances, we offer a free estate plan review meeting to our clients every three years. The purpose of the meeting is to review any changes in the law or in a client’s life, whether personal or financial, which impact the estate plan.

We still offer a paid annual program called Protective Estate Plan Review (PEPR) for clients that want to review their estate plans each year, but our free 3-year reviews ensure that we can stay informed about every one of our clients and continue to offer the best service possible.

To schedule a meeting or telephone call to
review your estate plan, please contact Allison Shorr (allison@tisserlaw.com) or Laura Stein (laura@tisserlaw.com) in our office by e-mail, or by calling (818)226-9125.

Tisser Law Group, LLP | 5425 Farralone Ave, Suite 100 | Woodland Hills | CA | 91367

doron@tisserlaw.com – Doron M. Tisser, Esq.
brian@tisserlaw.com – Brian H. Standing, Esq.
patricia@tisserlaw.com – Patricia C. Rosman, Esq.
judy@tisserlaw.com – Judy Schwarz, Senior Paralegal

erica@tisserlaw.com – Erica Opperman, Senior Paralegal | Director of Operations

 

laura@tisserlaw.com – Laura Stein, Director of Marketing | Executive Assistant
amber@tisserlaw.com – Amber McBride, Paralegal
allison@tisserlaw.com – Allison Shorr, Client Service Coordinator
heather@tisserlaw.com – Heather Lanet, Admin. Assistant
zion@tisserlaw.com – Zion Dungo, Admin. Assistant
jesus@tisserlaw.com – Jesus Esteves, Admin. Assistant  
This Newsletter is intended to provide legal information only; legal information is not legal advice and you should consult with qualified legal counsel prior to implementing any estate planning. The transmission or receipt of information to or from this Newsletter is not intended to create, and does not create or constitute, an attorney-client relationship. No portion of this Newsletter may be reproduced or used in any manner other than for the private information of the reader without the express written consent of Tisser Law Group, LLP. The testimonials throughout this Newsletter were provided by actual clients. To maintain their privacy their names may have been abbreviated. Please note that testimonials do not warrant, guarantee or predict your particular results. Copyright Tisser Law Group, LLP 2013. All Rights Reserved.