Study Shows Millennials Are Uncomfortable With Financial Planning

If you’re a millennial, you might not have an estate plan or a financial plan at all. Putting these things off because they feel more useful in the future can be a big mistake. A significant percentage of millennials would rather do practically any task rather than thinking about their finances. According to one recent… Read More »

When Is a Living Trust the Right Addition Your Estate Plan?

A living trust can accomplish many different goals, but it can also be used improperly or used in a way that does not accomplish your estate planning goals. You’ve probably heard plenty about the advantages of structuring a living trust. You can, for example, avoid your assets having to go through probate, a potentially expensive… Read More »

What Is an Attorney-In-Fact On A Power Of Attorney?

A power of attorney document allows someone else to take on legal responsibilities and actions that the creator of the document would otherwise do. For example, if you need your CPA to talk to the IRS on your behalf, you would complete a power of attorney. Likewise, if you needed someone else to attend a… Read More »

What Can a Power of Attorney Be Used For?

Creating a power of attorney is strongly recommended for every person aged 18 and above. This document enables someone else to step in and take actions on your behalf. A power of attorney can be used to give another party the right to sell a home, car or other property in place of the principal…. Read More »

What Makes a Will a Simple Will?

If you’re new to estate planning in Pasadena, you might be curious about how best to proceed with your process. You might also wonder, “Do I need more than a will?” In California, this is known as a statutory will. However, a fill in the blank form leaves out room for customization and goals in… Read More »

Top Things to Change in Your Estate Plan After Getting a Divorce

There are a number of estate planning issues that can pop up after you get divorced. It’s not necessarily a well-known aspect of ending a marriage the way legally changing your name is, so these can get overlooked. If you pass away or get sick before changing your documents, decisions or transfers might happen that… Read More »

What Does a Successor Trustee Do?

If you establish a revocable living trust, you typically appoint yourself as the trustee while you’re still alive. This enables you to make important decisions and take actions in relation to the trust, meaning that you still have control over the assets inside. However, if something happens to you, another party will need to be… Read More »

What Are Some of the Most Common Estate Planning Goals?

It can be motivating to get in touch with your estate planning goals to finally accomplish this task and cross it off your to-do list. Having clearly documented estate planning goals gives you a roadmap for the kind of documents you need to create and the strategies you should consider in this process. Everyone may… Read More »

What Trustees Need To Know About Communicating With Beneficiaries

Most beneficiaries on a trust are unfamiliar with the trust administration process, and will also be anxious about this perceived lack of control. Unfortunately, this can create a variety of communication problems between these beneficiaries and the trustee. You may be handling every aspect of a trust properly from a technical perspective, but it is… Read More »

What Is The Trustee Duty To Give Notices?

Anyone who has recently been appointed in the role of trustee needs to understand the action steps they must take in order to comply with the terms of the trust as well as any relevant state laws. This can help to avoid future potential disputes and liability issues facing that trustee. A trustee who has… Read More »

Are You Avoiding a Conversation About Generational Wealth?

Many people skip out on the estate planning process because they assume they don’t have any assets, but it is equally devastating to your potential heirs by failing to talk about generational wealth if you do have substantial assets. A recent study completed by Ameriprise found that only 19% of people who had investable assets… Read More »

What To Know About Receiving An Inheritance

It can be very important to discuss your estate planning intentions and strategies with a person who will receive a substantial inheritance. A recent study by the Survey of Consumer Finances found that the average inheritance for the middle class in the United States is $110,000. Yet another survey found that people in retirement hoped… Read More »

What Are Trust Funds?

If a loved one created a trust for the purposes of accomplishing estate planning or transferring assets, you could be listed as a beneficiary of assets inside that trust. If so, it is to your benefit to educate yourself about how trust works so that you can be fully prepared for what to expect. There… Read More »

Know The Numbers Behind Common Retirement Planning Strategies

There are many different numbers that you can stumble across and doing research about establishing your retirement strategy. Especially if you’ve been saving for retirement for some time and are approaching retirement age, it’s important to revisit these numbers and this strategy to decide if it’s in line with what you hope to accomplish. Knowing… Read More »

What You Need to Know About Gift Tax Returns

The ability to make gifts to people on an annual basis and throughout your life is an excellent way to reduce your taxable estate size. However, the specifics of the gift mean that you might trigger the need for a gift tax return. Gift giving is a frequent strategy used by many people to avoid… Read More »

Why High Earning Executives Need Aligned Financial And Estate Plans

Many highly compensated executives have worked years to earn the reputation and the high paycheck that comes along with it. This could cause problems however, in your own retirement and in how you choose to pass on assets to your heirs. A couple of financial changes should be considered as you enter retirement. There are… Read More »

Does Your Business Have Solid People and Plan for the Future?

A recent research study from the Family Business Institute finds that nearly 90% of business owners and entrepreneurs expect their company to pass to their family in the next five years. However, the statistics of how that happens in reality are quite different. Only 33% of businesses will survive to transfer to the next generation,… Read More »

Should You Use a Corporate Trustee?

When establishing a trust to help to preserve your wealth, you may think about a variety of different types of friends and family members who might be the right choice. However, in some cases, it may be to your benefit to use a corporate trustee. You can always consult with a dedicated attorney to discuss… Read More »