The inheritance you leave behind could become swallowed up by taxes or end up being owned by someone else. Thankfully, there are some powerful tips you can put into place today to help keep this from happening. Your heirs won’t have to worry about paying anything in estate taxes if you have less than $18.58… Read More »
Blog Posts
Moving to a New State? Make Sure Your Estate Plan Will Follow You
Are you planning a move out of California? Make sure your estate plan will come along. If you’ve landed here because you’re trying to decide about moving to California, you’ll want your current estate planning documents will still work in your new home. Relocating to a new state brings up plenty of opportunities to transfer… Read More »
Talking About Your Money with Your Adult Children
Many people have moved back in with their family as a result of the pandemic and this presents unique opportunities to speak with your adult children about financial topics. Account balances, end of life directives, existing estate planning documents, and priorities are all things that should come up when you have your family members under… Read More »
Creating and Funding GRATs
A grantor retained annuity trust discounts the value of larger gifts and freezes them at their currently discounted values rather than at the time of death values. This works very well in two distinct circumstances that are currently happening in the market which are very low IRS interest rates and depressed values of investments like… Read More »
It’s National Financial Planning Month: Things to Keep in Mind
October is national Financial Planning Month and this is a perfect time to evaluate your current plans and to determine any gaps you have to establish a firmer financial future. A recent study completed by Go Banking Rights determined that 64% of respondents in the United States say they are not prepared for retirement. The… Read More »
Business Owners: Now Is the Time to Reconsider Your Estate Plan
From a presidential election to a worldwide pandemic, many people are now thinking about the need to update their estate plan. There are many different reasons for this including environmental issues, such as low interest rates, lower valuations, and the possibility of a change in administration. This means many people are thinking about leveraging gift… Read More »
Don’t Let Your Family Be Caught Off Guard
No one wants to be in the position of discovering that a loved one did not have an estate plan. Unfortunately, when this happens, it can put your family in a very difficult situation in which they are unsure how to proceed. You can do your due diligence and make things easier for your loved… Read More »
Will a Trust Take Care of Everything in Your Estate Planning?
A trust is a solid component of any advanced estate plan, but it is certainly not the only thing that you can rely on to handle the aspects of administering your estate. It is an effective strategy to use a trust but it is also far more complex than most people realize. If you fail… Read More »
Elder Law Tips for Caring for a Loved One When They Live Far Away
If you are attempting to be a caregiver from a distance, this can be a very overwhelming situation and it can even be more daunting than trying to manage it in your own home. Statistics suggest that there is a good chance that you might be a caregiver at some point in the future, and… Read More »
When Updating My Estate Plan, Do I Need to Use the Same Attorney Who Drafted It?
Did you draft an estate plan with the help of an estate planning lawyer many years ago? A common process in which this happens is when you and a newly married spouse sit down to create your estate plan at the birth of your young children. Making some tweaks to the will and other documents… Read More »
Does a Power of Attorney Grant the Agent the Ability to Do Whatever They Please?
An agent under a power of attorney has an overriding responsibility known as a fiduciary obligation to ensure that financial decisions are in the best interests of the person who named that agent under a power of attorney. Not all powers of attorney will grant full financial rights regarding assets. The right to act is… Read More »
What Are the Changes a Power of Attorney Cannot Make?
A power of attorney document that is written in a general sense does not typically contain any limitations, meaning that it will give the appointed attorney in fact or agent broad authority of financial or medical decisions. Your power of attorney holds specific and clear powers when it comes to management of your affairs so… Read More »
Do I Have to Update My Estate Plan Every Time I Move?
It can be very complicated to move to a new location, but this can also raise important questions about your existing estate plan as it relates to guardianship and subjects in a will. If you move frequently because of your job, it is important to have a relationship with an estate planning attorney in your… Read More »
What Happens if Your Real Estate Gets Stuck in Probate After You Pass Away?
It could be very problematic for your loved ones if your real estate gets stuck in probate after you die. You can, however, take positive steps to plan ahead to ensure that your real property skips the process of probate altogether. An important component of any person’s estate planning is determining what happens to your… Read More »
What Can a Health Care POA Agent Decide?
Do you have a plan for who will be able to decide medical choices for you if you are unable to speak for yourself? If not, you need a power of attorney agent for healthcare. The powers of an attorney in fact agent can be narrow or broad depending on the specific execution of the… Read More »
My Loved One Has Dementia. Should We Get a Power of Attorney?
One of the most common times that an estate planning attorney is engaged to draft a power of attorney document is when an elderly loved one is suffering from Alzheimer’s or dementia. A durable power of attorney enables an agent, most likely a trusted family member, to make financial and medical decisions on behalf of… Read More »
Reasons to Use a 529 College Savings Plan for Passing on Assets
Are you looking ahead to help support the educational goals of your beneficiaries, such as your grandchildren? There are many different tax benefits to using a 529 college savings plan, such as tax free withdrawal when those 529 funds are used specifically for qualified expenses, and tax free growth. As one cornerstone of your financial… Read More »
How Does Life Insurance Support My Estate Plan?
Many people assume that their estate plan is about their current assets only, whether it’s real property, collectibles, or retirement accounts. But one type of asset you might want to acquire during the estate planning process is a life insurance policy. Even if you have other assets inside the estate plan that you hope to… Read More »
Should You Gift Your Estate In 2020?
Some insight seems to suggest that high net worth baby boomers should think carefully about gifting their estates in 2020. The largest generational wealth transfer in history is on the horizon for the United States. It’s expected that today’s millennials will inherit upwards of $30 trillion in property form baby boomers and, of course, it… Read More »
What Are the Advantages and Disadvantages of a Testamentary Trust?
A testamentary trust enables the creator to determine how their money will be distributed at the time of their death, but this is not the right estate planning tool for everyone to use and you should always discuss the specifics of your situation with an estate planning lawyer. Other estate planning strategies might specifically be… Read More »