Did you know that an IRA trust, if not properly structured, could become a disaster in terms of estate planning? Congress is currently considering eliminating the stretch IRA, which means that your financial advisors and estate planning professionals will need to rethink IRA trust estate planning. On May 23rd, the new SECURE Act was passed… Read More »
Blog Posts
Is There A Time Limit for Contesting A Will in California?
It is recommended that if you believe you have grounds to contest a will, that you initiate this claim with the courts as soon as possible. California enables will contest to be filed on numerous different grounds by interested parties who can be creditors, heirs or beneficiaries named in the will. In order to initiate… Read More »
These Four Elements Belong in Your California Estate Plan
When most people think of estate planning, they assume it doesn’t affect them for a variety of reasons: not enough assets, being single or being relatively young. The truth is that estate planning address these issues while you’re still alive and those that occur after you pass away and it’s a good idea to have… Read More »
Does Someone Retired and Single Still Need Estate Planning?
Are you a single retiree in the state of California and have maybe put off your estate planning? Perhaps you and a friend have gotten together to draft your own wills with the support of witnesses and a notary. Even as a single individual and a retiree, there are still steps you can take with… Read More »
What Is Community Property in California?
The process of California estate planning might seem overwhelming if you’ve never done it before or if you’ve recently relocated to the state and are curious about whether or not your existing estate planning documents will do the job if and when you become incapacitated or pass away. One common question that emerges and is… Read More »
What Happens Without a Will in the State of California?
Your assets go to your closest relatives under California law in Pasadena per the intestate succession rules. Only assets that pass through your will are included under intestate succession laws. Examples of those that do not go through your will include life insurance proceeds, retirement account funds, property transfer to a living trust, payable on… Read More »
What Are the Grounds for Removal of a California Executor?
There are certain restrictions in every state including California, about who is able to serve as an executor of probate. An executor has to be of sound mind and at least 18 years old, according to the California probate code. These are not the only restrictions, however, that could be applied in a Pasadena probate… Read More »
Could Handwritten Wills Hold Up in The Aretha Franklin Case?
After the Queen of Soul passed away in August 2018, plenty of news reports covered the fact that it appeared she hadn’t done enough work for estate planning. It was anticipated that her expected $80 million fortune would be distributed without the assistance of a last will and testament, since none was found at the… Read More »
What Happens After Probate Estate Appointment in California?
After a person has been established as a personal representative for an estate in California, there are three primary responsibilities this individual must keep in mind. These include: Gathering all assets and filing an inventory and appraisal of the estate assets. Paying any taxes, debts, and liabilities of the estate. Distributing any remaining assets after… Read More »
What Types of Actions Require A Court Hearing for California Probate?
Not every action that a personal representative takes on behalf of a California state requires a formal court hearing. In fact, many of the areas that can be completed by the personal representative can be done after filing the official paperwork to become the personal representative and getting registered with the IRS. However, there are… Read More »
How to Modify Your Will in California
Your will is a crucial estate planning tool that will become of utmost importance when you pass away. Many people have a will executed on their behalf to ensure that their wishes with regard to how their assets are passed along is carried out. But creating a will years ago or even six months ago… Read More »
Have You Neglected to Plan for Your Retirement Account?
A new study completed by the Aspen Institute has found that up to 60% of American workers don’t have a retirement account at all. Due to working in the gig economy or the lack of comprehensive retirement plan options presented by traditional employers, many people choose not to have a retirement account, or may never… Read More »
Are There Any Problems with Designating A Trust as Your IRA Beneficiary?
It’s already quite complex to designate a trust as a beneficiary of your IRA in Pasadena, and unfortunately this isn’t getting any easier. With the demise of defined benefit plans and pensions, it’s certainly becoming more important than ever to discuss the pros and cons of naming a trust as a beneficiary of your IRA… Read More »
Connecting Your Estate Plan to Your Modern Life
Over the course of recent history, plenty of people have avoided estate planning because they assume they don’t need it. With social media, email and bank accounts, and other digital assets like photos, it has become more important to tether any of your online assets to you. As life gets more complicated and you add… Read More »
Do I Need to Plan to Change Plans?
Is Pasadena estate planning on your adult to-do list? Bear in mind that this is not a once-and-done planning opportunity. Life changes and your estate planning strategies and documents have to be adjusted over time. Whenever your circumstances change, or whenever the law has been adjusted, you need to sit down and reassess your current… Read More »
Sibling Rivalry Family Dynamics in Estate Planning
One of the biggest challenges in creating an estate plan is coping with issues due to sibling rivalries. If siblings have been in the midst of constant drama with one another their entire life, this can lead to the parents putting off estate planning altogether. When it comes to distribution of assets, a trust is… Read More »
Why Is Prince’s Estate Still Unsettled?
Are you interested in avoiding mistakes celebrities make in estate planning? The news is always full of stories of famous people who seemingly had it all- until that “all” wasn’t planned for properly. This leaves loved ones behind scrambling to figure out all the details after the famous person passes away. Three years after his… Read More »
What Are the Basics of Setting Up A Trust Fund?
If you are thinking about establishing a trust fund for your loved ones to be able to receive benefits during your life or after you pass away, understanding these basics and following through by appropriately funding the trust fund is important. Although trust funds were previously associated with high net worth people as method to… Read More »
Have You Planned Only to Avoid Taxes in Your Pasadena Estate?
When it comes to the possibility of making mistakes in Pasadena estate planning, the concerns run rampant in the estate planning attorney community. Many lawyers, especially those who focus on probate, see the falling out that occurs when a person doesn’t follow through with appropriate estate planning. This leaves family members, personal representatives, and even… Read More »
One-Quarter of Americans Would Not Pass A Financial Literacy Test
When is the last time you sat down and looked over your financial situation or even consulted with your financial planner or attorney about it? Research shows that many Americans don’t understand the basics of financial literacy and now there are plenty of studies to back it up. Retirement income literacy is one of the… Read More »