In creating your will, it was probably relatively simple to gather together all of your assets and spell out how you wish for them to be transferred after you pass away. However, if you are setting up a trust this will involve some more steps than simply a will. You will need to create a… Read More »
Blog Posts
How to Find the Right Person to Succeed You in a Company
You already know that you need a business succession plan and perhaps have even taken the initial steps to start documenting what this might look like if you were to leave the company voluntarily or as a result of disability or other incident. The next stage is to consider potential successors to determine whether or… Read More »
Ensuring a Smooth Transfer of Wealth
Much of the country’s wealth is still owned by baby boomers even though millennials are picking up speed in other areas. According to a recent study, baby boomers will stay the wealthiest generation in America until at least 2030 and it’s anticipated that over $60 trillion of their wealth will be transferred to heirs in… Read More »
What You Need to Know About the Social Security Administration and Power of Attorney Documents
Unfortunately, one of the things that can easily become a big mistake in your otherwise well thought out estate plan, are Social Security benefits. A financial power of attorney is a crucial document for your estate plan because it empowers somebody else to manage your finances when you are no longer able to do so…. Read More »
What Should You Reconsider in Your Estate Plan as A Result of The Pandemic?
The Coronavirus pandemic has caused many people to step back and think in a bigger picture way above their estate plan. There are many aspects of this crisis that can call out certain weaknesses in your estate planning documents and now is the time to re-evaluate these. In certain estate planning documents, the language that… Read More »
Do You Have a CEO Succession Plan for Your Business?
Are you intending to sell your business in the near future and are curious about the best way to protect your company and ensure that you have a proper exit plan? You need to think carefully about your CEO succession plan. This is especially true if you are nearing retirement age and are looking to… Read More »
What is This Document For, Anyway? Your Estate Planning Primer Part 1 — Advance Health Care Directives
I hope all of my readers continue to be well. I want to thank everyone for your responses to the email blasts I’ve sent over the past two months in response to the COVID-19 pandemic. Your comments been quite encouraging and it’s nice to know that what I have been writing has been helpful to… Read More »
Do You Have the Right Beneficiary Designation Forms on File?
Usually as an account owner, you bear the responsibility to complete individual beneficiary designation forms with certain accounts. This is because your will or other estate planning documents do not override the forms filed with those companies. It is very possible that you filed the beneficiary designation form with a company, such as a life… Read More »
Why Is Life Insurance an Important Part of Your Estate Planning?
You probably know that you need to have a life insurance policy, but you might not recognize its specific goal in the overall process of estate planning. If you have other assets that you intend to pass onto your loved ones when you are no longer around, this can be done through estate planning vehicles… Read More »
What Happens After the Court Appoints A Personal Representative?
If you do not have an estate plan, you have in-effect transferred the decision-making power to decide who manages the administration of your estate over to the courts. The courts follow processes in established statutes to determine who your heirs are and what they are entitled to receive. In California, you might hear what is… Read More »
If You Collect Something Unique, Then You Need to Consider Estate Planning
Do you collect sculptures, coins, postage stamps or something else that holds a lot of meaning for you? You certainly want to have a specific plan inside your estate for how you’ll pass on these assets to those people within your family who want to receive it or to give these to charity or to… Read More »
What Are the Downsides of Creating an Online Will?
Being home right now and working through your estate plan might seem like an excellent idea but problems and challenges can emerge if you don’t realize all of the potential pitfalls of creating an online will. Although it won’t cost much and can be fast, there are legal issues that could arise after the fact…. Read More »
In Which Areas of Your Life Can an Elder Law Attorney Be Helpful?
Chances are good that you will need the help of an elder law attorney in your older years. As you begin looking towards your retirement future and what will happen after you are no longer around, seeking counsel from an elder law lawyer can be very beneficial. Elder law attorneys are those who have experience… Read More »
COVID-19, the CARES Act, and Your 2020 RMD — Part 2
I hope all of my readers are well. In my last posting, I wrote about how the CARES Act waives required minimum distributions from retirement accounts for 2020, and, if you’ve already taken a distribution this year, that you can return it under certain circumstances. I write now because we have some clarification from the… Read More »
A Revocable or Irrevocable Trust: Which One Is Right for Me?
There are two primary types of living trusts; revocable and irrevocable. Many people will instinctively favor the revocable version since it gives the opportunity to update and change things in the future. An irrevocable trust is a trust that can’t be amended, modified or terminated. The grantor cannot change the written terms of an irrevocable… Read More »
Is It Possible to Write A Will That Avoids Family Conflict?
You might have been putting off the process of estate planning for a long time. There might be a thought in the back of your mind that it’s because of the possibility of loved ones fighting in the future once you have clearly articulated your plans in a legal document. However, by expressing your wishes,… Read More »
Should You Pass on Your House to Your Adult Children?
You might have heard that one key way to avoid probate is to give your house to your adult children by passing on the house deed or giving them outright. This might seem like the smart or even easy thing to do, but it rarely is from an estate planning perspective. While transferring your house… Read More »
Estate Planning Is on the Rise- Are You Prepared?
Have you checked your documents recently? The pandemic has caused widespread changes throughout the United States in the way that people live and think about their life. Although the corona virus pandemic was only concentrated in large cities previously, more people are beginning to feel the impacts in their individual state as they stay tuned… Read More »
Do Life Insurance Policies Have to Have a Backup Beneficiary?
If you have a life insurance policy or a retirement account, you have probably been asked to fill out a beneficiary form at some point. You have probably listed the first person who came to mind that you hope to receive these assets when you pass away but listing one person might not be enough…. Read More »
Are You Prepared for Long-Term Care Needs?
So many Americans are rightfully concerned about long term care expenses and their possible impact on retirement but only a small percentage of individuals select insurance policies to help guard against this risk. In fact, one study found that only around 10% of Americans over age 65 had long term care insurance. The problem with… Read More »