High net worth married couples who may owe federal estate taxes when the second spouse passes away, could tap into a strategy known as portability, which was recently improved on behalf of couples by the IRS. Even though a spouse could inherit all of their partner’s assets tax free, estate taxes could potentially be owed… Read More »
Blog Posts Page 2
How Much Will I Spend In Retirement?
Your estate plan and your retirement intentions are likely linked, especially if you’re not sure how much money you’ll really need in retirement. This can be a difficult question to answer, especially in light of inflation and the uncertainty around whether you might need to tap into retirement savings for healthcare needs in the future…. Read More »
New Study Connects Financial Discipline to Better Sleep and Greater Happiness
How often do you stay in touch with your financial planning and decisions? It can be difficult to buckle down and get on top of your finances, but it can also prove extremely fruitful, according to the results found in a new study. The Harris Poll identified a sample of nearly 2,500 people finding that… Read More »
Should You Create A Power Of Attorney For General Everyday Use?
A power of attorney formally appoints another individual to make important decisions on your behalf. The legal system will recognize these choices as lawful when invoked, and when your chosen agent is acting under the appropriate authority. You can decide whether or not you want your chosen agent to have broad decision making authority or… Read More »
Clients Near Retirement Should Meet with Estate Lawyers
When is the last time you made sure your retirement plan and your estate plan are aligned and ready to work together? If it’s been a while, you might need to meet with an estate planning attorney. Many individuals who are at or near retirement enjoyed decades of rising and relatively stable markets, with increasing… Read More »
Business Owners: Don’t Neglect Your Largest Asset
A recent survey conducted of US small business owners found that very few understood their business valuation, or had stepped into the process of appropriately planning for the company’s future. It is vital to understand the valuation of your company to plan for a sale, for estate and tax planning purposes, or to identify next… Read More »
What Happens If a Trustee Wants to Resign?
If you intend to use a trust for estate planning reasons in California, you must carefully choose who you’ll appoint as trustee. Failing to take proper care in doing this could mean that your trustee decides to resign. Some people appointed as trustee don’t realize all the work that goes into it or the level… Read More »
Updating Your Will? Don’t Forget the Rest of Your Plan
There are many reasons why you might need to update your last will and testament or a revocable trust. Perhaps you’ve recently gotten divorced or adopted a new child and need to make appropriate accommodations in your estate plan. No matter the reason prompting your estate plan update, you must be ready to consider any… Read More »
What Happens If My Loved Ones Cannot Find My Estate Planning Documents?
All of the extra work that you put into organizing your estate planning could be derailed if your loved ones are unable to find these documents. Documents such as a last will and testament, an irrevocable trust, life insurance and retirement beneficiary forms should all be stored in a location where your executor or personal… Read More »
Be Careful Appointing Executors, Trustees, and Power Of Attorney Agents
Many people recognize the possibilities associated with appointing a trustee, power of attorney agent or an executor in your estate plan. You may want to appoint your agents by profession or age instead of considering who is best to serve, or you might think it’s a good idea to appoint all of your children together…. Read More »
What Heirs Need to Know About Deadlines to Empty Inherited IRAs
If you’re completing your own estate planning, there’s a chance that an IRA is one of the biggest assets in your estate. When you pass this on to your loved ones, you should always be clear about how this will influence their immediate financial situation. Previous strategies for stretching out IRA inheritances no longer work,… Read More »
Thinking Beyond Your Children with Business Succession Planning
Plenty of company owners expect to keep the business in the family, but that is not always possible. For many reasons, your children might be unwilling or unable to take on that responsibility. If you own a business, it is natural to want to know what happens to that company after you pass away or… Read More »
Employees Report More Stress About Retirement Post-Pandemic
Many people took a step back and looked at their overall plans and projections for the future during the pandemic. A recent study from TIAA found that saving for retirement is the top financial goal for employees, but over half of workers recently surveyed determined that the pandemic significantly or somewhat increased their overall stress… Read More »
What Are the Downsides of Handwritten or Fill in The Blank Wills?
It’s easy to put off the process of estate planning because you might assume that it’s not relevant for you, or that it’s too complicated to make the effort worth it. Many people turn to things, such as a handwritten will or a fill in the blank form will. California does accept handwritten wills, but… Read More »
Why Baby Boomer Business Owners Need a Buy-Sell Agreement
Do you know what will happen to your company when you need to exit or decide that it’s time to start transitioning out? Most companies don’t have a succession plan in place or even an agreement about how the business could be divided or sold. Baby Boomers are entering retirement and their older years in… Read More »
Will Creating a Trust Benefit My Company as An Entrepreneur?
Entrepreneurs and business owners are responsible for so many different details. Some of these include protecting assets, leaving a legacy, minimizing taxes, managing operations and hiring the right people. Many of these questions can be answered by thinking about creating a trust. A trust forms a fiduciary relationship in which one party, the creator, gives… Read More »
What Does It Mean to Have Legal Standing to Contest A Will?
When you create your estate planning documents, you’re doing so to make things easier for your loved ones. You’re streamlining your affairs and ensuring that your wishes have the best chance of being followed by the courts and the people you appoint to handle your estate administration. But this does not always mean that your… Read More »
How To Handle Discomfort with Your Parent’s Estate Plan
On the one hand, learning directly from your parents what they hope to accomplish with their estate plan is a great way to gain clarity and understanding over their goals. It can also reduce the possibility of future friction and disputes, but unfortunately, the way that your parents have planned their estate may not line… Read More »
Inflation Poses Serious Risks for Long Term Care Savings
Have you thought about how you might potentially pay for a stay in a long term care facility, such as a nursing home? Many people hope to remain living in their own homes as happy and as healthily as they can, but unfortunately, the possibility of a disability, illness or sudden recovery event may prompt… Read More »
Pros and Cons Of Naming A Trust Or Individuals As The Beneficiary Of Your 401(K) And IRA
Along with all of your other assets, you must make decisions about who will receive any remaining funds inside your retirement accounts when you pass away. These companies managing your accounts use specific forms for transferring assets, so you need to review these on a regular basis to ensure your wishes are still met with… Read More »
