One of the most common questions presented to Pasadena estate planning attorneys is what’s the primary difference between irrevocable and revocable trust. A living trust is a legal entity that can own assets, such as investment accounts, bank accounts, and real estate. There are many different types of trusts available to people engaging in estate… Read More »
Blog Posts Page 2
Choosing the Right Person to Hold Your Power of Attorney in Pasadena
It can be a nightmare situation if you find out too late that you’ve signed over your power of attorney to someone in your family or someone you believe to be a trusted friend and then discover that all of your savings from the course of your lifetime have been drained from your account. A… Read More »
Seven Things to Avoid When Planning for Retirement
Planning for retirement is not just about looking into getting on top of your debt but also for planning ahead to enjoy the later years of your life as much as possible. Unfortunately, seven deadly sins can plague people in their retirement years and force them to suffer more than what they would have expected…. Read More »
Even Today’s Top Earners Might Not Be Fully Prepared for Retirement
Most people have retirement at least in the back of their minds but plenty of people haven’t taken the necessary steps and followed through to be on track to save ahead for everything they’ll need in their golden years, including how to pay for healthcare expenses. Income only goes a certain part of the way… Read More »
Are Your Company Benefit Plan Designations Up to Date?
Filling out your company benefit forms might have seemed important at the moment you did it and passed back over to human resources, but what if something were to happen to you. Does this document still reflect your individual wishes? You probably took a guess during the enrollment process about how many exemptions to claim… Read More »
Weighing the Cost of Potential Need for Long Term Care Insurance
The very thought of paying for long term care makes plenty of people who are already nervous about the process of planning for their estate even more nervous. This means that is important to sit down with an experienced and knowledgeable estate planning lawyer who can walk you through the process of weighing the needs… Read More »
What Assets Usually Pass Under A Will?
When it comes to serving as an executor, one of the most important and yet difficult tasks for an executor is to identify all of the decedent’s property by type of ownership. This begins by locating, then valuing, and then organizing this property by the various ways that it is owned. This can require comprehensive… Read More »
Do Trustees and Executors Need to Be Familiar with Digital Assets and Accounts?
More research has shown that people have higher numbers of online accounts than ever before. This can present unique challenges in the estate planning process. This is largely because many people forget to include their digital assets in their overall estate planning. Digital assets and accounts are a relatively new category of assets that both… Read More »
Can I Use A Trust as A Designated Beneficiary of My IRA?
Improper planning could put your intended beneficiaries in a difficult situation with your IRA. A significant tax consequence might apply if you don’t sit down with an estate planning lawyer and talk over the options available to you that help you to accomplish your goals while minimizing tax consequences for your beneficiary. If you intend… Read More »
Why It’s Important to Pay Attention to The Details in Succession Planning
If you own a family business, managerial succession and the transfer of that ownership can become quite problematic when they’re not planned out appropriately. If you are a parent who owns and manages the business, there are probably other people who have a vested interest in that company of having an unchanged or uninterrupted operation… Read More »
Do I Really Need A Team of Experts If I Inherit or Win A Large Sum of Money?
If you receive a substantial jackpot through a lottery which will be part of the massive transfer of wealth from baby boomers to future generations in the coming decades, one of the most important things you can do is equip yourself with a team of experts. These situations are not as simple as cashing your… Read More »
What Happens to a Revocable Trust at the Grantor’s Death?
Each family and individual have their own concerns about the estate planning process, but many of these issues can be addressed by putting together appropriate trust provisions and funding the trusts with necessary assets. A revocable trust is but one of many tools available to craft a comprehensive estate plan, and there are many different… Read More »
Married Couples with Larger Estates Benefit from The Increased Federal Estate and Gift Tax Exemption
Married couples with substantial estates have plenty of things to be happy about with the Tax Cuts and Jobs Act. The new law clarified that the federal estate and gift tax exemption at $11.4 million for 2019; meaning that annual inflation adjustments will also apply between 2020 and 2025. For married couples that amount is… Read More »
Why Are Digital Assets Important for Estate Planning Purposes?
Digital assets can be easily overlooked as part of the traditional estate plan but this could be a big mistake to leave them out of your formal planning process. The support of an experienced estate planning attorney can help you to flag digital assets and to incorporate a necessary plan to included them inside your… Read More »
What Should A Surviving Spouse Know About an Inherited 401(k)?
A surviving spouse has three primary options upon inheriting a 401(k). The first of these is to leave the funds inside the inherited 401(k) if this is allowed. The second option is to take the funds inside the 401(k) and roll it over to the individual’s 401(k). This is only allowed in certain situations. One… Read More »
What Should a Non-Spouse Do With an Inherited 401(k)?
Have you recently come into possession of a loved one’s 401(k)? Without knowing the options, it can be difficult to figure out how you should handle this particular inherited asset. Add to that the fact that mistakes made with an inherited 401(k) could end up costing you unnecessarily and significantly. This is why it’s recommended… Read More »
11 Steps to Establishing a Living Trust
A living trust is a powerful tool when it is drafted and funded appropriately. In fact, this has become one of the most common estate planning tools available today. A living trust can give you greater peace of mind that your wishes will be followed after you pass away and ensure that your financial affairs… Read More »
Is an Estate Plan Different from a Business Succession Plan?
The succession of your estate or business is the official transmission of the assets of a deceased individual to his or her successors or a transmission of a business from someone who is departing the company. In many of these circumstances, the individual may not be departing the business willingly and may have left due… Read More »
Is a Joint Account the Same Thing as a Transfer on Death Account?
If you are looking for optimal ways to pass on small estates in a simple way, there are various tools available to you that can be discussed directly with your estate planning attorney. Many married couples today share a bank account from which either one of them can add or withdraw funds or write checks… Read More »
Do Singles Need Estate Planning?
Often single individuals without kids don’t do any estate planning because they assume they don’t need it and there’s no one to pass it on to. If you’re single with no kids and approaching retirement, there’s probably a good chance that you haven’t given much thought to the estate planning process. You might have been… Read More »