If you have spent a significant amount of time amassing collectibles in your life, it is equally important to think about how you will protect these after you pass away. You may have specific intentions for your collectibles, such as handing them down to a family member, gifting them to a museum, or donating them… Read More »
Blog Posts Page 3
What Does It Mean To Properly Store Estate Planning Documents?
You might be the only person in your family who knows where to find your documents if you pass away. That’s a problem if your family needs to find these materials for the purposes of planning a funeral, memorial, or the opening of probate. For important instructions, these should be safely and securely stored so… Read More »
What Personal Representatives in CA Need to Keep in Mind With Regard To Valuing And Inventory Assets
One of the most important things that a personal representative must do early on within the management of the estate is to gather date of death value statements from financial institutions. Creating a comprehensive inventory of all assets associated with the estate is strongly recommended to make sure that you have clarity on what assets… Read More »
What Artists And Collectors Need To Consider In Basic Estate Plans
If you own assets such as your personal art or a collection you’ve accumulated over the course of your life, special estate planning techniques might be required to protect those assets when you pass away. If you don’t yet have a plan for these assets and how you want them handled, it can be helpful… Read More »
How Are Estate Taxes Assessed?
Not every estate will be required to pay federal estate taxes because it applies only to those estates valued at over $12.06 million in 2022. Likewise, not every state assesses its own estate tax. However, if your assets have appreciated a lot over time or if you do live in a state with its own… Read More »
Does The Executor of My Estate Need to Be a Financial Or A Legal Expert?
When you pass away, someone needs to be appointed to handle your affairs. This person may be known as a personal representative or an executor, and can be named through your estate planning documents like a will. It’s a good idea to think carefully about who you’ll name as your executor and to have a… Read More »
Is a Power of Attorney Agent Responsible for Debts of the Grantor?
It may be the case that a family member has given you their power of attorney in order to manage their finances while they’re in a nursing home. If there is an outstanding balance on the account, however, this creates questions about your rights. In general, the agent under a power of attorney is not… Read More »
Should You Write a Letter of Instruction?
Your will is the formal legal document that tells the court and your personal representative how to administer your estate. But it might not be enough clarity for your loved ones. Someone who is appointed to settle your affairs after you pass away may find this confusing and overwhelming. Even though the courts can provide… Read More »
Are A Revocable Trust And A Revocable Living Trust The Same Thing?
You have probably heard about trusts as one of the best ways to accomplish your estate planning goals. It’s important to find a lawyer who can work with you to cover these basics and protect your primary interests when setting up a new trust. Many of the different marketing materials out there about living trusts… Read More »
What Role Does Family History Play in Setting Up an Estate Plan?
Family history is extremely important in considering what you hope to accomplish with estate planning. It can be very overwhelming for your family members to think about all the different aspects of your personal estate plan. Furthermore, it can lead to potential conflict and disputes down the road among those family members, if and when… Read More »
Business Legacy Planning Is Important
What will happen to your business in the future if you decide to exit the company or must exit the company for some reason? If this happens to you, you must have a plan in place to assist with the transfer of the company to protect its value. Protecting your interests in business legacy planning… Read More »
Study Shows Millennials Are Uncomfortable With Financial Planning
If you’re a millennial, you might not have an estate plan or a financial plan at all. Putting these things off because they feel more useful in the future can be a big mistake. A significant percentage of millennials would rather do practically any task rather than thinking about their finances. According to one recent… Read More »
When Is a Living Trust the Right Addition Your Estate Plan?
A living trust can accomplish many different goals, but it can also be used improperly or used in a way that does not accomplish your estate planning goals. You’ve probably heard plenty about the advantages of structuring a living trust. You can, for example, avoid your assets having to go through probate, a potentially expensive… Read More »
What Is an Attorney-In-Fact On A Power Of Attorney?
A power of attorney document allows someone else to take on legal responsibilities and actions that the creator of the document would otherwise do. For example, if you need your CPA to talk to the IRS on your behalf, you would complete a power of attorney. Likewise, if you needed someone else to attend a… Read More »
What Can a Power of Attorney Be Used For?
Creating a power of attorney is strongly recommended for every person aged 18 and above. This document enables someone else to step in and take actions on your behalf. A power of attorney can be used to give another party the right to sell a home, car or other property in place of the principal…. Read More »
What Makes a Will a Simple Will?
If you’re new to estate planning in Pasadena, you might be curious about how best to proceed with your process. You might also wonder, “Do I need more than a will?” In California, this is known as a statutory will. However, a fill in the blank form leaves out room for customization and goals in… Read More »
What Is the Difference Between a Medical and Financial Power of Attorney?
You’ve probably heard the advice to document your wishes and your chosen agent to make decisions for you if you become incapacitated. This is known as a power of attorney. Your medical power of attorney is a distinct document from your financial power of attorney, and you need to think through this carefully when approaching… Read More »
Top Things to Change in Your Estate Plan After Getting a Divorce
There are a number of estate planning issues that can pop up after you get divorced. It’s not necessarily a well-known aspect of ending a marriage the way legally changing your name is, so these can get overlooked. If you pass away or get sick before changing your documents, decisions or transfers might happen that… Read More »
What Does a Successor Trustee Do?
If you establish a revocable living trust, you typically appoint yourself as the trustee while you’re still alive. This enables you to make important decisions and take actions in relation to the trust, meaning that you still have control over the assets inside. However, if something happens to you, another party will need to be… Read More »
What Are Some of the Most Common Estate Planning Goals?
It can be motivating to get in touch with your estate planning goals to finally accomplish this task and cross it off your to-do list. Having clearly documented estate planning goals gives you a roadmap for the kind of documents you need to create and the strategies you should consider in this process. Everyone may… Read More »
