Heirs named in your estate plan may be eligible to receive distributions of assets after your appointed personal representative or executor has created an inventory and paid down any debts or taxes. Before making any distributions, it is the executor’s responsibility to verify that they have taken care of all of the other details in… Read More »
Blog Posts Page 3
What Does It Mean to Take Inventory of An Estate?
Have you named an executor of your estate yet? If not, this is an important role that you need to appoint in your formal estate planning documents. This enables another party to step in and take care of the management and closing out of your formal estate after you pass away. This is known as… Read More »
What to Know About Executor Selection
The appointment of an executor in your estate is a crucial component of an ensuring that there will be someone there to handle estate administration tasks when something happens to you. It is equally important to understand this role within your individual state and the requirements aligned with it if you have been named as… Read More »
Does a Revocable Living Trust Avoid Taxes?
There are many different reasons to use a revocable living trust as a tool in your estate plan. It can be used to supplement existing documents and strategies, such as a living will. For example, imagine that you want to have additional privacy in your estate so that it does not become a matter of… Read More »
Estate Planning Basics: What Do I Really Need?
Have you overlooked an estate plan because you feel like you won’t need one? Here’s an important thing to remember: your estate plan is just as much about your beneficiaries as it is about you. Educating yourself about the core components of an estate plan is a good starting point in your research. However, your… Read More »
Don’t Have a Succession Plan Yet? Now Is the Time
2020 has been the year of change and challenge for business owners. What you might have intended for the year could have been turned upside down, and even your existing succession or business transfer plan might need an update. There is a lot of uncertainty in the world today which means that business owners have… Read More »
How to Recalibrate Your Financial Plan Before the End of the Year
The holidays are a great time to decompress and spend time with family even if the pandemic has greatly shifted what normal looks like in 2020. This means that if you haven’t already done it, now is a good time to think about evaluating your existing financial and estate plans. As we approach the end… Read More »
Choosing a California Trustee: What to Know
Choosing a trustee in California is one of the most important steps you can take for estate planning. Knowing that you have a way to smoothly transfer your assets to the next generation might prompt you to set up a trust with the help of a Pasadena estate planning lawyer. Understanding the role of trustee… Read More »
Senior Home Care Versus Home Health Care: What’s the Difference?
Private or in-home caregiving is a broadly used option and one that has become increasingly popular as elderly individuals want to stay in their own homes or their family members’ when they have care needs. There are local as well as national care companies as well as referral services and registry services for caregivers to… Read More »
What Records Should I Have Organized for My Executor?
In your will, you’ll name the person who is responsible for closing out your estate affairs. Depending on your advanced planning and the volume of assets inside your estate, this could be a process that takes months or even years. Being proactive by thinking about what this experience will be like for your executor/personal representative… Read More »
Does a Disclaimer Belong in Your Estate Planning?
The process of putting together your estate might seem overwhelming and it’s very possible that you’ve put it off up to this point as a result of not wanting to broach the subject and trying to figure out which aspects apply to you and which don’t. The support of an experienced estate planning lawyer can… Read More »
Where Can I Find My Deceased Loved One’s Estate Planning Documents?
In the wake of a loved one’s death, it’s normal to feel like you want to step back and take some time to grieve. For family members responsible for helping with probate, however, that downtime is not always available. This is particularly true if no one knows where the estate planning documents are. Every party… Read More »
Family Owned Businesses Need Succession Planning
As a family owned business, you might have anticipated that you had a clear track for what would happen after you exited the company, but as covid-19 and all of 2020 have shaken up what the future looks like you may be aware of issues around the process of business succession planning. In the United… Read More »
Does Your Family Really Know Your Intentions for Your Estate?
There are plenty of reasons to overlook or procrastinate on estate planning and since you won’t be the one around to deal with the consequences, it’s easy to forget if your loved ones will be tasked with the responsibility of closing out your estate and coping with any undone tasks at that point in time…. Read More »
Hoping to Keep Your Assets in the Family? Use These Tips
The inheritance you leave behind could become swallowed up by taxes or end up being owned by someone else. Thankfully, there are some powerful tips you can put into place today to help keep this from happening. Your heirs won’t have to worry about paying anything in estate taxes if you have less than $18.58… Read More »
Moving to a New State? Make Sure Your Estate Plan Will Follow You
Are you planning a move out of California? Make sure your estate plan will come along. If you’ve landed here because you’re trying to decide about moving to California, you’ll want your current estate planning documents will still work in your new home. Relocating to a new state brings up plenty of opportunities to transfer… Read More »
Talking About Your Money with Your Adult Children
Many people have moved back in with their family as a result of the pandemic and this presents unique opportunities to speak with your adult children about financial topics. Account balances, end of life directives, existing estate planning documents, and priorities are all things that should come up when you have your family members under… Read More »
Creating and Funding GRATs
A grantor retained annuity trust discounts the value of larger gifts and freezes them at their currently discounted values rather than at the time of death values. This works very well in two distinct circumstances that are currently happening in the market which are very low IRS interest rates and depressed values of investments like… Read More »
It’s National Financial Planning Month: Things to Keep in Mind
October is national Financial Planning Month and this is a perfect time to evaluate your current plans and to determine any gaps you have to establish a firmer financial future. A recent study completed by Go Banking Rights determined that 64% of respondents in the United States say they are not prepared for retirement. The… Read More »
Business Owners: Now Is the Time to Reconsider Your Estate Plan
From a presidential election to a worldwide pandemic, many people are now thinking about the need to update their estate plan. There are many different reasons for this including environmental issues, such as low interest rates, lower valuations, and the possibility of a change in administration. This means many people are thinking about leveraging gift… Read More »
