Do you know what would happen to you or your desired medical care wishes if you weren’t able to speak about them yourself? If you haven’t thought this through, your family members may face challenges that address pressure and stress. There’s also no way to know whether or not your wishes will be followed. Most… Read More »
Blog Posts Page 4
How Is Property Transferred After Someone Passes Away?
When you create a will, you lay out the plans for how your property will pass to chosen beneficiaries when you pass away. However, your will is not the only instrument through which you can transfer property, and you may wish to communicate with a local estate planning lawyer to discuss alternatives. After a person… Read More »
Four Options for Asset Protection Planning
Asset protection planning is a legal process through which you recognize the possibility of your assets being at risk due to creditors or potential lawsuits and taking proactive steps to shield these assets. By planning in advance, you set yourself up to protect some assets if and when someone comes after you. Unfortunately, people perceived… Read More »
Keep This in Mind When Estate Planning for a Blended Family
Many people don’t recognize that once they pass away, a surviving partner can do what they wish with any assets remaining, particularly if a will leaves everything to that surviving partner. This can become especially problematic if you’re part of a blended family and have recently remarried but have children from a previous marriage. This… Read More »
What Are the Different Ways to Pass on Assets in an Estate?
As you plan ahead towards retirement, it’s important to consider your beneficiary structure. Whether you’re passing assets through trusts, wills, life insurance or an IRA, you need to have a clear understanding of the estate planning tools that can and cannot be used to pass these on. The default way to give assets to someone… Read More »
Does Establishing a Trust Mean I Don’t Have to Go Through Probate?
In California, like many other states, every estate must go through at least some court procedures. This typically includes the admission of a will and the appointment of a personal representative to handle estate administration. If there is no will, formal court procedures may still be required to appoint a representative and to transfer assets… Read More »
What To Look for In an Attorney Who Drafts Trusts
Depending on what you want to achieve, a trust can be a very powerful estate planning instrument. You get all the benefits of a trust when you choose to use one in your estate, so long as the form selected is right for your needs and you follow through with funding it. For example, maybe… Read More »
Have You Made a Plan for Incapacity or The Unexpected?
You might have written down your plans for your will or even set up a trust, but what happens if you’re not able to handle your own finances or healthcare decisions in the future? Incapacity issues are important to think through. A recent study from the University of California San Francisco and Massachusetts General Hospital… Read More »
When Should Someone Get a Financial Conservator in CA?
If you have a loved one showing signs of cognitive decline or other physical issues making it hard for them to handle their own finances, it’s natural to have questions about your legal options. Courts may appoint guardians when a person is unable to manage their own finances. Financial conservatorship is often recommended when a… Read More »
Going Beyond Your Gift Tax Exemption? Don’t Forget to File a Gift Tax Return
There are many different strategies you can use to pass on assets to your loved ones. One of these is known as maximizing the gift tax exemption. Along with other strategies and tools you may use to pass things on to your loved ones, the gift tax exemption allows you to give up to $16,000… Read More »
How To Be Mindful About the Potential of Elder Fraud
You may be worried about potential scams that could influence your elderly parents or other family members experiencing potential cognitive challenges. Taking proactive steps to recognize the common nature of elder fraud could help save your loved one and ensure that their assets are protected. Especially if your loved one has a diagnosis of dementia… Read More »
Estate Planning Helpful Even for Singles
If you’re a single individual, you may assume that estate planning is not to your benefit, or perhaps you’ve done the necessary step of taking the time to create a will but have not gone any further with your overall estate plan. Estate planning, however, is beneficial for everyone. Documenting your wishes makes it possible… Read More »
Should I Include A No Contest Clause In My Will?
Creating estate planning documents and strategies makes things easier for the people appointed to handle your affairs and reduces the possibility of conflict in the future. However, some beneficiaries still retain the right to contest estate planning documents when they have legal grounds to show that these documents may have been procured by fraud or… Read More »
Is Your Estate Plan Missing Funeral Arrangements?
Estate planning is difficult for many people, but one commonly overlooked aspect is planning ahead for funeral arrangements. It can be very difficult to put your loved ones in the position of having to make these decisions for you, especially if they don’t know whether or not you had your own wishes expressed or prepaid… Read More »
How Does Tax Diversification Fit into Your Estate Plan?
Your estate plan combines components of your future healthcare intentions, your goals for passing on assets to loved ones and your financial plan. Working with qualified professionals for each phase of this is extremely important for protecting your interests. One common thing overlooked by many people in the estate planning process is tax diversification. The… Read More »
The Value of Clear and Direct Language in Your Estate Planning
Avoid confusing or vague terminology throughout your estate plan as this can only cause more problems then intended. The process of undertaking an estate plan requires thinking intentionally about what you wish to achieve. But with unclear language, this opens the door for someone to file a probate or estate dispute. Court intervention to resolve… Read More »
What To Know Before You Move to A Tax-Advantaged Retirement State
More elderly people are looking for ways to maximize their retirement savings and to account for the fact that they may live longer than expected. Moving to lower tax climates is a popular strategy for addressing these issues. However, you need to be aware of some of the potential pitfalls and challenges of moving to… Read More »
Is a Trust Required to Avoid Probate?
Various estate planning myths could cost you the peace of mind that comes from knowing you’ve established documents and strategies to carry out your wishes as you want, and these could also harm your loved ones in the future. The truth is that not all of your assets fall into the probate process anyways. Some… Read More »
When Is a Will Not Enough for Estate Planning?
Most people recognize that a will is one of the most important components of any estate plan, and yet plenty of people overlook it and never get around to creating a will. You may be most familiar with the benefit of a will after helping a loved one navigate the process of probate. Being appointed… Read More »
How Does My Estate Plan Impact the Financial Planning Process?
Estate planning and financial planning are connected. Decisions that you make for one will certainly impact the other. This is most applicable for decisions made over the course of your life, such as your decision over what to do with your retirement plan. Setting retirement goals with the help of your financial professional is very… Read More »
