Usually as an account owner, you bear the responsibility to complete individual beneficiary designation forms with certain accounts. This is because your will or other estate planning documents do not override the forms filed with those companies. It is very possible that you filed the beneficiary designation form with a company, such as a life… Read More »
Blog Posts Page 4
Why Is Life Insurance an Important Part of Your Estate Planning?
You probably know that you need to have a life insurance policy, but you might not recognize its specific goal in the overall process of estate planning. If you have other assets that you intend to pass onto your loved ones when you are no longer around, this can be done through estate planning vehicles… Read More »
What Happens After the Court Appoints A Personal Representative?
If you do not have an estate plan, you have in-effect transferred the decision-making power to decide who manages the administration of your estate over to the courts. The courts follow processes in established statutes to determine who your heirs are and what they are entitled to receive. In California, you might hear what is… Read More »
If You Collect Something Unique, Then You Need to Consider Estate Planning
Do you collect sculptures, coins, postage stamps or something else that holds a lot of meaning for you? You certainly want to have a specific plan inside your estate for how you’ll pass on these assets to those people within your family who want to receive it or to give these to charity or to… Read More »
What Are the Downsides of Creating an Online Will?
Being home right now and working through your estate plan might seem like an excellent idea but problems and challenges can emerge if you don’t realize all of the potential pitfalls of creating an online will. Although it won’t cost much and can be fast, there are legal issues that could arise after the fact…. Read More »
In Which Areas of Your Life Can an Elder Law Attorney Be Helpful?
Chances are good that you will need the help of an elder law attorney in your older years. As you begin looking towards your retirement future and what will happen after you are no longer around, seeking counsel from an elder law lawyer can be very beneficial. Elder law attorneys are those who have experience… Read More »
COVID-19, the CARES Act, and Your 2020 RMD — Part 2
I hope all of my readers are well. In my last posting, I wrote about how the CARES Act waives required minimum distributions from retirement accounts for 2020, and, if you’ve already taken a distribution this year, that you can return it under certain circumstances. I write now because we have some clarification from the… Read More »
A Revocable or Irrevocable Trust: Which One Is Right for Me?
There are two primary types of living trusts; revocable and irrevocable. Many people will instinctively favor the revocable version since it gives the opportunity to update and change things in the future. An irrevocable trust is a trust that can’t be amended, modified or terminated. The grantor cannot change the written terms of an irrevocable… Read More »
Is It Possible to Write A Will That Avoids Family Conflict?
You might have been putting off the process of estate planning for a long time. There might be a thought in the back of your mind that it’s because of the possibility of loved ones fighting in the future once you have clearly articulated your plans in a legal document. However, by expressing your wishes,… Read More »
Should You Pass on Your House to Your Adult Children?
You might have heard that one key way to avoid probate is to give your house to your adult children by passing on the house deed or giving them outright. This might seem like the smart or even easy thing to do, but it rarely is from an estate planning perspective. While transferring your house… Read More »
Estate Planning Is on the Rise- Are You Prepared?
Have you checked your documents recently? The pandemic has caused widespread changes throughout the United States in the way that people live and think about their life. Although the corona virus pandemic was only concentrated in large cities previously, more people are beginning to feel the impacts in their individual state as they stay tuned… Read More »
Do Life Insurance Policies Have to Have a Backup Beneficiary?
If you have a life insurance policy or a retirement account, you have probably been asked to fill out a beneficiary form at some point. You have probably listed the first person who came to mind that you hope to receive these assets when you pass away but listing one person might not be enough…. Read More »
Are You Prepared for Long-Term Care Needs?
So many Americans are rightfully concerned about long term care expenses and their possible impact on retirement but only a small percentage of individuals select insurance policies to help guard against this risk. In fact, one study found that only around 10% of Americans over age 65 had long term care insurance. The problem with… Read More »
When Is A Buy/Sell Agreement A Good Idea?
If you are thinking ahead about your future estate planning in Pasadena, our buy/sell agreement attorneys can help you to structure this important document that will outline what happens to this property if you are no longer part of the business. Buy/sell agreements are particularly useful if you intend to leave real estate or businesses… Read More »
Valuation and Payment Term Basics for Buy/Sell Agreements in Your Estate Plan
Bankruptcy, incapacity, and death of a property owner will typically call for a buy out in a business. One of the first considerations has to do with the valuation of the share that should be sold or bought at this point in time. The market is constantly fluctuating, meaning that the shares could vary in… Read More »
What Is A Buy/Sell Agreement in Your Estate Plan?
If you are an owner of a business, you have additional considerations when it comes to writing your estate plan. One of these can include the plans for what happens to your business after you choose to exit it, whether voluntarily or involuntarily. This can include a buy/sell agreement. A buy/sell agreement often comes up… Read More »
Avert This Simple Mistake That’s a Trust Disaster
You already know that estate planning tools, such as a will or a trust, are essential for outlining your wishes and for putting a plan in place to keep certain aspects of your estate private. But what if you fail to take the necessary step in funding your trust, which often requires changing the title… Read More »
Simple Tips for Getting Your Estate Plan in Order Today
If you’re like most people around the world, you’re staying inside and working on accomplishing tasks and keeping your family’s spirits high. Accomplishing estate planning is another aspect of getting your personal and financial affairs in order during this time. Remember that most estate planning work can be done at home and plenty of estate… Read More »
COVID-19, the CARES Act, and Your 2020 RMD
I hope all of my readers are well. By now, all of you should have heard of the CARES (the Coronavirus Aid, Relief and Economic Security) Act signed into law on March 27. It’s the federal economic stimulus package that provides, among other things, for expanded unemployment benefits and loans for businesses struggling with the… Read More »
Using a Grantor Trust as Part of Your Estate Planning
Trusts can be a very valuable estate planning tool when thinking about how to pass on wealth to future generations. They also add a layer of privacy in removing some of the information that would otherwise be shared as part of the public record. You might have heard of many different terms in relation to… Read More »