One of the most important aspects of the estate planning process is naming beneficiaries across all necessary accounts. This includes retirement accounts and life insurance policies most specifically. It is important not only to name a primary beneficiary, such as the person that you intend to receive all of the assets when you pass away,… Read More »
Blog Posts Page 4
Year-End Questions to Ask Yourself Before an Estate Planning Evaluation
How long has it been since you sat down to think about your estate plan? Odds are you either don’t have one or it’s been years since those documents were reviewed. The end of the year is a popular time to meet with estate planning lawyers to discuss your next steps and your goals. A… Read More »
Questions You Need to Ask When It Comes to Pet Estate Planning
Planning ahead for your pets is just as important as thinking about your possessions. The more you can engage with the proper estate planning process for your pets the easier it will be for you to have peace of mind that they will be taken care of if something happens to you. If you’re not… Read More »
Is Cash the Ideal Holiday Gift for Your Loved Ones?
If you’re not sure what to get people on your Christmas list and as the deadline gets closer, you might be interested in taking advantage of your gift tax exemption. For example, in 2021, you can make a gift of up to $15,000 cash per person during the year without triggering the need for a… Read More »
Why Don’t Families Discuss Financial and Estate Plans?
If you have been putting off estate planning or having conversations with your family members about it, you’re definitely in the majority. So many people don’t want to broach the topic of their own planning, much less make it a featured conversation with their family members. But the truth is that if you don’t talk… Read More »
Creating A Management Business Succession Plan
Does your company have a documented succession plan you can turn to in order to plan for a possible departure in the future? What happens if you suddenly need to step out of the business or a disability renders you unable to work in the company any longer? Your business succession plan should include many… Read More »
How To Evaluate Your Financial Situation Before the End of The Year
When it comes to filing taxes in April, it is tempting to put this off and not think about it until the deadline is looming, but some proactive evaluations and action steps taken now can help to minimize your tax liability and give you a jumpstart on the planning process. The end of the year… Read More »
What Are the Three Phases of a Retirement Planning Strategy?
Approaching retirement requires thinking holistically about your individual financial goals and the strategies you’ll use not just to support yourself financially but to establish your legacy in your estate plan. Anyone who neglects one or both aspects of this retirement planning equation could find themselves facing challenges personally or setting their loved ones up for… Read More »
What You Need to Know About Residuary Clauses in Your Will
Have you planned for every important element of your estate? Most people know about some specifics they want to pass along, but haven’t really considered the entirety of your property. This is why you might want to meet with an experienced lawyer in Pasadena to walk through all of your options. You can use your… Read More »
Does a Change in Residency Mean I Need to Update My Estate Plan?
Moving to a new state might bring new opportunities. In fact, you might have moved to relocate for your career or to change the existing dynamic with your family or to be closer to loved ones. When you move, however, there is additional things to consider beyond making sure everything gets in the boxes and… Read More »
Don’t Forget Tax Planning at The Conclusion Of 2021
Year-end planning presents an opportunity to review some of the most important issues facing you and your existing strategies. With a new year can also bring legislative changes and new considerations for how to optimize your estate and tax planning. This makes it even more important to establish a relationship with financial professionals including estate… Read More »
What You Need to Know About Annual Exclusion Amounts with Gift Taxes
You are not limited to gifting assets or cash to your loved ones or friends only when you pass away. There are many ways to leverage annual gifting to remove assets from your estate and still accomplish your personal goals. One of the best annual planning strategies is to consider your opportunities for gifting during… Read More »
What You Need to Know About the Build Back Better Plan Surtaxes
On October 28, 2021, the president announced a new framework for tax system changes to raise the revenue for the expenses associated with the Build Back Better Plan. Increased income taxes will impact fiduciary income taxes for those tax years starting on or after December 31st, 2021. The first of these is an additional 3%… Read More »
Can I Determine What Happens to My Vacation Property Through Multiple Generations?
If you own a vacation home, the estate planning process is extremely important. There are many unique considerations to weave into your estate planning strategy and these should all be done under the guidance of a knowledgeable estate planning lawyer. Many people who own a vacation home anticipate that it will at least pass on… Read More »
How Important Are Social Security Considerations in Retirement Planning?
When looking ahead to the future when crafting your retirement plan, it is crucial to think about the different benefits and timelines for social security claiming. One of the earliest decisions that you’ll need to make in the retirement process is when and how to claim Social Security. It’s beneficial to have experienced professionals to… Read More »
Are You Prepared for The Potential Long Term Care Crisis?
Studies indicate that the vast majority of people in the United States will need long term care services after turning age 65. Approximately 25% of them will need extensive care likely that it comes from an assistive living facility or a nursing home. But even though the numbers indicate that more people will need this… Read More »
What Does It Mean to Become Trustee?
An essential component of estate planning for those people who have developed a trust is to name a person who steps in as the trustee. Depending on the structure of the trust, the trustee might begin his or her responsibilities immediately or may only become activated after the creator of the trust has passed away…. Read More »
How Should We Handle the Family Vacation Home?
It can be difficult to determine what happens to the family vacation home or second property after you pass away. You might assume that all of your children are on the same page about this and that it will easily and successfully transfer to the next generation with no drama or conflict. But what happens… Read More »
What Will Medi-Cal Pay For?
If you or a family member has recently been diagnosed with a condition that calls for nursing home support, you’re probably thinking about paying for this care. It’s important to have a basic understanding of what it takes to apply for this coverage so that you can take action steps in advance. While it would… Read More »
What’s At Stake with the Build Back Better Plan?
Most of the talk around tax law changes has been evolving over the past year with concerns about shifts in the estate tax exemption limit. If those changes do get adopted, you might need to make adjustments to your existing estate planning strategy. There are many different tax changes proposed in President Biden’s Build Back… Read More »
