What Is a Fiduciary?

Are you starting to create your estate plan? If so, you’re likely to come across several terms that reference various roles associated with asset or trust management. The term fiduciary refers to the relationship of trust placed in a person who is serving in a specific role. A fiduciary relationship is one responsible for managing… Read More »

Understanding the Trustee’s Duty to Segregate Assets

A trustee should be someone who is organized, honest, and capable of communicating effectively with your beneficiaries. In addition to follow the rules you’ve put forward in your trust, you also want a professional person who is mindful of the relevant laws and requirements of trust management. There are numerous fiduciary duties that impact a… Read More »

Do I Need a Will If I Already Have a Trust?

The creation of a trust is a powerful and strategic estate planning tool, but it shouldn’t be the only thing you consider in protecting your assets and providing for your future. You might be tempted to cross “estate planning” off your to do list once you’ve created a trust, but remember that you’ll need a… Read More »

Who Can Be a Life Insurance Beneficiary?

Although often thought of as distinct from your overall estate planning, a life insurance policy probably factors into the big picture. Leaving behind assets directly or through tools such as a trust is optional and beneficial for you when you already own those assets. But what if you do not have enough assets set aside… Read More »

When Is It Too Late for Someone to Create a Will?

Adult children who realize that they must step in and care for their aging parents suddenly have many things to deal with and many questions. It can be even more difficult to learn that your loved one did not engage in any estate planning. The transition of control from your loved one’s personal affairs to… Read More »

When Does Medi-Cal Pay for a Nursing Home?

Outside of long term care insurance, you can’t count on anyone but you to pay your nursing home bill unless you’ve done some advanced planning with the help of a Pasadena lawyer. Some people are under the impression that Medicare will automatically pick up the full tab, but this is not the case. Medicare only… Read More »

Understanding How IRA Assets Transfer at Death

IRA ownership passes to either through a beneficiary designation or pursuant to default provisions listed in IRA documents if there is no beneficiary designation. This means that provisions inside your will do not govern the distribution of assets inside your IRA. If you do not complete your beneficiary designation form to allow another person to… Read More »

How Long Should Probate Last?

You can organize your estate in advance to get your own peace of mind, but these actions also help your loved ones navigate what’s expected when you pass away. Probate is often avoided through the use of advanced estate planning tools. There are a number of different factors that can influence the amount of time… Read More »

What Does it Mean to Own Something as Joint Tenants with Rights of Survivorship?

Purchasing property with someone else raises a lot of complex questions about management and ownership responsibilities. Joint tenancy with right of survivorship is one term that you may come across in the process of purchasing property. Joint tenants referred to two or more individuals who own property together, and there must be four requirement factors… Read More »