It could be very problematic for your loved ones if your real estate gets stuck in probate after you die. You can, however, take positive steps to plan ahead to ensure that your real property skips the process of probate altogether. An important component of any person’s estate planning is determining what happens to your… Read More »
Blog Posts Page 6
What Can a Health Care POA Agent Decide?
Do you have a plan for who will be able to decide medical choices for you if you are unable to speak for yourself? If not, you need a power of attorney agent for healthcare. The powers of an attorney in fact agent can be narrow or broad depending on the specific execution of the… Read More »
My Loved One Has Dementia. Should We Get a Power of Attorney?
One of the most common times that an estate planning attorney is engaged to draft a power of attorney document is when an elderly loved one is suffering from Alzheimer’s or dementia. A durable power of attorney enables an agent, most likely a trusted family member, to make financial and medical decisions on behalf of… Read More »
Reasons to Use a 529 College Savings Plan for Passing on Assets
Are you looking ahead to help support the educational goals of your beneficiaries, such as your grandchildren? There are many different tax benefits to using a 529 college savings plan, such as tax free withdrawal when those 529 funds are used specifically for qualified expenses, and tax free growth. As one cornerstone of your financial… Read More »
How Does Life Insurance Support My Estate Plan?
Many people assume that their estate plan is about their current assets only, whether it’s real property, collectibles, or retirement accounts. But one type of asset you might want to acquire during the estate planning process is a life insurance policy. Even if you have other assets inside the estate plan that you hope to… Read More »
Should You Gift Your Estate In 2020?
Some insight seems to suggest that high net worth baby boomers should think carefully about gifting their estates in 2020. The largest generational wealth transfer in history is on the horizon for the United States. It’s expected that today’s millennials will inherit upwards of $30 trillion in property form baby boomers and, of course, it… Read More »
What Are the Advantages and Disadvantages of a Testamentary Trust?
A testamentary trust enables the creator to determine how their money will be distributed at the time of their death, but this is not the right estate planning tool for everyone to use and you should always discuss the specifics of your situation with an estate planning lawyer. Other estate planning strategies might specifically be… Read More »
What Happens When a Beneficiary Designation is Different from the Will?
Estate planning documents should be coordinated to ensure that your overall goals are accomplished. However, if you identify beneficiary designations on forms that are not in line with what is made in the will, it can be very confusing for your estate administrator to determine. This unfortunate situation is sadly not that unusual. Plenty of… Read More »
Why Writers Need Estate Planning, Too
Estate planning is a subject that most people are uncomfortable with at first glance. Avoidance is the natural response for many people when it comes to estate planning but writers and other artists must understand their unique estate planning obstacles and opportunities. Estate planning is essential for disposing of your assets and tying up affairs… Read More »
Three Estate Planning Documents to Update in a Pandemic
The pandemic has caused many people to step back and look at their existing estate plans or recognize the dangers of not having an estate plan at all. It can still feel overwhelming to look at all of the different aspects of estate planning that you could or should consider. In this article you’ll learn… Read More »
Understanding Disinheritance in California
There are many different reasons why you might be curious about the process of omitting a child from your will or particularly disinheriting this party. Some of these can include not wanting to give more to a child who already has enough, concerns over a child who might squander an inheritance, or estrangement. One of… Read More »
How to Think About Legacy Planning
There is often a failure to follow through when it comes to the estate planning process. Less than half of Americans have put together a will to protect them or name a guardian for their minor children if something were to happen to the parents. The truth is that estate plans simply are not just… Read More »
What Is an Eligible Designated Beneficiary for a Retirement Plan?
The SECURE Act had significant and far reaching implications for the ability to distribute retirement plans over the course of a lifetime. Since this went into effect, lifetime distributions are still allowed but they apply only to one particular category of beneficiaries, those referred to as eligible designated beneficiaries. EDBs include disabled individuals, surviving spouses,… Read More »
Understanding the Treatment of Half Siblings in California Estate Planning
If you are a half-sibling and not a full sibling of someone and they intend to include you in their estate plan, it is important to understand how California interprets this ability to pass things on. If you have a half-sister or half-brother in poor health who is interested in giving you power of attorney… Read More »
Can a Trust Document Be a Verbal One?
State laws can vary from one location to another as to whether or not handwritten wills or other forms of wills could be legally accepted. When it comes to the creation of a trust for the purposes of your estate planning goals, however, it’s very important to put the trust into writing. You’ll enhance your… Read More »
What is Barrier to Show Intent to Create a Trust?
There are a number of different types of challenges that could impact the overall effectiveness of your creation of a trust. This is why it is so important to engage the services of a trusted estate planning attorney when your family is thinking about how to most appropriately use trusts as part of your estate… Read More »
Can You Transfer Assets into a Living Trust by Yourself?
We’ve covered in previous blogs the importance of setting up the right trust and in funding it effectively, but when it comes to transferring assets into a living trust you might need the support of an outside professional to ensure that it’s done properly. You are formally changing the legal ownership of any assets from… Read More »
How to start the Difficult Conversation Over Estate Planning with Your Loved Ones
It is very hard to open the conversation around the importance of estate planning with your elderly parents, but it is also a crucial conversation that you need to have to know what planning has or has not yet been done. It is essential for every family to have some line of communication over these… Read More »
Have You Protected Your Own Retirement Financial Security?
You’ve been told to save for retirement your entire life and might have even based some of your career and job choices around places where you have the opportunity to save for retirement. But don’t forget about some of the biggest costs in your retirement years that you’ll need to pay for; long term care… Read More »
Just Because Many Estate Plans Fail Doesn’t Mean Yours Have to
Any number of celebrity estate planning stories provide some serious caution about what can happen to your family if you don’t plan for your estate. But those mistakes are not just important because of the sums of money involved. This problem is found in the experiences of many families in the U.S. who don’t follow through… Read More »
