Yesterday, we discussed some of the most common situations in which couples should consider the creation of a Prenuptial Agreement. If you think a Prenuptial Agreement makes sense in your situation, the next question is when the topic should be broached and the documents prepared. The answer, to put it bluntly, is “the sooner, the… Read More »
Blog Posts Page 76
Prenuptial Agreements: When Should You Pop That Question?
Okay, so you popped the big question, and he or she said yes! Whew, what a relief! Now there’s so much to do, so many plans to make: the guest list, the invitations, the reception, the band, the cake, the honeymoon… the Prenup? While it is hardly the most glamorous aspect of planning a wedding… Read More »
Caregiver Burnout And What You Can Do About It
Yesterday we discussed some of the symptoms of caregiver burnout. Today, let’s look at some of the steps you can take to cope with burnout if you are indeed suffering from it. These include: Learning as much as you can about your family member’s illness and how to care for that illness. The more you… Read More »
Caregivers Must Also Remember To Take Care Of Themselves
Many caregivers work so hard caring for the people around them that they forget to take care of themselves. The result can be what is often referred to as “caregiver burnout.” If you are serving as the caregiver in your family, you need to understand the difficulty of what you are undertaking and recognize the… Read More »
The Gift Of Education, Part Two
Last week we discussed giving the gift of a college education to your grandchildren. We raised some potential problems with giving the money directly to them to pay their tuition. Today we’ll talk about some safer approaches. One is to pay your grandchild’s tuition directly to his or her college. This makes the gift exempt… Read More »
The Gift That Lasts A Lifetime—Paying For Your Grandchildren’s College Education
Paying for some or all of your grandchildren’s college education is one of the most valuable gifts you can make. (Helping to pay for an adult child’s continuing education is another.) The gift of education opens up a world of opportunity and, in essence, lasts a lifetime. It is also like making a generous gift… Read More »
What NOT To Do With Your Nest Egg, Mistakes Two Through Five
Yesterday, we talked about what is perhaps the greatest mistake you can make in protecting your nest egg—the big initial splurge. Now let’s discuss four other common mistakes that can drastically erode your life savings over time. Cutting it too close. When people retire, they tend to think that the income they receive now will… Read More »
Retired? Here Are Five Things You Should NOT Do With Your Nest Egg
A recent article in the Wall Street Journal discussed five mistakes retirees must avoid if they hope to protect their hard-earned nest eggs. Some of these mistakes can put a major dent in your life savings rather quickly, while others can lead to a steady loss that takes its toll down the road. The big,… Read More »
When You Can’t Treat All Your Children The Same—Unequal Inheritances
Many parents strive to treat their children the same in their estate plans, dividing assets equally between them. There is nothing wrong with this, but in certain situations it may not represent the ideal, let alone the fairest, approach. For instance, one child may earn significantly less than other children. Or one child might have… Read More »
Medi-Cal Planning, Gifting And The Look-Back Period
Given the high cost of nursing home care in California, many families seek assistance from Medi-Cal to help pay for it. One of the most common misconceptions among families interested in qualifying for Medi-Cal assistance is that they can simply give away their assets to meet the strict eligibility requirements. While it is true that… Read More »
Why You Need To Keep Your Plan Up To Date
Many people experience a tremendous sense of relief when their estate plan is completed. This is only natural—it’s a great feeling to know you have thoughtfully prepared for your future financial, physical and emotional well-being, as well as that of the people you care about most. But does that mean you can just file your… Read More »
Should You Serve As Trustee?
Maybe you’ve been named as trustee of an estate and are wondering if you should take on this responsibility. The first factor to consider is whether you have the time to do so. Administering a trust typically involves all of the following duties, and sometimes many more: Locating and protecting trust assets Collecting life insurance… Read More »
How Is An Estate Probated?
Yesterday we discussed when an estate must go through California probate. Today, we will talk about how an estate is probated. While every situation is unique, here are the basic steps involved in probating an estate: 1. In most cases, the person requesting appointment as personal representative (executor or administrator) hires an experienced probate lawyer… Read More »
When Is Probate Necessary And What Is Involved?
If we were to make a list of topics our clients ask us about most often, probate would be near the top. In particular, many of you want to know when a probate is necessary, and what steps are involved. These are not easy questions to answer. Every family’s estate is unique. So, too, are… Read More »
Advice for Non-Professional Trustees
Acting as a trustee for a trust created by a close friend or family can be complicated. A recent article discusses three common mistakes made by non-professional trustees that can be easily avoided. First, a non-professional trustee might not provide complete records and reports. Many states require trustees to maintain records of all income and… Read More »
What is Durable Power of Attorney?
Durable power of attorney is a legal agreement that allows you to designate an attorney-in-fact to act on your behalf. You can grant the attorney-in-fact authority to perform a wide variety of tasks on your behalf, including paying bills, trading stocks, applying for public benefits, selling property, signing contracts, and filing your taxes. You can… Read More »
How to Help Children Manage Their Inheritance
An important part of a parent’s estate plan is ensuring that money left to your children is properly managed. This is especially important when your children are too young to understand how to manage their finances or not yet mature enough to do so responsibly. A common solution to this problem is to create a… Read More »
What is the Difference Between a Roth and Traditional IRA?
There are two choices when setting up an Individual Retirement Account (IRA): a Traditional IRA or a Roth IRA. In order to decide between, it is important to understand both. A Traditional IRA allows you to defer paying taxes on the money in your retirement account. Basically, you receive an income tax deduction for qualifying… Read More »
Protecting Assets through Medicaid Planning
In a recent article, CNN estimated that the average cost of a nursing home is now over $80,000 a year. With costs so high, it is extremely common for elderly Americans to run out of assets and rely on Medicaid or Medi-Cal to pay for these fees. There are strict limits one must meet before… Read More »
The High Cost of a Long and Healthy Life
Many Americans are fortunate to live a long and healthy life. The downside is that this can sometimes mean outliving your retirement account. Luckily, there are many government benefits available to senior citizens. In fact, there are so many different government programs available, that it can be hard to keep track of them all. Following… Read More »