Trusts are one type of tool used in estate planning. A trust is created when a donor appoints a trustee to manage donated assets for the benefit of a beneficiary. It can remain in existence for a long period of time in order to manage the assets the trustor wishes to pass to beneficiaries. Trusts… Read More »
Blog Posts Page 77
Planning for Your Funeral Before You Die
The death of a loved one is a difficult time for family members. Emotions can run high and might lead to family disputes when family members disagree on decisions regarding the funeral. While planning on the details of your funeral is not very enjoyable, it can help your family have one less thing to worry… Read More »
Many Americans Are Writing Their Pets Into Their Wills, Should You?
One important function of wills is the ability to include a guardianship provision. For example, if an individual has minor children, that individual’s will should include a provision indicating who he or she would like to serve as the guardian of the children. Additionally, the individual would likely draft another provision that leaves funds to… Read More »
How Do I Update My Will?
Executing a last will and testament is a great first step in a comprehensive estate plan. However, it is important to not stop there. You should periodically update your will as your circumstances change. For example, getting married, having children or grandchildren, and significant changes in finances are all situations after which it is important… Read More »
The First Step in Estate Planning
It is highly recommended that you execute a last will and testament as a first step in a comprehensive estate plan. Executing a will allows you to choose who will receive your assets after you die. Additionally, a will gives you some control over the manner in which those assets are distributed. Another important aspect… Read More »
What is Stepped Up Basis in Estate Planning?
Basis is the amount that a person has invested in an asset for tax purposes. Basis is used to calculate a variety of other aspects of an asset such as depreciation, amortization, depletion, casualty losses, and the loss or gain the owner experiences on the sale, exchange, or disposition of a property. This post discusses… Read More »
Disclaiming Assets
Disclaiming an inheritance is an unusual decision that can make perfect sense. A disclaimer occurs when a beneficiary named in the will refuses to accept an inheritance. It seems absurd to refuse a gift but a disclaimer can solve common estate planning issues. Persons over 65 who are well-off may disclaim an inheritance to protect… Read More »
What Happens When There Is No Will?
When a family member dies without a will, it is referred to as dying “intestate.” A whole section of probate law is devoted to intestate situations. This law predicts what most people would want to happen to their assets at death. For example, California’s intestate laws predict that the property a married person obtained during… Read More »
What to Look Out for in Annuity Contracts
Annuity sellers promise a lot – but do they deliver? Fixed annuities seem to provide secure income that many seniors seek. However, there are several important considerations to think about before investing in an annuity. Lock-in period. Most annuities have a period where the purchaser pays into the annuity but cannot withdraw from it. The… Read More »
What Does Tenant in Common Mean?
Tenant in Common is a label seen most often on real estate titles. But what does it mean? Simply put, it refers to an asset owned by two or more people in undivided interest. An undivided interest means that although two people own the property, both have complete rights to use the property. The shares… Read More »
HIPAA and Estate Planning
Health care decision-making is a central concern of estate planning. Access to a loved one’s medical records may be necessary to make appropriate health care decisions. Protections for medical records are becoming stricter of late due to new civil penalties for wrongful disclosure of records. As a result, hospitals and clinics are becoming much more… Read More »
Is An Advanced Medical Directive Necessary?
Comprehensive in scope, practical in application and meaningful in effect, an Advanced Medical Directive is one of the most important estate planning documents available today. It tells physicians and loved ones how much, or how little, end of life care is desired. This simple document can resolve some of the most vexing questions families must… Read More »
Quick and Easy Ways to Transfer Property Immediately at Death
Perhaps the most convenient way to transfer property is simply registering the asset you wish to transfer as “transferrable on death” or “payable on death.” In California, a person can complete a transferrable on death registration form indicating who should receive the account or asset once the account holder is deceased. Payable-on-death designations in savings… Read More »
Tread Carefully: Planning for Medi-Cal
Many Californians lose access to Medi-Cal benefits simply because they are unfamiliar with the system. What most Californians do not realize is that there several options available to establish or maintain their Medi-Cal eligibility. Medi-Cal eligibility is based on age, financial means, or disability. The State requests information on an individual’s income and expenses to… Read More »
What Happens When an Executor Goes to Probate Court?
When one winds up in probate court, there is one saving grace: the Independent Administration of Estates Act (IAEA). This Act is quite helpful to executors because it permits them to take care of estate issues without obtaining formal approval from the probate court. This means fewer court appearances, calls, and less documentation in administering… Read More »
What is a Spousal (or Domestic Partner) Property Petition?
A spousal property petition is a tool that simplifies the probate process for married couples. It is also available to domestic partners. In essence, the spousal property petition streamlines the transfer of assets to a surviving spouse or domestic partner. It is quicker than the probate process and legal fees associated tend to be reduced… Read More »
Avoiding Probate 101
Much of estate planning regards how to keep loved ones from going through the burdensome and time-consuming process of probate administration. In California, three popular means exist to keep assets out of the probate process. They involve harboring assets in a living trust, titling property as joint tenancy, or titling property as survivorship marital property…. Read More »
Taking on Dementia
Research published in the New England Journal of Medicine suggests that the cost and prevalence of dementia will double by 2040. At staggering cost, how do families deal with this devastating disease? And how do they know if the wishes of their loved one should be honored? Below are some proactive and remedial steps families… Read More »
Keep a Small Business Going Through Anything
Small business owners adapt daily to the changing needs of their companies. However, often the companies are not prepared to adapt to the owners’ changing health needs. These companies do have a plan for an owner’s incapacitation or, in the worst case, death. Here are a few simple things to keep the company nimble during… Read More »
Help for Alzheimer’s At Home
Across the country, 70 percent of those with Alzheimer’s live at home, and are cared for by their family members. This is often a struggle. As Cathi Slade, who cares for her father with Alzheimer’s explains, “It’s exhausting dealing with someone that has dementia . . . because you have behaviors like they ask the… Read More »