LA Probate Law: How does the Spousal Property Petitions process work? A Spousal Petition should always be the first petition your attorneys considers when dealing with a surviving spouse or domestic partner. It may not work in every case and may not be the best answer but we always consider it first as it is typically the most economical way to transfer property to the surviving spouse. If your attorney does not mention this option to you, and you are a surviving spouse, you might ask … [Read more...] about LA Probate Law: How does the Spousal Property Petitions process work?
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How Long Does it Take to Create a Revocable Trust?
To create a revocable trust is, essentially, creating a legal document. Experienced estate planning attorneys can probably draft the trust document itself relatively quickly. However, depending on how complex your trust is, it could take weeks to complete the transfers of ownership of your assets, to the trust. Establishing the Details of your Trust First, a revocable trust takes less time to create than an irrevocable trust, because a revocable trust operates under your social security … [Read more...] about How Long Does it Take to Create a Revocable Trust?
What Is a Domestic Partnership Agreement?
The rights and privileges enjoyed by married couples across the country are typically assumed, and often taken for granted – when the couple is heterosexual. There is no debate that a husband has the right to visit his wife in the emergency room and make medical decisions for her, if necessary. These same rights and privileges cannot be assumed with same-sex couples. Though the movement for legalized gay marriage is well underway there are still some states that do not yet recognize gay … [Read more...] about What Is a Domestic Partnership Agreement?
What is an SEP IRA?
Traditional Individual Retirement Accounts, or IRAs, are not the only type of IRA that is available. There are IRAs that are established by individuals and those that are employer-sponsored. Employer-sponsored IRAs include matching contributions. A SEP IRA is one specific kind of IRA that is perfect for small business owners, as an alternative to the standard profit sharing plan for employee retirement. The benefits of an SEP IRA SEP stands for “Simplified Employee Pension.” This is how it … [Read more...] about What is an SEP IRA?
Do Family Wealth Trusts Provide Asset Protection?
When people decide to incorporate asset protection into their comprehensive estate plans, the reason is to secure their family wealth and guard against risks to their assets. When assets are properly structured, you can be sure that your family wealth will be protected for future generations. Family wealth trusts provide asset protection in a way that is not only effective, but very flexible. What is a Trust generally? A trust is basically an agreement between three parties: the property … [Read more...] about Do Family Wealth Trusts Provide Asset Protection?
Which Should I Choose? Pet Trust or Pet Protection Agreement?
There is a misconception among some pet owners, that pet planning is as easy as including a provision in your will. The reality is, if you really want to protect your pet’s future and be assured that your wishes for your beloved friend will be fulfilled after your death or incapacity, you may need to consider other pet planning options, such as a pet trust or pet protection agreement. What is a pet trust? A pet trust is established and operated much like any other trust. A trust account is … [Read more...] about Which Should I Choose? Pet Trust or Pet Protection Agreement?
The Benefits of Pet Insurance
Life insurance is often included as part of an estate plan. Pet insurance can also be included as part of your pet estate plan. Pet plans can be created using will provisions, trust agreements or pet protection agreements. Regardless of the method of pet planning you choose, you can incorporate pet insurance for added protection. Pet insurance is a practical way to provide for your pet’s future, as long as you consider the effects it may have on other components of your overall estate … [Read more...] about The Benefits of Pet Insurance
How to Avoid the Fight over the Family Farm
Family businesses, and family farms in particular, involve unique legal issues in estate planning. The estate plan itself can be complex, as it covers a wide range of legal issues, including planning for death, disability and incapacity. There are certain tax and business succession concerns that are unique to family farms, especially. However, nothing holds a candle to the deep emotional attachments that form amongst family members with regard to family farms. This emotional element of a … [Read more...] about How to Avoid the Fight over the Family Farm
Why We Need Asset Protection Planning
Asset protection is a very important part of estate planning. Protecting your assets from any type of creditor is crucial in preserving your estate for your heirs. Anyone who obtains a judgment against you, not only a bill collector, is considered a creditor. We need asset protection planning as a part of our overall estate plan for many reasons. Here are just a few. The purpose of asset protection Asset protection refers to analyzing your assets and arranging, or rearranging, them so that … [Read more...] about Why We Need Asset Protection Planning
What is a QDOT Trust?
The IRS has provided a very valuable deduction for married couples, which allows the couple to avoid estate taxes when the first spouse passes away. This marital deduction means that, when one spouse dies, his or her assets will go to the surviving partner immediately, and no estate taxes are levied. The only condition is that the deduction will only apply if both spouses are U.S. citizens. That means, if the surviving spouse is not a U.S. citizen, then estate taxes will be due immediately. A … [Read more...] about What is a QDOT Trust?
