This is the second installment of the two-part series that we are sharing to explain scenarios that would call for the utilization of a trust. Probate Avoidance If you use a will to state your final wishes, the executor would not be able to distribute assets to the inheritors independently without supervision. The will would be admitted to probate, and the probate court would preside over the process. A notice is posted for creditors during probate, and they are given time to come forward. … [Read more...] about When Is a Trust Necessary (Part 2)?
Estate Planning
When Is a Trust Necessary (Part 1)?
There are a number of different scenarios that would call for the utilization of a trust instead of a simple will. In this post, we will look at three of them, and we will follow up with some of the other reasons why trusts should be used in our next entry. Remarriage Situations When you are getting remarried, you may have concerns about the inheritances that you want to leave to your children from your previous marriage. This can be especially sensitive if you are very successful financially … [Read more...] about When Is a Trust Necessary (Part 1)?
These Estate Planning Errors Can Be Costly
You can sometimes learn from mistakes that are made by others. With this in mind, we will look at some of the common estate planning errors that are made so you can steer clear of them. Failure to Consider Long-Term Care Costs When you have been fully capable all of your life, it can be hard to envision a time when you will need help with your activities of daily living. This is understandable, but if you visit the LongTermCare.gov website, you will see that 70 percent of seniors will need … [Read more...] about These Estate Planning Errors Can Be Costly
As COVID-19 Surges, a Clear Picture Emerges
Estate planning attorneys are like everyone else when it comes to avoiding negativity and hoping for the best. At the same time, it is our job to provide wake-up calls, and we have to bring up sensitive subjects. We always emphasize the fact that anything can happen to anyone at any time, so advance planning is important for people of all ages. A particular event will sometimes underscore this reality, like the Kobe Bryant helicopter crash tragedy. Without question, the pandemic that we … [Read more...] about As COVID-19 Surges, a Clear Picture Emerges
Is the Uniform Probate Code Used in California?
The probate laws of any state are the statutes that apply to estate matters. If you direct postmortem asset transfers through the terms of a will, the document would be admitted to probate. The executor that you name would act as the administrator, and the court would supervise during the process. This is the court that would preside over intestate estate cases as well, and the probate court is in charge of guardianship and conservative matters. (A conservator would act as a representative … [Read more...] about Is the Uniform Probate Code Used in California?
Your Legacy Plan Can Include the Gift of Education
You have the ability to carefully craft your legacy plan so you can provide for each of your loved ones in the most effective way. For some people, a lump sum cash inheritance will not be appropriate, and for minors, it isn’t impossible. If you choose to do so, you can proactively take financial steps while you are living with your legacy in mind. An educational savings account would be a fantastic gift to give to younger loved ones, and we will look at the widely embraced solution in this … [Read more...] about Your Legacy Plan Can Include the Gift of Education
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
Academy’s Fall Summit Virtually Perfect
You want your estate planning to be handled by an attorney who stays current on the law. The American Academy of Estate Planning Attorneys is holding its semi-annual conference providing education and learning for its Members. Read on to learn more. … [Read more...] about Academy’s Fall Summit Virtually Perfect
Fair Isn’t Always Equal and Vice Versa
When you’re deciding how your assets should be divided at death, sometimes dividing them equally is the appropriate choice. But, sometimes it’s not. Fair isn’t always equal or vice versa. Read on to learn more, including how to avoid a challenge if you choose an unequal division among your children. … [Read more...] about Fair Isn’t Always Equal and Vice Versa
Use Large Gift Tax Exclusion While You Can
Sometimes you have to strike while the iron is hot, and this dynamic can apply to certain aspects of your estate plan. Changes to relevant laws can result in time sensitivity, and we are in the midst of this type of situation right now. Unified Federal Gift and Estate Tax As estate planning attorneys, we are charged with the responsibility of protecting the legacies of our clients. High net worth individuals face an estate planning challenge in the form of the federal estate tax and its 40 … [Read more...] about Use Large Gift Tax Exclusion While You Can
