Legacy planning can be described as a more comprehensive approach to the estate planning process, and it is something to take into consideration if you have accumulated significant resources. When you proactively shape your legacy plan, you take control the way that you will be remembered after you are gone.For some, the estate tax will be a concern. It carries a 40% rate on asset transfers that exceed $11.4 million. This is the amount of the exclusion during the current calendar year, and … [Read more...]
The Questions of Estate Planning, Part 5: How
People often have questions about Estate Planning. This is the fifth in a series of articles addressing those questions. This fifth article addresses “how” to do Estate Planning. Read on to learn more.The Questions of Estate Planning, Part 5: How … [Read more...]
Probate, Living Trusts & Heggstad Petitions: Part 3
This is the final post in a three-part series that started out explaining some facts about the probate process.To recap, if you were to use a will to state your final wishes, generally speaking, the executor would admit the document to probate. Subsequently, the court would supervise the administration of the estate.The heirs would not be able to receive their inheritances until the estate was probated and closed by the court, and this will usually take about nine months at minimum. … [Read more...]
Probate, Living Trusts & Heggstad Petitions: Part 2
In our previous blog post, we explained some of the ways that the full process of probate can be avoided through the utilization of some shortcuts when a will is used as the asset transfer vehicle.Why would someone want to avoid this process? As we stated in that entry, it is time-consuming, and the heirs do not receive their inheritances while the estate is being probated by the court. Significant costs can accumulate as well, and these expenditures ultimately reduce the value of the estate … [Read more...]
Probate, Living Trusts & Heggstad Petitions: Part 1
A lot of people are under the impression that inheritors receive their bequests in a timely and efficient manner when a will is used as an asset transfer device. In fact, this is not the case, because a will must be probated by the court before the inheritors can receive their bequests.Probate exists in part to give creditors the opportunity to come forward seeking satisfaction before the inheritances are distributed. The court is also charged with the responsibility of affirming the … [Read more...]
Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls.Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements … [Read more...]
The Questions of Estate Planning, Part 6: Why
People often have questions about Estate Planning. This is the sixth in a series of articles addressing those questions. This sixth article addresses “why” to do Estate Planning. Read on to learn more.The Questions of Estate Planning, Part 6: Why … [Read more...]
Reasons an Estate Plan Could Be Challenged: Part 2 – Undue Influence
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is the second part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This article looks at “undue influence.”Reasons an Estate Plan Could Be Challenged: Part 2 – Undue Influence … [Read more...]
Continuing Legal Education in San Diego
Staying up-to-date is important. That’s especially important in Estate Planning and Elder Law. Academy members attending the semi-annual Academy Summit conference in San Diego learned about the latest developments in Estate Planning and Elder Law. Read on to learn more.Continuing Legal Education in San Diego … [Read more...]
The Questions of Estate Planning, Part 2
People often have questions about Estate Planning. This is the second in a series of articles addressing those questions. This second article addresses “what” Estate Planning comprises. Read on to learn more.The Questions of Estate Planning, Part 2 … [Read more...]
