Most people would probably assume that the majority of Americans have executed at least a basic estate plan. After all, when you go through life without making any preparations for the future, you won’t be the one who suffers the consequences. It is your loved ones that will be left behind to pick up the pieces. A number of years ago, Forbes magazine highlighted a Harris interactive survey that was conducted to find out just how many people do in fact have estate plans in place. A total of … [Read more...] about Estate Planning Procrastination Had Devastating Impact on LA Legend Morrison
Estate Planning
Basic Estate Plan Components
There is no cookie-cutter, one-size-fits-all estate plan, and this is why it is important to get personalized attention from a licensed attorney. Each case is different, and the exact way to proceed will depend upon the circumstances. This being stated, there is a basic framework that applies to just about everyone, and we will look at it here. Asset Transfer Vehicle When you plan your estate, you have to record your wishes with regard to the way that you want your assets to be distributed … [Read more...] about Basic Estate Plan Components
Estate Planning and Remarriage
If you have enjoyed financial success and you are getting remarried as a parent, there are naturally going to be some estate planning concerns. You want to provide for your new spouse appropriately, but you also want to protect the inheritances that you intend to leave to your children. How do you satisfy both of these aims simultaneously? Before we explain the widely embraced solution, we should emphasize the value of a prenuptial agreement. Clearly, when you are willing to marry someone, … [Read more...] about Estate Planning and Remarriage
A Conversation With an Inheritance Planning Attorney
Since we have spoken with so many clients over the years, we have a general idea about the different subjects that people have questions about. In this post, we will share a hypothetical question and answer session that will provide you with some basic inheritance planning and elder law information. A last will is the right asset transfer document to use unless you are very wealthy, right? If you have very simple and straightforward inheritance planning objectives, it is possible that a last … [Read more...] about A Conversation With an Inheritance Planning Attorney
Top Five Benefits of a Living Trust
Far too many people make assumptions about estate planning. The one that is at the top of the list is the idea that a last will is the right choice as an asset transfer vehicle. In fact, for most people with a reasonably significant store of resources, a revocable living trust is a better choice for a number of different reasons. Consolidation of Assets If you were to use a last will as the centerpiece of your estate plan, the executor that you name in the document would have to identify and … [Read more...] about Top Five Benefits of a Living Trust
Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. Read on to learn more about how a modification of a trust can help. Modifying an Irrevocable Trust … [Read more...] about Modifying an Irrevocable Trust
Trust Protectors Add Flexibility
Trusts can be drafted to be quite flexible. This article examines how Trust Protectors can add flexibility to your trust. This added flexibility can increase the usefulness of your trust. Trust Protectors Add Flexibility … [Read more...] about Trust Protectors Add Flexibility
Making Trusts More Flexible
Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust. This added flexibility will increase the usefulness of your trust. Making Trusts More Flexible … [Read more...] about Making Trusts More Flexible
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more. When and Where You Die Matters … [Read more...] about When and Where You Die Matters
Planning is Critical
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
