The last will and testament is probably the most common estate planning tool out there. The last will and testament is the easiest way to guarantee that your belongings will be distributed the way you want them to be, upon your death. The trouble is, not everyone has the legal competency to create a valid will. If the person creating a will (the testator) does not have the required legal capacity, the will won't be validly executed. There are certain basic requirements in order to create a … [Read more...] about Competency to Create a Last Will and Testament
Estate Planning
Los Angeles Clear the Shelters Event Helps Pets Find Homes
Earlier this summer, the Citadel Outlets in Los Angeles hosted the Clear the Shelters event where many animals were available for same day adoptions at reduced adoption rates. The 2016 Clear the Shelters event is the second year of this highly successful effort to find homes for pets all over Southern California. Last year, the even led to over 2,500 pets finding new homes. All of the participating animal shelters in Southern California offer a reduced adoption fee of $20. NBC4 and … [Read more...] about Los Angeles Clear the Shelters Event Helps Pets Find Homes
The Process for Conservatorship California Courts Follow
There may come a time when you need to find a way to help a loved one manage their affairs. If your situation requires formal control and management of your loved one’s personal, medical and/or financial affairs, you need to consider a Conservatorship. The process for conservatorship California courts follow is similar to guardianship, with the exception that it applies to adults who need support and protection. A conservator has a fiduciary duty to act solely on behalf of the conservatee, … [Read more...] about The Process for Conservatorship California Courts Follow
Should I Include my Timeshare in my Living Trust?
There are many benefits to owning timeshare property. The majority of timeshare owners also wish to pass on that valuable property to their children when they die. However, timeshare ownership is not a straightforward as owning your home, or even owning a summer home. So, if you are considering establishing a living trust as part of your estate plan, you should know that funding a timeshare into a living trust takes the expertise of your estate planning attorney. What is a living trust? A … [Read more...] about Should I Include my Timeshare in my Living Trust?
Mistakes to Avoid in Los Angeles Probate Administration
When an estate is probated, the courts supervise the transfer of the estate of the deceased in an organized manner. There are rules and procedures that must be followed, based on the probate laws of the state where the person resided. An executor or administrator will be appointed to oversee the Los Angeles Probate process. If you have the honor of serving in that important capacity, there are some common mistakes to avoid in probate administration. The Los Angeles probate process in a … [Read more...] about Mistakes to Avoid in Los Angeles Probate Administration
California does not Impose Inheritance Taxes
Getting news that you are about to inherit from a loved one can be exciting, but you may also be concerned about what you may owe. We all know that estates may be required to pay taxes, but what about inheritance tax? Whether you will need to pay inheritance tax depends on state law. Here is what you need to know. What is an inheritance tax? When an heir or beneficiary receives money or property from an estate, a tax may be imposed on that inheritance. The federal government no longer … [Read more...] about California does not Impose Inheritance Taxes
Common Reasons for Contested Wills
While a family is grieving the loss of a loved one, the last thing they want is to fight over the person's possessions. Yet, will contests are quite common and in some situations they are inevitable. The good news is, there are certain strategies you can use to avoid dealing with contested wills. First, you should be familiar with some of the common reasons people contest a will. The primary legal bases for contested wills There are essentially four legal grounds for challenging the validity … [Read more...] about Common Reasons for Contested Wills
What You Need to Know about California Retirement Planning
Clients often have a misconception that social security benefits and a simple 401k plan are sufficient for retirement. The reality is, it is important to create a real retirement plan so you won’t need to be dependent on government benefits, in order to have a comfortable retirement. Social security may not be a secure as you think. That’s why you need to do some California retirement planning. What you need to know about Social Security benefits Most of us are concerned about the certainty … [Read more...] about What You Need to Know about California Retirement Planning
Modifying Revocable Trusts
Your estate plan probably has a trust and, if it does, you may be wondering whether you can modify it. If it is a revocable trust, the answer is yes. For nearly everyone who includes revocable trusts in their plan, the time will eventually come when you need to make changes. This is especially true when certain aspects of your life change like your finances or new beneficiaries. In fact, it is likely that the need to make modifications will arise more than once during your life. Methods for … [Read more...] about Modifying Revocable Trusts
How to Prepare for California Hospice Care
The time may come for some families to consider the need for hospice care, the focus of which is caring, not curing, medical conditions and providing end-of-life care in the patient's home. In most cases, family members serve as the primary caregiver and decision maker regarding the care of their terminally ill loved one. Then, members of the hospice team will make regular visits to assess the patient and provide additional care or services as needed. California hospice care is covered under … [Read more...] about How to Prepare for California Hospice Care
