Estate Planning

If you have been called upon to act as a fiduciary for a loved one’s estate, it may be helpful to be familiar with estate administration in California and the distribution of property. When a resident and/or property owner in California dies, that person’s estate must go through a legal process known as probate.  In California, if there was a will, and a personal representative was named in the will, that person is referred to as an “executor.”  However, if there was no will, or if the will does … [Read more...] about Estate Administration and the Distribution of Property

If you receive or anticipate receiving distributions from your retirement plan before you actually retire, there can be significant tax consequences.  However, if you roll over payments from your IRA to another IRA within 60 days you can avoid those consequences.  In fact, your bank or other financial institution can transfer the payments directly into another Individual Retirement Account if you choose. Understanding IRAs works An Individual Retirement Account is basically a type of … [Read more...] about How to Roll Over an IRA

When it is time to start planning for your future and the future of your family, the advice of a Los Angeles estate planning attorney can be of great benefit. Estate planning attorneys a great resources when it comes to making a choice as to which estate planning tools will best suit your needs and the needs of your family. The type of work your Los Angeles estate planning attorney can do Estate planning attorneys specialize in assisting clients with preparations for death and incapacity, … [Read more...] about Why you need a Los Angeles estate planning attorney

A living trust is a favorite among clients when it comes to probate avoidance.  Most clients are seeking ways to avoid the lengthy and expensive court proceeding.  In the absence of a trust or some other estate planning tool, estates are required to go through probate.  However, before you choose a living trust for your estate plan, you should be familiar with the advantages and disadvantages of this popular estate planning tool. What is a living trust? A “living trust” is a trust that … [Read more...] about Living Trust Attorney Explains how a Living Trust Works

Your golden years are supposed to be relaxing and stress-free.  However, the mere thought of retirement planning can have the anxiety levels climbing.  Some of the major issues in retirement planning are whether you will have enough money to retire comfortably, as well as, when and how to start planning.  Your estate planning attorney can help, but here are some of the most common mistakes you need to avoid. Not accumulating enough savings to have a comfortable retirement A huge part of … [Read more...] about Common Mistakes in Retirement Planning You Should Avoid

A major concern for many clients when they begin discussing estate planning is the estate tax.  Indeed, the primary goal of most estate plans is to reduce or eliminate the estate tax owed.  California no longer imposes estate taxes on the state level.  However, there is still a federal estate tax of 40% that some people have to be worried about.  This article will discuss three of the most common questions clients ask about estate tax. No. 1. Does everyone have to pay the federal estate … [Read more...] about Three Most Common Questions about Estate Tax

There are often questions regarding trusts, particularly when it is time to choose a trustee.  There are ethical considerations, such as conflicts of interest and fiduciary duty which need to be addressed.  A common question is whether living trust lawyers can be the trustee of a client's trust.  Here is some information to help you make that decision. Selecting your trustee Selecting a trustee is one of the most important parts of creating your living trust.  A trust is basically a contract, … [Read more...] about Can Living Trust Lawyers be Trustees?

Disagreements over a trust and how the assets are managed and distributed can be agonizing and expensive.  Trustees and beneficiaries have disputes, family members, and friends fight, and if the issues can't be resolved, the parties may eventually take their disputes to court.  That's when trust litigation can become an issue. Purpose of a trust One of the principal purposes of a trust is to provide structured distribution of property from one generation to the next.  A trust allows you to … [Read more...] about Tips for Avoiding Trust Litigation

Creating a personalized estate plan has become more and more important these days.  Estate plans nowadays need to include digital estate planning as well.  What does that mean?  A digital asset is basically anything that is either based on a computer or involves the internet.  Common examples are email accounts and online businesses.  Who will inherit those unique assets when you pass away?  Better yet, why is it important? Digital assets are more and more common Communications technology has … [Read more...] about What is Digital Estate Planning and Why Do I Need it?

A power of attorney is one of the basic planning tools used in estate planning. A durable power of attorney allows you to select a trusted individual to take over and manage your affairs in the event you become incapacitated for any reason.   This is true regardless of whether your incapacity is temporary or permanent.  However, the power of attorney must be designated as "durable," if you want it to remain effective even after you become incapacitated. What is a power of attorney and how does … [Read more...] about 4 Advantages of a Durable Power of Attorney