Since you are on this website, you must be interested in learning some things about estate planning. In a real sense, it all starts with the probate court. When you understand the function of this body, you start to get a better understanding of the estate administration process. Last Wills and Court Supervision The last will is the estate planning document that is most commonly utilized to facilitate postmortem asset transfers. If you decide to use a will to state your final wishes, you would … [Read more...] about What Is the Function of the Probate Court?
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Estate Planning for Young L.A. Families
We have all heard that there are only two certainties of life. Most people don’t relish the ritual, but they are fully prepared for one of them when April 15th rolls around. Strangely enough, a very significant percentage of the same folks have made no plans for the other inevitability that we will all face. Studies are periodically conducted to gauge the estate planning preparedness of adults in the United States. One of them was done by Caring.com relatively recently, and the statistics are … [Read more...] about Estate Planning for Young L.A. Families
Many Reasons to Plan
Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...] about Many Reasons to Plan
Use Resources Efficiently With a Special Needs Trust
When you plan your estate, it is important to understand that there are many different ways to get assets into the hands of others after you are gone. The ideal choice will depend upon your assets and your intentions, but the life situation of each respective inheritor should also be taken into consideration. With this in mind, let’s take a look at the value of the legal device called a special needs trust. Benefit Preservation Obviously, health care insurance is important for everyone, but it … [Read more...] about Use Resources Efficiently With a Special Needs Trust
Business Structures That Provide Asset Protection
If you are starting a business, asset protection should be built into the structure that you choose. This can and should be a consideration during the planning stages, but if you are a sole proprietor at first, you can make a transition with asset protection in mind. In this post, we will look at two commonly utilized asset protection structures for small businesses. Limited Liability Companies A limited liability company can be the right choice for many, and it is a very widely utilized … [Read more...] about Business Structures That Provide Asset Protection
Wealth Preservation for High Net Worth Individuals
It is a satisfying feeling to come to the realization that you have been able to achieve all of your financial goals. You can breathe a sigh relief and enjoy the fruits of your labor as you provide opportunities for the people that you love. This being stated, there is a looming threat that can severely impact high net worth individuals and their families. We have a federal estate tax in the United States, and it can take a heavy toll, because it carries a very hefty 40 percent maximum rate. … [Read more...] about Wealth Preservation for High Net Worth Individuals
What Are the Duties of a Living Trust Trustee?
For a lot of people, a revocable living trust will be the ideal estate plan centerpiece. There are many benefits to be gained through the utilization of a living trust instead of a last will. One of them is the avoidance of probate, which is a costly and time consuming legal process. You do not lose personal control of assets that you convey into a living trust, and you can change the terms at any time. It is possible to include spendthrift protections, and you can account for potential … [Read more...] about What Are the Duties of a Living Trust Trustee?
Elder Law Insight: 3 Things to Know About Medicare
When you pay FICA or self-employment taxes while you are working, it can seem like you are throwing money into a black hole for no particular reason. In fact, when you make these contributions, you earn retirement credits. During the current calendar year, you get one credit for every $1360 that you earn. The maximum accrual in a given year is four retirement credits. Once you have at least 40 credits “in the bank” so to speak, you will qualify for Medicare when you reach the age of 65 under … [Read more...] about Elder Law Insight: 3 Things to Know About Medicare
Elder Law Report: Medi-Cal Costs Will Rise
Medicare will help to pay for a wide range of different health care treatments, procedures, and services, including convalescent care after an injury or illness. However, it will not pay for custodial care. This is the type of care that you would receive in a nursing home or assisted living community. There are also health aides that provide mobile custodial care in the homes of patients, and Medicare does not cover their fees. If you are under the impression that there is a good chance that … [Read more...] about Elder Law Report: Medi-Cal Costs Will Rise
Take Steps to Prevent Estate Challenges
It is important to discuss your estate planning objectives in detail with a licensed attorney because there are nuances that you may not think about. In this post, we are going to focus on one particular under the radar scenario that too many people fail to directly address. Surveys tell us that most adults are rolling the dice without estate plans, and this can apply to a significant percentage of people that are in their 50s and 60s. There are various reasons why people procrastinate, and … [Read more...] about Take Steps to Prevent Estate Challenges
