While most clients request the type of estate plan that will help them with avoiding probate, not everyone really understands what that means. It does not mean avoiding estate taxes. Another misconception is that only individuals who die without a will must go through the probate process. If you want to know about avoiding probate, here are four options you can consider. What is probate and why is it necessary? First, you should understand what the probate process is and why it is required … [Read more...] about What You Need to Know about Avoiding Probate
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Why are Asset Protection Strategies Important?
Asset protection is one of the many important goals of estate planning. Being able to protect your assets from creditors and other sources of liability can be very beneficial. Asset protection strategies are important for preserving as much of your estate as you can for your heirs can only be accomplished if you properly protect your assets. When do I need to put my asset protection strategies in place? When should you start your asset protection planning? Now. The general rule is – you … [Read more...] about Why are Asset Protection Strategies Important?
4 Reasons for Contesting a Will
For most families, grieving the loss of a relative is stressful enough. The last thing they want to do is fight over that person's possessions. However, contesting a will is more common than you might think, and for some, a will contest is 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 four legal bases for contesting a will There are … [Read more...] about 4 Reasons for Contesting a Will
The Benefits of Having a Durable Power of Attorney
A durable power of attorney is a great tool used in estate planning because it allows you to choose someone you trust 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. Here is what you should know about a durable power of attorney. What is a … [Read more...] about The Benefits of Having a Durable Power of Attorney
Should I Include a Pet Trust in My Estate Plan?
Contrary to what many people think, you cannot simply leave money to your pet in your will. Pets are considered property under the law, so they cannot “inherit” money from you, as some people assume. Yet, even with a detailed provision in your will for your pet, you may not be securing your pet’s future as well as you might think. If you want to guarantee that your family friend will be properly cared for after your death, you should seriously consider a pet trust. Your Los Angeles estate … [Read more...] about Should I Include a Pet Trust in My Estate Plan?
Can a Medi-Cal Attorney Help Me Plan for Nursing Home Care?
Long-term care facilities, like a nursing home or assisted living facility, are often very expensive. Unfortunately, private health insurance policies usually do not cover these services. Medicare coverage for long-term care is limited and most people do not have private long-term care insurance policies. As your Medi-Cal attorney can explain, California residents who require nursing home care typically look to Medi-Cal as the primary source of funding. In fact, Medi-Cal covers the nursing home … [Read more...] about Can a Medi-Cal Attorney Help Me Plan for Nursing Home Care?
How California Inheritance Laws Determine Distribution of an Estate [UPDATED 2020]
You might be surprised to learn that, as common as a will may be, many people do not have one when they die. Wills are invaluable tools in estate planning which allow you to determine exactly how you want your property to be distributed after your death. If you are a California resident and you do not have a will, then California inheritance laws will determine how your estate will be distributed. To learn about creating wills and trusts, join us for a FREE seminar by clicking this link. … [Read more...] about How California Inheritance Laws Determine Distribution of an Estate [UPDATED 2020]
Family Caregiver Support Groups for Alzheimer’s Patients in California
If you have a loved one who is suffering from Alzheimer’s or you believe they may be, it is time to start thinking about incapacity planning. Alzheimer's is a form of dementia that causes difficulty with memory, thinking and behavior. The symptoms of Alzheimer’s most often develop slowly and get worse over time, until the symptoms become severe enough to interfere with the individual’s daily tasks. Dealing with the challenges of Alzheimer's One of the primary challenges of dealing with … [Read more...] about Family Caregiver Support Groups for Alzheimer’s Patients in California
Los Angeles Asset Protection Lawyer Explains Who is at Risk
It is commonly understood that we live in a country that believes in litigation to resolve most disputes. For that reason, the more assets you have, certainly the more you have to lose. Only those with no income or assets can be “judgment proof. If you have worked diligently to build a business or accumulate wealth for your family, then you stand to lose a substantial amount if you are ever sued. That is why you need an asset protection lawyer to help you put sufficient asset protection … [Read more...] about Los Angeles Asset Protection Lawyer Explains Who is at Risk
What Are the Executor Duties to Pay Creditors?
There are several important executor duties that need to be fulfilled when administering an estate. One of those duties includes paying off the claims of creditors who have legitimate legal claims. Those payments must be made before the estate can be closed and final distributions to beneficiaries made. Problems can arise, though, when there is insufficient property left in the estate to pay those claims, as well as make the specific bequests that are required under the estate plan. When that … [Read more...] about What Are the Executor Duties to Pay Creditors?
