A living trust is a very useful estate planning tool you should consider including in your estate plan. However, before you take that step, there are a few common myths regarding living trusts of which you should be aware. This article will debunk the 3 most common myths. For a complete understanding of how this estate planning tool can benefit you, discuss your options with your Los Angeles living trust lawyer. Myth: You have to give up control of your property when you create a living … [Read more...] about Living Trust Lawyer Dispels Common Myths
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How to Avoid Medi-Cal Services Fraud
The unfortunate reality is that Medi-Cal fraud and abuse exists. It costs billions every year in diverted funds that could have been used for valid health care services. Because of this fraud and abuse, the cost of Medi-Cal has increased needlessly. Another problem is the risk of harm to patients who are unknowingly exposed to unnecessary medical procedures for the benefit of fraudulent doctors. Your Los Angeles Medi-Cal attorney can help you to recognize and avoid Medi-Cal services … [Read more...] about How to Avoid Medi-Cal Services Fraud
Are Holographic Wills Allowed in California Probate Court?
What most estate planning attorneys will tell you is that, when it comes to estate planning, you need to have a will at the very least. A basic will is relatively simple to draft with the help of an attorney. Without a will, how your property will be distributed is determined by the laws of enforced by the California probate court. If you have heard of a holographic will, you may be wondering what it is and whether such a will would be allowed in your State. Here is what you need to know. The … [Read more...] about Are Holographic Wills Allowed in California Probate Court?
Understanding Guardianship for Minors in California
If you have minor children, there is no doubt that you are concerned about their welfare, not just now, but in the future as well. Something parents often don’t want to think about, is who will take care of their children if something happens to both parents. But, even though we don’t want to think about it, we should still be prepared for the possibility of our children not being with us at some point. Planning ahead can give you the peace of mind you need. That means planning for guardianship … [Read more...] about Understanding Guardianship for Minors in California
Should I Use a Do It Yourself Will?
Before you choose to substitute a do it yourself will for professional advice from an estate planning attorney, you should understand the risks. While the potential problems are greater with complex legal matters, most of the mistakes that occur with do it yourself wills relate to how the document was drafted and executed. If you are considering drafting your own will there are a few things you should consider. A cheaper, computer generated online will cannot compare to a professional drafted … [Read more...] about Should I Use a Do It Yourself Will?
There is no California Inheritance Tax
Estate taxes and inheritance taxes are different based on who is responsible for paying the tax. An estate tax is imposed on the individual giving the property, instead of the person receiving it. Whereas an inheritance tax is imposed on the person receiving the inheritance. Inheritance taxes are not as common as they used to be, but here is what you should know about California inheritance tax. The definition of an inheritance tax When an heir or beneficiary receives money or property from an … [Read more...] about There is no California Inheritance Tax
What is a Trust and how do You Create One?
If you are working on your estate plan, you should consider whether a trust should be a part of that plan. The benefits of trusts include both probate avoidance and reducing estate tax liability. Before you can determine whether a trust is a component you need in your estate plan, you need to first be able to answer the question, "what is a trust?" Once you understand what it is and what it can do, you will know what you need to create one. What is a trust? A trust is essentially a fiduciary … [Read more...] about What is a Trust and how do You Create One?
Understanding Your Executor Duties
When someone passes away, the property making up their estate will be distributed to their heirs and beneficiaries. Typically, the estate is required to go through probate in order to be distributed. This will involve many steps such as proving a will, if there is one, locating the property and creating an inventory, appraising property as necessary, paying the debts and taxes of the estate, and finally distributing the property that remains. These are primarily the executor duties. Here is what … [Read more...] about Understanding Your Executor Duties
The Risks of Using an Online Will
If you are considering drafting your own will there are a few things you should consider. Certainly, do-it-yourself estate planning products, like an online will or power of attorney, are easy to come by. But, a cheaper, computer generated online will cannot compare to a professional drafted legal document. Even if the online will you purchase seems professional, there are always certain risks in using DIY products. The primary risk is that the online will may not work the way you expect it to, … [Read more...] about The Risks of Using an Online Will
Common Myths about the California Probate Process
There are many misconceptions regarding the California probate process that cause clients to start their estate planning with the wrong goals. The focus of your estate plan should be to preserve your estate for your family so you can protect their future. The California probate process may be different from that in other states, so you should understand the process in the state where you live. Myth: The California probate process can take several years to complete A popular question asked by … [Read more...] about Common Myths about the California Probate Process
