If you want to be sure your property is protected and properly distributed to your loved ones at the time of your death, then you must do some family estate planning. In the absence of proper estate planning, your family may be forced to deal with serious tax consequences, as well as other issues. Another consequence of not having a family estate plan is that you will be leaving most of the decisions relating to your estate to a judge, as opposed to making those decisions yourself. What … [Read more...] about Why You Need Family Estate Planning
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Common Mistakes in Retirement Planning You Should Avoid
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
Three Most Common Questions about Estate Tax
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
The Value of a Probate Attorney
A probate attorney can provide valuable assistance to a Personal Representative through the entire probate process from beginning to end. A probate attorney can be a vital resource since the laws in each state are different when it comes to probate proceedings and the requirements imposed by the probate court. Indeed, the first piece of advice for a personal representative is “hire an attorney.” What estate administration involves When someone passes away, the property which makes up that … [Read more...] about The Value of a Probate Attorney
Even the Healthy Need Medi-Cal Planning
It's great to be healthy, especially as a senior, but simply because you are fit right now doesn't mean you may not need long-term care when you get older. The worst mistake you could make is overlooking the need for Medi-Cal planning. You may not have health issues right now, but who can predict how healthy you will be in 50 years? Not to mention the possibility of unexpected illnesses or injuries that could leave you with medical issues that require long-term care. According to some … [Read more...] about Even the Healthy Need Medi-Cal Planning
Can Living Trust Lawyers be Trustees?
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?
Tips for Avoiding Trust Litigation
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
What is Digital Estate Planning and Why Do I Need it?
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?
6 Mistakes to Avoid in Asset Protection
If you consider the high costs of malpractice it is easy to see how important asset protection can be. If you own a business or you are likely to face legal judgments or many potential creditors, asset protection planning is very important. It is always better to be proactive when it comes to protecting your assets than engaging in damage control once it's too late. But, more importantly, you need to know the most common mistakes to avoid in asset protection so that your plan will ultimately … [Read more...] about 6 Mistakes to Avoid in Asset Protection
4 Advantages of a Durable Power of Attorney
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
