A special needs trust is a great estate planning tool that can be used for providing valuable resources for your loved ones with special needs, even after your death. It is also an important way to protect individuals with disabilities who may own too much property so that they can remain eligible for need-based government benefits programs such as SSI or Medi-Cal. A third-party special needs trust is the most widely-used type of trust for individuals with special needs. Typically, family … [Read more...] about What is a Third-Party Special Needs Trust?
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Creating a Will: Who is competent?
A will is probably the most common estate planning tool out there. The last will and testament is the easiest way to guarantee that your belongings will be distributed the way you want them to be, upon your death. The trouble is, not everyone has the legal competency to create a valid will. If the person creating a will (the testator) does not have the required legal capacity, the will won't be validly executed. There are certain basic requirements in order to create a valid will. How does … [Read more...] about Creating a Will: Who is competent?
Planning for the Possible Guardianship of a Minor
Every family with minor children needs to be prepared for the possibility of guardianship in the unfortunate situation where both parents are no longer around to care for them. Though no parent wants to actually think about it, you would want to know that if something happens to you, your child will be in good hands. Planning for guardianship will give you the peace of mind you need. What is a guardianship? Guardianship is the legal status conferred by the court that gives an individual the … [Read more...] about Planning for the Possible Guardianship of a Minor
Dispelling Myths About Probate Los Angeles Style
There are many misconceptions regarding probate that cause clients to initiate estate planning with the wrong goals in mind. The focus of your estate plan should be preserving your estate for your family in order to protect their future. Probate processes in each state may be different, so you need to understand the process where you live. This article will attempt to dispel some of the most common myths about probate Los Angeles style. Myth No. 1: The process of probate can take years to … [Read more...] about Dispelling Myths About Probate Los Angeles Style
What You Should Know about a DIY Estate Plan
Do-it-yourself ("DIY") should be left to remodeling your home and trying out new crafting ideas – not estate planning. Unfortunately, do-it-yourself estate plan products have become the latest fad. While the services and products you see offered on the internet or in bookstores may advertise a lower price, the reality is these computer generated forms are not comparable to the professional legal work you would receive from an estate planning attorney. Although the document you purchase online … [Read more...] about What You Should Know about a DIY Estate Plan
Should I Be Worried About Inheritance Tax?
Getting the news that you are about to inherit from a loved one can be exciting, but you may also be concerned about what you may owe. We all know that an estate may be required to pay taxes, but what about inheritance tax? Whether you will need to pay inheritance tax depends on state law. Here is what you need to know. What is inheritance tax? When an heir or beneficiary receives money or property from an estate, a tax may be imposed on that inheritance. The federal government no longer … [Read more...] about Should I Be Worried About Inheritance Tax?
Getting to Know the California Public Employees’ Retirement System
If you are a California resident with a career in public service, you should become familiar with the California Public Employee's Retirement System or CalPERS. CalPERS has provided retirement benefits and health security for public service employees for more than 80 years, becoming the nation's largest public pension fund. The CalPERS pension fund serves more than 1.7 million members. Overview of benefits provided by CalPERS There are a wide variety of retirement benefits and other services … [Read more...] about Getting to Know the California Public Employees’ Retirement System
California’s Ancillary Probate Process
When someone dies there is a legal process through which their estate must go in order for their property to be passed on to their heirs. This process is known as probate. It typically involves identifying the person's property and determining its value, paying off remaining debts and taxes owed, and finally distributing the property that is left to the heirs or beneficiaries. But what happens when some of that property is located in another state? That is when the "ancillary" probate … [Read more...] about California’s Ancillary Probate Process
Why Would I Need an Elder Law Attorney?
As the title suggests, an elder law attorney specializes in legal issues relating to elders. This specialty became more well-known beginning in the 1980s when the legal issues seniors were facing had become more complicated in many ways. Changes in Medi-Cal laws and an increase in nursing home care needs among seniors, among other issues, made elder law attorneys more popular. You may be wondering why you would need a Los Angeles elder law attorney. Here are a few examples. What is an Elder … [Read more...] about Why Would I Need an Elder Law Attorney?
When does Trust Litigation Become Necessary?
One of the primary purposes of a trust is to provide the organized distribution of property from one generation to the next. A trust lets you decide now which belongings you want to be given to whom. As with any other legal proceeding, there may be issues with a trust that will require trust litigation. When that happens, you need an estate planning attorney experienced in litigation to help you through this process. Basic reasons trust litigation may be required If it turns out that the … [Read more...] about When does Trust Litigation Become Necessary?
