A Special Needs Trust can be established during the lifetime of the caregiver, as well as, through the last will and testament. The trust becomes effective when it is signed and notarized by the grantor (the person creating the trust). A tax identification number is required from the IRS. Then a bank account can be opened with a minimum deposit. After that, the trust can be funded through a variety of estate planning tools. Topics covered in this report include: Defining Special … [Read more...] about Free Report: California Special Needs Trusts
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What will happen to my property in California, if I die without a will?
If you don’t have a will when you die, your property will still go to your family, through your state’s laws of “intestate succession.” The only difference is that with a will, you can determine exactly which relatives will receive what. Whereas, without a will, the closest relatives will receive equal shares depending on a pre-determined priority system. With that system, how your property is distributed depends on which of your relatives are still alive when you die. Intestate Succession … [Read more...] about What will happen to my property in California, if I die without a will?
What is the Cost When My Spouse Dies?
There are certain types of fees and expenses that can be expected when your spouse dies, the extent of which depends on where you live, the size of your spouse’s estate and what, if any, estate planning was done. Generally, court fees, appraisal fees, executor fees and attorney fees can be expected. Some of these fees are established or limited by the laws of the state where you live. The cost of probate is also a factor. This expense is commonly between 5% and 10% of the gross … [Read more...] about What is the Cost When My Spouse Dies?
Ray Charles’ Management Problems Continue After his Death
Children of legendary recording artist Ray Charles are in a battle over the management of the late singer’s assets. The estate’s management and family member’s wishes have clashed according to a recent article published in the Los Angeles Times. The issue stems from the children’s’ wishes to handle the marketing of their father’s name and image, and assert a greater voice in the way his charitable foundation is run. In 2002, Charles gathered his children and told them that the bulk of his … [Read more...] about Ray Charles’ Management Problems Continue After his Death
Financial Elder Abuse Occurs Even in Famous Families
A recent story illustrates that financial elder abuse impacts a wide spectrum of the population and frequently occurs even within the best families. According to this article, Chase Caro has admitted that he stole $310,000 from his grandparents. Chase Caro ended up liquidating three CD’s without their permission, set up a joint trust fund in his name and theirs, and then began to withdraw money for his personal use. Chase Caro is the son of one of my favorite authors, Pulitzer-prize winning … [Read more...] about Financial Elder Abuse Occurs Even in Famous Families
The Importance of Minimizing Surprises
One of the most critical documents in any estate plan is a health care directive or durable power of attorney. A durable power of attorney allows for the orderly management of your health care when you are unable to speak for yourself. Have you prepared a living will, health care directive or durable power of attorney for medical care? If you have prepared one or more of these documents, the next issue is: have you shared this document with your loved ones? Do your loved ones know who is … [Read more...] about The Importance of Minimizing Surprises
New Legislation Seeks to Protect Elders from Pseudo Professional Designations
One challenge facing most consumers is finding trustworthy professionals to help manage their retirement finances. In the last few years, dozens of professional designations have been created, some of which purport to offer special expertise designed specifically for seniors. As described in a recent article, often these new designations are nothing more than a marketing device intended to give seniors a false sense of security. One such example was the designation “Certified Elder Planning … [Read more...] about New Legislation Seeks to Protect Elders from Pseudo Professional Designations
Do You Know Who Will Receive Your Retirement Accounts?
One effective way of avoiding probate is to make use of financial accounts that have a ‘pay-on-death’ feature. This feature, if used properly, allows you to avoid probate and distribute your assets directly to your heirs or loved ones as you designate. Upon your death, the beneficiary simply presents a death certificate to the financial institution and the assets can be paid directly to the beneficiary without having to incur the costs, or experience the delays, of probate administration. But … [Read more...] about Do You Know Who Will Receive Your Retirement Accounts?
Creative Scams Against Seniors Continue to Flourish
Were you recently notified that you were the winner of the Canadian lottery? Or perhaps you received a secret communiqué from a former official of the Nigerian government asking for your assistance discretely moving money out of his country. Were you surprised by your luck? As discussed in a recent Los Angeles Times article, perhaps you have become a victim of bad luck. These scams are some of the latest variants of a confidence game commonly known as the Spanish Prisoner scam, in which the … [Read more...] about Creative Scams Against Seniors Continue to Flourish
The Latest Service: a Virtual Safe-Deposit Box?
One frequent issue that arises in both estate planning and estate administration is effective communication. Many individuals are concerned that their beneficiaries will not find their estate plan, asset accounts or important confidential information after their death. Often these individuals don’t want to share their confidential information with their beneficiaries while they are alive, but are concerned that their beneficiaries will not find the information after their death. Conversely, I … [Read more...] about The Latest Service: a Virtual Safe-Deposit Box?
