A lot of people assume that you cannot revoke a trust after it has been created. If you harbor this misconception, you may not consider the utilization of a trust because you do not want to take such a huge step. In fact, there are two different categories of trusts, and we will provide some clarity in this post. Irrevocable Trusts There are in fact some trusts that cannot be revoked, and they can only be changed under very limited circumstances. The trustee is the trust administrator, and … [Read more...] about Can You Revoke a Trust?
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Does Your Estate Plan Include These Important Documents?
A lot of people do not understand why they need to consider working with an estate planning lawyer because they think it is a very simple matter. You draw up a will, and you have taken care of the responsibility, end of story. If you embrace this line of thinking, you are making a mistake because a well-constructed estate plan will be broader in scope. Simple Will Alternatives Obviously, your estate plan will be built around a document that is used to facilitate postmortem asset transfers, … [Read more...] about Does Your Estate Plan Include These Important Documents?
Aging in Place With a Medi-Cal Waiver
You should anticipate the physical challenges that you may face when you start to reach an advanced age. The vast majority of seniors will need help with their daily needs, and this is an inconvenient fact of life. If you make preparations in advance, there will be no surprises, and you will be able to manage the transition effectively. Aging in Place A lot of people that move into assisted living communities do so because of the way the living spaces are constructed. There are features … [Read more...] about Aging in Place With a Medi-Cal Waiver
Changing “Irrevocable” Trusts Through Use of a Trust Protector
Advisors often include irrevocable trusts as part of a comprehensive estate plan to achieve both tax and non-tax goals. The use of irrevocable trusts can cause apprehension because of the perception that irrevocable trusts are inflexible in changing circumstances. This article explores how the use of a trust protector may provide flexibility in an irrevocable trust to address these concerns. Read on to learn more. … [Read more...] about Changing “Irrevocable” Trusts Through Use of a Trust Protector
Estate Planning Reduces Stress During High Anxiety Times
During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times. Read on to learn more. … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
The Other Side of the Unauthorized Practice of Law
What happens when an individual who is not licensed to practice law provides advice to an individual – does the quality of the advice matter if the individual is unlicensed? This article explores the unauthorized practice of law and how it damages the legal profession. Read on to learn more. … [Read more...] about The Other Side of the Unauthorized Practice of Law
Dealing with a Negative Review
Online reviews have become commonplace. It’s impossible to ignore the convenience of being able to post a review from your telephone or computer – but what happens when the review is negative? This article explores what, if anything, can be done in response to a negative review. Read on to learn more. … [Read more...] about Dealing with a Negative Review
2022 Social Security Cost of Living Increase Should Be Significant
Each year, people that are receiving Social Security benefits can potentially receive a cost-of-living adjustment (COLA). We say “potentially” because there was no increase at all in 2009, 2010, and 2015. In 2016, the increase was a paltry .3 percent. According to officials, things are going to be different this year. Before we provide an explanation, we will share some general information about the Social Security program. Eligibility Requirements Eligibility for Social Security is earned … [Read more...] about 2022 Social Security Cost of Living Increase Should Be Significant
Is a Handwritten Will Valid in California?
Most people do not have any estate planning documents in place, but most of them know that it is something that they should get around to at some point. There are those that look for simple solutions, and they decide to get out a pen and paper and draw up a will by hand. A will that is handwritten that has not been witnessed is called a holographic will. These wills are recognized in about half of the states, and California is one of them. This being stated, there are some good reasons why … [Read more...] about Is a Handwritten Will Valid in California?
Three Steps That Lead to an Effective Estate Plan
Surveys find that most people that do not have estate plans in place recognize the fact that it is important. A lot of them are frozen with inaction because they do not know where to begin, and this is understandable when you are stepping into unknown territory. This in mind, we are going to look at three simple steps that you can take that will lead to the creation of an effective estate plan. Calculate Your Net Worth The first step is to inventory all of your assets so you know what you … [Read more...] about Three Steps That Lead to an Effective Estate Plan
