The world is an unusual place. Things you’d never expect to happen sometimes actually do happen. There are natural disasters and unusual phenomenon. It’s important to prepare, not just for the unexpected but the eventual, as well. Read on to learn more. … [Read more...] about Preparing for the Unexpected…and the Eventual
BLOG
Estate Planning for Small Business Owners
People that own small businesses have to address some estate planning matters that would not be a factor for others. This being stated, the are more similarities than differences, and we will provide some clarity in this post. Asset Protection One of the things that is different is the need for asset protection. When you are establishing your business, you want to use a structure that will separate your business from your personal property. The limited liability company (LLC) is very … [Read more...] about Estate Planning for Small Business Owners
When Is a Trust Necessary (Part 2)?
This is the second installment of the two-part series that we are sharing to explain scenarios that would call for the utilization of a trust. Probate Avoidance If you use a will to state your final wishes, the executor would not be able to distribute assets to the inheritors independently without supervision. The will would be admitted to probate, and the probate court would preside over the process. A notice is posted for creditors during probate, and they are given time to come forward. … [Read more...] about When Is a Trust Necessary (Part 2)?
Planning for California’s Proposition 19
Everyone had eyes at the top of the ticket on November 3. But other elections also had a significant impact on people’s lives. In California, voters had many propositions, including Proposition 19. As of November 9, 2020, Proposition 19 was headed to passage by a margin of 51.2% to 48.8% with 84% of the vote counted. Proposition 19 is a ballot measure in California to modify Propositions 13 and 58. Proposition 13 passed in 1978. Proposition 13 limited property tax increases to 2% annually … [Read more...] about Planning for California’s Proposition 19
When Is a Trust Necessary (Part 1)?
There are a number of different scenarios that would call for the utilization of a trust instead of a simple will. In this post, we will look at three of them, and we will follow up with some of the other reasons why trusts should be used in our next entry. Remarriage Situations When you are getting remarried, you may have concerns about the inheritances that you want to leave to your children from your previous marriage. This can be especially sensitive if you are very successful financially … [Read more...] about When Is a Trust Necessary (Part 1)?
These Estate Planning Errors Can Be Costly
You can sometimes learn from mistakes that are made by others. With this in mind, we will look at some of the common estate planning errors that are made so you can steer clear of them. Failure to Consider Long-Term Care Costs When you have been fully capable all of your life, it can be hard to envision a time when you will need help with your activities of daily living. This is understandable, but if you visit the LongTermCare.gov website, you will see that 70 percent of seniors will need … [Read more...] about These Estate Planning Errors Can Be Costly
As COVID-19 Surges, a Clear Picture Emerges
Estate planning attorneys are like everyone else when it comes to avoiding negativity and hoping for the best. At the same time, it is our job to provide wake-up calls, and we have to bring up sensitive subjects. We always emphasize the fact that anything can happen to anyone at any time, so advance planning is important for people of all ages. A particular event will sometimes underscore this reality, like the Kobe Bryant helicopter crash tragedy. Without question, the pandemic that we … [Read more...] about As COVID-19 Surges, a Clear Picture Emerges
Is the Uniform Probate Code Used in California?
The probate laws of any state are the statutes that apply to estate matters. If you direct postmortem asset transfers through the terms of a will, the document would be admitted to probate. The executor that you name would act as the administrator, and the court would supervise during the process. This is the court that would preside over intestate estate cases as well, and the probate court is in charge of guardianship and conservative matters. (A conservator would act as a representative … [Read more...] about Is the Uniform Probate Code Used in California?
Your Legacy Plan Can Include the Gift of Education
You have the ability to carefully craft your legacy plan so you can provide for each of your loved ones in the most effective way. For some people, a lump sum cash inheritance will not be appropriate, and for minors, it isn’t impossible. If you choose to do so, you can proactively take financial steps while you are living with your legacy in mind. An educational savings account would be a fantastic gift to give to younger loved ones, and we will look at the widely embraced solution in this … [Read more...] about Your Legacy Plan Can Include the Gift of Education
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
