There are websites that sell boilerplate legal documents, including devices that are used in the field of estate planning. Most people do not have estate plans in place, and a lot of them are looking for quick solutions, and DIY estate planning is appealing to some. You can put this big responsibility behind you by filling in the blanks on a form that you download, and you are good to go. This is the perception, but in reality, negative consequences can come about when you try to act alone … [Read more...] about DIY Estate Planning Can Yield Unintended Consequences
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Consider Taxation When You Choose a Retirement Destination
Southern California is a fantastic place to live in many ways, but there are a handful of negatives. Obviously, the traffic is one of them, and we have the highest state income tax rate in the country. Even if you have no problem with any of the above, you may consider spending your retirement years in another state for other reasons. If you are in this position, you should definitely take taxation into consideration. Estate Taxes There is a federal estate tax that will follow you wherever … [Read more...] about Consider Taxation When You Choose a Retirement Destination
What Is Probate and Why Do People Try to Avoid It?
You will invariably come across the word “probate” if you are looking for information about estate planning. Everyone should have a basic understanding of this process, and we will provide an overview in this post. Court Supervision If an executor that is named in a will could provide inheritances without any court supervision, creditors may not be given an opportunity seek payment before the assets are distributed. There would be no oversight, and there would be no process for challenging the … [Read more...] about What Is Probate and Why Do People Try to Avoid It?
Why Do You Need an Estate Plan?
Some people do not understand why estate planning is important because they think that it is simply a matter of drawing up a will when you are old and gray. In reality, there are some very good reasons why every responsible adult should put some effort into the process. Efficient and Effective Asset Transfers If you state your final wishes in a will, the people that are named in it as inheritors will play a waiting game. The document would be admitted to probate by the executor, and it can … [Read more...] about Why Do You Need an Estate Plan?
Consider the Impact of Alzheimer’s Disease
As elder law attorneys, we help people prepare for the eventualities aging, and some of these possibilities are not very pleasant. At the same time, if you keep your head stuck in the sand, a lack of preparation can make a difficult matter a whole lot worse. This applies to the potential impact of Alzheimer’s disease. Over 6 million Americans have the disease at the present time, and it strikes 13 percent of all senior citizens and 32 percent of the oldest old. This is the term that is used … [Read more...] about Consider the Impact of Alzheimer’s Disease
A Casual Discussion With an Estate Planning Lawyer
Let’s say that you start talking to the person sitting next you on a flight, and you learn that they are an estate planning lawyer. They are willing to answer any questions that you have for the next couple of hours. If you had this opportunity, you would come away with a new understanding of the process, so we are going to share a hypothetical version in this post. When does estate planning become important? You should have an estate plan as soon as you are a self-supporting adult. This … [Read more...] about A Casual Discussion With an Estate Planning Lawyer
These Long-Term Care Facts May Surprise You
It is very hard to envision the way life will be when you reach a certain age that is in the future. You can make assumptions, but you may find that things are very different than you imagined they would be because of the eventualities of aging. If you were a runner, you may have to transition hiking, and the hikes can turn into more modest walks out of necessity. At some point, you may actually need help with your ordinary activities of daily living. How Likely Is It? A lot of people know … [Read more...] about These Long-Term Care Facts May Surprise You
Dog Ownership, Seniors, and Pet Planning
The matter of estate planning for pets may seem like something that is the domain of the extravagant rich and famous. It is true that celebrities like Oprah Winfrey and Betty White are said to have estate plans that include millions of dollars for their pampered dogs. However, when you look at the subject objectively, you can see that pet planning can be useful for some everyday people. Companionship and Purpose As elder law attorneys, we work with many older clients that have lost loved … [Read more...] about Dog Ownership, Seniors, and Pet Planning
Small Business Owners Should Use an Asset Protection Structure
If you own a small business as a sole proprietor, you are putting yourself at risk. Yes, it may seem like the simplest solution, but there is no separation between your business and your personal assets. Your personal property can potentially be attached by creditors and other types of litigants. When you utilize an asset protection structure as an alternative, you can go forward with the knowledge that your property will be protected under most circumstances. Family Limited Partnership A … [Read more...] about Small Business Owners Should Use an Asset Protection Structure
Can You Revoke a Trust?
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?
