If you’re like most people, you assume that your trustee will call an attorney when you are disabled or die and all will proceed smoothly. If you want your estate plan to be carried in the manner you intend, there are 5 things your trustee needs to know. Here is the estate planning information that your trustee needs readily available: 1. Documents: Your trustee needs access to your current estate planning documents with a schedule of all assets with up to date balances (keep the most … [Read more...]
Why You Should Do Your Estate Planning Before The Holidays
We’re getting into that time of year when we all get busy and there’s lots to do. Why would we suggest adding estate planning to your list now? Well, please, read on; there are strong reasons why you should do your estate planning before the end of year holiday season. 1. Families Gather during the Holidays Because families gather during the holidays, it’s a great time to have that all important estate planning chat. Let your loved ones know that you’ve engaged in the estate planning … [Read more...]
Estate Planning is About More Tan Taxes
Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. In this post by my friend and colleague Steve Hartnett, an estate planning expert, you can learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits. Estate Planning is About More Tan Taxes … [Read more...]
Who Can Contest a Will in California?
If you recently lost someone close to you, you are undoubtedly going through the period of grief and heightened emotions that typically follows the death of a loved one. At some point, the decedent’s estate will begin the probate process which includes authenticating the decedent’s Last Will and Testament if one is submitted to the probate court. What happens though if you have concerns about the validity of that Will? Can you contest the Will? We will provide some general guidance relating to … [Read more...]
Prenuptial Agreements Can Provide Remarriage Protection
Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read the following post by my friend and colleague Steve Hartnett, an estate planning expert, to find out more about prenuptial agreements. Prenuptial Agreements Can … [Read more...]
Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read this post by my friend and colleague Steve Hartnett, an estate planning expert, to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin died intestate. Intestacy has definite drawbacks. In this post by my friend and colleague Steve Hartnett, an estate planning expert, he examines what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
Why Avoid Probate?
Creating a successful estate plan typically requires you to incorporate numerous inter-connected goals and objectives into one comprehensive plan. As you may have heard from friends or family, probate avoidance is a popular estate planning goal. In order to decide if you should make probate avoidance one of your goals, however, you need to have a firm understanding of why you might want your estate to avoid probate. Probate Process Basics Probate is the legal process that is typically required … [Read more...]
How Can An Irrevocable Trust Be Revoked?
Given how popular trusts have become over the past several decades, there is a very good chance that you will include a trust in your own estate plan and/or that you will be a beneficiary of a trust established by someone else. Whether you are the Settlor of a beneficiary of the trust, you may wish to revoke, or terminate, the trust at some point down the road. If the trust is an irrevocable trust, however, you may believe (understandably) that the trust cannot be revoked. As explained below, it … [Read more...]
Retirement Planning: The Roth IRA
A Roth IRA is an individual retirement account; it’s called “Roth” because that’s the name of the Congressman who introduced the legislation, creating this type of retirement account. Retirement accounts have tax advantages to create an incentive for you to plan for your retirement and not depend upon public assistance in the future. Though you need to consult with professional advisors and get good advice, customized to your individual situation, the Roth is an incredible retirement planning … [Read more...]
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