Making the difficult decision to end your marriage is never easy, and the legal process of divorce that follows will undoubtedly be time-consuming and emotionally exhausting. Given the time and attention a divorce takes, it can be all too easy to overlook the numerous practical steps that should be taken after the divorce process reaches a conclusion. Nevertheless, be sure not to not forget to update your estate plan after a divorce. Routine Reviews and Revisions of Your Estate Plan One of … [Read more...] about Do Not Forget to Update Your Estate Plan after a Divorce
Can I Be the Trustee of My Own Living Trust?
As your estate plan grows, you may decide to incorporate a living trust into your plan. If so, part of the process of creating your trust will be to appoint a Trustee. Can you appoint yourself as the Trustee? Let's explore whether you can – and whether you should – appoint yourself as the Trustee of your living trust. What You Need to Know about Trusts A trust is a fiduciary arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf of a beneficiary or … [Read more...] about Can I Be the Trustee of My Own Living Trust?
Last-Minute Medi-Cal Planning
Ideally, you already incorporated Medicaid planning into your estate plan years ago so that you will be eligible for Medi-Cal (California’s Medicaid program) when you need it. What happens though if you did not plan ahead and now suddenly need to qualify for Medi-Cal? The Sacramento Medicaid planning attorneys at the Northern California Center for Estate Planning & Elder Law explain how last-minute Medicaid planning may still be able to help you. Why Might I Need to Qualify for … [Read more...] about Last-Minute Medi-Cal Planning
Top 4 Estate Planning Mistakes to Avoid Making
Your estate plan will likely be among the most important endeavors you will undertake over the course of your lifetime. Ideally, your estate plan should protect and provide for you and your loved ones, both while you are alive and after you are gone. It only makes sense, therefore, to avoid making mistakes during the creation of your plan. To help you, we will discuss the top four estate planning mistakes to avoid making. Waiting Too Long to Start Planning. One of the biggest … [Read more...] about Top 4 Estate Planning Mistakes to Avoid Making
The Importance of Liquidity When Planning Your Estate
For many people, the impetus to create an estate plan comes from the desire to protect and provide for loved ones. The primary objective of your estate plan may be the creation of a plan for the distribution of your assets upon your death; however, simply devising a plan to distribute your assets to loved ones may not be enough to ensure that your loved ones are protected and provided for if something happens to you. For example, have you thought about the impact estate liquidity will have on … [Read more...] about The Importance of Liquidity When Planning Your Estate
If I Just Inherited Property, Do I Need to Pay an Inheritance Tax?
If you recently learned that you are the beneficiary of real property as part of an inheritance you received, you may have questions about your rights and responsibilities related to the inheritance. Specifically, you may be wondering if you are required to pay an inheritance tax on the property. We'll explain when inheritance taxes might be owed on the property you inherited. Federal Gift and Estate Taxes The federal gift and estate tax is a tax that is imposed by the federal government … [Read more...] about If I Just Inherited Property, Do I Need to Pay an Inheritance Tax?
Protecting the Inheritance of a Beneficiary with an Addiction
For most people, the most difficult decision when creating an estate plan is how to distribute assets. Sometimes, however, the more difficult decision is what to do about a problematic beneficiary. For example, if you have a beneficiary who has a drug or alcohol addiction, should you gift them part of your estate or is that essentially throwing the assets away? To offer some guidance, we'll explain how to protect the inheritance of a beneficiary with an addiction. The Cost of … [Read more...] about Protecting the Inheritance of a Beneficiary with an Addiction
Low-Interest Loans: An Estate Planning Technique
The coronavirus has caused upheaval in society and the economy. But, this unique time also opens up opportunities in estate planning. Read this blog by my friend and colleague, Steve Hartnett, an estate planning expert, to learn more. Low-Interest Loans: An Estate Planning Technique … [Read more...] about Low-Interest Loans: An Estate Planning Technique
Avoiding Family Chaos in the Coronavirus Age
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world. The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over 80,000 … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
Irrevocable Medicaid Trusts
Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. It is known as Medi-Cal in California. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Irrevocable Medicaid Trusts … [Read more...] about Irrevocable Medicaid Trusts
