If you have already put together an estate plan there are many reasons why it may be time for you to reevaluate that plan and make some changes. You may be wondering why you would need to update your estate plan, which is a valid question. The answer is that the composition of family’s change, laws change, and one’s financial status or outlook on the transfer of wealth may change – all of which may give rise to problems that need to be fixed. During one's lifetime, most wills and trusts are … [Read more...] about Updating or Fixing Your Estate Plan
The New Profession: Waiting for Wealth
There’s a new gig in town for some members of the Baby Boomer generation: waiting. No, not waiting tables. That’s not new. This kind of waiting has a much more macabre air about it since it describes people who are waiting for their inheritance in order to get wealthy. That’s right; they’re waiting for someone to die – usually their parent(s) – so that they can inherit the golden nest egg. The unfortunate fact for these “waiters” is that the family landscape has changed. People are living … [Read more...] about The New Profession: Waiting for Wealth
A Few Basic Questions About Trusts
Question 1: What is a trust and how does it work? One way to think about a trust is as a kind of company that you create. This company has a specific purpose or objective that you can select. It will be run or managed by someone you choose, known as the trustee, and can own property just as a company can. It will also use that property for the benefit of other people that you name, known as the beneficiaries. There are, of course, significant differences between a trust and a business … [Read more...] about A Few Basic Questions About Trusts
If You're Moving, Consider Changing Your Estate Plan
Whether you are new to California or are leaving the state to go somewhere else, you need to take some time to review your estate plan as part of the moving process. Moving to a new state means that there are new laws you may need to consider. This is especially important if you move from a community property state, such as California, to a non-community property state, or vice versa. Here are a few issues you'll need to keep in mind when reviewing your estate plan as part of a move. Spousal … [Read more...] about If You're Moving, Consider Changing Your Estate Plan
A Living Trust Allows for Estate Privacy
Some people come to an estate planning attorney without really knowing anything at all about probate or the estate planning process. For many of these people it comes as a bit of a surprise to learn that if you create a will, that document will eventually become part of the public record. Anyone who wishes to read the will can do so simply by going to the courthouse where it was filed. The prospect that a perfect stranger could read your last will and testament doesn't sit well with a lot of … [Read more...] about A Living Trust Allows for Estate Privacy
How You Can Help Victims of Hurricane Sandy
With thousands of people still out of power and millions of people affected by hurricane Sandy, many want to know what they can do to help. There are numerous opportunities for you to show your support for the victims of the storm, and even if you can't provide first-hand help, there's a lot you can do to provide assistance. ABC news has provided a list of links and contact information for charitable organizations that you can support. Here's a brief summary. American Red Cross: … [Read more...] about How You Can Help Victims of Hurricane Sandy
Probate in California – Creditor Notifications
As part of the probate process, any creditor who was owed money by a deceased person must be notified that the person has died. This is true in all states, including California, though the way each state approaches notification differs slightly. In California the estate administrator, sometimes known as the executor or personal representative, will have to notify creditors in various ways. Publication As soon as the probate case begins the estate administrator must quickly thereafter file a … [Read more...] about Probate in California – Creditor Notifications
Four Different Types of Trusts
Trusts have become a very useful tool in the estate planning field; in fact, you may be considering one yourself. If you are considering establishing a trust, you should be aware of the different types that exist. Revocable inter vivos trust This is the most flexible of all the trusts. The usual setup for this type of trust involves the trustor (i.e., trust’s creator) transferring legal title to property to the trustee (i.e., person entrusted with looking after the property). The catch is that … [Read more...] about Four Different Types of Trusts
You May Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
For most people, even retirees and other seniors, the idea that you might have to spend time in a nursing home or extended care environment isn't something you think about a lot. Unfortunately, the reality of the situation is that the older you get, the far more likely you will be to have to live in a nursing home at some point. While only a small percentage of people in their late 60s or early 70s need nursing home care, that number rises significantly the older you get. With the average cost … [Read more...] about You May Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
Your Will is Real, Your Will Reading is a Myth
There's no shortage of popular myths and misconceptions about the law, but one of the more widely held is the idea that after you die your lawyer will contact all your family members and friends and get them together in a single room so he or she can read them the terms of your last will and testament. Though this is a very popular myths and often encountered in movies and novels, it is almost completely baseless. The reality is that no one has a reading of the will nowadays. The probate … [Read more...] about Your Will is Real, Your Will Reading is a Myth
