It isn’t uncommon for some people to first realize that they need to create an estate plan after they come into contact with the often aggravating probate process, typically as a result of a family member passing away. Estate planning lawyers often tell clients that they should create an estate plan that does as much as possible to minimize probate. But why do they do this? Why is avoiding probate so important? Here are three main reasons. Money The probate process involves a probate court and … [Read more...] about Why is Probate Avoidance so Important?
Baby boomers planning to retire soon will probably not give a lot of thought to questions about where they’re going to live when they are elderly. But even younger senior citizens should take some time to consider elder law and the common issues that often affect elderly people and their families. Here are a pair of common questions about issues that people often confront as they, or their family members, get older. Question 1: What happens if I get Alzheimer’s disease? Alzheimer’s disease is … [Read more...] about Elder Law Increasingly Important as Boomers Age
10,000 of them celebrate their 65th birthday everyday, and as they age they will transform the American populace into one that is older and greyer. Yet the common mantra of “60 is the new 40” is, all too often, a crutch that baby boomers rely upon to avoid having to face some serious issues associated with aging. One of these important topics is taking the time to create an estate plan that includes advance health care directives. According to a poll conducted by the Associated Press last year, … [Read more...] about Baby Boomers Getting Older, but Ignoring Potential Incapacity
The estate planning process is all about preparing for eventualities and possibilities. Some events, such as death, are inevitable, while others, such as medical incapacitation, are possible but not guaranteed. An estate plan should be able to handle both types of situations, as well as ensure that your goals are met. When you begin the estate planning process you should plan to sit down with an experienced and qualified estate planning attorney and discuss some fairly basic information. The … [Read more...] about The Lawyer-Client Relationship in Estate Planning
Many people put of their estate planning needs, and don’t even take the time to create a will. Depending on the size of your estate, a will can an important estate planning document that can allow you to achieve a number of things. If you choose to put off some of full estate planning, you should at least take the time to create this important estate planning document. Take a look at the information below, to learn more. If you have any questions, or if you’re ready to begin your estate … [Read more...] about Don’t Have a Will? Now is the Time to Make One!
About 10 years ago the Centers for Disease Control and Prevention estimated that one out of every 150 children will be diagnosed with an autism spectrum disorder, or ASD. Today that number stands at 1 in 88, making autism spectrum disorders much more common. April is Autism Awareness Month, so let’s take the time to better understand this important disorder and how it affects people. In families with children who have been diagnosed with an ASD, parents and family members are generally familiar … [Read more...] about Autism is Becoming Increasingly Common Amongst Children
One of the easiest estate planning tricks to take advantage of is the gift tax exemption limit. This limit allows you to give away a portion of your estate each year to family members without having to pay additional estate taxes. While giving away gifts is an easy estate planning tool to use, a lot of people ignore it even though there are several simple steps you can take to implement such a plan. Know your limits. A good plan starts by knowing how much you can, should, and should not give … [Read more...] about The Active Gift Plan: An Often Overlooked Estate Planning Tool
Deciding whether or not you need an estate plan is one of the easiest questions to answer, because the answer is, invariably, yes. Every adult needs to begin estate planning as soon as possible regardless of your position in life. Whether you believe you don’t have anything to leave behind you after you die or believe you will create a plan on your own later on, the reality is that if you don’t have an estate plan in place today, you need to begin making one as soon as possible. New Parents A … [Read more...] about Californians Who Need an Estate Plan
The goal of any good estate plan is to protect as much of your property as possible and ensure that, once you die, that property is inherited or transferred in a manner that you choose. While some people know that probate is the set of legal requirements that have to be met before inheritors can become the legal owners of a deceased person’s property, it isn’t always clear what property has to go through probate. In short, your property will be divided into two general categories after you … [Read more...] about Understanding The Difference Between Probate and Non-Probate Estates
A complete estate plan always includes a last will and testament, even if you use other tools that make the will little more than a safety net. But even if you don’t plan on using your will for important decisions about passing on property, you will want to make it as easy as possible for your estate to validate the will so it will minimize any probate costs. One of the best ways to do this is to create a self-proving affidavit that will accompany the will. Here’s what you need to know. Witness … [Read more...] about About Self-Proving Wills