While estate planning attorneys are experts in advising clients on how to create an estate plan that fits their needs, there is one part of that equation the attorney is unable to answer. You are the only person who can tell your attorney what your religious values are and how important it is to you to reflect those values in your estate plan. Here are three tips you can use to help you decide what role your religious values should play as you create your estate plan. Tip 1: Consider your … [Read more...] about Religious Values and Estate Planning
Estate Planning for California Same Sex Couples
The definition of “marriage” is a moving target so planning for same sex couples is a dynamic area of practice for estate planning attorneys. Recent years have seen many changes and great advancement for lesbian and gay couples. Prior to 2015: California and other states have instituted marriage equivalents such as Civil Union or Domestic Partnership Some states and the District of Columbia permited same sex marriage. California briefly legalized same sex marriage before it was … [Read more...] about Estate Planning for California Same Sex Couples
Learning About Probate Language
If you are ever in a meeting with your estate planning attorney, or reviewing some documents or reading material your attorney asked you to look at, you may sometimes come across specific words that you've never heard before. It's sometimes easy for estate planning professionals to forget that many of the words they use are not commonly encountered by most people. Here are a few examples of some estate planning and probate terms that you may come across. Testator A testator is simply a … [Read more...] about Learning About Probate Language
Helping Your Parents with Their Estate Planning
As your parents continue to age, their estate plan needs to be updated. If you’re unsure whether your parents have done their estate planning, including long term care planning, it’s okay to chat with them. While this can be difficult to do, these are important conversations to have. Take a look at the following information, for advice on what topics to discuss. If you have any questions, or if you’d like to assist your parents with their estate planning, contact an experienced and … [Read more...] about Helping Your Parents with Their Estate Planning
Common Mistakes in Estate Planning – IV
With the proliferation of the internet has come a plethora of websites claiming that individuals may take a “Do It Yourself” approach to Estate Planning. While individuals may think that a plan created by one of these companies will meet their needs and save them money, the opposite is true. These plans often fail to contain necessary provisions and usually cost the family more in attorneys’ fees. In addition, a Trusts and Estate practitioner can alert a family to techniques designed to lower … [Read more...] about Common Mistakes in Estate Planning – IV
Common Mistakes in Estate Planning – Part III
Those who take the time to create an Estate Plan usually desire to keep it private and to ensure that no beneficiary can alter the plan after their death. Sometimes, the desire to maintain privacy backfires and produces unanticipated consequences, such as litigation. Read on to learn more. … [Read more...] about Common Mistakes in Estate Planning – Part III
Common Mistakes in Estate Planning – Part II
When people think about an Estate Plan, they often have tunnel vision and focus on just a few of the many considerations that influence the plan. Most individuals focus on their assets and figuring out to whom they want those assets to pass. While those things matter, thinking about the intended beneficiary and their individual circumstances also matters. Certain types of beneficiaries require additional planning. My friend and colleague Tereina Stidd, an estate planning expert, looks into this … [Read more...] about Common Mistakes in Estate Planning – Part II
Common Mistakes in Estate Planning – Part I
Despite knowing that they should have an estate plan, many individuals look for shortcuts to creating an Estate Plan. They rely upon advice from seemingly well-intentioned individuals that if avoiding probate is their main goal and they don’t have a taxable estate, they need not seek out an attorney to create an Estate Plan. While options exist to avoid probate, probate avoidance is just one of many considerations in creating an Estate Plan. My friend and colleague Tereina Stidd, an estate … [Read more...] about Common Mistakes in Estate Planning – Part I
Keeping Your Estate Plan Up To Date
If you’ve ever done estate planning, you deserve a pat on the back. It may surprise you to know that about half of the people in the United States, don’t have an estate plan. It’s shocking, really, because all adults need their own estate plan. So, you’re off to a great start; but, there are some important things you may have forgotten since you did your estate planning. Have you forgotten that you need to review and, as needed, update your estate plan every few years? Yes, your needs, the … [Read more...] about Keeping Your Estate Plan Up To Date
Small Business Owners: Don’t Forget to Plan
If you own a small business, you have plenty to think about on a daily basis. However, have you considered what would happen to the business upon your death. If the business has been successful, you also likely have a considerable financial interest in the business. Without careful planning, the value of your financial interest in the business can be subject to either gift or estate taxes upon your death. Although there are numerous options that may be used to help reduce estate or gift taxes, … [Read more...] about Small Business Owners: Don’t Forget to Plan
