Instead of thinking about chocolates or flowers for your loved one, let’s focus on a practical way to demonstrate your love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
The Lessons from the Lisa Marie Presley Estate
Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It seems that an individual with fame and money could easily avoid that result; however, that’s not always the case. The fallout caused by inadequate Estate Plans of celebrities provides great lessons for Estate Planning practitioners and their clients because the drama unfolds on a public stage. … [Read more...] about The Lessons from the Lisa Marie Presley Estate
Your Parent’s Nursing Home Might Sue You
For children with elderly parents residing in a nursing home or extended care facility, you may be surprised to know that in some states and in some situations, you could potentially be required to pay for your parents nursing home expenses. About 30 states, including California, have laws that impose some kind of a duty for children to pay for their parent's nursing home expenses if the parent is indigent and if the child has funds. In about 20 of the states with these “filial … [Read more...] about Your Parent’s Nursing Home Might Sue You
Three Considerations When Deciding About Amending A Trust
Question 1: Can I change my revocable living trust? What about an irrevocable trust? Anyone who creates a revocable living trust, known as a trustor, can change the terms of that trust at any time as long as he or she is mentally capable. You cannot change the terms of your trust after you die by, for example, dictating the amendment through your last will and testament. Also, if you created the revocable living trust jointly with a spouse, both you and your spouse will have to agree to any … [Read more...] about Three Considerations When Deciding About Amending A Trust
Does Fido or Boots Need a Trust?
Do you know what your pets do when you are not around? If your dog or cat creates a mess when you are not at home, then of course you know about that. But, what about at other times? Pets have a life of their own and they exist when you are not around. That means that they will continue to exist after you pass away. Just like they still need food and water when you are not around now, your pets will need food and water when you pass away. You can provide for your pets after you pass away by … [Read more...] about Does Fido or Boots Need a Trust?
What To Do Immediately After the Death of A Family Member
We all hope never to be in this situation, yet it will likely happen to you at some point in your lifetime. You receive a telephone call telling you that a close family member has died. What do you do? There is no way to avoid the emotional reaction that follows the death of a close family member; however, there are also a number of practical and legal things that must take place after a death as well. While each situation is unique, there are some common steps that should follow in most … [Read more...] about What To Do Immediately After the Death of A Family Member
How Not To Leave Your Home To Your Kids
One thing that some people try to do to avoid probate is to transfer their house to their children while they are alive. For many, it seems like the simplest and easiest solution. This can be accomplished by adding the child to the ttile to the house as a joint tenant or by gifting it to them outright. However, a cautionary tale, that may or may not be literally true, illustrates what can happen when you do this. The story involves a judge who made a big legal error. The judge’s daughter … [Read more...] about How Not To Leave Your Home To Your Kids
How Valuable is Your Image?
In California, it's not all that unusual to meet someone that appeared on television or in a magazine at some point, even if just once. Maybe, you were a model for one print campaign. Maybe, you were an actor who made one appearance on an old TV show. It happens. Do you know how much your image is worth? Do you know that the IRS can decide your image is valuable and tax the rights to it after you pass away? The estate tax places a tax on the total value of an estate after a person passes … [Read more...] about How Valuable is Your Image?
Don’t Fall For Do-It-Yourself Estate Plan Traps
There are some things that you can do for yourself with a little bit of information and perhaps the purchase of some specific tools or equipment. And of course there are other things that are best left to experienced and qualified professionals because in the end you may wind up losing more than you gain by trying to go it alone. Estate planning would fall into the latter category. There are websites out there willing to sell you generic template legal documents. The idea is that you simply … [Read more...] about Don’t Fall For Do-It-Yourself Estate Plan Traps
Is it Time to Review Your Estate Plan?
Your estate plan is a vital document that outlines how your assets will be distributed and managed after your passing. It is essential to review and update your estate plan regularly to ensure that it reflects your current wishes and that it is in compliance with the law. But how do you know when it's time to review your estate plan? Here are a few key indicators that it may be time for a review. 1. Life Changes One of the most significant reasons to review your estate plan is when you … [Read more...] about Is it Time to Review Your Estate Plan?
