A trustee is a key player in estate planning, responsible for managing and distributing assets according to the terms of a trust. Here are some things you need to know about the role of a trustee: A trustee has a fiduciary duty: A trustee has a legal obligation to act in the best interests of the trust's beneficiaries, putting their interests above their own. A trustee manages the trust's assets: A trustee is responsible for managing the trust's assets, including investments, property, … [Read more...] about Understanding the Role of a Trustee in Estate Planning
Estate Planning for Business Owners: What You Need to Know
As a business owner, estate planning is crucial to ensuring that your business is passed on to the appropriate parties and that its value is preserved. Here are some things you need to know when it comes to estate planning for business owners. Take inventory of your assets: Start by making a list of all your assets, including your business and any related investments. This will help you determine what you need to plan for and how to distribute your assets. Choose a successor: Consider … [Read more...] about Estate Planning for Business Owners: What You Need to Know
Common Mistakes to Avoid When Creating an Estate Plan
Creating an estate plan is an important step in ensuring that your loved ones are taken care of after your death. However, there are several common mistakes that people make when creating an estate plan that can lead to legal disputes and financial losses. Here are some common mistakes to avoid when creating an estate plan, and remember, we're always available to assist you. Contact us to schedule a consultation. Failing to create an estate plan: Many people put off estate planning because … [Read more...] about Common Mistakes to Avoid When Creating an Estate Plan
Living Wills: What They Are and Why You Need One
A living will, despite its name, is not a will in the traditional sense. While a traditional will outlines your wishes for your property after your death, a living will, typically known as an advance healthcare directive in California, is a legal document that expresses your preferences for medical treatment if you become unable to communicate or make decisions. You can also designate an agent to make those decisions for you. Understanding Living Wills: In the face of serious illness or … [Read more...] about Living Wills: What They Are and Why You Need One
Revocable Living Trusts vs. Wills: Which One Is Right for You?
Choosing between a revocable living trust and a will for estate planning can be a daunting task, as both have distinct advantages and serve different purposes. Understanding their roles can help you make the right choice based on your unique situation. A will is a legal document that dictates how your assets will be distributed after your death. It allows you to appoint a guardian for minor children, an executor for your estate, and specify inheritances. However, wills go through probate - a … [Read more...] about Revocable Living Trusts vs. Wills: Which One Is Right for You?
Conservatorship: Understanding Your Options
Conservatorship is a legal process designed to protect those who cannot care for their own well-being due to incapacity or disability. A court appoints a conservator to make decisions on their behalf, including personal, medical, and financial decisions. Understanding your options when it comes to conservatorship can help you make informed decisions that ensure the best care for your loved one. Types of Conservatorships: There are different types of conservatorships, each with distinct … [Read more...] about Conservatorship: Understanding Your Options
A Step-by-Step Guide to Estate Planning for Beginners
Estate planning is a crucial process for ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of after your death. If you're new to estate planning, here is a step-by-step guide to help you get started. Take an inventory of your assets: Start by making a list of all your assets, including property, investments, and personal belongings. This will help you determine what you need to plan for and how to distribute your assets. Decide who … [Read more...] about A Step-by-Step Guide to Estate Planning for Beginners
How to Protect Your Assets from Nursing Home Costs
The costs of nursing home care can quickly deplete an individual's life savings. However, several strategies can be used to protect your assets while still ensuring you or your loved ones receive necessary long-term care. Long-Term Care Insurance: This type of insurance policy can help cover the cost of nursing homes, assisted living facilities, and in-home care. It's most cost-effective when purchased at a younger age and in good health. While it can be a significant investment, it can also … [Read more...] about How to Protect Your Assets from Nursing Home Costs
The Benefits of Creating an Estate Plan
Creating an estate plan is an important step in securing the future of your loved ones and protecting your assets. Before we discuss the benefits, remember that we're available to help you. Ensuring your assets are distributed according to your wishes: With an estate plan, you can outline how you want your assets to be distributed after your death. This can prevent legal disputes and ensure that your loved ones are taken care of. Protecting your beneficiaries: Estate planning can protect … [Read more...] about The Benefits of Creating an Estate Plan
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
