Probate can be an extremely costly, lengthy, and public process. Many people take the time to carefully plan their estate in order to avoid probate. If you’re looking to avoid probate, you will need to utilize the right techniques. Take a look at some more great ways to avoid probate. If you have any questions or if you’re ready to discuss your probate avoidance needs, meet with an experienced, qualified estate planning attorney. Gift during your lifetime. If you’re able and willing … [Read more...]
Probate Avoidance Made Easy (part 1 of 2)
Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private. Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...]
Common Estate Planning Myths (part 3 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article. 5. I don’t need a trust because I have a will. Myth!!! Most people would benefit from having a revocable living trust in addition to a pour-over-will. While your will is necessary, it is only effective after you’re dead. … [Read more...]
Deciphering Medicare Benefits vs Medi-Cal Benefits
Many folks continue to be confused about the differences between Medi-Cal and Medicare. Both Medicare and Medi-Cal, which is California’s name for the Medi-Cal program, have their originals in federal law. They were originally enacted in 1965 under President Johnson’s Great Society programs. Both programs have evolved over the years. Medicare was focused on providing health care for the elderly while Medi-Cal was focused on providing health care for the poor. California’s Medi-Cal … [Read more...]
Do I Need A Separate Tax ID Number For My Trust?
A common question we get from clients is: What is the Tax ID number for my trust? The question is often prompted when our clients attempt to open an account under the name of their trust. For most of our clients, the type of trust we create is known as a grantor trust which is amendable and revocable. These are commonly referred to as “living trusts”. You can determine whether you have such a trust by reading Article One of your trust document. In such cases, the Tax ID number for the … [Read more...]
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...]
Common Estate Planning Myths (part 1 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article. 1. Estate planning is only for the rich. Myth!!! Estate planning is really for anyone who cares about someone else. If you want to take the burden off your loved ones’ shoulders, keeping expenses, hassle, and time delay to a … [Read more...]
Understanding How Property Ownership Affects Your Estate Plan (part 2 of 2)
When creating your estate plan, you will need to consider how your property ownership fits in with your overall planning needs. If you’re looking to better understand how your assets will transfer after your death, take a look at the information below. Some Forms of Joint Ownership are NOT Controlled by Your Estate Planning Documents Joint tenancy with right of survivorship – With this type of joint ownership, all owners have equal access to the assets. This means that any owner may … [Read more...]
Understanding How Property Ownership Affects Your Estate Plan (part 1 of 2)
If you’re just beginning your estate plan ventures, you may have trouble understanding how property ownership fits in with your estate planning. And, you likely don’t realize the significance of proper asset ownership. It’s important to understand how each of your assets will be distributed after your death as well as how they are controlled or not controlled by your estate planning documents. Take a look at the below information, to better understand property ownership and its effects on … [Read more...]
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, learn more about state income taxation and how you could avoid it. State Income Taxation … [Read more...]
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