Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care as discussed by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more … [Read more...] about The Basics: Financial Power of Attorney
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Dont End Up Rich, Famous, and Intestate
Many who have yet to create an estate plan tell themselves “When I become rich and famous I’ll do it because then I will really need one”. Surprisingly, many of the rich and famous still don’t get around to it, creating a legal nightmare when they die. Consider the following short list of rich and famous persons who failed to leave behind an effective estate plan. Abraham Lincoln: Despite being a lawyer himself, even the 16th President of the United States died intestate. Jimi Hendrix: … [Read more...] about Dont End Up Rich, Famous, and Intestate
The Government Estate Plan for Intestacy
If you are one of the millions of Americans who has failed to create an estate plan, you are officially signed up for the government estate plan. When you fail to execute as much as a Last Will and Testament or Living Trust prior to your death, your estate will be handled according to the government’s rules and laws since you are considered to have died intestate. So how does the government estate plan work? For starters, except for the most modest estates, it is likely that everything you … [Read more...] about The Government Estate Plan for Intestacy
Do Not Forget to Update Your Estate Plan after a Divorce
Making the difficult decision to end your marriage is never easy, and the legal process of divorce that follows will undoubtedly be time-consuming and emotionally exhausting. Given the time and attention a divorce takes, it can be all too easy to overlook the numerous practical steps that should be taken after the divorce process reaches a conclusion. Nevertheless, be sure not to not forget to update your estate plan after a divorce. Routine Reviews and Revisions of Your Estate Plan One of … [Read more...] about Do Not Forget to Update Your Estate Plan after a Divorce
Can I Be the Trustee of My Own Living Trust?
As your estate plan grows, you may decide to incorporate a living trust into your plan. If so, part of the process of creating your trust will be to appoint a Trustee. Can you appoint yourself as the Trustee? Let's explore whether you can – and whether you should – appoint yourself as the Trustee of your living trust. What You Need to Know about Trusts A trust is a fiduciary arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf of a beneficiary or … [Read more...] about Can I Be the Trustee of My Own Living Trust?
Last-Minute Medi-Cal Planning
Ideally, you already incorporated Medicaid planning into your estate plan years ago so that you will be eligible for Medi-Cal (California’s Medicaid program) when you need it. What happens though if you did not plan ahead and now suddenly need to qualify for Medi-Cal? The Sacramento Medicaid planning attorneys at the Northern California Center for Estate Planning & Elder Law explain how last-minute Medicaid planning may still be able to help you. Why Might I Need to Qualify for … [Read more...] about Last-Minute Medi-Cal Planning
Top 4 Estate Planning Mistakes to Avoid Making
Your estate plan will likely be among the most important endeavors you will undertake over the course of your lifetime. Ideally, your estate plan should protect and provide for you and your loved ones, both while you are alive and after you are gone. It only makes sense, therefore, to avoid making mistakes during the creation of your plan. To help you, we will discuss the top four estate planning mistakes to avoid making. Waiting Too Long to Start Planning. One of the biggest … [Read more...] about Top 4 Estate Planning Mistakes to Avoid Making
The Importance of Liquidity When Planning Your Estate
For many people, the impetus to create an estate plan comes from the desire to protect and provide for loved ones. The primary objective of your estate plan may be the creation of a plan for the distribution of your assets upon your death; however, simply devising a plan to distribute your assets to loved ones may not be enough to ensure that your loved ones are protected and provided for if something happens to you. For example, have you thought about the impact estate liquidity will have on … [Read more...] about The Importance of Liquidity When Planning Your Estate
If I Just Inherited Property, Do I Need to Pay an Inheritance Tax?
If you recently learned that you are the beneficiary of real property as part of an inheritance you received, you may have questions about your rights and responsibilities related to the inheritance. Specifically, you may be wondering if you are required to pay an inheritance tax on the property. We'll explain when inheritance taxes might be owed on the property you inherited. Federal Gift and Estate Taxes The federal gift and estate tax is a tax that is imposed by the federal government … [Read more...] about If I Just Inherited Property, Do I Need to Pay an Inheritance Tax?
Protecting the Inheritance of a Beneficiary with an Addiction
For most people, the most difficult decision when creating an estate plan is how to distribute assets. Sometimes, however, the more difficult decision is what to do about a problematic beneficiary. For example, if you have a beneficiary who has a drug or alcohol addiction, should you gift them part of your estate or is that essentially throwing the assets away? To offer some guidance, we'll explain how to protect the inheritance of a beneficiary with an addiction. The Cost of … [Read more...] about Protecting the Inheritance of a Beneficiary with an Addiction
