If you have a moderate to large estate, one of your estate planning goals should be to limit the amount of gift and estate taxes your estate owes after you are gone. Failing to plan for the impact estate taxes could have can result in the loss of a significant portion of your estate. To help you better understand, we will discuss how to limit your estate’s exposure to estate taxes. Federal Gift and Estate Tax Basics Every estate is potentially subject to federal gift and estate taxes. The … [Read more...]
The Questions of Estate Planning, Part 4: Where
People often have questions about Estate Planning. This is the fourth in a series of articles by my friend and colleague Steve Hartnett, an estate planning expert, addressing those questions. This fourth article addresses the “where” of Estate Planning. Read on to learn more. The Questions of Estate Planning, Part 4: Where … [Read more...]
The Questions of Estate Planning, Part 3: When
People often have questions about Estate Planning. This is the third in a series of articles by my friend and colleague Steve Hartnett, an estate planning expert, addressing those questions. This third article addresses “when” to do Estate Planning. Read on to learn more. The Questions of Estate Planning, Part 3: When … [Read more...]
The Questions of Estate Planning, Part 2
People often have questions about Estate Planning. This is the second in a series of articles by my friend and colleague Steve Hartnett, an estate planning expert, addressing those questions. This second article addresses “what” Estate Planning comprises. Read on to learn more. The Questions of Estate Planning, Part 2 … [Read more...]
The Questions of Estate Planning, Part I: Who
People often have questions on Estate Planning. This is the first in a series of articles addressing those questions. This first article by my friend and colleague Steve Hartnett, an estate planning expert, addresses “who” should do Estate Planning. Read on to learn more. The Questions of Estate Planning, Part I: Who … [Read more...]
Naming Alternate Beneficiaries in Your Estate Plan
When you create your estate plan, you’re taking the time to make sure that your assets are given to the right people. By naming beneficiaries, you’re in control over how your assets will be distributed after your death. Unfortunately, your assets may not be able to be given to your first choice beneficiaries. Take a look at some of the information below to better understand the importance of naming alternate beneficiaries. If you have any questions, or if you need help creating your estate … [Read more...]
Student Loans and Death
When serving as executor of an estate, you are responsible for identifying legitimate creditor claims. If you didn’t know better, you might accidently pay claims that aren’t due, such as student loans. The liability for student loans in canceled at death. If you’re responsible for settling an estate (or trust) be sure to consult a probate – estate planning attorney for good advice. Executor Duties This is a list of common executor duties in California: Lodge the will and file … [Read more...]
Special Estate Planning Considerations for Second Marriages
If you are in a second or third marriage and have children from previous relationships, very careful estate planning is necessary to keep the peace while you’re alive and avoid litigation after your death. Tips for Using Estate Planning to Keep the Peace in a Second Marriage Communicate. Let your loved ones know that they are protected by and provided for in your estate plan. Update. Update your estate planning when your family changes. Honor Prenuptial Agreements and … [Read more...]
What Can Be Purchased with a Special Needs Trust?
There are a number of events that cause people to recognize the need for estate planning, but none as powerful as becoming a parent for the first time. As a parent, you want to ensure that your child is financially secure if something happens to you. If you have a child with special needs, the importance of estate planning is increased dramatically. One of the most common tools used by parents when creating a plan for their child with special needs is a Special Needs Trust. Before you decide if … [Read more...]
How Are Assets Valued during Probate?
When a loved one passes away, no one really wants to focus on the practical and legal steps that must be taken shortly thereafter. If you were named as the Executor of the estate, however, you must do just that. One of the many responsibilities you will have during the probate of the estate will be to value the estate assets. Why is that important and how do you determine values? We'll explain the process of valuing estate assets during probate. What Is Probate? Most people leave behind an … [Read more...]
