Clarity is essential in an estate plan. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines the case of Tom Petty, what he did right and what he did wrong. It shows that clarity can avoid problems later. Clarity is Key to Planning … [Read more...]
Consequences of Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. While these modifications may be determinative of the state law consequences, they may not determine federal tax consequences. Read this blog, by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Consequences of Modifying an Irrevocable Trust … [Read more...]
Why Crowdfunding May Cost You Medi-Cal Eligibility
Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medi-Cal? Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn how crowdfunding can impact Medi-Cal eligibility. Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...]
Many Reasons to Plan
Each of us will die eventually. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...]
Understanding Revocable Living Trust Terms
If you’re researching the revocable living trust, you may be confused about some of the terms. It’s important to make sure that you understand all aspects of this estate planning tool so that you can properly use it in your plan. Take a look at the information below to learn more. If you have any questions, or if you’d like to discuss creating a revocable living trust, meet with an experienced, qualifief estate planning attorney. Trust document – Your trust document spells out all of your … [Read more...]
Deciding if Some You Love Needs a Care Facility
It can be heart wrenching to decide if a family member or friend you love can no longer safely live in their own home. It can be scary for that loved one to think about his or her care needs and possible new living environments. If you have concerns about a loved one , consider the following questions when determining care needs. If you need help, consult with an experienced and qualified estate and elder care attorney. Does your loved one have medical needs that require special … [Read more...]
Why Does My Trust Have a Name?
Your trust has a name and a birthday. Both are used to identify your trust for purposes of funding assets into the trust; financial institutions and trustees need to know how assets are owned because trustees only have authority over assets actually titled in the name of the trust. A trust’s title will look something like this: John Smith and Mary Smith, Trustees of the Smith Family Living Trust, dated July 1, 2019. Your trust’s birthday is the day you signed the trust papers. It … [Read more...]
What Is an Aid in Dying Law?
Aid in dying laws, also referred to as physician-assisted dying or death with dignity laws, are very controversial in the United States as well as in other countries that have them. Those who support these laws typically do so because they believe that someone with a terminal illness should have the right to choose how and when they die. Those opposed to aid in dying laws often do so for ideological, moral, or religious reasons. Regardless of where you stand on the issue, if you are a California … [Read more...]
How to Choose Trustees, Guardians and Agents
Part of the task of estate planning or updating an estate plan is to select trusted persons or entities to fill the positions of trustees, guardians, power of attorney agents, health care agents and executors. In order to make good decisions, you need to know the ideal characteristics of each role. Trustee of trust for minors. The trustee of the trust for your minor children or grandchildren will likely be the same as your settlement trustee. If you have the children joining as a … [Read more...]
I’m Married; Why Would I Need a Power of Attorney?
Often, married couples sign each other’s names to checks, documents, and birthday cards. According to the old joke, “If he actually signed his name, the bank wouldn’t recognize it.” However, except for the birthday card forging, signing your spouse’s name is illegal. This means, even if you’re married, you need a power of attorney to authorize you and your spouse to sign each other’s names. A power of attorney is a legal document through which you authorize an agent (e.g., your spouse) to … [Read more...]
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