Facing a terminal illness can be overwhelming, but it's important to take steps to ensure that your assets are distributed according to your wishes after your death. Here are some things to consider when it comes to estate planning for individuals with a terminal illness: Take 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 … [Read more...] about Estate Planning for Individuals with a Terminal Illness
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A Living Trust Allows for Estate Privacy
Some people come to an estate planning attorney without really knowing anything at all about probate or the estate planning process. For many of these people it comes as a bit of a surprise to learn that if you create a will, that document will eventually become part of the public record. Anyone who wishes to read the will can do so simply by going to the courthouse where it was filed. The prospect that a perfect stranger could read your last will and testament doesn't sit well with a lot of … [Read more...] about A Living Trust Allows for Estate Privacy
Probate in California – Creditor Notifications
As part of the probate process, any creditor who was owed money by a deceased person must be notified that the person has died. This is true in all states, including California, though the way each state approaches notification differs slightly. In California the estate administrator, sometimes known as the executor or personal representative, will have to notify creditors in various ways. Publication As soon as the probate case begins the estate administrator must quickly thereafter file … [Read more...] about Probate in California – Creditor Notifications
Why Will Reading is a Myth
There's no shortage of popular myths and misconceptions about the law, but one of the more widely held is the idea that after you die your lawyer will contact all your family members and friends and get them together in a single room so he or she can read them the terms of your last will and testament. Though this is a very popular myths and often encountered in movies and novels, it is almost completely baseless. The reality is that no one has a reading of the will nowadays. The probate … [Read more...] about Why Will Reading is a Myth
You Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
For most people, even retirees and other seniors, the idea that you might have to spend time in a nursing home or extended care environment isn't something you think about a lot. Unfortunately, the reality of the situation is that the older you get, the far more likely you will be to have to live in a nursing home at some point. While only a small percentage of people in their late 60s or early 70s need nursing home care, that number rises significantly the older you get. With the average cost … [Read more...] about You Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
Five Key Reasons to Reevaluate or Update Your Estate Plans
Your estate plan is modifiable. This means that as your personal circumstances change, you can make changes to your estate plan to reflect the changes. Although there are many reasons to update or review your existing estate plan, here are the top five reasons. Marital Changes: If you divorce, you should update your will and other estate planning documents to remove your spouse as a beneficiary or executor. If your former spouse was the trustee of a trust for the benefit of your children, … [Read more...] about Five Key Reasons to Reevaluate or Update Your Estate Plans
What Does the Respect for Marriage Act Mean for Estate Planning?
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 597 U.S. ___ (2022), Estate Planning practitioners took note. Justice Clarence Thomas, in his concurring opinion, indicated that it would be appropriate to revisit that were decided on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis recently announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
Medicaid (Medi-Cal) Planning
When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state. In California, Medicaid is known as Medi-Cal and California has a distinctly different approach to … [Read more...] about Medicaid (Medi-Cal) Planning
The Intersection of Bank Failure and FDIC Insurance
Three banks recently collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well. My colleague and friend Tereina Stidd, an estate planning expert, has looked into the matter. Read on to learn more. … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
