As the world shrinks due to increased mobility and interconnectedness, estate planning has become more complex. Now estate planning requires understanding issues that arise when a client owns assets in another country or resides in the U.S. but lacks citizen status. Things change for clients who neither reside in the U.S., nor have U.S. citizenship, but who own U.S. property. My friend and colleague Tereina Stidd, an estate planning expert, discusses this issue. Read on to learn more. … [Read more...] about Planning for the International Client
Estate Planning
Will The Government Inherit Your Estate?
There are several myths and misconceptions surrounding estate planning that sometimes pop up. For example, some people believe that the state of California will inherit your property if you don't make a will or create some kind of estate plan. While this is possible, it is very rare. The process through which the state inherits someone's property is called escheat. Let's take a look at it and why it rarely happens. You can choose who inherits your property. In order to pass on your … [Read more...] about Will The Government Inherit Your Estate?
New Year Resolution: Review Your Estate Plan (part 2 of 2)
When considering creating or updating your estate plan in 2023, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...] about New Year Resolution: Review Your Estate Plan (part 2 of 2)
New Year Resolution: Review Your Estate Plan (part 1 of 2)
With the New Year upon, consider as one of your resolutions creating or updating your estate plan. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to better understand … [Read more...] about New Year Resolution: Review Your Estate Plan (part 1 of 2)
A Recipe You Don’t Want: The Silent Estate Plan
If there is one lesson everyone should take away about estate planning it is this: you need to do more than remain silent. Estate planning is, at its core, making choices and setting them down on paper. When you don't make any choices or, even worse, make the choice and assume that your wishes will be followed, you're going to have a bad time. Here are three reasons why remaining silent is not a good option when making a plan. Reason 1. California has already chosen who will inherit your … [Read more...] about A Recipe You Don’t Want: The Silent Estate Plan
Joint Tenancy: Watch Out for the Perils – Part 2 of 2
It’s important to carefully consider each estate planning decision that you make, including the use of joint tenancy. While in limited circumstances it can be beneficial to own property in joint tenancy with another individual, there are also some significant disadvantages to this form of ownership. It’s important to carefully consider both the advantages and disadvantages before including joint tenancy in your planning. The benefit is generally probate avoidance . More disadvantages are … [Read more...] about Joint Tenancy: Watch Out for the Perils – Part 2 of 2
Joint Tenancy: Watch Out for the Perils – Part 1 of 2
Some people choose to own properly jointly with the use of joint tenancy. This can be a form of ownership that has certain benefits. Unfortunately, there are also issues that may arise when people choose to include this form of ownership in their estate plan. It’s important to consider both the advantages and the disadvantages before creating an estate plan. The benefit is generally probate avoidance. More disadvantages are described below. You lose control of your assets. If you choose to … [Read more...] about Joint Tenancy: Watch Out for the Perils – Part 1 of 2
Getting Started in Estate Planning – The First Meeting with Your Attorney
If you have made the decision to stop delaying and create an estate plan, congratulations. You've taken a step that most people will never take and one which will greatly help you and your family. Now that you have made the choice, you can help your estate planning attorney a great deal by taking some time to get prepared for your first meeting. There are specific documents you can bring to your first meeting with your lawyer, as well as questions you can start thinking about now so your … [Read more...] about Getting Started in Estate Planning – The First Meeting with Your Attorney
The Correct Way to Choose a Trustee
If part of your estate plan includes the creation of a trust, you want to ensure that you choose the right trustee. While your trust will specify the kinds of responsibilities and limitations your trustee will have, trustees typically come from one of two sources: either family members or professional organizations. Let's take a look at both of these options so you can determine which choice best suits your trust. Family Members Family members are a popular choice for trustee primarily … [Read more...] about The Correct Way to Choose a Trustee
Second Marriages, Estate Planning, and Prenuptial Agreements
While you may know that your estate plan should contain, at a minimum, a will and advance medical directives, you may also need to consider a prenuptial agreement as well. Prenuptial agreements, also known as premarital agreements or “prenups,” are contracts that prospective spouses enter into before they get married. These agreements can be a very important part of your estate plan, especially if you already have children from a previous relationship or are entering into a second … [Read more...] about Second Marriages, Estate Planning, and Prenuptial Agreements
