We recently celpebrated the 4th of July which reminded us of our flag, freedom, and fireworks! It should also cause us to reflect upon what freedom means to us. Creating an Estate Plan provides a level of individual freedom – a peace of mind regarding your family’s well-being and the legacy that you leave for them once you are gone. My friend and colleague Tereina Stidd, an estate planning expert, shares her thoughts on the topic. Read on to learn more. … [Read more...] about What Independence Day Teaches Us About Estate Planning
Estate Planning
What if You Want to Change Your Living Trust
Revocable living trusts are one of the best estate planning tools available to most people. These trusts allow you great flexibility in not only selecting who receives your property after you die, but also in avoiding probate and reducing potential estate tax issues. However, there are specific laws which apply to creating and using a revocable living trust, and if you want to make changes to the trust after you make it, you must be sure to do so properly. Here's what you need to … [Read more...] about What if You Want to Change Your Living Trust
Your Path to Estate Planning – The First Steps
Estate planning can seem like a daunting challenge to anyone who hasn’t started the process yet. For example, if you live in California there are a number of laws and tax issues you will need to take into consideration when you develop your estate plan. Just the thought of these complicated and difficult issues can lead many people to hesitate and not start planning at all. Fortunately, you don’t need to make any big decisions if you want to get started with estate planning. There are several … [Read more...] about Your Path to Estate Planning – The First Steps
Difficult Conversations Dealing with Estate Planning
Conversations about estate planning can be stressful, difficult and uncomfortable. However, it’s important to be proactive with your estate planning by taking steps to ensure your family is not bogged down making decisions about your estate while they are grieving. Although it may be difficult to discuss your estate plans with your family, it’s better to do so now to diffuse future problems before they have a chance to develop. Some common situations that complicate the estate planning … [Read more...] about Difficult Conversations Dealing with Estate Planning
What Exactly is Escheat?
Have you ever heard someone use the term “escheat” in daily life? Unless you work in the legal field, the chances are pretty good that you have never heard anyone, utter a word like escheat; it just doesn’t happen. That’s because escheat is a term of art. While the term may be confusing, what it represents is not. When something escheats, it means that the title to property transfers to the state. Why does the title to the property transfer to the state? It transfers because two things have … [Read more...] about What Exactly is Escheat?
3 Questions About Common Law Marriage in California and How It Could Impact Your Estate Plan
Question 1: What is a common-law marriage? In some states couples can get married without ever having to go through a marriage ceremony or receive an official marriage license. This is known as common-law marriage. If you become married through common law you are a legally married couple and must obtain a divorce if you want to end the marriage. Question 2: Does California allow common-law marriage? No. There are only a handful of states that allow couples to get married through common … [Read more...] about 3 Questions About Common Law Marriage in California and How It Could Impact Your Estate Plan
Estate Planning Questions for Young Professionals
If there is one group of people who are least likely to have any kind of state plan, it is young people. Whether you're newly out of college or already into your career, developing an estate plan now, while you are still young, can save a lot of headaches down the road. Even though you may not think estate planning concerns apply to you, there are some questions you need to ask yourself when you consider the topic. What are the chances you'll get divorced? Although people don't like to … [Read more...] about Estate Planning Questions for Young Professionals
New Survey Shows Who is Unlikely to Make an Estate Plan
A recent survey seems to demonstrate a lack of desire to create, or even get information about, an estate plan. The survey participants, who had a net worth between $100,000 and $1,000,000 (exclusive of their primary residence), may like to make money today but don’t seem to realize the potential peril that could accompany the failure to make an estate plan. The survey consisted of one main question – whether he or she had received any estate planning advice from their primary advisor – and … [Read more...] about New Survey Shows Who is Unlikely to Make an Estate Plan
Insurance and Estate Planning
A complete estate plan involves a variety of tools and options, and no two plans are identical. For many people, insurance is an extremely important part of their plans. There are several different types of insurance you may want to incorporate into your own estate plan, but there are several that are commonly used by many people. Life Insurance There are two basic types of life insurance: term and whole. Term life insurance is something you buy every year. Its costs tend to get higher the … [Read more...] about Insurance and Estate Planning
Common Questions About Life Care Planning
Question 1: What is life care planning? A life care plan is a comprehensive plan designed to address aging issues so that seniors can engage in the highest possible quality of life. Life care plans are individually tailored to meet each person’s health, financial, and practical concerns. Question 2: Is a life care plan similar to an estate plan? Yes and no. While a life care plan does include many of the same elements that you create when you establish an estate plan, there is also more … [Read more...] about Common Questions About Life Care Planning
