If you have spent a lifetime building up what you consider to be your legacy for future generations, be sure to protect it by creating a thorough legacy plan. Although the wealth you have accumulated during your lifetime is certainly part of your legacy, your legacy may also include the ideals and principles that you have lived by during your lifetime. These are the things that make up your legacy and need to be reflected in your legacy plan. Think of a legacy plan as a continuation of your … [Read more...] about Estate Planning vs. Legacy Planning
When the need for comprehensive estate planning comes up, the discussion typically focuses on the importance of deciding how your estate is distributed shortly after your death. For some people, however, careful estate planning also helps determine how lucrative their estate continues to be long after they are gone. Consider, for example, the following estates that earned a fortune in 2019, brought to you by a Sacramento estate planning attorney at the Northern California Center for Estate … [Read more...] about Estates that Earned a Fortune in 2019
More and more, Americans are choosing to be cared for and are dying in their own homes. If you wish to be cared for and die in your own home, it’s especially important to have a plan in place to facilitate that choice. Read this piece by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. How Will You Age in Place and Be Able to Die at Home? … [Read more...] about How Will You Age in Place and Be Able to Die at Home?
If you are the parent of more than one child, you have undoubtedly made a concerted effort to treat your children equally and not play favorites. You may feel the need to do the same thing when it comes time to think about how to distribute your estate. When your children are minors, your estate plan will likely rely on a trust to protect the assets intended for them. When your children are young, there are no extenuating circumstances to consider which makes decisions regarding the distribution … [Read more...] about Dividing Your Estate Unequally among Your Children
Bet you never thought to compare your estate planning attorney to your eye doctor. But the experience is similar. Both your estate planning attorney and your eye doctor ask you questions to determine the right prescription for you. “Do you like it this way or that way?” “Which is clearer number 3 or number 4?” This is customized analysis, necessary to determine your prescription for both estate planning and glasses. In fact, sometimes the estate planning attorney determines that you don’t … [Read more...] about How Your Estate Planning Attorney is Similar to Your Eye Doctor
Sometimes a corporate fiduciary is named as a trustee or a co-trustee with a trusted family member or friend. A corporate fiduciary is, simply, a bank or trust company. Many are experienced, good with money, and trust worthy. Teamed with a family member, who cares about you, this arrangement can be helpful for those who don’t want to burden a family member or friend with all of the responsibilities of trust administration. The pros of naming a corporate fiduciary as trustee Corporate … [Read more...] about Choosing a Corporate Fiduciary Trustee
If you’re like most people, you may be startled to learn that your will won’t do what you think it should do. A will is effective for naming guardians for minor children, naming an executor, and directing assets titled in your individual name or payable to your estate. A will may not control all property because of the way most property is owned. For example, consider Marv’s will. Marv’s will provides that all of his assets go to his children upon his death because he spouse, his second … [Read more...] about When a Will Helps and When it Doesn’t Help
The most significant action of Congress in 2019 relating to retirement and estate planning was the late December passage of the “Setting Every Community Up for Retirement Enhancement Act of 2019”, commonly known as the “Secure Act”. It was signed into law shortly thereafter and is effective January 1, 2020, for most purposes. In this and future newsletters, we will look into the provisions of the Secure Act and also some strategies to maximize benefits and minimize problems created by this … [Read more...] about CONGRESS PASSES THE SECURE ACT: HOW DOES IT AFFECT YOU?
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles by my friend and colleague Steve Hartnett, an estate planning expert, on ways an Estate Plan might be invalid and how to avoid these pitfalls. This fourth article in the series looks at testamentary capacity. Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is the third part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This article looks at fraud. Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud