Many homeowners want to create estate plans that allow them to protect their homes and more easily pass them on to their children or inheritors after they die. Because of this, estate planning attorneys often counsel homeowners to create a revocable living trust. Through the trust, the homeowners can transfer title of their real estate into the trust’s name to obtain various benefits. However, using a revocable living trusts to own and transfer property does take some additional work, and these … [Read more...] about Home Ownership and Revocable Living Trusts
Estate Planning
Getting a Head Start: Estate Planning for the Under-40 Crowd
The common wisdom about estate planning says that it’s an old person’s game. No one starts state planning until 50, and even then you aren’t really worried about it. But this common wisdom is not legally sound. The reality is that estate planning concerns affect everyone. Estate planning lawyers like to say that you need an estate plan as soon as you become an adult. Even then, beginning your state planning efforts before you reach the age of 40 is not something a lot of people do, even though … [Read more...] about Getting a Head Start: Estate Planning for the Under-40 Crowd
Don’t Forget IP With Your Estate Plan in California
For people developing an estate plan, it’s important not to forget any intellectual property concerns you might have. Understanding estate planning is about taking a step back, looking at the issues involved, and approaching them piece-by-piece. A good estate plan gives you a roadmap of where you can go in light of your goals and your circumstances. If you have any type of intellectual property, you need to develop a plan that will fit your specific assets. An experienced and qualified estate … [Read more...] about Don’t Forget IP With Your Estate Plan in California
You Can Update Your Advance Health Care Directives
Everyone who chooses to make an advance health care directive (AHCD) can also choose to update or modify those directives whenever they like. Making an advance directive is something anyone can do once they reach the age of 18. As long as you are capable of making decisions, you can decide what kinds of medical care you want to refuse or allow should you fall seriously ill or be seriously injured. It’s also important to realize that you can change your mind about your medical choices whenever … [Read more...] about You Can Update Your Advance Health Care Directives
A Few Common Questions About Small Estate Probate in California
Question 1: What is small estate probate? The probate process is the legal process that applies after a California resident has died leaving behind property. That property, called an estate, will have to go through probate before new owners can take possession of the deceased person’s property. (The deceased person is often referred to as a decedent.) When the estate is valued at below a specified dollar amount a less formal set of probate procedures applies, known as small estate … [Read more...] about A Few Common Questions About Small Estate Probate in California
Three Issues Senior Pet Owners Need to Think About
As a pet owner, you know the feelings of joy and satisfaction you get from your animal companion. As an aging senior, however, you also know that there are a lot of things that you used to do that you probably shouldn’t do any more. Senior pet owners have to consider several issues as they age that younger pet owners don’t really need to think about as much. If you are a senior pet owner and have yet to do so, developing a pet plan is an essential piece of being prepared for the future. Issue 1. … [Read more...] about Three Issues Senior Pet Owners Need to Think About
Essential Documents For Every Estate Plan
The best estate plan is one that contains essential documents that meet your individual needs. Developing the right documents for your estate plan is something you can do after consulting with your estate planning attorney and evaluating the choices available to you. Even though the documents you create will likely be the same types of documents that almost everyone creates, these documents need to be specifically tailored to your needs and purposes. Regardless of your goals and circumstances, … [Read more...] about Essential Documents For Every Estate Plan
Clearing Up Confusing Trust Language
The world of estate planning is full of obscure and confusing terms, especially when it comes to trust language. To those who have no background in the field, listening to estate planning attorneys talk about trusts can be like listening to two people from a different planet. The terms lawyers use and the concepts they discuss, though important, are not things that most people have a lot of experience dealing with. To give you a better understanding of trust language and how it applies to you … [Read more...] about Clearing Up Confusing Trust Language
The 40-Million Inheritance Going to New York State
A recent article in Forbes highlights one of the most important reasons why you need to create a last will and testament. In January of 2012, New York real estate developer Roman Blum died at the age of 97. He left behind an estate worth $40 million and, apparently, not a single living relative. Because no relatives can be found and Mr. Bloom did not have a last will and testament stating how he wanted his property to be distributed after he died, it appears that the state of New York will … [Read more...] about The 40-Million Inheritance Going to New York State
The Estate Inventory – 3 Commonly Asked Questions
Question 1: What is an estate inventory? After a person dies, the personal representative, also known as an executor, has responsibility to perform specific tasks in order to settle all of the deceased person’s affairs. One of these tasks is to distribute all the property the deceased person owned. Before an executor can do this, however, he or she has to find out exactly what is in the estate. (The estate is simply the collection of property left behind by a deceased person.) The estate … [Read more...] about The Estate Inventory – 3 Commonly Asked Questions
