While you may have heard the term used in discussions about wine, the word “decanting” has very specific legal meaning when you’re dealing with a trust. In the state of Florida there is no specific law that allows trustees to decant trust property and transfer the property to a newly created trust, but it may still be possible to do so. While you will want to speak to an experienced and qualified attorney about the particular details surrounding decanting, here are the basics you need to … [Read more...] about California Trust Questions: What is Decanting?
Estate Planning
3 Common Ways to Transfer Your Home to Your Children: Pros and Cons
Your family home may well be the largest piece of property you own, and one that will form a large part of your estate. When it comes time to leave your home to your children there are several options available to you. Some options are more commonly employed than others, and like all other estate planning choices it’s best to discuss each of them with your attorney before you decide on the method that is right for you. Will Transfer If you create a last will and testament you can use it to … [Read more...] about 3 Common Ways to Transfer Your Home to Your Children: Pros and Cons
Understanding Estate Tax Portability: 3 Commonly Asked Questions
It used to be quite common for people to come to estate planning attorneys because they were worried about the estate tax. While the estate tax still exists, it is a much less significant concern than it was even a few years ago. This is primarily because of two reasons. First, the estate tax exemption limit has been set fairly high. Second, the exemption limit is effectively doubled for married couples because of a concept known as portability. To better understand estate tax portability and … [Read more...] about Understanding Estate Tax Portability: 3 Commonly Asked Questions
Don’t Fall for These Living Trust Myths
A lot of people who research estate planning come to the conclusion that they need to create a revocable living trust. While a revocable living trust is an excellent estate planning tool to have, it’s also something that can be a little difficult to understand. Further, you might come across some popular myths and misperceptions about living trusts that could get in the way. To help explain living trusts and show you why some of the popular myths are wrong, let us take a look at some common … [Read more...] about Don’t Fall for These Living Trust Myths
Some Estate Planning Qs & As
Starting the estate planning process can be daunting, especially if you’ve never had to talk to a lawyer before. For people unfamiliar with the subject matter, talking about, or even thinking about, the difficult questions that often accompany estate planning is not something they look forward to doing. But if you take the time to educate yourself about some common estate planning questions and how these issues affect you, you can get a much better idea of why starting your own plan as soon as … [Read more...] about Some Estate Planning Qs & As
Inheritances, Per Capita, and Per Stirpes
One of the more important issues you’ll have to face as you create an estate plan is what you want to do about the inheritances you leave to others. In deciding on inheritances, you might come across some obscure terminology. For example, the terms “per capita” and “per stirpes” may not sound familiar to you, but you need to understand them if you want to understand inheritances. Testate and Intestate Inheritances When you consider inheritances, you have to look at the difference between testate … [Read more...] about Inheritances, Per Capita, and Per Stirpes
Living Together as a Non-Married Couple Without an Estate Plan
Non-married couples who live together in California have some significant estate planning questions they need to address. Like married couples, non-married couples face many of the issues as their married counterparts. However, when it comes to estate planning questions, non-married couples are not given the same benefits. Let’s take a look at how living together as a non-married couple will affect your estate plan. Inheritances for Non-Married Couples Once you and your partner are married, each … [Read more...] about Living Together as a Non-Married Couple Without an Estate Plan
Use Care When Crafting a Special Needs Plan
Parents with special needs children should speak to an experienced and qualified estate planning lawyer about creating a special needs plan if you haven’t already done so. Through a properly drafted special needs plan, you and your family can rest assured that the person with disabilities will have their needs looked after should the worst happen to you. A good special needs plan will also allow you to leave an inheritance, while at the same time taking advantage of any relevant government … [Read more...] about Use Care When Crafting a Special Needs Plan
Think Carefully About Your Choice of Agent Under Your Power of Attorney
An agent under a power of attorney is someone upon whom you will rely to make important decisions that will affect you and your family. Whether you are making a financial power of attorney, health care power, or granting any other type of decision-making ability to an agent, you must be absolutely sure that your agent is capable of getting the job done. Before you make any agent selection for your power of attorney, there are several questions you want to ask yourself. Question 1. Is my agent … [Read more...] about Think Carefully About Your Choice of Agent Under Your Power of Attorney
What You Think You Know About Probate Could Hurt You
Probate is one of those areas of the law that few people know much about. The few who have heard about it can often have some very misguided ideas because they have heard myths or commonly repeated misperceptions from others. Fortunately, probate is not too difficult to understand. The main problem most people have with it is that it’s really boring and not something anyone outside of probate law has much interest in dealing with. Nevertheless, the beliefs you might have about probate could … [Read more...] about What You Think You Know About Probate Could Hurt You
