Individuals and/or entities known as fiduciaries play roles in most estate plans. It is important for you to understand not only what these fiduciaries do, but also why these roles are so important. Here are a few facts about fiduciaries and their responsibilities. Specific Roles Each fiduciary you appoint will have specific duties that will differ depending on the position and responsibilities you ask that person to assume. For example, if you appoint someone to act as your health care agent, … [Read more...] about What You Need to Know About Fiduciaries
Estate Planning
Your Summer Vacation and Your Estate Plan
If you are looking forward to your summer vacation, you might want to set aside some time to devote to your estate planning efforts as you create your vacation to-do list. A good estate plan is something everyone needs, as well as something you need to monitor regularly. If you are making plans for summer vacation, here are some simple things you can do to help you with your state planning efforts. 1-to-1 Keep track of how much time you spend on planning your vacation. If you don’t have an … [Read more...] about Your Summer Vacation and Your Estate Plan
Digital Estate Planning: 3 Basic Steps You Can Take Now
As the Internet becomes more ingrained in our daily lives, estate planning attorneys around the country are advising clients to ensure that they devote some time to dealing with digital estate planning issues. Any time you have e-mail accounts, online bank accounts, social media profiles, or anything computer and Internet related, you will want to create a digital estate plan so these assets are not forgotten about what it comes time to settle your estate. Here are three basic steps you can take … [Read more...] about Digital Estate Planning: 3 Basic Steps You Can Take Now
Why Middle Class Families Need an Estate Plan
If you’ve read anything about the estate tax under the new Tax Law, you probably know that it won’t apply to you as an individual unless you have more than $5.25 million. If you are a married couple, your estate has to be larger than $10.5 million before you even begin worrying about having to pay an estate tax. So if the estate tax exemption limit is so high, do middle-class families need an estate plan? Absolutely. And here are three reasons why. Guaranteeing Inheritances Estate planning … [Read more...] about Why Middle Class Families Need an Estate Plan
Boomers Leaving, and Selling, Their Businesses
While many baby boomers have chosen to stay in the workforce longer, often because they don’t have the money to retire yet, others are choosing to get out while the economy is doing reasonably well. This is especially true of baby boomers with small businesses. A new survey from Pepperdine University shows that retirement was the number one reason why the sale of businesses increased dramatically from 2012 to 2013. One study shows that there was a 56% rise in the sale of businesses during the … [Read more...] about Boomers Leaving, and Selling, Their Businesses
Do I Have to Register my Health Care Directive in California? 3 Questions
Question 1: I’ve made an advance healthcare directive. Do I have to register it with the state? No. There is no legal requirement that you register or file any advance healthcare directive you might have made with a government office. Advance healthcare directives in California have to meet specific legal requirements, but registering them is not one of those. The California Secretary of State’s office does offer a voluntary registration service, but you are not obligated to use it. Question … [Read more...] about Do I Have to Register my Health Care Directive in California? 3 Questions
Why a DIY Trust Can Be a Very Bad Mistake
No matter what kind of trust you are creating, the temptation exists to create these seemingly simple documents by yourself without consulting your attorney. The truth is that a trust is simply a way to accomplish your goals. While you may believe a specific kind of trust is best suited to your desires, that isn’t always the case. Even though do-it-yourself trust document services will sell you any document you want that will allow you to fill in the blanks, that doesn’t mean the document will … [Read more...] about Why a DIY Trust Can Be a Very Bad Mistake
The Essentials of a Living Trust
Many estate plans make use of a device that is known as the “living trust” or the “inter vivos trust” as a means of avoiding the time and expense of probate and for reducing estate tax liability. This type of trust is created during one’s lifetime and not in the face of imminent death – in fact, “inter vivos” is Latin for “between the living” – which is why the trust is also very useful for establishing a long-term property management plan. In order to create a living trust, however, certain … [Read more...] about The Essentials of a Living Trust
Update on 2013 Estate Tax Law Changes
A key part of the American Taxpayer Relief Act of 2012 (ATRA), the new tax law passed by Congress on January 1st, that was not yet known immediately after the passage of the new law has been released by the Internal Revenue Service. The exact amount of the estate tax exclusion for 2013 has been set at $5.25 million. To understand where this figure comes from you have to go back to the end of 2010 when the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was … [Read more...] about Update on 2013 Estate Tax Law Changes
Selecting a Trustee: Family Member, Friend or Professional?
Many people who create Trusts do not have a family member or close friend who is an appropriate person to appoint to serve as a Trustee. The person who serves as a Trustee should be financially responsible and someone who will not be tempted to administer the Trust for his or her own benefit instead of the benefit of the Trust beneficiaries. Ideally, the person should also be someone who the beneficiaries respect enough to defer to in decision-making without unnecessary … [Read more...] about Selecting a Trustee: Family Member, Friend or Professional?
