Some people come to an estate planning attorney without really knowing anything at all about probate or the estate planning process. For many of these people it comes as a bit of a surprise to learn that if you create a will, that document will eventually become part of the public record. Anyone who wishes to read the will can do so simply by going to the courthouse where it was filed. The prospect that a perfect stranger could read your last will and testament doesn't sit well with a lot of … [Read more...] about A Living Trust Allows for Estate Privacy
Estate Planning
Probate in California – Creditor Notifications
As part of the probate process, any creditor who was owed money by a deceased person must be notified that the person has died. This is true in all states, including California, though the way each state approaches notification differs slightly. In California the estate administrator, sometimes known as the executor or personal representative, will have to notify creditors in various ways. Publication As soon as the probate case begins the estate administrator must quickly thereafter file … [Read more...] about Probate in California – Creditor Notifications
Five Key Reasons to Reevaluate or Update Your Estate Plans
Your estate plan is modifiable. This means that as your personal circumstances change, you can make changes to your estate plan to reflect the changes. Although there are many reasons to update or review your existing estate plan, here are the top five reasons. Marital Changes: If you divorce, you should update your will and other estate planning documents to remove your spouse as a beneficiary or executor. If your former spouse was the trustee of a trust for the benefit of your children, … [Read more...] about Five Key Reasons to Reevaluate or Update Your Estate Plans
What Does the Respect for Marriage Act Mean for Estate Planning?
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 597 U.S. ___ (2022), Estate Planning practitioners took note. Justice Clarence Thomas, in his concurring opinion, indicated that it would be appropriate to revisit that were decided on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis recently announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
Medicaid (Medi-Cal) Planning
When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state. In California, Medicaid is known as Medi-Cal and California has a distinctly different approach to … [Read more...] about Medicaid (Medi-Cal) Planning
What’s in President Biden’s Revenue Proposals?
Retirement plans offer a terrific opportunity for taxpayers to save for their retirement in a tax-deferred way. While several types of these plans exist, most individuals have some level of familiarity with the Individual Retirement Account (“IRA”). IRAs have limits on the allowable contributions and a schedule regarding when distributions need to begin occurring. Recently, the Biden Administration released its Fiscal Year Revenue Proposals for 2024 that contained a provision regarding … [Read more...] about What’s in President Biden’s Revenue Proposals?
The View from Heckerling
Each year the University of Miami sponsors the Heckerling Institute on Estate Planning. The 57th Institute took place in Orlando, Florida in 2023. The Institute is widely regarded as the premier estate planning program in the country as thousands of attorneys, trust officers, financial planners, and related parties descend upon the Orlando World Center Marriott Resort and Convention Center for a week-long educational conference. Terina Stidd, my friend and colleague, who is the Associate … [Read more...] about The View from Heckerling
Probate Basics: Some Considerations
Question 1: What is Probate? Probate is legal process through which a deceased person’s property must proceed before a new legal owner can be identified. Probate is designed to evaluate what a deceased person owned, as well as what kind of debts the person had. The property the person owned is used to pay off the debts, and anything left over is distributed to his or her inheritors. Question 2: Does all a Person’s Property go Through Probate? No. Some property is specifically exempt … [Read more...] about Probate Basics: Some Considerations
Estate Planning for Same-Sex Couples: Key Considerations
Estate planning is essential for every couple, including same-sex couples. Estate planning can help protect your assets and ensure that your wishes are followed after your death. However, there are some key considerations that same-sex couples should keep in mind when creating an estate plan. Here are some tips for estate planning for same-sex couples: In conclusion, estate planning is important for same-sex couples to ensure that their wishes are followed after their death. It's … [Read more...] about Estate Planning for Same-Sex Couples: Key Considerations
