The terms conservator and guardian vary in their usage from state to state. In California, they have specific and different meanings. Let's explore them. A “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. Examples of decisions would be where someone lives and what medical treatment he or she receives. In … [Read more...] about Differences Between a “Conservator” and a “Guardian”
Parents of Minor Children
Estate Planning Q and A: Part II of III
One of the best parts of an estate planning attorney’s job is answering client questions. It’s an essential part of the estate planning process so we’ve outlined some of your questions below. This is part II in our three part estate planning question series. Do I have to leave my children an inheritance? No, even minor children are not legally entitled to an inheritance. Many would argue that there is a moral obligation to leave funds for the care of minor children. If you choose not … [Read more...] about Estate Planning Q and A: Part II of III
Estate Planning Concerns for Parents of Young Children
Think you don’t need an estate plan yet? Parents of young children have many responsibilities. This includes always ensuring that their children are safe and cared for. If you’re a parent, it’s important to have an estate plan in place. Take a look at some of the things that you can do to make sure that your children are always cared for. If you have any questions about how parents of young children can protect their children with an estate plan, meet with a qualified, experienced estate … [Read more...] about Estate Planning Concerns for Parents of Young Children
Understanding the Annual Gift Exclusion
One part of overall estate planning is considering how to minimize taxes as much as possible. This includes not only estate taxes but also gift taxes. When you transfer ownership of property, even as a gift, the IRS will impose a tax. There are some exceptions or exclusions to the gift tax that is typically imposed. Here is what you need to know. First, what is considered a gift? According to our federal government, a gift is “any transfer to an individual, either directly or indirectly, … [Read more...] about Understanding the Annual Gift Exclusion
6 Things You Need to Know about Guardianship
Parents with minor children are always concerned about their welfare. Part of that concern is who will take care of their children if something happens to them. While you may not want to consider the possibility of your children being without their parents, you can, at least, have the peace of mind that planning ahead can provide. In California, you need to plan ahead for guardianship for your minor children, should anything happen to you. 1. What is guardianship? Guardianship is a legal … [Read more...] about 6 Things You Need to Know about Guardianship
Estate Planning for Young Families
When young couples start a new family, one of the last things they want to think about are all the estate planning issues that come with being a responsible parent. Questions like what might happen to you and your family if one of you becomes seriously ill or dies are not pleasant to think about, but they need to be addressed to protect your new family. Today we are looking at specific issues that new parents, or those starting a new … [Read more...] about Estate Planning for Young Families
Protecting Your Beneficiaries . . . From Themselves
Experts tell us that we are on the verge of the greatest transfer of wealth the United States has ever seen. If you are on the gifting end of those transfers you need to consider the question “Will your beneficiaries blow their inheritance?” Unfortunately, experts also estimate that at least one-third of the recipients of the coming wealth transfer will indeed do just that – blow their inheritance. What can you do to protect the inheritance you leave behind? The single most important step you … [Read more...] about Protecting Your Beneficiaries . . . From Themselves
THE ABLE ACT: New Financial Planning Tool for the Disabled.
In 2014, Congress passed a new law that will change the lives of millions of people living with disabilities. Achieving a Better Life Experience, otherwise known as the ABLE Act will allow those living with disabilities to establish tax-exempt savings accounts that will not be counted against them when qualifying for government assistance, such as Medi-Cal and SSI. In the past, disabled persons were limited to no more than $2,000 in assets in order to qualify for these assistance programs, … [Read more...] about THE ABLE ACT: New Financial Planning Tool for the Disabled.
Your Children and Your Will
When people write a will, there are a lot of questions they will have to answer about inheritances, spouses, children, and a number of other issues. If you ask most people who write a will, they’ll probably say that they do so in order to ensure that their children receive a good inheritance. But what are the rules with inheritances and your children? Do you have to leave something? What if you have a child after you write your will? Your estate planning lawyer will be able to answer these … [Read more...] about Your Children and Your Will
3 Big Risks You Take When You Ignore Estate Planning
If you ask the average American whether they have an estate plan, a number of them would likely have no idea what you were talking about. And even if a person knows what estate planning is that doesn’t mean they have taken the time to create one. Estate planning often feels about as enjoyable as planning a trip to the dentist, but there are some pretty big risks you take when you don’t have a plan. Even a simple plan can correct these mistakes, but not having one in place will almost guarantee a … [Read more...] about 3 Big Risks You Take When You Ignore Estate Planning
