There are several myths and misconceptions surrounding estate planning that sometimes pop up. For example, some people believe that the state of California will inherit your property if you don't make a will or create some kind of estate plan. While this is possible, it is very rare. The process through which the state inherits someone's property is called escheat. Let's take a look at it and why it rarely happens. You can choose who inherits your property. In order to pass on your … [Read more...] about Will The Government Inherit Your Estate?
Trusts
New Year Resolution: Review Your Estate Plan (part 2 of 2)
When considering creating or updating your estate plan in 2023, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...] about New Year Resolution: Review Your Estate Plan (part 2 of 2)
New Year Resolution: Review Your Estate Plan (part 1 of 2)
With the New Year upon, consider as one of your resolutions creating or updating your estate plan. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to better understand … [Read more...] about New Year Resolution: Review Your Estate Plan (part 1 of 2)
4 Questions About California Pet Trusts
What is a pet trust and how does it work? A pet trust lets pet owners provide a way to care for their pets after the owner dies. Pet trusts, like other trusts, are created when the pet owner transfers property to the trust to own. The pet owner must also select someone to run the trust, called a trustee, and decide how the funds should be used. Who cares for my pet? That is up to you. Many people direct that the trustee is there to pay for the pet's expenses while not actually providing … [Read more...] about 4 Questions About California Pet Trusts
3 Potential Trustee Pitfalls
When someone creates a trust, that person must choose someone else to manage the trust property when the trust creator becomes unwilling or unable to manage the trust themselves. This person is known as the trustee or successor trustee. Though there are professional trust management options, many people select a nonprofessional trustee, such as a trusted friend or family member. If you've been placed in the position where someone is asking you to serve as a trustee, you will want to give the … [Read more...] about 3 Potential Trustee Pitfalls
The Correct Way to Choose a Trustee
If part of your estate plan includes the creation of a trust, you want to ensure that you choose the right trustee. While your trust will specify the kinds of responsibilities and limitations your trustee will have, trustees typically come from one of two sources: either family members or professional organizations. Let's take a look at both of these options so you can determine which choice best suits your trust. Family Members Family members are a popular choice for trustee primarily … [Read more...] about The Correct Way to Choose a Trustee
Small Business Owners: Don’t Forget to Plan
If you own a small business, you have plenty to think about on a daily basis. However, have you considered what would happen to the business upon your death. If the business has been successful, you also likely have a considerable financial interest in the business. Without careful planning, the value of your financial interest in the business can be subject to either gift or estate taxes upon your death. Although there are numerous options that may be used to help reduce estate or gift taxes, … [Read more...] about Small Business Owners: Don’t Forget to Plan
Incentive Trusts: Using Your Legacy to Benefit Your Loved Ones
Leaving someone an inheritance is not as simple as adding some zeros to his or her bank account balance. It can be…but this is not always in the best interests of your loved ones. It’s likely that some of your heirs are mature and established with a history of being able to handle their own affairs appropriately, and you may have no concerns about them. But you may also have some younger heirs who have not yet made their marks in life, or some family members who have personal problems or a … [Read more...] about Incentive Trusts: Using Your Legacy to Benefit Your Loved Ones
Do All Estates Have to Go Through Probate?
If you have recently suffered the loss of a family member or loved one, you may be concerned about the legal steps required to probate the decedent’s estate. Probate is the legal process in court by which a decedent’s estate assets are inventoried and valued, debts of the decedent are paid and assets eventually transferred to the beneficiaries or heirs of the estate. Whether or not an estate must go through probate depends on a number of factors. Wills, Trusts, and Estate matters are governed … [Read more...] about Do All Estates Have to Go Through Probate?
Revocable Living Trusts Are Not All the Same
Perhaps the most common form of estate planning today involves a Revocable Living Trust. Normally, when you create a Revocable Living Trust, you retitle your assets in the name of the trust and use them for your own benefit. After you pass away, the Trust distributes any remaining assets in the Trust to the named beneficiaries according to the terms of the Trust. However, there are other ways to use a Revocable Living Trust to distribute your assets to your heirs. If you have young children, … [Read more...] about Revocable Living Trusts Are Not All the Same
