An essential part of creating a comprehensive estate plan is the execution, that is, signing, of the plan documents. While the execution of some documents, such as Wills, must be witnessed by two witnesses, most documents must be notarized. These include Trusts, Powers of Attorney, certain Assignment forms and Deeds. What does notarization entail? It means signing the documents before a Notary Public commissioned by the State of California. We have such notaries on our … [Read more...] about Your Proof of Identity and Your Estate Plan: What’s the Connection? Also Your Driver’s License My Restrict Your Travel Plans
Trusts
What Happens After You Die…With or Without an Estate Plan (part 2 of 2)
You may be wondering how your affairs will be handled after your death, whether you have an estate plan in place, or not. Take a look at some of the information below, to better understand how your affairs will be handled if you do indeed have a plan. Part 1 of this 2 part article discusses what happens if you do NOT have an estate plan in place. With an estate plan… If you only have a will in place, your affairs will likely still have to go through the probate process. This is … [Read more...] about What Happens After You Die…With or Without an Estate Plan (part 2 of 2)
California Finally Approves ABLE Accounts
At long last, California has rolled out its ABLE accounts. Authorized by a federal law entitled the Achieving a Better Life Experience (or ABLE) Act, it is designed to make available additional funds to persons with disabilities who receive public benefits. The ABLE Act is administered at the state level and California finally began formally recognizing ABLE accounts in late December. ABLE accounts are like Section 529 plans. But, while 529 plans are for education expenses, ABLE accounts … [Read more...] about California Finally Approves ABLE Accounts
What Rights Does a Trust Beneficiary Have?
Gifting assets out of an estate can be accomplished in several ways. Making gifts in a Last Will and Testament that are realized after the death of the Testator is one way to gift assets. Using a trust to make those gifts, however, is becoming an increasingly popular alternative to gifting in a Will. If you recently learned that you are named as a beneficiary in a trust agreement, you may have questions about your status as a beneficiary, starting with what your rights are. We will explain the … [Read more...] about What Rights Does a Trust Beneficiary Have?
Let’s Talk About Charitable Trusts
Typically, charitable lead trusts and charitable remainder trusts are implemented when your estate exceeds the federal estate tax exemption. This qualifies both charitable trusts as “advanced” estate planning tools. Besides lessening or totally avoiding the federal estate tax, there are income tax, capital gains tax, and charitable intent benefits as well. Simply put, the charitable lead trust provides an income stream to your favorite public charity for a period of years (up to 20) or … [Read more...] about Let’s Talk About Charitable Trusts
Probate Avoidance Made Easy (part 2 of 2)
Probate can be an extremely costly, lengthy, and public process. Many people take the time to carefully plan their estate in order to avoid probate. If you’re looking to avoid probate, you will need to utilize the right techniques. Take a look at some more great ways to avoid probate. If you have any questions or if you’re ready to discuss your probate avoidance needs, meet with an experienced, qualified estate planning attorney. Gift during your lifetime. If you’re able and willing … [Read more...] about Probate Avoidance Made Easy (part 2 of 2)
Probate Avoidance Made Easy (part 1 of 2)
Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private. Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...] about Probate Avoidance Made Easy (part 1 of 2)
Do I Need A Separate Tax ID Number For My Trust?
A common question we get from clients is: What is the Tax ID number for my trust? The question is often prompted when our clients attempt to open an account under the name of their trust. For most of our clients, the type of trust we create is known as a grantor trust which is amendable and revocable. These are commonly referred to as “living trusts”. You can determine whether you have such a trust by reading Article One of your trust document. In such cases, the Tax ID number for the … [Read more...] about Do I Need A Separate Tax ID Number For My Trust?
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...] about Common Estate Planning Myths (part 2 of 3)
If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...] about If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
