When you embark on your journey of estate planning, consider the advantages of incorporating a living trust into your strategy. A living trust provides you with the power to manage your assets during your lifetime, and upon your passing, it continues to act, ensuring your estate is distributed according to your wishes. This tool provides significant benefits that may enhance your peace of mind and protect your legacy. Firstly, you have the advantage of control. You can act as your own trustee … [Read more...] about Exploring the Benefits of Living Trusts in Estate Planning
Choosing between a revocable living trust and a will for estate planning can be a daunting task, as both have distinct advantages and serve different purposes. Understanding their roles can help you make the right choice based on your unique situation. A will is a legal document that dictates how your assets will be distributed after your death. It allows you to appoint a guardian for minor children, an executor for your estate, and specify inheritances. However, wills go through probate - a … [Read more...] about Revocable Living Trusts vs. Wills: Which One Is Right for You?
Estate planning is an important process that can help ensure that your assets are distributed according to your wishes after you pass away. One option for estate planning is a living trust. A living trust is a legal document that can be used to transfer your assets to your beneficiaries while you are still alive. Here are some pros and cons of living trusts to consider when deciding whether or not to include one in your estate plan. Pros of Living Trusts 1. Avoidance of Probate One of … [Read more...] about The Pros and Cons of Living Trusts in Estate Planning
At some point, you will get involved with the estate planning process. Along the way, there are many questions to answer. Here is one of the most important: Should you create a will or living trust? For many years, a basic will was the most commonly used estate planning document. However, as of late, a growing number of people are turning their attention to a living trust. If you find yourself wondering what to do next, it’s important to understand the many benefits of a living trust. … [Read more...] about What are the Benefits of a Living Trust?
Like many people, you may include a living trust in your estate plan. As the Settlor of the trust, you appoint the Trustee, designate the trust beneficiaries, and dictate the terms used to administer the trust. You will also choose how you wish to fund the trust. No matter how much thought you put into making all those initial decisions, circumstances may change in the future causing you to want to modify your trust. Let's explore how to modify a living trust. What Is a Living Trust? A … [Read more...] about Can I Modify My Living Trust?
The health and safety of our clients, staff, and friends of the law firm are top of mind amid concerns about the spread of the Coronavirus (COVID-19). As estate planning and elder law attorneys, our practice is dedicated to serving our most vulnerable citizens, including seniors, those who are ill, disabled, experiencing mental health challenges and children with special needs. The uncertainty around the pandemic has many people with immune system challenges concerned about exposure to the … [Read more...] about Our Available Services During COVID-19/Coronavirus Pandemic
Due in large part to the flexible nature of a living trust, it has become very popular to include at least one living trust in a comprehensive estate plan in recent years. As such, it is likely that you will find yourself involved with a living trust at some point in your life. You may also find yourself wondering when a living trust terminates. To help answer that question, we'll explain when and how a living trust terminates in California. What You Need to Know about Living Trusts It … [Read more...] about Terminating a Living Trust
Before the onset of the Covid-19 pandemic, many of our clients were already assisting elderly or disabled family member and friends with such things as meals, medications, medical visits and shopping. Regular visits just to check in were also part of many folks’ normal routines. COVID-19 restrictions have had a large negative impact on many of these activities. So, how can you continue to assist under these new circumstances? Here are a few thoughts: Medical Issues Under a federal … [Read more...] about Assisting Family and Friends During These Trying Times
We are happy to report that, despite the COVID-19 pandemic, we are still able to deliver quality legal services and to serve our community with their legal needs. We also are doing our part to slow the spread of COVID-19 by wearing facial coverings, disinfecting our office, providing hand sanitizer to all visitors, practicing social distancing, and offering telephonic and video conferencing options. While we navigate our way through this unprecedented era, we will be operating with the above … [Read more...] about Important Notice Regarding COVID-19
In previous newsletters, we have discussed both so-called “529 accounts”, which are a type of tax-efficient education savings accounts and ABLE accounts, which are a relatively new type of account that can be established to provide additional resources for persons receiving Supplemental Security Income (SSI) benefits. While each account is for a different purpose, they do share some similar features. Due to a recent law change, it is now possible to make limited transfers from existing 529 … [Read more...] about Interaction between Education Savings (“529”) Accounts and ABLE Accounts