When most people wonder, “Why do I need a trust?” they are typically referring to a revocable living trust. Revocable Living Trusts are used as centerpieces in estate plans and are appropriate for most people. Should I have a trust now? Yes, consult with a qualified, experienced estate planning attorney to set up a trust now. Your revocable living trust covers three possible time periods: While you are alive and well While you are alive, but disabled After your death What … [Read more...]
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...]
Do It Yourself Wills and Trusts are not a Quick Fix
Here's a good rule of thumb: do-it-yourself (DIY) is for remodeling and arts and crafts. Sure, there are great DIY magazines out there and DIY products online for you to try. But when it comes to drafting your will or trust, or any other estate planning tool, DIY is not the way to go. DIY wills and trusts can ultimately cause you more problems than you could imagine. Despite the low cost and simplicity of DIY wills, trusts and other online legal forms, there is still a great risk that your … [Read more...]
Asset Protection Planning: Should You Be Worried?
Common goals of many folks is to build up their estate assets so that they can live comfortably during the Golden Years and – hopefully — have a nest egg left to pass down to their children, grandchildren, and/or other loved ones. These goals could be threatened, however, if the hard earned assets are put at risk – and they could be at risk without you even realizing it. The best way to protect your assets, your future, and your loved ones is to include asset protection planning as a component … [Read more...]
Steps to Take When a Parent Dies
When a parent dies, the surviving family members are typically at a loss as to what needs to be done legally, to handle their assets. Here’s a step-by-step guide to get you started on what you need to do when a parent dies. The best advice, though, is to first consult with an experienced and qualified estate planning attorney to make sure you have covered everything. He or she can help guide you through the process, comply with the many legal requirements of estate administration and help you … [Read more...]
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...]
4 Myths About Wills and Trusts
Estate planning means preparing for possible incapacity and inevitable death. An estate plan can include many different types of documents, including wills and trusts. The variety of tools available will allow for a customized and comprehensive estate plan. There are many benefits to estate planning and there are some myths as well. Here we will dispel 4 common myths about wills and trusts. MYTH #1: Trusts are only for the rich and elderly One common misconception is that, if you are young … [Read more...]
Is a Revocable Trust Really Useful?
If you are considering whether or not to include a trust in your overall estate plan, you should first decide whether you want a revocable or irrevocable trust. Many people assume that, because a revocable trust does not provide asset protection, this type of trust is not very useful. However, that is not entirely true. As with any estate planning tool, there are advantages and disadvantages to using a revocable trust. The difference between an irrevocable and a revocable trust The major … [Read more...]
Isn’t a Trust Just a Glorified Will?
People sometimes assume that a trust is a somewhat glorified legal device that accomplishes the same thing that a will would accomplish. In fact, there are different types of trusts. Trusts can satisfy objectives that a will would not satisfy. Let's look at some of these scenarios. Estate Tax Exposure The federal estate tax is a legacy threat to high net worth families. This tax carries a 40 percent top rate, so we are talking about a very significant level of taxation. The good news is … [Read more...]
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...]
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