There are a number of different types of trusts that are used in the field of estate planning, and they serve different purposes. There are trusts that can provide asset protection, and there are other trusts that would not be used for asset protection purposes Let's look at some of the details. Irrevocable Trusts Some trusts are irrevocable. The name is somewhat self-explanatory on one level: once you create an irrevocable trust, you cannot revoke or rescind it. You are surrendering direct … [Read more...] about Does a Revocable Living Trust Provide Asset Protection?
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You Can, and Sometimes Should, Refuse an Inheritance or a Gift
Though it sounds like something that no one would ever choose to do, choosing to refuse an inheritance or gift you receive can be beneficial for you and your family in many situations. The idea of refusing an inherent is not something most people ever seriously consider, but it does happen, and more often than you might imagine. You are never under any legal obligation to accept an inheritance, and can refuse an inheritance or gift as long as you make sure you follow the procedure outlined under … [Read more...] about You Can, and Sometimes Should, Refuse an Inheritance or a Gift
Basis Estate Planning Questions: What if I Don’t Have a Plan?
As a part of our ongoing series on basic estate planning questions, today we are going to look at what happens to your estate if you do not create a plan. If you have been reading along in our series, you know that everyone will leave behind an estate. What happens to that estate after your death, or in the event you become incapacitated, is what estate planning is all about. The reality behind estate planning, however, is that at least half, and probably more, of Americans never gets around … [Read more...] about Basis Estate Planning Questions: What if I Don’t Have a Plan?
Basic Estate Planning Questions – What is Probate?
In today's discussion on basic estate planning questions, we're going to ask the vital question of what is probate. Probate is one of those areas of the law that, even though many people have heard about, few people have much direct knowledge of. To help better understand why probate is so essential to the estate planning process, we are going to take a look at some important questions about it and its impact on you and your estate plan. Basic Estate Planning Question. What is probate? When … [Read more...] about Basic Estate Planning Questions – What is Probate?
Basic Estate Planning Questions – What is a Power of Attorney?
In today's discussion of basic estate planning questions, we are going to take a look at questions about power of attorney. Understanding what a power of attorney is, what it is used for, then why it is so important when it comes to estate planning is important for everyone. Regardless of your age, circumstances, or individual estate planning desires, your estate plan will almost certainly include one or more of these vital tools. So, here are some common questions about powers of attorney that … [Read more...] about Basic Estate Planning Questions – What is a Power of Attorney?
Basic Estate Planning Questions – Why Do I Need an Estate Plan?
In today's post on basic estate planning questions we are going to turn our attention to one of the most basic estate planning questions of all. Namely, why is it that people in California need to create an estate plan? If you have been reading our series, you are likely already familiar with several important estate planning concepts and issues, each of which could be enough to cause you to want to make a plan of your own. However, if you are still on the fence about estate planning and need … [Read more...] about Basic Estate Planning Questions – Why Do I Need an Estate Plan?
Basic Estate Planning Questions – What is Elder Law?
In today's blog post in our ongoing series on basic estate planning questions, we are going to focus a bit on the topic of elder law and why it is so important. Most people do not have much experience with elder law, and those who do may not understand exactly what it is an elder law attorney does. To help clarify this important area of the law, here are some basic estate planning questions about it. Basic Estate Planning Question. What is elder law? Elder law is the area of the law that focuses … [Read more...] about Basic Estate Planning Questions – What is Elder Law?
Basis Estate Planning Questions: What if I Don’t Have a Plan?
As a part of our ongoing series on basic estate planning questions, today we are going to look at what happens to your estate if you do not create a plan. If you have been reading along in our series, you know that everyone will leave behind an estate. What happens to that estate after your death, or in the event you become incapacitated, is what estate planning is all about. The reality behind estate planning, however, is that at least half, and probably more, of the general population never … [Read more...] about Basis Estate Planning Questions: What if I Don’t Have a Plan?
Basic Estate Planning Questions: What is Incapacity Planning?
Yesterday, we began our ongoing series on basic estate planning questions by looking at the legal concept of an estate. Today we are going to look at another aspect of an estate by looking at what happens to a person when he or she becomes incapacitated. Incapacity planning is one of the more essential parts of every basic estate plan. Regardless of your age or circumstances, every capable adult in the state of California needs to take the time to create a proper incapacity plan. What does … [Read more...] about Basic Estate Planning Questions: What is Incapacity Planning?
Basic Estate Planning Questions: What is Estate Planning?
We have been writing about estate planning topics for a long time on this blog, but our in-depth exploration of the field can leave newcomers wanting. In an effort to provide people new to the field a foundational understanding of estate planning, over the coming days we are going to look at some basic issues. If you are new to estate planning, or just want to give yourself a better grasp of the topic, you will want to follow along with our series. To begin, let's take a look at what, exactly, … [Read more...] about Basic Estate Planning Questions: What is Estate Planning?
