Life insurance, while commonly associated with providing financial security for loved ones in the event of untimely death, also plays a crucial role in estate planning. It can help preserve your wealth, ensure smooth wealth transfer, and address potential tax liabilities. Firstly, life insurance provides liquidity when it's most needed. In the event of your death, your estate might comprise largely illiquid assets like real estate or business interests. Life insurance can offer immediate cash … [Read more...] about Understanding the Role of Life Insurance in Estate Planning
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What It Means to Disclaim
Disclaimers are an effective Estate Planning tool for the Trust and Estate Practitioner. They allow the disclaimant to alter an Estate Plan if they follow the statutory requirements exactly. Disclaimers can be tricky but when used correctly, achieve great results for a client. My friend and colleague Tereina Stidd, an estate planning expert, has some thoughts on the topic. Read on to learn more. … [Read more...] about What It Means to Disclaim
How to Choose the Right Trustee for Your Trust
Choosing the right trustee for your trust is a decision that requires careful thought and due diligence. This person or entity will manage and distribute your assets according to your wishes, so it's crucial to select someone trustworthy, responsible, and diligent. Firstly, consider the potential trustee's financial acumen. They must be capable of managing your assets effectively, particularly if your estate is complex. This includes understanding investments, tax laws, and estate planning … [Read more...] about How to Choose the Right Trustee for Your Trust
Estate Planning for Individuals with a Terminal Illness
Facing a terminal illness can be overwhelming, but it's important to take steps to ensure that your assets are distributed according to your wishes after your death. Here are some things to consider when it comes to estate planning for individuals with a terminal illness: Take inventory of your assets: Start by making a list of all your assets, including property, investments, and personal belongings. This will help you determine what you need to plan for and how to distribute your … [Read more...] about Estate Planning for Individuals with a Terminal Illness
A Living Trust Allows for Estate Privacy
Some people come to an estate planning attorney without really knowing anything at all about probate or the estate planning process. For many of these people it comes as a bit of a surprise to learn that if you create a will, that document will eventually become part of the public record. Anyone who wishes to read the will can do so simply by going to the courthouse where it was filed. The prospect that a perfect stranger could read your last will and testament doesn't sit well with a lot of … [Read more...] about A Living Trust Allows for Estate Privacy
Probate in California – Creditor Notifications
As part of the probate process, any creditor who was owed money by a deceased person must be notified that the person has died. This is true in all states, including California, though the way each state approaches notification differs slightly. In California the estate administrator, sometimes known as the executor or personal representative, will have to notify creditors in various ways. Publication As soon as the probate case begins the estate administrator must quickly thereafter file … [Read more...] about Probate in California – Creditor Notifications
Why Will Reading is a Myth
There's no shortage of popular myths and misconceptions about the law, but one of the more widely held is the idea that after you die your lawyer will contact all your family members and friends and get them together in a single room so he or she can read them the terms of your last will and testament. Though this is a very popular myths and often encountered in movies and novels, it is almost completely baseless. The reality is that no one has a reading of the will nowadays. The probate … [Read more...] about Why Will Reading is a Myth
You Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
For most people, even retirees and other seniors, the idea that you might have to spend time in a nursing home or extended care environment isn't something you think about a lot. Unfortunately, the reality of the situation is that the older you get, the far more likely you will be to have to live in a nursing home at some point. While only a small percentage of people in their late 60s or early 70s need nursing home care, that number rises significantly the older you get. With the average cost … [Read more...] about You Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
Five Key Reasons to Reevaluate or Update Your Estate Plans
Your estate plan is modifiable. This means that as your personal circumstances change, you can make changes to your estate plan to reflect the changes. Although there are many reasons to update or review your existing estate plan, here are the top five reasons. Marital Changes: If you divorce, you should update your will and other estate planning documents to remove your spouse as a beneficiary or executor. If your former spouse was the trustee of a trust for the benefit of your children, … [Read more...] about Five Key Reasons to Reevaluate or Update Your Estate Plans
What Does the Respect for Marriage Act Mean for Estate Planning?
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 597 U.S. ___ (2022), Estate Planning practitioners took note. Justice Clarence Thomas, in his concurring opinion, indicated that it would be appropriate to revisit that were decided on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
