When Bruce Willis recently announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
BLOG
Medicaid (Medi-Cal) Planning
When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state. In California, Medicaid is known as Medi-Cal and California has a distinctly different approach to … [Read more...] about Medicaid (Medi-Cal) Planning
The Intersection of Bank Failure and FDIC Insurance
Three banks recently collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well. My colleague and friend Tereina Stidd, an estate planning expert, has looked into the matter. Read on to learn more. … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
What’s in President Biden’s Revenue Proposals?
Retirement plans offer a terrific opportunity for taxpayers to save for their retirement in a tax-deferred way. While several types of these plans exist, most individuals have some level of familiarity with the Individual Retirement Account (“IRA”). IRAs have limits on the allowable contributions and a schedule regarding when distributions need to begin occurring. Recently, the Biden Administration released its Fiscal Year Revenue Proposals for 2024 that contained a provision regarding … [Read more...] about What’s in President Biden’s Revenue Proposals?
Estate Planning for Pet Owners
If you are a pet owner, you know how much your furry friend means to you. They are more than just pets; they are members of your family. When it comes to estate planning, it is important to make sure your pet is taken care of if something were to happen to you. Here are five things to consider when creating an estate plan for your pet. 1. Designate a Pet Caretaker One of the most important things you can do for your pet is to designate a caretaker in your will. This person will be … [Read more...] about Estate Planning for Pet Owners
The View from Heckerling
Each year the University of Miami sponsors the Heckerling Institute on Estate Planning. The 57th Institute took place in Orlando, Florida in 2023. The Institute is widely regarded as the premier estate planning program in the country as thousands of attorneys, trust officers, financial planners, and related parties descend upon the Orlando World Center Marriott Resort and Convention Center for a week-long educational conference. Terina Stidd, my friend and colleague, who is the Associate … [Read more...] about The View from Heckerling
How to Protect Your Business in Your Estate Plan
If you are a business owner, protecting your business is likely a top priority. Incorporating your business into your estate plan is an important way to ensure that it continues to operate smoothly after you pass away. Here are some tips for protecting your business in your estate plan. 1. Create a Succession Plan A succession plan is a critical component of protecting your business in your estate plan. It specifies who will take over the business after you pass away or become … [Read more...] about How to Protect Your Business in Your Estate Plan
The Pros and Cons of Living Trusts in Estate Planning
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
Estate Planning for Retirement
Retirement is a time when many people shift their focus from accumulating wealth to preserving it. Estate planning is an important part of that process. It involves making decisions about how you want your assets to be distributed after you pass away. Here are some things to consider when estate planning for retirement. 1. Create a Will Creating a will is a basic estate planning tool that everyone should have. A will is a legal document that specifies how you want your assets to be … [Read more...] about Estate Planning for Retirement
Estate Planning for Unmarried Adults
Unmarried adults face unique challenges when it comes to estate planning. Without a spouse and possibly withouth children, it can be difficult to determine how to distribute assets and who to appoint as an executor. Here are some tips for estate planning for single adults. 1. Create a Will Creating a will is a basic estate planning tool that everyone should have, regardless of marital status or children. A will is a legal document that specifies how you want your assets to be distributed … [Read more...] about Estate Planning for Unmarried Adults
