Do you know what your pets do when you are not around? If your dog or cat creates a mess when you are not at home, then of course you know about that. But, what about at other times? Pets have a life of their own and they exist when you are not around. That means that they will continue to exist after you pass away. Just like they still need food and water when you are not around now, your pets will need food and water when you pass away. You can provide for your pets after you pass away by … [Read more...] about Does Fido or Boots Need a Trust?
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What To Do Immediately After the Death of A Family Member
We all hope never to be in this situation, yet it will likely happen to you at some point in your lifetime. You receive a telephone call telling you that a close family member has died. What do you do? There is no way to avoid the emotional reaction that follows the death of a close family member; however, there are also a number of practical and legal things that must take place after a death as well. While each situation is unique, there are some common steps that should follow in most … [Read more...] about What To Do Immediately After the Death of A Family Member
How Not To Leave Your Home To Your Kids
One thing that some people try to do to avoid probate is to transfer their house to their children while they are alive. For many, it seems like the simplest and easiest solution. This can be accomplished by adding the child to the ttile to the house as a joint tenant or by gifting it to them outright. However, a cautionary tale, that may or may not be literally true, illustrates what can happen when you do this. The story involves a judge who made a big legal error. The judge’s daughter … [Read more...] about How Not To Leave Your Home To Your Kids
How Valuable is Your Image?
In California, it's not all that unusual to meet someone that appeared on television or in a magazine at some point, even if just once. Maybe, you were a model for one print campaign. Maybe, you were an actor who made one appearance on an old TV show. It happens. Do you know how much your image is worth? Do you know that the IRS can decide your image is valuable and tax the rights to it after you pass away? The estate tax places a tax on the total value of an estate after a person passes … [Read more...] about How Valuable is Your Image?
Don’t Fall For Do-It-Yourself Estate Plan Traps
There are some things that you can do for yourself with a little bit of information and perhaps the purchase of some specific tools or equipment. And of course there are other things that are best left to experienced and qualified professionals because in the end you may wind up losing more than you gain by trying to go it alone. Estate planning would fall into the latter category. There are websites out there willing to sell you generic template legal documents. The idea is that you simply … [Read more...] about Don’t Fall For Do-It-Yourself Estate Plan Traps
Is it Time to Review Your Estate Plan?
Your estate plan is a vital document that outlines how your assets will be distributed and managed after your passing. It is essential to review and update your estate plan regularly to ensure that it reflects your current wishes and that it is in compliance with the law. But how do you know when it's time to review your estate plan? Here are a few key indicators that it may be time for a review. 1. Life Changes One of the most significant reasons to review your estate plan is when you … [Read more...] about Is it Time to Review Your Estate Plan?
What is Estate Tax?
Estate tax, also known as death tax, is a tax imposed on the transfer of assets from a deceased person to their heirs. The tax is imposed on the value of the estate and is typically based on a percentage of the total value. The purpose of estate tax is to generate revenue for the government and to redistribute wealth. Estate tax laws vary depending on the jurisdiction, but in general, the tax is imposed on the value of assets such as real estate, personal property, stocks, and bonds, … [Read more...] about What is Estate Tax?
What Does an Estate Planning Attorney Offer?
An estate planning attorney is a legal professional who specializes in helping individuals and families plan for the future. They provide a wide range of services that can help you ensure that your assets are protected, your loved ones are taken care of, and your wishes are honored after your passing. Here are some of the services that an estate planning attorney can offer. 1. Will preparation A will is a legal document that outlines how your assets will be distributed after your … [Read more...] about What Does an Estate Planning Attorney Offer?
Start Planning Early: Don’t Wait to Create an Estate Plan
Creating an estate plan is an important step in ensuring that your assets are protected and that your loved ones are taken care of after you pass away. However, many people put off creating an estate plan, often because they believe that they are too young or that they don't have enough assets to worry about. The truth is that it's never too early to start planning for the future and you don't have to be wealthy to benefit from an estate plan. An estate plan is a set of legal documents … [Read more...] about Start Planning Early: Don’t Wait to Create an Estate Plan
Designating a Power of Attorney for Healthcare Decisions
Designating a power of attorney for healthcare decisions is an important aspect of estate planning that can ensure that your medical wishes are respected if you become unable to make decisions for yourself. A power of attorney for healthcare, also known as a healthcare proxy or advance health care directive, is a legal document that allows you to appoint someone to make healthcare decisions on your behalf if you become incapacitated or unable to communicate your wishes. When designating a … [Read more...] about Designating a Power of Attorney for Healthcare Decisions
