Most people know that they definitely need at least some basic estate planning documents, although many people don't have any plans or tools in place. In fact, according to a CNBC report on a recent survey, around 67% of people do not have an estate plan at all. Unfortunately, failing to plan for the future can have dire consequences for you and your loved ones. And, worse yet, even if you do make a basic plan, such as creating a last will and testament, there are some other aspects of … [Read more...] about 5 Overlooked Estate Planning Tasks To Include In Your Plan
BLOG
5 Things to Know About Medi-Cal Planning Now
When you think about planning for your future, making sure that you can qualify for Medi-Cal someday might not be the first thing that comes to mind. Medi-Cal is California's version of the Medicaid Program. However, the reality is that LongTermCare.gov says that there's close to a 70% chance that someone who turns 65 today will need nursing home care or custodial care at home -- eventually. If you end up needing long-term care someday, being able to get Medi-Cal benefits could be … [Read more...] about 5 Things to Know About Medi-Cal Planning Now
Graduation and Estate Planning: Is There a Connection?
Summer brings longer days, hotter temperatures, thoughts of vacation, and graduation parties. For those hosting graduation parties, or for those in whose honor those parties are held, it’s an opportune time to consider Estate Planning. Many high school graduates head off to college in the autumn and these newly minted adults need to have some of the most basic Estate Planning documents in place before their departure. Although some clients put off Estate Planning for themselves, sometimes it’s … [Read more...] about Graduation and Estate Planning: Is There a Connection?
No More Cheeseburgers in Paradise
Jimmy Buffett’s brand of music inspired a way of life dedicated to relaxing. A trip to Key West, Florida embodies everything Jimmy held dear and serves as the backdrop to many of his songs. More than one city hosts a restaurant titled after his hit song, “Margaritaville.” While Buffett appeared to live a carefree lifestyle full of fun, his 2023 death alerted us that his passing left some issues unresolved. My friend and colleague Tereina Stidd, an estate planning expert, has looked into the … [Read more...] about No More Cheeseburgers in Paradise
Estate Planning: There’s Something Here for Everyone – Part II
In Part 1 of this blog, we examined the benefits of creating an Estate Plan and made the point that while many individuals mistakenly think that they need only a “simple plan” because they don’t have significant assets or have few beneficiaries, that’s simply not true. This second part of the series will examine the most common mistakes that occur in an Estate Plan and how to avoid them. Of course, any individual who fails to create an Estate Plan makes the biggest mistake of all. Failing to … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
Estate Planning: There’s Something Here for Everyone – Part I
Despite knowing that they should have an estate plan, many individuals give excuses for failing to create an Estate Plan. They may rely upon advice from seemingly well-intentioned individuals that if they do not have a taxable estate, they don’t need a plan, or that each state has its own set of rules regarding distribution that gives assets to beneficiaries upon death. Some folks go so far as to suggest methods to avoid probate without truly considering the impact of those suggestions. This … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
Sharing Your Estate Plan With Family
When it comes to estate planning, you have a choice to make during the process. You can decide that you want to involve your family members. This could mean anything from having a discussion with them about your plans to actively asking them what kinds of property they hope to inherit. Or you could decide to keep the estate planning process a secret and not share the details with your loved ones. There are pros and cons to both approaches, and you'll need to make a choice about which of the … [Read more...] about Sharing Your Estate Plan With Family
Proper Estate Planning Brings Peace of Mind During a Disaster
California is no stranger to natural calamaties. From wild fires, like the recent inferno in Los Angeles, to the ever-present possibility of an earthquake, we must be vigilant in our preparations for such events. While it is commonly thought that estate planning isn’t just about securing your legacy, it is also about protecting your assets and loved ones when disaster strikes. Updating an outdated Estate Plan or creating a new one provides a set of instructions for your family regarding what … [Read more...] about Proper Estate Planning Brings Peace of Mind During a Disaster
Estate Planning and Baseball
Every state that recognizes trusts as legal entities, such as California, imposes fiduciary duties upon the Trustee of such trusts. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee failed to fulfill their duties as expressed in the trust instrument and under local law. This article examines a case ripped from the headlines that demonstrates the importance of choosing the right individuals to serve as … [Read more...] about Estate Planning and Baseball
Are Irrevocable Trusts Really Irrevocable? – Part III
In this third and final installment in the series, we review the use of a Trust Protector to modify an otherwise irrevocable trust. While judicial and nonjudicial modification and decanting derive from state law, Trust Protector provisions originate from the trust instrument itself and by extension, from the grantor. Unlike many states, California has not enacted specific Trust Protector legislation. However, many trusts prepared in California include Trust Protector provisions. Commonly, … [Read more...] about Are Irrevocable Trusts Really Irrevocable? – Part III
