Life insurance can be a powerful estate planning tool. There are several roles it can play in easing the burden of your passing on your loved ones. While many consider life insurance to simply be an income replacement when a loved one passes, which, of course it is, there are other ways it fits into an estate plan: 1. To pay expenses while an estate is in probate or a trust is being administered. Since life insurance pays benefits to a named beneficiary, it avoids probate, and … [Read more...] about Does Life Insurance’s have a Role in an Estate Planning?
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State Income Taxation of Social Security Benefits
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes … [Read more...] about State Income Taxation of Social Security Benefits
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application. My friend and colleague Tereina Stidd, an estate planning expert, has provided an overview of the FDIC … [Read more...] about What Everyone Should Know about the New FDIC Regulations
Intestate Succession Explained
One of the most important concepts that the average layperson should understand in the area of Wills is intestate succession. Understanding intestate succession can help you understand why creating, and executing, a Last Will and Testament is so important. Although each of the states determines their own laws and procedures with regard to Wills, the concept of intestate succession is a fairly universal concept among the states, including California. Intestate succession laws become important … [Read more...] about Intestate Succession Explained
What Does It Cost for An Elderly Parent to Remain at Home?
Broaching the subject of moving to a retirement facility with a parent is typically not met with enthusiasm. You may feel, however, that moving would be in the best interest of your parent. Although our parents often feel that moving from the family home means giving up their independence, it may be difficult, or even dangerous, to remain in the home. Even daily tasks such as getting dressed, bathing and preparing meals becomes harder as we age. One way to approach the subject is to look at what … [Read more...] about What Does It Cost for An Elderly Parent to Remain at Home?
With Whom Should You Discuss Your Estate Plan?
There are many number of decisions that must be made when you are creating your estate plan. Along with decisions that directly concern the plan itself, you will also, at some point, need to decide whether or not to share any of the details of the plan with anyone else. As with all decisions related to your estate plan, this is a decision only you can make; however, whether or not you share any of the details may depend, to some extent, on whom you are considering sharing the … [Read more...] about With Whom Should You Discuss Your Estate Plan?
What is a Conservatorship?
If you have an elderly family member or loved one that is in declining physical or mental health, you may wish to consider seeking an appointment as a conservator of the person’s estate. But of course, there's a lot to think about if you want to go down this path. Not only are you taking on a lot of responsibility, but your loved one may not agree with your decision. Before deciding whether or not to seek guardianship or conservatorship, a basic understanding of the difference between the … [Read more...] about What is a Conservatorship?
The Intersection of Legacy Contacts and Estate Planning
As more and more individuals get comfortable in the digital world, Estate Planning has changed to address the collection and transfer of digital assets. As this post by my friend and colleague Tereina Stidd, an estate planning expert, explains, the widespread use of a legacy contact allows owners of digital content to determine what will happen with it after they die. Read on to learn more. … [Read more...] about The Intersection of Legacy Contacts and Estate Planning
The Evolution of our Unified Estate and Gift Tax System
Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article by friend and colleague Tereina Stidd, an estate planning expert, demonstrates because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your goals. Read on to learn more. … [Read more...] about The Evolution of our Unified Estate and Gift Tax System
Family Arguments – How to Address Them in your Estate Plan
Families argue. It's not the most shocking statement ever made because it's true and we all know it's true. However, it's a more shocking opening than the actual subject of this post: families argue about money. It's a universal truth and a statement that should not surprise anyone. Yet, many people do not think about it when they are making their estate plans. It does not matter how much wealth, or lack thereof, you leave behind, your family may well have arguments about it. Not everyone … [Read more...] about Family Arguments – How to Address Them in your Estate Plan
