Having at least a basic estate plan in place is beneficial to every adult. If you are the parent of a minor child, however, your need for a comprehensive estate plan increases dramatically. A Sacramento estate planning attorney at the Northern California Center for Estate Planning & Elder Law explains the best way to protect your minor child in your estate plan. Having a Child Changes Your Goals and Priorities Before you became a parent, your primary estate planning goals likely … [Read more...] about The Best Way to Protect Your Minor Child in Your Estate Plan
BLOG
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. My friend and colleague Tereina Stidd, an estate planning expert, has looked into … [Read more...] about Application of the Updated Life Expectancy Tables
You’re the Executor of A Will: Now What?
In a perfect world, the testator of a last will and testament will always discuss with you his or her intention to appoint you as executor of his or her estate prior to actually doing so. Of course, we don’t live in a perfect world. As a result, it is not uncommon for someone to receive a telephone call informing her that she has been named as executor in a will without any prior knowledge of the nomination. If this has recently happened to you, you may be wondering what to do next. The … [Read more...] about You’re the Executor of A Will: Now What?
Should I Include Life Insurance In My Estate Plan?
Advertisements for life insurance policies seem to be everywhere, making most of us wonder whether life insurance is a mandatory addition to any comprehensive estate plan. The truth, however, is that life insurance may, or may not, be appropriate for your own estate plan. Just as with most others components of your estate plan, whether or not you need life insurance depends on your specific situation; however, there are some things that should be taken into account by anyone who is … [Read more...] about Should I Include Life Insurance In My Estate Plan?
Special Needs Planning: The Supplemental Needs Trust (SNT)
If you are the parent of a physically or mentally disabled child or a child with a chronic illness, you are likely concerned about the future. Along with worrying about your child’s medical conditions, emotional concerns, and general quality of life, you must also worry about how you will be able to afford the care your child needs. The costs of caring for a healthy child can put a strain on a moderate-income family. The costs associated with caring for a child with special needs can send … [Read more...] about Special Needs Planning: The Supplemental Needs Trust (SNT)
What to Look for in A Long-Term Care Insurance Policy
The ancient Greeks enjoyed an average lifespan of only about 20 years compared to an American female who is expected to live, on average, to age 85. Although we can thank advances in medicine and science for giving us an extended lifespan, doctors and scientists have yet to come up with a way to completely halt the again process. As a result, there is a better than average chance that you will need some type of long-term care during your lifetime. With an average yearly stay in California … [Read more...] about What to Look for in A Long-Term Care Insurance Policy
Is Probate Necessary?
When faced with the loss of a family member or loved one, the emotional toll can be immeasurable. Along with handling the emotional impact of the loss, you may also be faced with handling the practical aspects as well. One question that often comes up is whether or not the decedent’s estate is required to pass through the legal process known as probate. The answer to that question depends on the law of the state where the decedent was considered to be a resident at the time of death. While … [Read more...] about Is Probate Necessary?
How to Create a Funeral Plan
Although it is something most of us prefer not to spend much time thinking about, you should take some time to create a funeral plan. Don’t rely on family members and loved ones to know what your wishes are with regard to your funeral. By creating a written plan, you spare loved ones additional grief and prevent any potential conflict regarding your wishes. Your funeral plan should be separate from your will as your will may not be read for days after your death. Once written down, be sure … [Read more...] about How to Create a Funeral Plan
What Happens To Estate Property Upon the Death of the Decedent?
As the family member or loved one of someone who has recently passed away, you likely have numerous questions about the probate process. One of the most common questions that estate planning attorneys hear is “what happens to the decedent’s property?” As with many estate-related questions, there is no “one answer fits all”; however, there are some common situations that may help explain what happens to the decedent’s property. Some types of estate assets can actually be distributed to … [Read more...] about What Happens To Estate Property Upon the Death of the Decedent?
Death Taxes Primer: Estate Taxes vs. Inheritance Taxes
It comes as a surprise to some people that there can be a tax imposed on your assets after you pass away. The extent of the taxation can vary depending on where you happen to reside in the United States. When you examine the facts you find that in California we are rather fortunate in this regard. To understand these taxes you have to know the difference between an estate tax and an inheritance tax. The estate tax is imposed on the entirety of the estate before it is passed on to the heirs. … [Read more...] about Death Taxes Primer: Estate Taxes vs. Inheritance Taxes
