If you are in a second or third marriage and have children from previous relationships, very careful estate planning is necessary to keep the peace while you’re alive and avoid litigation after your death. Tips for Using Estate Planning to Keep the Peace in a Second Marriage Communicate. Let your loved ones know that they are protected by and provided for in your estate plan. Update. Update your estate planning when your family changes. Honor Prenuptial Agreements and … [Read more...] about Special Estate Planning Considerations for Second Marriages
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What Can Be Purchased with a Special Needs Trust?
There are a number of events that cause people to recognize the need for estate planning, but none as powerful as becoming a parent for the first time. As a parent, you want to ensure that your child is financially secure if something happens to you. If you have a child with special needs, the importance of estate planning is increased dramatically. One of the most common tools used by parents when creating a plan for their child with special needs is a Special Needs Trust. Before you decide if … [Read more...] about What Can Be Purchased with a Special Needs Trust?
How Are Assets Valued during Probate?
When a loved one passes away, no one really wants to focus on the practical and legal steps that must be taken shortly thereafter. If you were named as the Executor of the estate, however, you must do just that. One of the many responsibilities you will have during the probate of the estate will be to value the estate assets. Why is that important and how do you determine values? We'll explain the process of valuing estate assets during probate. What Is Probate? Most people leave behind an … [Read more...] about How Are Assets Valued during Probate?
Handy Estate Planning Tips for You and Your Family
We’ve put together a collection of estate planning tips for you and your family. If you’re like most people, there will be at least one thing on this list that you haven’t thought of yet. Others will serve as a gentle reminder to take action. 1. You need to name temporary guardians so that someone is authorized to care for your children in the event you are disabled (temporarily or permanently) and unable to care for them yourself. After all, your will, appointing permanent guardians, … [Read more...] about Handy Estate Planning Tips for You and Your Family
How Not to Unintentionally Disinherit Your Children
When asked if they are going to disinherit their children, most folks reply, “Of course not.” However, many of them do, unintentionally. The Perils of a Blended Family Unfortunately, the unintentional disinheritance of children happens every day. It usually happens in blended families, which are comprised of second, third, or even forth marriages and children from previous relationships. No matter what promises are made or understandings are had, a spouse that is not the parent of all … [Read more...] about How Not to Unintentionally Disinherit Your Children
Estate Planning is Not a “One and Done” Process
More than half of all Americans don’t have a formal estate plan, meaning no will, no trust, no powers of attorney, no trust. The other Americans have some form of an estate plan, but most of those folks don’t realize that estate planning is a life-long process. Estate planning is not a “once and done;” don’t stop now. What Would an Experienced and Qualified Estate Planning Attorney Say? What do you think an experienced and qualified estate planning attorney would say when he or she … [Read more...] about Estate Planning is Not a “One and Done” Process
Why a Will Isn’t the Only Document You Need (part 2 of 2)
When beginning to think about your estate planning needs, you may decide to execute a will. A will can allow you to achieve a number of goals. However, it likely won’t allow you to handle all of your estate planning affairs unless you have a simple and modest estate. Take a look at the following information, to learn more. If you have any questions about the use of a will, contact an experienced and qualified estate planning attorney. You can’t control all asset distribution. It’s … [Read more...] about Why a Will Isn’t the Only Document You Need (part 2 of 2)
Why A Will Isn’t the Only Document You Need (part 1 of 2)
If you’re thinking about getting a will, know that it may not be your best option. A will allows you to have control over future decisions. However, you should know that it’s important to consider other planning techniques, in addition. A will is not the only planning tool that you need. Take a look at the following information, to learn more. If you have any questions, contact an estate planning attorney. You can’t plan for incapacity. Your will is only effective after you die, … [Read more...] about Why A Will Isn’t the Only Document You Need (part 1 of 2)
Caution: Not All Living Trusts Will Avoid Probate
Many folks in California create living trusts to, among other reasons, avoid the hgh costs of a probate proceeding. Regretabably, some may think they’re saving money even more with do-it-yourself kits, Internet trusts, or by working with a paralegal or a general practitioner. If you go those routes, you increas your chances that your living trust may not avoid probate. Why? Why Won’t my Living Trust Avoid Probate? Good question. We get this question all of the time and are happy to … [Read more...] about Caution: Not All Living Trusts Will Avoid Probate
Conservatorship: Good or Bad?
For an adult child, watching a parent’s physical and/or cognitive decline is extremely painful. At some point, a role reversal may occur, turning the parent into the child and vice versa. At this point, it is probably time to consider petitioning to become your parent’s conservator. Taking what seems like such a drastic step may feel like you are stripping your aren’t of his/her freedom and dignity. However, your parent may actually benefit from a conservatorship. What Is an Adult … [Read more...] about Conservatorship: Good or Bad?
