For an adult child, there are few things more difficult than realizing that a father can no longer safely care for himself and/or his affairs. If you have arrived at that realization then the next step is to petition to become your father’s conservator. What happens though if someone doesn’t agree with your decision to pursue conservatorship? Let's see what happens if someone objects to you becoming your father’s conservator. What Is a Conservatorship? In California, if a court determines that … [Read more...] about Can Someone Object to Me Becoming My Father’s Conservator?
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Planning for Special Needs Children
Planning is important when providing for any of your children. But planning is even more important for special needs children. Without proper planning, an inheritance can jeopardize a special needs child’s needs-based benefits, such as SSI or Medicaid. Read on to learn more about planning for special needs children. This post by my friend and colleague Steve Hartnett, an estate planning expert, discusses this important planning. Planning for Special Needs Children … [Read more...] about Planning for Special Needs Children
Ins and Outs of Inheriting an IRA
What are the tax implications of an inheriting an IRA? The answer depends on several factors: Is it a traditional IRA or a Roth IRA? The funds in a traditional IRA have never been taxed and will be taxed as they are withdrawn. Roth IRAs contain post-tax dollars and are not again taxed upon their withdrawal. Is the beneficiary of the IRA a spouse, a non-spouse person, or a charity? When the beneficiary of an IRA is the spouse of the IRA owner, the spouse will have a number of … [Read more...] about Ins and Outs of Inheriting an IRA
Where Do It Yourself = Do It Wrong
An estate plan is an important part of one’s plan for the future. Many realize that they need the assistance of an experienced and qualified attorney to assist them in their efforts. Unfortunately, some folks will cut corners in their estate planning efforts in an effort to save a few bucks or because they think they are as smart as or smarter than their estate planning lawyer when it comes to drafting documents or both. Even with persons who were prudent enough to have their original plans … [Read more...] about Where Do It Yourself = Do It Wrong
Planning for the Unexpected
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read this post by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about the prevalence of unexpected deaths and an example of what can happen without planning. Planning for the Unexpected … [Read more...] about Planning for the Unexpected
Planning for Education Expenses
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how a trust can be used to provide for your child or grandchild’s education. The article looks at how a trust can protect those funds. Planning for Education Expenses … [Read more...] about Planning for Education Expenses
529 Plans: Planning for Education with a Tax and Asset Protection Bonus
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how 529 plans may have tax advantages when providing for education. Further, the article looks at how such a plan may provide asset protection in bankruptcy, as well. 529 Plans: Planning for Education with a Tax and Asset Protection Bonus … [Read more...] about 529 Plans: Planning for Education with a Tax and Asset Protection Bonus
What Can I Do to Prevent My Beneficiaries from Contesting My Will?
For most people, reducing the likelihood of litigation is a primary factor in the decision to create a Last Will and Testament. If your wishes are clearly stated in your Will, there shouldn’t be anything for your heirs to fight over after you are gone, right? What happens though if someone contests the Will you create? Let's discuss what you can do to prevent your beneficiaries from contesting your Will. What Is a Will Contest? After your death, your estate will likely need to go through the … [Read more...] about What Can I Do to Prevent My Beneficiaries from Contesting My Will?
Do I Really Need a Trust?
We get a lot of questions about revocable living trusts and some prospective clients wonder whether they really need a trust. They say, “After all, I’m not a Warren Buffet or a Kennedy. Do I really need a trust?” Whether you need a trust (or not) depends upon your assets and your goals; mainly your goals. You do not need to be wealthy to benefit from a trust. You Need to Consider a Revocable Living Trust if you… Want to avoid probate Want to avoid court interference, through the … [Read more...] about Do I Really Need a Trust?
Five Estate Planning Don’ts
Some people take the time to begin their estate planning, while others never even get around to it. If you want to be prepared throughout your lifetime and after your death, it’s important to have an estate plan in place. Take a look at the following estate planning don’ts for advice on what not to do when creating your estate plan Don’t put off your planning! Many people put off planning because they are fearful of the process, they think they don’t need planning, or they are busy and … [Read more...] about Five Estate Planning Don’ts
