Bet you never thought to compare your estate planning attorney to your eye doctor. But the experience is similar. Both your estate planning attorney and your eye doctor ask you questions to determine the right prescription for you. “Do you like it this way or that way?” “Which is clearer number 3 or number 4?” This is customized analysis, necessary to determine your prescription for both estate planning and glasses. In fact, sometimes the estate planning attorney determines that you don’t … [Read more...]
The Keys to a Successful Estate Plan
A successful estate plan is an estate plan that works. An estate plan works if it does what you want it to do. The 3 keys to a successful estate plan are communication with loved ones, updating on a regular basis, and consultation with a qualified and experienced estate planning attorney. If you have all 3 keys, the door opens to a successful plan and your investment of time, effort, and money will be worth it. Importantly, your wishes will be honored. In other words, your estate plan will … [Read more...]
Your Estate Plan: Get It Into a Writing or Else
Your estate plan must be in writing to be legally valid; conversations with your spouse or other family members are not enough. Without written directions and authorization, family discord and upset may result and your wishes may not be followed. Don’t Want to be Hooked to Life Support Machines, Put it in Writing in an Advance Health Care Directive For example, Terri Schiavo, the Florida woman kept on life support for 15 years, had reportedly told her husband that she didn’t want to be … [Read more...]
The Questions of Estate Planning, Part 4: Where
People often have questions about Estate Planning. This is the fourth in a series of articles by my friend and colleague Steve Hartnett, an estate planning expert, addressing those questions. This fourth article addresses the “where” of Estate Planning. Read on to learn more. The Questions of Estate Planning, Part 4: Where … [Read more...]
Naming Alternate Beneficiaries in Your Estate Plan
When you create your estate plan, you’re taking the time to make sure that your assets are given to the right people. By naming beneficiaries, you’re in control over how your assets will be distributed after your death. Unfortunately, your assets may not be able to be given to your first choice beneficiaries. Take a look at some of the information below to better understand the importance of naming alternate beneficiaries. If you have any questions, or if you need help creating your estate … [Read more...]
Estate Planning? How do I Start?
We understand if engaging in the estate planning process seems like a big deal. There are forms to fill out, difficult issues to think about, documents to review, legal fees to be paid, and you have to work with an attorney which may be something you have not previously had to do. None of these things rank highly on anyone’s “My Top 10 Ways to Spend an Afternoon.” But, let us put your mind at ease. Once you enter the estate planning process, you’ll feel a much better. You’ll be able to … [Read more...]
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...]
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...]
5 Questions to Ask Yourself about Your Estate Plan
As you go through life, you need to make sure that you have a valid and comprehensive estate plan in place. An estate plan will allow you to live your life with less stress, and can ensure that your affairs are in order, no matter what. Take a look at the 5 questions below to ask yourself about your estate plan. Do you have a will or trust in place? If you’re just beginning your planning, you may not have a will or trust. These are fundamental planning tools. You can appoint a … [Read more...]
Information From A Living Trust Lawyer Sacramento Area Residents Can Use
Many clients create a living trust as a way to avoid the time and cost of probate. Every state has its own probate laws which establish the requirements for creating living trusts in order to ensure they are valid. If you are considering including a living trust in your estate plan, then you need to first understand how a living trust works. Here is some information from a living trust lawyer Sacramento residents can use. What is a living trust? A "living trust" is a special type of trust that … [Read more...]
