If you are intending to create or update your estate plan in 2019, congratulations. Unfortunately, for too many, procrastination causes delays in creating much needed plans. one reason for the delay is that estate planning can seem overwhelming and stressful because it’s a whole new “thing” with new lingo and big decisions to be made. As if that weren’t enough, estate planning involves talking about our health, death, incapacity, interpersonal relations, and finances. At this point, you … [Read more...]
Estate Planning Considerations Entering the New Year (part 2 of 2)
When considering creating or updating your estate plan in 2019, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
The importance of reviewing your IRA Beneficiary Designations
Whether you realize it or not, you have a beneficiary designation on your IRAs (i.e. individual retirement accounts.) It would be prudent for you to check the beneficiary designations to ensure that they are in line with your current intent, goals, and estate planning documents. Stretch out goals IRAs make great inheritances for children and grandchildren who, with proper planning, can stretch the IRA distributions out over their life expectancy. The tax deferred growth is amazing and … [Read more...]
8 Solid Reasons to Create an Estate Plan (Part 2 of 2)
Many people fail to realize how important it is to create an estate plan. You may be putting your planning off for several reasons, but it is, likely, in your best interest to take the time to plan as soon as possible. Take a look at the following reasons as to why you should starting handling your affairs. If you have any questions, or if you’d like to begin creating your estate plan, contact an experienced and qualified estate planning attorney. You want to plan for incapacity. You … [Read more...]
8 Solid Reasons to Create an Estate Plan (Part 1 of 2)
If you have yet to create an estate plan, it’s important to realize the importance of having a plan in place. There are many benefits to planning, and you’re able to accomplish a number of goals. Not planning will leave you and your family unprepared. Take a look at the following information, to understand the 8 reasons it’s time to create a plan. If you have any questions, or if you’d like to review your estate plan, contact an experienced and qualified estate planning attorney. You … [Read more...]
Concerns about Beneficiaries Can be Addressed in Estate Plans
As life unfolds, our loved ones change and have evolving needs; and, new loved ones are born or join our family through marriage and adoption. When creating your estate plan, consider your beneficiaries’ potential needs. Special Needs and Governmental Assistance At some point, one or more of your beneficiaries may be receiving governmental assistance because of a special need. It may be Grandma Allison in a nursing home or Grandson Jeremy with autism. You don’t need to disinherit family … [Read more...]
A Recipe You Don't Want: The Silent Estate Plan
If there is one lesson everyone should take away about estate planning it is this: you need to do more than remain silent. Estate planning is, at its core, making choices and setting them down on paper. When you don't make any choices or, even worse, make the choice and assume that your wishes will be followed, you're going to have a bad time. Here are three reasons why remaining silent is not a good option when making a plan. Reason 1. California has already chosen who will inherit your … [Read more...]
Getting Started in Estate Planning – The First Meeting with Your Attorney
If you have made the decision to stop delaying and create an estate plan, congratulations. You've taken a step that most people will never take and one which will greatly help you and your family. Now that you have made the choice, you can help your estate planning attorney a great deal by taking some time to get prepared for your first meeting. There are specific documents you can bring to your first meeting with your lawyer, as well as questions you can start thinking about now so your … [Read more...]
List Your Trust Assets
A primary benefit of creating a Revocable Living Trust is to avoid having your estate go through Probate Court. It's not something that you do for yourself. Probate is not a hassle for the deceased. Instead, you do it for your loved ones you leave behind. You do not want them to have to go through the expense and delays of Probate. Since you are already concerned about sparing your loved ones from unneeded trouble, why not take it one step further? One of the biggest problems with handling a … [Read more...]
Common Estate Planning Mistakes: Treating All Children the Same
Parenting is a tough job--and it doesn’t end when your children become adults. Tough decisions are still required to be made even after your children reach adulthood, like how to treat them under the terms of your estate plan. As a parent, your first reaction is likely that you will treat them all the same, of course! This is, unfortunately, a common estate planning mistake. None of your children are the same so why must they be treated the same in your estate plan? This does not mean you should … [Read more...]
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