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...]
Common Planning Traps to Avoid
You can, likely, benefit from the mistakes of others. For your review, here are 17 common estate planning traps to avoid. If any of these mistakes seem to apply to you, consult with an experienced, qualified estate planning attorney. An ounce of prevention is worth a pound of cure (Benjamin Franklin.) Dying without a legally valid, effective will or trust. Not having a recent, comprehensive financial/general durable power of attorney in place. Failing to own your assets properly. … [Read more...]
Top Reasons Your Estate Plan May Fail You (part 2 of 2)
You not only need to an estate plan, but you need one that will meet your individual needs. With the right plan in place, you and your family will be protected for the future. There are reasons why your current plan may fail you. Take a look at the following reasons, to better understand the importance of a solid plan. If you have any questions, or if you’d like to update your estate plan, contact a qualified, experienced estate planning attorney. You only create a will. Many people … [Read more...]
Top Reasons Your Estate Plan May Fail You (part 1 of 2)
While it’s important to create an estate plan, there are many things that can go wrong with your planning. This may mean that you’re still unprepared for the future because your planning doesn’t meet your needs. We'll take a look at six possible issues, to learn why your planning may not be as effective as possible. If you have any questions, or if you’d like to review your estate plan, contact an experienced, qualified estate planning attorney. You never update your plans. … [Read more...]
If You’re Getting Remarried, Consider Your Estate Plan Carefully
If you’ve been divorced and are considering remarriage, you’ll want to take some time to carefully consider the implications remarriage will have on your estate plan. Whether you have yet to develop an estate plan or have already created one, there are several issues you will need to think about. Blended Inheritances Getting remarried means that both you and your new spouse mayy automatically have the right to inherit from one another if the other should die. This inheritance can have a … [Read more...]
If You're Moving, Consider Changing Your Estate Plan
Whether you are new to California or are leaving the state to go somewhere else, you need to take some time to review your estate plan as part of the moving process. Moving to a new state means that there are new laws you may need to consider. This is especially important if you move from a community property state, such as California, to a non-community property state, or vice versa. Here are a few issues you'll need to keep in mind when reviewing your estate plan as part of a move. Spousal … [Read more...]
You May Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
For most people, even retirees and other seniors, the idea that you might have to spend time in a nursing home or extended care environment isn't something you think about a lot. Unfortunately, the reality of the situation is that the older you get, the far more likely you will be to have to live in a nursing home at some point. While only a small percentage of people in their late 60s or early 70s need nursing home care, that number rises significantly the older you get. With the average cost … [Read more...]
New Survey Shows Who is Unlikely to Make an Estate Plan
A recent survey seems to demonstrate a lack of desire to create, or even get information about, an estate plan. The survey participants, who had a net worth between $100,000 and $1,000,000 (exclusive of their primary residence), may like to make money today but don’t seem to realize the potential peril that could accompany the failure to make an estate plan. The survey consisted of one main question – whether he or she had received any estate planning advice from their primary advisor – and two … [Read more...]
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