When creating your estate plan, you will not only have to decide how your assets will be distributed, you will also need to make sure that your loved ones are always protected by having enough assets including, perhaps, life insurance. We’ve outlined information below to help you better understand the importance of life insurance. If you have any questions, or if you’d like to make sure that you have enough life insurance coverage, contact a qualified and experienced estate planning … [Read more...] about A Role for Life Insurance in an Estate Plan
Getting the news that you have inherited money or property from a family member is usually a good thing. For some people, it may be more of a concern. If you receive income-based government benefits, you may be concerned that your benefits will be in jeopardy if you receive a significant inheritance. For instance, if you receive Medi-Cal or Supplemental Security Income (SSI), you assets must not exceed a certain amount in order for you to remain eligible. If that's the case, you need to … [Read more...] about Protecting Your Inheritance with Inheritance Planning
One of the main reasons people choose to create a last will and testament or living trust is because they wish to avoid California’s intestacy laws. Like all other states, California has laws that dictate who will inherit your property should you die without a will, known as laws of intestacy or intestate succession. Creating a will or living trust allows you to choose who will inherit your property. Here is what you need to know about intestacy in California. You don’t get to choose. The … [Read more...] about California Intestacy Laws: What You Should Know
A recent article in Forbes highlights one of the most important reasons why you need to create a last will and testament. In January of 2012, New York real estate developer Roman Blum died at the age of 97. He left behind an estate worth $40 million and, apparently, not a single living relative. Because no relatives can be found and Mr. Bloom did not have a last will and testament stating how he wanted his property to be distributed after he died, it appears that the state of New York will … [Read more...] about The 40-Million Inheritance Going to New York State
Many people put of their estate planning needs, and don’t even take the time to create a will. Depending on the size of your estate, a will can an important estate planning document that can allow you to achieve a number of things. If you choose to put off some of full estate planning, you should at least take the time to create this important estate planning document. Take a look at the information below, to learn more. If you have any questions, or if you’re ready to begin your estate … [Read more...] about Don’t Have a Will? Now is the Time to Make One!
Your family home may well be the largest piece of property you own, and one that will form a large part of your estate. When it comes time to leave your home to your children there are several options available to you. Some options are more commonly employed than others, and like all other estate planning choices it’s best to discuss each of them with your attorney before you decide on the method that is right for you. Will Transfer If you create a last will and testament you can use it to … [Read more...] about 3 Common Ways to Transfer Your Home to Your Children: Pros and Cons
Whether you have a large or small estate, developing an estate plan is the best way to avoid potential conflicts between your family members that could arise after your death. Regardless of the specific inheritance choices you make, simply making those choices and letting your family know what your wishes are will go a long way in preventing conflicts. One of the best ways to ensure that your family doesn’t end up fighting over what you leave behind is to come up with a plan that specifically … [Read more...] about The Question of What to do With Personal Property in Your Estate
We have some clarity now with regard to the estate tax parameters for 2013. The lawmakers in Washington were able to reach an 11th hour agreement, and we did not fall over the dreaded "fiscal cliff" after all. This deal did in fact impact the federal estate tax. Under the laws as they existed throughout last year in 2013 the estate tax exclusion was scheduled to go down to $1 million, and the top rate of the tax was set to rise to 55%. This would have been the scenario if we would have fallen … [Read more...] about How Does Fiscal Cliff Deal Impact Estate Tax?
When it comes time to distribute your assets to your family after you die, you’ve probably already thought about the big issues if you have created an estate plan. However, you’ll also want to consider the little things, especially items of personal property that may hold family or sentimental value. Family conflicts can arise over disputes about who will inherit personal property. Because personal property isn’t always specified in detail in a person’s last will and testament, it can be useful … [Read more...] about Preventing Family Discord With a Personal Property Distribution Letter
If you are creating an estate plan and want to leave that inheritance to your grown children, there are a number of ways you can do it. However, an inheritance plan can be thrown off by a child who gets divorced after receiving the inheritance. Many parents do not want to see the inheritances they passed to their children become diluted by being divided between a child and the child’s former spouse. In California, divorcing couples will divide community property equally between them unless they … [Read more...] about Inheritance Planning When Children Divorce