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...]
In Estate Planning, Trusts are Key
In estate planning, trusts are one of the most valuable estate planning tools you can use. Trusts are useful at minimizing estate taxes and in avoiding costly probate. There are actually many benefits. But, when it comes to trust administration, it is equally important to understand what is involved and to choose the right person or entity to serve as your trustee. The legal definition of a trust Trusts are essentially fiduciary agreements between a trustee and the trustor, who is the person … [Read more...]
Are Revocable Trusts the Only Option?
Trusts are an important part of estate planning because of their ability to minimize estate taxes and potentially avoid probate. A trust is essentially a fiduciary agreement, one based on trust and confidence, between the person making the trust (trustor) and the trustee. This agreement gives the trustee the authority to manage the assets of the trust and distribute those assets to the beneficiaries as specified in the trust agreement. There are several different types of trusts with their own … [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...]
Elder Law and Conservatorship
When a parent becomes mentally impaired, it is only a matter of time before they need help taking care of their own personal and financial affairs. Some of the common signs of diminished capacity are disorientation and memory loss. When you see these signs, it may be time to consider taking steps to provide necessary care. It would be best however to make plans ahead of time. Whichever course you take, there will be many difficult issues ahead, but your elder law attorney can help. Formal … [Read more...]
Do You Know about Living Trust Benefits?
When it comes to things like maintaining control of your assets during your lifetime and avoiding probate of your estate after death, a living trust is a great choice. It is common for clients to search for ways to avoid the time-consuming, expensive probate process, without having to relinquish complete control of their assets during their lifetime. Here are some of the most important living trust benefits you should consider when creating your estate plan. Understanding what a living trust … [Read more...]
California Trust Laws Regarding Irrevocable Trusts
A trust is often used in estate planning as a method for management of assets long-term. Those trust assets are transferred into the trust. With irrevocable trusts, the transfer is permanent, meaning that the grantor (the person who creates the trust) must give up all control and ownership of the property. Because the trust is considered irrevocable, it typically cannot be modified in any way after the trust has been executed. However, California trust laws provide for the modification of … [Read more...]
Common Elder Law Myths Dispelled
When Sacramento clients ask about creating an elder law plan or other elder law issues, the questions most commonly involve certain elder law myths. The reason there are so many misconceptions about elder law issues is that not many people are familiar with the concept of elder law. This article will dispel some of the most common elder law myths floating around. Myth No. 1: My spouse will automatically be able to handle my affairs It is a common misconception that spouses can easily and … [Read more...]
The Difference between Wills and Trusts
Certainly everyone is familiar with the estate planning terms "will" and "trust," but not everyone understands the differences between the two estate planning tools. Wills and trusts are both useful estate planning instruments that serve very different purposes. Despite their dissimilarities, both can work together to create a comprehensive estate plan. Wills and trusts are needed for estate planning Regardless of how old you are and how much money you may have, it is important to prepare … [Read more...]
Your Estate Planning Attorney Explains the Dos and Don’ts
As with many legal matters, an estate planning attorney has his or her share of horror stories from years of working with clients to create an estate plan. Whether its issues relating to property ownership or family disputes over a loved one's estate, problems in passing on an estate are very common. Unfortunately, most clients assume that their children or beneficiaries will be willing and civilized enough to work things out on their own. Consequently, many people believe they don't need … [Read more...]
