Estate Planning for Digital Assets
Do you worry about your Digital footprint? Wonder what happens to your facebook, twiter, instagram, youtube, and other online accounts when you pass? Technology has been advancing at an extremely rapid pace and our legislatures have been working equally fast. This last January, California adopted the Revised Uniform Access to Digital Assets Act (“RUFADAA”). California […]
Qualified Personal Residence Trusts
A device to remove the value of your personal residence from your estate and reduce your estate tax exposure is a particular type of irrevocable trust known as a QPRT or qualified personal residence trust. The QPRT removes the value of a residence from your estate at a greatly reduced gift tax cost. Taking advantage […]
California Trustee Duties
You have been chosen as a Successor Trustee. It is important to know facts on what your duties are if you are chosen as a California Trustee. Know Your Duties When nominated to be a trustee you owe many duties and obligations to the beneficiaries. You are a fiduciary and owe a fiduciary duty to […]
Special Provisions for the Spendthrift Child
After you have passed, will your beneficiaries use their inheritance in a manner you intended for it? Or will they squander/waste it foolishly? How are they today at managing their own money? That may give you some idea as to how their inheritance will be spent after you are gone. Evaluating the maturity, spending habits, […]
California Probate Triggering Assets
Do I have assets which would trigger probate in California? Many people either do not know of the Probate process in California or they do not know what assets would trigger probate. This article will describe what assets cause your estate to go through the probate process and what assets do not trigger probate. Probate […]
California Special Needs Trusts
If you have a beneficiary who suffers from a disability, perhaps a handicapped minor or adult child, you should consider leaving their inheritance in a specific and specially-constructed trust commonly referred to as a Special Needs Trust to protect the handicapped child and keep them eligible for public assistance. A few issues arise for disabled […]
What is a Financial Power of Attorney?
You’ve probably heard of the importance of having a Power of Attorney. Even though many of us know we need this document, many people don’t understand why we need it and what it actually does. Don’t overlook the fact that you also need to consider what would happen if you were incapacitated and unable to […]
Basic Estate Planning vs. Advanced Estate Planning in California
Rich or poor, everyone has an estate. For some, this can mean real estate, bank accounts, business interests, and more. For others it could be as simple as the clothes on their back. Either way, what you leave behind when you pass is considered to be your “estate”. You should plan, because even if you’re […]
The Poor Man’s Estate Plan
The biggest mistake people make when “planning” their Estates is adding someone else’s name to their bank accounts or erroneously relying on account beneficiary designations. The problems that arise with doing so expose you to creditor liability, negative taxation and the like. Here is an example of the issues that could arise: Tiffany lost her […]
How Often Should You Update Your California Estate Planning Documents?
Making estate planning changes to your California Estate Plan when there has been a life changing event will contribute to reducing conflict when you are no more. It will further make your intentions clear. Estate planning should be reviewed after life changes, like the death or divorce of a child or the illness, addiction or […]
