Why Every Parent Needs an Estate Plan
As parents, we devote our lives to nurturing and providing for our children, ensuring their safety, and building a secure future for them. However, amidst the daily chaos and joys of parenting, one crucial aspect that often goes overlooked is estate planning. Estate planning is not just reserved for the wealthy or elderly; it is […]
The Role of Life Insurance in Estate Planning
Estate planning is a crucial aspect of ensuring the smooth transfer of assets and wealth to future generations. While many people associate estate planning with wills and trusts, the role of life insurance in this process often goes overlooked. In this article, we will explore the importance of life insurance in estate planning, its classification […]
How Estate Planning Helps Minimize Estate Taxes
Estate planning is a crucial aspect of financial management that involves making arrangements for the transfer of your assets and properties after your demise. While it may seem like a complex and daunting process, estate planning plays a significant role in minimizing estate taxes. This article aims to analyze the importance of estate planning in […]
The Importance of Regularly Updating Your Estate Plan
Estate planning is a crucial aspect of ensuring that your assets and final wishes are handled appropriately when you pass away. However, creating an estate plan is not a one-time task. It requires regular updates to reflect changes in your life circumstances and ensure that your plan remains relevant and effective. This article aims to […]
Understanding the Role of Executors in Estate
Introduction Estate planning is a crucial aspect of one’s financial well-being, ensuring that their assets are distributed according to their wishes after their passing. An executor plays a pivotal role in this process, carrying out the necessary tasks to fulfill the wishes of the deceased. In this article, we will delve into the role of […]
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 […]
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 […]
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 […]
Do Not Plan Your Estate Around Specific Assets! – The case of Jim.
Unless there are compelling reasons why a specific asset should go to a specific person, you should not try to plan around specific assets. We are repeatedly asked why do I need a trust? I want to add my kid’s names as beneficiaries to my accounts and add them to the title of my property. […]
