There is a legal process called probate that can come into play when you pass away while you are in direct personal possession of property. The property would become probate property immediately after your passing, and it could not be distributed to the heirs until the estate was probated and closed by the court. This is true if you had no estate planning documents at all, and even if you have a last will, the will would be admitted to probate, and the estate administration would be … [Read more...] about Dissecting the Probate Process
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What Is Different About a Durable Power of Attorney?
A power of attorney is a legal document that you can use to give someone else the power to make legally binding decisions on your behalf. If you are the person granting the power, you are called the principal, and the person who would be able to act as your representative would be the agent or attorney-in-fact. Any adult who is of sound mind who is willing to act as an attorney-in-fact can assume the role. You do not have to be a lawyer to act as an attorney-in-fact. There are general … [Read more...] about What Is Different About a Durable Power of Attorney?
Asset Protection Comes in Different Forms
When you hear the term “asset protection,” lawsuits will probably come to your mind. Without question, there are litigious types out there, and you can take steps to shield your assets from litigants seeking redress. However, there is another form of asset protection that flies under the radar, and it is important for just about everyone. In this blog post, we will provide some eye-opening information about the need for this type of asset protection for senior citizens. Nursing Home … [Read more...] about Asset Protection Comes in Different Forms
Are You Thinking About Creating a Trust?
There are numerous different specific types of trusts that are used in the field of estate planning. You have the opportunity to “use the right tool for the right job” as it were, because you have options. From a very general perspective, there are two general classes of trust, and there are different variations that sit under these designations. These two classes would be irrevocable trusts, and revocable trusts. First, let's look at revocable living trusts. Creating a Trust That Is … [Read more...] about Are You Thinking About Creating a Trust?
Los Angeles Estate Planning Attorney Answers 5 Common Questions
Estate planning is an area of the law that the average person knows very little about; yet, estate planning is also something that is very important to the average person. Not surprisingly, this disconnect creates problems. Surveys tell us that despite understanding the importance of having an estate plan in place, over half of all Americans do not have one. One of the most common reasons people give for not yet sitting down and creating an estate plan is the simple fact that the concept of … [Read more...] about Los Angeles Estate Planning Attorney Answers 5 Common Questions
The Revocable Living Trust: Versatile, Efficient and Effective
You should gain an understanding of the estate administration process when you are devising your estate plan. There are certain tasks that must be completed to bring your final wishes to fruition, so there is a human element that is an important part of the equation. If you are like most people, you want your heirs to receive their inheritances in a timely manner after you are gone. Though a last will can seem like the simplest and most efficient asset transfer device to utilize, there is a … [Read more...] about The Revocable Living Trust: Versatile, Efficient and Effective
Address Trust Administration at Point Zero
Before we explain the value of planning ahead with trust administration in mind, we should provide some background information so that you understand why you may want to use a trust when you are planning your estate. There are numerous different types of trusts used in the field of estate planning, and they provide varied advantages. Let's look at the facts. Estate Tax Efficiency The federal estate tax is a very big factor for people who have been able to accumulate a great deal of wealth. … [Read more...] about Address Trust Administration at Point Zero
September Is National Life Insurance Month — A Great Time to Update Your Estate Plan
For many people, life insurance plays an important role in their estate plan. In fact, life insurance often serves several roles in a comprehensive estate plan. Each year, National Life Insurance Month is celebrated in September in the United States, making now an opportune time for you to review your life insurance needs and update your current estate plan. Taking the Mystery Out of Life Insurance Options A life insurance policy can help to accomplish a number of different goals within your … [Read more...] about September Is National Life Insurance Month — A Great Time to Update Your Estate Plan
The Federal Estate Tax: Take Steps to Reduce Your Exposure
The federal estate tax is a looming threat for people who have been able to accumulate significant wealth. If you are exposed to the estate tax, a qualified personal residence trust could help you gain estate tax efficiency. Before we provide an explanation, we should look at the federal transfer tax parameters so that you can determine the extent of your liability. Federal Estate Tax There is a federal estate tax credit or exclusion. This is the amount that you can transfer to others … [Read more...] about The Federal Estate Tax: Take Steps to Reduce Your Exposure
Prepare Yourself With a Durable Power of Attorney
Things like wills and trusts are naturally going to come to mind when you think about estate planning. Transferring assets is certainly part of the process, but you should also think about the latter portion of your life and the potential for conservatorship proceedings. To prepare in advance, you could execute a legally binding document called a durable power of attorney. Before we look at the details that surround a power of attorney, we should explain some things about incapacity so that you … [Read more...] about Prepare Yourself With a Durable Power of Attorney
