Creating a comprehensive estate plan is vital for everyone, without regard to the size or value of your estate. Although woman tend to be less likely to be involved in estate planning, there are reasons why having a plan in place is actually more important for women. At the top of the list of those reasons is the strong likelihood that a woman will outlive her husband by several years. Without a well thought out estate plan in place, this can cause financial havoc at best and financial … [Read more...] about Estate Planning for Women — Planning to Outlive Your Spouse
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Dynamic New Trust Protections for California Residents with Living Trusts in 2017!
Big Changes in Medi-Cal! As of January 2017, there is great news for people who may find themselves in need of Medi-Cal. The laws regarding recovery against estates for benefits paid to a Medi-Cal recipient have been changed. Before January 1, 2017, the Medi-Cal program was able to recover money that was spent on medical services for people who were 55 years of age or older. If the family was unable to repay the state after the passing of the Medi-Cal recipient, a lien was placed on their … [Read more...] about Dynamic New Trust Protections for California Residents with Living Trusts in 2017!
How Long Does Probate Take?
At some point in your life you are bound to be directly involved in the probate of an estate. Your involvement could stem from the fact that you are a beneficiary or heir of the estate or because you qualify as a creditor of the estate. You might even be named as the Executor in the decedent’s Last Will and Testament or volunteer to be the Personal Representative if the decedent died intestate. If you manage to avoid being directly involved in the probate of someone else’s estate during the … [Read more...] about How Long Does Probate Take?
Can a Probate Lawyer Avoid the Process?
You may equate estate planning with the creation of a last will. There is a widely held belief about a will. Many people think that assets can be transferred to the people named in the will immediately after the passing of the testator. In truth, if you use a last will as your asset transfer vehicle, the will would be admitted to probate. The heirs could not receive their inheritances until after the estate was probated and closed by the court. Estate Administration Probate can be defined … [Read more...] about Can a Probate Lawyer Avoid the Process?
Los Angeles Leads Country in Number of Millionaires
Los Angeles has an extraordinary mystique on many different levels. It is the epicenter of the entertainment industry, and it is no secret that high-profile actors, directors, producers, and musicians can make enormous sums of money. There are also many wealthy people in the sports industry who reside in Los Angeles County, but these famous celebrities are only part of the wealth equation here in our area. As the second biggest city in the United States, businesses that are located in L.A. … [Read more...] about Los Angeles Leads Country in Number of Millionaires
How Can You Prevent a Conservatorship?
Everyone understands the importance of retirement planning. People generally recognize the need to engage in estate planning as well. However, there is a period of time that may lie between your active retirement years and your passing. This is the phase of life that we call the twilight years. During this stage, you may suffer from incapacity. You could become physically incapacitated and unable to communicate either temporarily or permanently. There is also the possibility of mental … [Read more...] about How Can You Prevent a Conservatorship?
When Do You Need a Probate Lawyer?
It is important to act in an informed manner when you are planning your estate. If you take action without all the necessary information, you could ultimately make less than ideal choices. Many people assume that trusts are only useful for wealthy people. They are under the impression that trusts are complicated, and last wills are simple. The idea is that the heirs to the estate will receive their inheritances in a timely manner if a last will is used as a vehicle of asset transfer. In … [Read more...] about When Do You Need a Probate Lawyer?
A Conversation With a Living Trust Attorney Can Be Enlightening
You have a number of different options available to you when you are planning your estate with regard to vehicles of asset transfer. To be optimally prepared, you should make no assumptions and educate yourself so that you can make informed decisions. Everyone has heard of the last will or last will and testament. This is the most commonly utilized estate planning document. You may think that you should use a last will because you are not particularly wealthy. Many people assume that trusts are … [Read more...] about A Conversation With a Living Trust Attorney Can Be Enlightening
Why Would I Grant a Power of Attorney?
Financial matters will logically come to mind when you think about estate planning. However, if you want to be comprehensively prepared for the inevitable, you should consider the possibility of incapacity late in your life. When you read the term “late in your life,” you may immediately think about your senior years. Indeed, most people do pass away when they are senior citizens. However, as sad as it is, there are those who die at younger ages. Therefore, preparations that you would make for … [Read more...] about Why Would I Grant a Power of Attorney?
Estate Planning, Taxation, and Your Home
High net worth families should be quite concerned about the federal estate tax. This tax can alter the trajectory of your family's financial future, because it carries a very hefty 40 percent maximum rate. There is a federal estate tax credit or exclusion. This is the amount that can be transferred tax-free to people other than your spouse. For the rest of 2016, the estate tax exclusion stands at $5.45 million. There are annual adjustments to account for inflation, so the exclusion is … [Read more...] about Estate Planning, Taxation, and Your Home
