Estate Planning

When you are engaged in your estate planning efforts, you should sit back and evaluate the people who would have an interest in your estate. If you keep your head in the sand and assume that everything will fall into place after you are gone, difficulties can arise when everything is being sorted out. Many people assume that a last will is the right estate planning document if you are not a very wealthy person. When you create a will, you name an executor. This is the person who handles the … [Read more...] about Contesting a Will: What Are the Acceptable Grounds?

We all know how important it is to have an estate plan in place; yet, over half of all Americans do not have one. There are an infinite number of reasons and explanations people give as to why they have yet to create an estate plan, or at least execute a basic Last Will and Testament. One common reason, however, is that the decisions that must be made when creating a Last Will and Testament are not easy to make. Whether you have amassed a small fortune or a modest estate, the assets that make up … [Read more...] about Making Tough Decisions in Your Last Will and Testament

Every adult should have at least a basic estate plan in place. Exactly what components need to be in that plan will depend on the needs and concerns of the individual creating the plan. Estate planning for couples tends to be different than estate planning for someone who is single while estate planning for parents of minor children is different than for retirees. Likewise, estate planning for women will often focus on very different issues than estate planning for the typical male. This is one … [Read more...] about Estate Planning for Women

For the majority of your life your parents have likely given you advice and shown you how to do things. As your parents age, however, your roles may start to reverse, causing you to become the one doling out advice while your parents seek that advice. Estate planning is one area, in particular, where your parents may need your advice and guidance. If your parents live in an area that has experienced gentrification recently, for example, your parents may not even realize that they need to address … [Read more...] about Adult Children Whose Parents Need Planning, Particularly in Light of Impact of Gentrification

For most people, the foundation of their estate plan is a Last Will and Testament, or simply put. a “Will.” If you have yet to create your estate plan, you will likely want to start with a Will. That sounds simple enough, right? Maybe not given the fact that there are several different types of Wills from which you may choose. If that surprises you, you are not alone. Most people do not realize that there are numerous different types of Wills that a Testator can choose to create and execute. … [Read more...] about Are There Different Types of Wills?

At some point in your life there is a very good chance you will be involved in the administration of an estate. You might find yourself appointed as the Executor of an estate or volunteer to be the Administrator. You could also be involved as a beneficiary, heir, or creditor of the estate. Regardless of the reason, you will find it helpful to have at least a basic understanding of what is involved in estate administration. Given the unique nature of estate administration, specific questions and … [Read more...] about What Is Involved in Estate Administration?

The decisions made when creating an estate plan are highly personal decisions. Understandably, it may be uncomfortable to discuss these decisions with a stranger which is why it is important to develop a lifelong relationship with your estate planning attorney. You will, however, need to share things with your estate planning attorney that you may prefer not to share. Failing to be open and honest with your attorney, however, could jeopardize the success of your overall estate plan. With that in … [Read more...] about Five Things You Need to Tell Your Los Angeles Estate Planning Attorney

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?

There is a federal estate tax to contend with if you have been particularly successful throughout your life. During 2016, the amount of the federal estate tax exclusion is $5.45 million. You can arrange for the transfer of assets equaling as much as $5.45 million before the estate tax would kick in.  The new amount for 2017 is $5.49 million. The maximum rate of the federal estate tax is 40 percent. When you hear the above you may have an idea: why not just give gifts while you are living … [Read more...] about A Look at Inheritance Planning and Tax-Free Gifting

You may assume that assets are immediately transferred to your heirs after you die if you use a last will to state your final wishes. Many people are under this impression, because a last will can seem like a very simple, straightforward document. If you speak with a probate lawyer, you may come away with a different understanding. Probate can be briefly defined as the legal process of estate administration. The heirs that are named in the last will may not be the only interested parties. There … [Read more...] about Is a Probate Lawyer Always Necessary?