Estate and Elder Law Information Center
When people think of estate planning, they often assume it’s only necessary for the wealthy or the elderly. However, whether you have significant assets or not, and no matter your age, the reality is that everyone benefits from an estate plan. Without one, your family could face financial and legal …
[Read more...] about Understanding The Risks Of Not Having An Estate Plan In California
Estate planning is such an important thing to do, but because it is so often misunderstood, many people put it off or make false assumptions that leave those they love most unprotected. Common misconceptions - like the belief that estate planning is only for the wealthy or the elderly - can create …
[Read more...] about 6 Estate Planning Misconceptions You May Have Fallen For!
No one wants to consider a future where a tragic accident or illness takes away their decision-making ability, but the reality is that it happens to individuals across America every single day. None of us know what tomorrow will bring, which is why it is so crucial to be prepared, no matter what. …
When it comes to estate planning, many people think of wills and inheritance, but there's so much more you can achieve with a well-crafted plan! Beyond the basics, estate planning offers a variety of tools and strategies to secure your family's future, protect your assets, and fulfill your personal …
[Read more...] about 5 Surprising Things You May Not Know You Can Do With Your Estate Plan
Trust administration is a crucial aspect of estate planning that involves managing and distributing assets held in a trust. Whether you're a trustee responsible for overseeing the trust or a beneficiary entitled to its assets, understanding the steps involved in trust administration is essential. …
If you are part of a young family that is embarking on the journey of building a life you love, we know that these are some of the most magical, joyous, chaotic, and special days you’ll ever have. Whether your family consists of just you and your spouse so far, or if you’ve made some little …
[Read more...] about 5 Reasons Every Young Family Needs An Estate Plan
Understanding fiduciary duty is paramount for anyone tasked with managing another person's affairs, whether it's executing a will, administering a trust, or making decisions on behalf of someone else. In the intricate landscape of estate planning, fiduciary duty forms the cornerstone of trust and …
[Read more...] about What Exactly Is Fiduciary Duty? A Guide For Trustees, Agents, and Executors
Probate is a court-supervised legal proceeding that is necessary for ensuring a person’s assets get distributed to their rightful heirs. Probate sometimes gets a bad rap (it’s extremely time-consuming, expensive, and stressful for the executor/administrator), but without it, any random person could …
[Read more...] about 5 Reasons To Expedite The Probate Process For A Loved One’s Estate
If you have taken the time to create a comprehensive estate plan with the help of an experienced attorney, you have made a good decision which will have a significantly positive impact on your family’s future. Estate plans provide clarity and guidance during challenging times, such as your …
[Read more...] about 7 Reasons You Should Review And Update Your Estate Plan Periodically
Probate is a complicated legal process that many families in California and all over the United States have to navigate following the death of a loved one. It can often drag on for months (or even longer than a year!) all while racking up expensive fees that deplete the hard-earned wealth an …
[Read more...] about 5 Proactive Steps You Can Take To Avoid Probate In California
Trusts and More: How To Avoid Probate - Probate is the term for the legal process in which a will is reviewed to determine whether it's valid and authentic. Probate also refers to the general administering of a deceased person's will or the estate of a deceased person without a will. After an …
What To Know About Special Needs Trusts - If you need to provide for someone who's physically or mentally disabled or chronically ill but don't want to jeopardize his or her public assistance disability benefits, creating a special needs trust is a popular strategy. Usually, such programs as Social …
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Should You Add Your Children to Your Deed and Bank Accounts? - Many people believe that an easy way to avoid probate and enable your children to assist you as you age is to add your children to your bank accounts and even the deed to your home. But this strategy doesn't always work as …
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How To Leave Your Home To Your Children - Homes are one of the greatest and most expensive assets many people have. As a parent, you want your children to have your home after you die, but to ensure that your children are left with your home, there are some important steps that you must …
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What It Means To Die Intestate- Did a close relative die and not leave a will? You will face some complexities, but you can get through them if you know the rules. How will the estate be distributed in the absence of a will? To start with, many assets aren't passed by will, such as: State …
Is This Your Situation: You're Worried About Probate - When people die, their estates go through a process called probate, which is subject to a lot of misconceptions. Myth #1 — If you die without a will, the state gets everything. There are plenty of reasons to write a will, but worrying …
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Avoid These Top Trust Problems - Trusts can be used as an asset protection tool and to help your beneficiaries avoid the cost and expense of probate. Trusts transfer legal ownership of assets to a trustee. The property is deeded in the name of the trust and the trustee is tasked with administering …
Should I Leave My Child A Buck? - It is irresponsible enough that absent-minded parents occasionally manage to leave their children behind when they leave the park or get off the bus. Even so, it seems far more incomprehensible that parents could possibly forget to include one or more of their kids …
How To Manage An Estate During Probate - Executors have a high level of responsibility for as long as the probate process drags on — which can even be years in some cases. Your main objective? Prevent estate assets from being damaged or depreciated. You must make decisions based on the best …
How To Value Items At Death - If you're the executor of an estate, part of your job is to oversee the valuation of assets. Finding out how much the estate is worth and how that value is distributed will determine your approach to probate, the allocation of the assets among the heirs and how much the …
How To Plan For Estate and Gift Taxes - Federal estate tax in 2023 mostly remains an issue for the very wealthy — those with an estate valued at more than $12.92 million or $25.84 million for a married couple. Even with the generous exclusion, some estates may be subject to tax, i.e., you may be on …
Trusts: Types, Purposes and Benefits - A trust allows you to be specific about how, when and to whom your assets are distributed. They can be arranged for a variety of different goals: to reduce estate taxes, to transfer property and to preserve assets for minors or a charity. Trusts offer more …
Wills vs. Trust: Cost, Process and Uses - Wills and trusts ensure your assets pass to heirs according to your wishes. You may want to use a will if you're married, have kids or own property. Setting up a trust is an extra step that makes sense if you have a large or complicated estate and/or need …
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Meeting Midway With Mediation - Are heirs at loggerheads over dividing an estate? Does it look like the dispute is going to turn into a lawsuit? It doesn't have to. Parties should try mediation. Indeed, many judges, who recognize the value of a structured compromise, even order the parties to …
Suppose it is your responsibility to designate the next owner of a true heirloom. Above all, you want to avoid family strife and resentment and ensure it lands in the hands of someone who will respect and care for it. The meaning of sentimental belongings Heirlooms like old photographs, deeds …
Contesting a will can be an expensive and painful struggle. But suppose the will has already been probated (accepted by the court as valid) and the assets distributed to the beneficiaries? Then a challenge becomes exponentially harder, especially as the assets may have been sold or disposed …
Probate: What Is It Anyway? - Probate is a series of legal processes that disposes of a decedent's estate. Like most legal processes, it can be imposing. But there are ways to make it easier and possibly even skip it altogether, if you prepare in advance. Probate includes taking note of a …
Estate planning for parents of special needs children requires establishing special needs trusts to provide financial support while preserving eligibility for SSI, Medicaid, and other government benefits that have strict asset limits of $2,000 for individuals. Key Takeaways: Being a parent …
Common estate planning myths like "My family will figure it out" and "I'm too young for a will" create costly legal problems, family conflicts, and unintended consequences that proper planning prevents. Key Takeaways: You've probably told yourself one of these stories before: "My …
Charitable giving through estate planning allows you to support meaningful causes while providing significant tax benefits and still caring for your family. From simple bequests to complex charitable trusts, many strategies can reduce estate taxes, provide lifetime income, and create a lasting …
In today’s digital age, estate planning goes beyond physical property and includes digital assets such as social media accounts, online banking, and cryptocurrency. Without clear instructions for managing these online properties, heirs may face unnecessary challenges. Key …
[Read more...] about The Digital Legacy: Protecting Your Online Accounts and Digital Assets
Incentive trusts allow grantors to attach conditions to inheritances to reward beneficiaries for achieving specific goals pertaining to education, employment, or healthy behaviors - but they require careful design to avoid family conflict and administrative challenges. Key Takeaways: As …
[Read more...] about Incentive Trusts: Should You Use Your Legacy to Motivate Your Beneficiaries?
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