A QTIP Trust makes the surviving spouse the sole beneficiary of the income in it every year. However, what happens if you have been married previously and have children from that marriage? How can this type of trust benefit your children? How can you make sure your home will go to your children once your present spouse dies? This is known as the Qualified Terminal Interest Property Trust or QTIP. This trust makes your children the ultimate beneficiaries of your home, allowing your present spouse to live in it until his or her death.
Because the QTIP is a trust, it will not have to go through probate at the surviving spouse’s death. Now is the time to take control of your future and the future of your children. Take the time to sit down with an experienced Estate Planning attorney and see what is right for you and your family.
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\\ tags: attorney, beneficiaries, children, Estate Planning, Qualified Terminal Interest Property Trust(QTIP), spouse
I cannot emphasize enough to my clients and friends that an Estate Plan is very important. It will protect your assets and your loved ones when you die. No one enjoys thinking about what happens after they die, but it is a part of living to prepare and plan for that time. You are not alone; millions of Americans every year put estate planning off – for another time – for next year. It is devastating, however, if next year does not come – at least for you.
Most people do not know where to start. That is where an experienced Estate Planning Attorney comes in. He or she will discuss what a living trust is, why you should have one, how it will save you or your family thousands of dollars in probate taxes and how the probate process works. Your attorney will also discuss how to go about providing for your minor children and how to choose a guardian for them.
These documents come into play when you die or if you no longer can act on your own behalf. Without the proper documentation, a court will decide what can or cannot be done on your behalf. Contact a skilled Estate Planning Attorney and plan for the future; make sure your requests are met after your death. Act now; do not wait until it is too late.
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I have been wondering many times how one determines who their beneficiary should be. My response is, “you can name anyone you want – your spouse, children, partner, the church, a charity”. If you name more than one person, each person would be a “co-beneficiary”. The process of determining a beneficiary is known as “designating the beneficiary” on insurance forms.
Your first concern should be the reason for having life insurance. Your reasons may consist of creating financial liquidity, protecting assets from estate taxes or simply providing for your survivors’ needs.
Whatever your reason may be, if you have any questions, it is wise to contact an experienced Estate Planning Attorney who is familiar with all the California laws and is best suited to help you make this most-important decision.
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Funeral planning involves emotional stress and financial decisions. By planning your own funeral, you will make it much easier for your loved ones by removing this burden. Most people do not like to think about their death and/or funeral, but it is a very important part of planning your estate and making sure things are done the way you want them.
Remember to make your wishes known and relieve your family members of the decision-making at their time of grief. Another way to make it easier for your family is to prepay the funeral expenses, including the casket – alleviate the stress of funeral planning.
No one likes to think of the time he or she will no longer be here with loved ones, but in order to help them after you are gone, take the time to sit down and plan your own funeral. If you need help, contact an experienced Estate Planning attorney who will go over all the steps you need to know.
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For those of you who do not know what a living trust is, let me explain. A living trust, also known as an inter vivos trust, is written before the creator dies. A living trust does not help assets avoid probate.
It is important to understand that signing and notarizing documents does not end the process. If you are the trust’s creator, you must visit your bank to change title and ownership of certain assets from your name to the living trust’s name. By doing this now, you can save time and effort for those taking care of your estate after your death.
Before drawing up a living trust, you must understand the people involved, which include trustees and beneficiaries. You should be aware of how to transfer assets into the living trust and the reasons living trusts are used to keep assets.
If you are considering a living trust, you should contact an experienced Estate Planning Attorney who can help you and answer any questions you may have. No one likes to think about death, but planning will save your beneficiaries aggravation and time later.
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\\ tags: assets, attorney, beneficiaries, Estate Planning, inter vivos trust, living trust, trustees, Will
I have been asked if an Estate Plan ever has to be changed once it is written. The Plan should be reviewed and changed for reasons that include a marriage, a divorce or a separation. You should review your Plan if a birth or death occurs in your family. Other reasons include changes in health, assets or net worth.
If you have questions regarding creating an Estate Plan or making changes to an existing one, a qualified Estate-Planning attorney can advise you how to structure one and make sure it is implemented according to your wishes. Failure to properly draft or execute changes can cause significant problems for your family after your death.
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I cannot tell my family, friends and clients enough that Estate Planning is so important to handle. By planning your estate, you are taking care of your family later on – they can avoid the nightmare of the probate process.
If you do not plan your estate, the State will handle your assets for you and your heirs. An estate plan has many advantages, which include the reduction or elimination of estate taxes and protecting your heirs from potential lawsuits with creditors.
In addition, it allows you, not the State of California, to designate a guardian for your children and to plan for possibility of you becoming incapacitated. An important advantage is that is maximizes the privacy of your financial situation.
Why wait? Contact an experienced Estate Planning attorney now and discuss estate and who you want listed as your heirs.
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\\ tags: assets, attorney, California, Estate Planning, family member, guardian
In a recent Orange County Register article, it was noted that fewer than 30% of seniors have prepared an Estate Plan for their care when they can no longer do it themselves. Seniors should have a living will that states their treatment choices if they become incapacitated. They should draw up a health care proxy that names someone to make those decisions for them.
A recent survey found that 57% of older adults (more women than men) think retirement is an exciting, new chapter in their lives. Sixty percent continue working to get more money for their retirement. For those over 55, uninsured medical expenses is their top priority. Only 37% of seniors feel they will need long-term healthcare. A large percentage did not want to be a burden on their family members. Lastly, about 92% did not think about how they will pay for care or what their options would be.
In summary, seniors should fill out a living will, identify a healthcare proxy and discuss your long-term care with your family. If you need additional help, an experienced Estate Planning attorney should be contacted.
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Have you ever noticed that most people do not want to talk about death, especially if they are young and healthy? Of course, some older folks do not want to talk about it either. By not discussing the inevitable, many people do not take the time to draw up legal documents pertaining to their financial affairs and their care if something happens to them. Statistics show that only 20-30 percent of individuals have filled out these forms.
An experienced Estate Planning Attorney can discuss your options with you. Examples include a living will – details your care if you become incapacitated. A health care proxy will name a person who can make decisions for you.
With a living will, you will still be in charge at the end.
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\\ tags: assets, attorney, Estate Planning, Guardianship, Healthcare, Trust, Will
A study showed that 1 in 4 elderly people would need an end-of-life decision made for them regarding medical care. The study indicates that those making their wishes known in a living will, which includes the name of the decision maker, usually got the treatment they requested.
At one time, the national debate on President Obama’s health care stated that Medicare could pay doctors to counsel patients about end-of-life issues. Critics against this policy called it “death panels”. The proposal was eventually dropped.
The study concluded that living wills and health proxies are “important tools for providing care in keeping with patients’ wishes.” The living states what kind of medical treatment a person wants or does not want if he or she becomes incapacitated (i.e. breathing machines, feeding tubes, CPR). A health care proxy names another person to make medical decisions if needed. Many people have both. The study can be read in the New England Journal of Medicine in April.
For more information, visit www.caringinfo.org/PlanningAhead.
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\\ tags: attorney, elderly, End-of-life, Estate Planning, health care proxy, living wills, medical care
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