If you have decided that creating an estate plan would be in your best interests, but do not know what is included in this plan, it is time to contact an experienced Riverside Estate Planning attorney who will sit down with you and discuss what is involved.
A Will provides for those you choose as your heirs to receive your property after your death. It is important to have a financial durable power of attorney to make financial decisions for you if you are unable to do so because of illness or whatever reason. In addition, a health care power of attorney is a document that appoints an agent to make health care decisions for you if you are unable to do so. Finally, a health care directive, or living will, gives you the opportunity to direct what kind of health care you wish to receive if you are terminally ill or in a permanent coma.
Creating an estate plan can be complex and complicated. It would be wise for you to consult with a Riverside Estate Planning attorney who will help you decide what is best for you now and in the future.
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Same-sex relationships are common in the State of California. Estate planning for a modern family can be complicated, especially if children from a previous relationship are involved.
Did you know that in California, a same-sex married couple can file state tax returns either as married filing separately or married filing jointly? Tax laws are constantly changing, however.
Estate planning is important for same-sex couples because the assets may not automatically pass on to the domestic partner unless specifically expressed in a legal document.
If you are part of a same-sex couple, contact an experienced Riverside Estate Planning attorney to determine the best option for your financial situation and goals.
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Are you approaching retirement age or already there? If so, it’s time to concentrate on your legal, financial, and healthcare needs down the road.
An experienced Riverside County Estate Planning attorney can help you protect your assets by discussing the merits of writing a will or trust. He or she can create an estate plan that meets your needs and protects your interests later on.
Your attorney will discuss probate, which is the legal process that settles your estate according to your will. You will discuss how and if you can avoid probate. Elder law protects you through estate planning and protects you against abuse and exploitation.
If you need help transitioning to retirement, contact an experienced Riverside County Estate Planning attorney who will discuss what is best for you and your situation.
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\\ tags: assets, attorney, elder abuse, Elder law, Estate Planning, exploitation, Probate, Trust, Will
Leaving your assets to a trust for the benefit of your spouse or children is another option than leaving simply a will. The trust could be created as part of your will.
This type of trust is known as a Credit Shelter Trust. It allows a married investor to avoid estate taxes when passing assets to his or her heirs. Upon the death of the investor, the assets in the trust are transferred to the heirs. A key benefit is that the surviving spouse maintains the right to the trust assets and the income generated. This allows a married couple to double the amount they can leave free of California and Federal estate taxes.
Having assets in a trust can be used to ensure a later inheritance by others even if the surviving spouse remarries. This is extremely important if your current spouse is not the parent of your children.
To learn more about a credit shelter trust, contact an experienced Riverside Estate Planning attorney who can answer all of your questions and advise you of your best options for estate planning.
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A revocable living trust is similar to a Will - it serves the same purpose, but allows your estate to be administered privately without the involvement of the probate court.
A living trust can be created by transferring assets to be held for your benefit or anyone you name during your lifetime. A revocable living trust gives you the right to dissolve the trust at any time. It allows you to control your assets and makes sure your wishes are met upon your death or incapacity.
If you are considering creating a revocable living trust and have questions regarding how to do so, contact an experienced Riverside Estate Planning attorney who will discuss the process with you.
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When a spouse dies in California without a proper will does the surviving spouse automatically have rights to all assets?”
California law states that the surviving spouse has the right to all of the deceased spouse’s community property unless otherwise stated – unless the spouse specifically leaves something to someone else. This can apply to separate property also.
If you have a question regarding your rights to property after your spouse had died, contact an experienced Riverside Estate Planning attorney who will protect your spousal rights to inheritance.
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I have been asked what is included in a basic estate plan.
The most important document is the Will. It is a legal declaration by you that names the person you want to manage your estate and transfer your property and assets after your death - to the individuals you desire. Having a Health Care Directive or Living Will allows you to express what kind of health care you want or do not want if you become terminally ill.
A Power of Attorney naming an individual to handle your finances is important. This person will handle all of your financial decisions if you are unable to do so while you are still alive. A Health Care Power of Attorney is a document that appoints a person to make your health care decisions if you cannot. Naming the same person to handle both would entail only one document.
If you are considering an estate plan or want to change an existing one, contact an experienced Riverside Estate Planning attorney who will provide you and your family with the service and peace of mind you deserve.
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\\ tags: assets, attorney, benefits, death, Estate Planning, family members, Healthcare, legal declaration, power of attorney, property, Will
Creating an estate plan for a newly married couple depends on several factors which include if this is the first marriage for one or both of you, assets brought into the marriage, children from a previous marriage and if you have written a prenuptial agreement.
A young couple married for the first time with no children and little assets should at least start off with a Will. Later on they can create an Advance Health Care Directive and appoint a Financial Power of Attorney.
Once your family grows along with your assets, your Will should be revised and discussed further. If you are newly married, just starting out, but want to tie up any loose ends, contact an experienced Riverside Estate Planning attorney who will make sure all of your wishes and needs are met down the road.
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\\ tags: Advance Health Care Directive, assets, attorney, beneficiary, children, Estate Planning, Financial Power of Attorney, marriage, newlyweds, trustee, Will
Estate planning is more than just a simple Will.
When you plan your estate you minimize potential taxes and fees that could be left to your heirs after you are gone.
A good estate plan coordinates what will happen to your assets, such as your home, investments, benefits, insurance, bank accounts, etc. if you become disabled or after your death. It makes sure your heirs get what you want them to. In addition, your wishes for health care treatment are also followed.
If you die without a will, your family could be left fighting over their share of your estate. Don’t make them go through that hassle – contact an experienced Riverside County Estate Planning attorney who will help you get your affairs in order.
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What happens to your money and possessions after your death? Is your family responsible enough to be able to divide everything up equally or will most of your family members disagree about almost everything?
This responsibility can be complicated and emotionally draining. You can plan ahead and avoid disagreements between family members. What can you do? You can make sure you have a will that details what each beneficiary is to receive.
Everyone should have a will, regardless of how much or how little you have. Your possessions are important to you and you want to make sure they go to people you want to have them. With a will there will be no disagreements; it states exactly who will receive your money or property and how you want your heirs to receive those assets.
Without a will, the state of California will decide who gets your money and possessions. What are you waiting for? Make one now because you can always update it later on. A will is a complex legal matter and should not be taken lightly.
If you need legal advice and help making a will, contact an experienced Riverside Estate Planning attorney who can answer any questions you have and will make sure the things you love will go to the people you love.
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\\ tags: assets, attorney, beneficiary, death, Estate Planning, family members, heirs, money, property, Will
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