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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\\ tags: assets, attorney, Estate Planning, family members, living wills, Probate taxes
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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\\ tags: assets, attorney, beneficiary, co-beneficiary, Estate Planning, estate taxes, financial liquidity, Insurance policy
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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\\ tags: assets, attorney, birth or death, divorce or seperation, Estate Planning, family members, marriage, plan changes
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
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
Before you visit an experienced Estate Planning attorney, you should do the following:
· Make a list of your assets and how much they are worth
· Who will receive these assets and when
· If you are no longer capable of taking care of your assets, who will?
· Who will take care of you if you no longer can?
· Do you need a guardian for minor children?
· Funeral and burial arrangements should be decided
Once you have decided on the above, you should consult with an experienced and knowledgeable Estate Planning attorney who will create an Estate Plan designed especially for you.
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\\ tags: assets, attorney, California, Estate Planning, guardian, minor children, Will
In California, you can sue for economic and non-economic damages. Economic loss damages include past and future loss of financial support. It also includes funeral and burial expenses, plus the dollar value of lost household services. The testimony of an expert economist is helpful in determining these amounts.
Non-economic damages include the loss of companionship, affection, love, moral support and comfort – to name a few. One cannot put a price on these; all cases are judged personally.
If you are accused of wrongful death and because of the complexity of this type of action, I urge you to contact an experienced Personal Injury attorney. A wrongful death does not give the family a chance to say goodbye.
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\\ tags: assets, attorney, California, economic and non-economic, family, Personal Injury, Wrongful Death
You need to sit down with an experienced Estate Planning Attorney to protect your money in case you or your spouse must reside in a nursing home. Your attorney will see if you are eligible for Medi-Cal. Medi-Cal will pay for the cost of nursing home care, which can range from $4,000 to about $6,000 each month.
If you are 65 or over, disabled, or blind, you will be eligible for these benefits. However, you must meet certain income requirements also. The requirements for a single individual include no more than $2,000 in non-exempt assets and you cannot keep more than $35 each month in income. For than $35 in income requires you to pay for part of the cost. A married individual can have the $2,000 in non-exempt assets and his or her spouse can retain some. The same rules apply to the income (includes the spouse). An individual collecting Medi-Cal benefits is allowed to have assets such as a home, items in the home, an automobile, etc.
Benefits for Medi-Cal can be denied if the individual transfers assets to another person, this can be considered a Federal crime. An experienced Estate Planning Attorney can guide you through all planning strategies and determine what is best for you, especially if you need to live in a nursing home.
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\\ tags: assets, attorney, Estate Planning, income, Medi-Cal benefits, Nursing home care, property
A client recently wanted to know if she should plan her estate because she did not have many assets. I advised that regardless of the size of one’s estate, a plan is always recommended. An estate plan designates someone to manage your assets and your health if you are unable to do so yourself. If you do not plan ahead, a judge will appoint the person to handle your assets and your personal care.
A small estate still needs someone to receive your assets, pay your existing bills and distribute your assets. With a large estate, your experienced Estate Planning Attorney will advise you the best way to preserve your assets for your beneficiaries. He or she will also advise you how to reduce or postpone the estate tax which will be payable after your death.
Many people think that assets will go to the State of California if there is no will. This is untrue. Relatives will have priority ahead of the State. Of course, these relatives may not be your choice. I would suggest sitting down with an Estate Planning Attorney so your assets, no matter how large or small, will go to those people you choose.
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\\ tags: assets, attorney, California, Estate Planning, personal care, Trust, Will
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