Disinheriting an individual from your estate Estate planning does not come in “one size fits all.” Every situation is different and requires different considerations.
What happens if you decide you would like to disinherit a family member from your estate? Make sure this is what you truly want because down the road you may be facing some serious ramifications. Are you feeling this way because the person can no longer be trusted or is terrible handling money?
If there is no way to fix the situation that is causing you to want to disinherit this person, it is time to consult with an experienced Riverside Estate Planning attorney. Your attorney will discuss the creation of a living trust so no one can contest your Will in court and receive their portion of your estate.
It is not easy to disinherit someone that may be close to you; it can be a difficult and painful decision to make. Ensure that it is done properly by meeting with a Riverside Estate Planning attorney today.
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A will is a good estate planning tool. Any couple or individual with financial investments and assets will benefit from having one.
A simple will is probably all you need if most of your assets can be transferred through a beneficiary designation of joint tenancy. However, if you own real property, even with a will, your estate will need to be probated.
If you have children, you can insert a trust into your will, which will become effective at the time of your death. It can be used to provide for your children. There are advantages and disadvantages to both a living trust and a simple will.
If you are interested in creating a will and have questions about how to start, contact an experienced Riverside Estate Planning attorney who will help you in creating a will to protect your financial interests and your loved ones later on.
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Does your mother or father’s health care needs make it impossible for him or her to remain in their home without care? Is it time to consider the best way to take care of your elderly parent?
Protecting your mother or father’s assets can be the most important challenge you will face when you look into public benefits, such as Medicaid. Are you aware that long-term care facilities cost somewhere around $70,000 a year?
In addition, in the event that your loved one becomes incapacitated, you will need to secure a conservatorship, which includes durable powers of attorney and advanced health care directives.
If you have questions regarding an elderly parent and how to look after them, contact an experienced Riverside Estate Planning attorney who will make sure your parent has the best care options and the resources to pay for them for the remainder of his or her life.
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\\ tags: advanced health care directives, assets, attorney, benefits, conservatorship, elderly parents, Estate Planning, incapacitated, long-term care facilities, medicaid
For many people in Southern California, their home is the largest and most valuable asset they own. When creating an estate plan, it is important to address what will happen to this asset.
When a home is transferred by i.e. inheritance, probate or a trustee sale, a deed is involved. Completing a deed transfer can help you avoid taxes, ensure that your property is transferred to your loved one, and make sure that the property is not impacted by claims from creditors.
Due to the advent of title insurance, only grant and quitclaim deeds are used in California.
It is important to have a deed for estate planning purposes because your home will need to be transferred into your trust in order for the trust to own the home.
If you have questions regarding estate planning and the deed to your home being transferred to one of your beneficiaries, contact a Riverside Estate Planning attorney who can offer the knowledge, skill and professional resources to help you protect all of your assets.
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It can be devastating to lose a loved one to Alzheimer’s or any type of mental or physical illness. While you are staying close to this elderly family member, creditors may be trying to gain access to his or her estate.
You can avoid court-supervised procedures in the event of incapacity of your family member. You can remain in control of your family’s assets when the individual can no longer make his or her own decisions.
If you have a loved one who has become incapacitated by a physical or mental illness, contact an experienced Riverside Estate Planning attorney and ask how you can protect his or her rights by setting up a revocable trust that can be managed by the designated successor trustee.
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The first step in the probate process is to determine who the true beneficiaries of the estate are.
The probate process can be a devastating experience for anyone; the rights of some beneficiaries may be harmed by intentional acts of others. The executor or personal representative has fiduciary duties to take care of. Unfortunately, there are some who intentionally lie or cheat the beneficiaries. California Probate Code imposes penalties to those who do not follow the law and improperly invest assets of the estate, take too much money as compensation, or participate in fraudulent activities.
If you are concerned that your beneficiary rights are in jeopardy because of the actions of the executor of the estate, contact an experienced Riverside Estate Planning attorney who will take action to avoid potential conflict.
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Many clients have asked about leaving their assets to a trust for the benefit of their spouse. I tell them that trusts for a spouse can be created in a Will or in a Revocable Living Trust.
One example of a trust is a Credit Shelter Trust which allows a married investor to avoid estate taxes when passing assets on to their heirs. Upon the investor’s death, the assets are transferred directly to the beneficiaries. However, the surviving spouse maintains rights to the trust assets and the generated income during his or her lifetime.
Discussing end-of-life decisions is always a difficult time. If you have questions regarding the planning for your future, contact an experienced Riverside Estate Planning attorney who can help you manage your assets today, protect your assets in the event you get sick, and provide for the care of your family after you are gone.
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\\ tags: assets, attorney, benefits, Credit Shelter Trust, death, Estate Planning, spouse, Will
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
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