Did you read about the man who went on a shooting spree and killed his ex-wife plus several other people she worked with – leaving an 8-year old son behind? This was all due to a custody dispute.
Now, the wife is dead and the father of this child is behind bars for killing her. Here is a perfect example of why a Will should be drawn up early on.
There are now 3 people seeking custody of the 8-year old boy. They include his older sister from a different marriage, his maternal step-grandfather, and the paternal grandmother (mother of the man behind bars). The older sister has temporary guardianship.
If a Will had been drawn up early on, it could have left provisions in case the mother died or something happened to the father. In August, a court will decide who will have permanent guardianship of the boy whose father is charged with murdering his mother and seven others.
You don’t have to be a senior to create a Will – anyone can and should do it, especially when children are involved. If you are ready to make your wishes known and make sure they are followed after your death, contact an experienced Riverside Estate Planning attorney who will answer all of your questions, and help you decide what is best for you and your family.
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\\ tags: attorney, beneficiary, Estate Planning, family members, father, mother, son, Trust, Will
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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\\ tags: assets, attorney, disinheriting, Estate Planning, family members, Trust, Will
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
Millions of people each year donate to charitable organizations. There is a benefit to doing this, especially when it comes to the annual tax return. The benefit does not stop there – even after one’s death, there is a tax benefit – a deduction on their estate tax.
By leaving some or all of your estate to a qualified charitable organization, the Federal government allows your estate tax liability to be reduced. In addition, there is no limit to the estate tax charitable contribution deductions that can be claimed. This allows an individual to leave their estate to a charity to avoid paying any estate tax.
If you are interested in leaving your estate to a charitable organization, consult with an experienced Riverside Estate Planning attorney who can discuss the benefits of doing this, your options and the charitable trusts that you can create to do this.
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When an individual dies and there are insufficient assets to warrant a full probate process, a small estate affidavit is designed and used to provide a streamlined probate process.
A small estate affidavit is used to inform the court that the estate meets the requirements of a small estate. Under California law, until the end of 2011, the limits for a small estate have been $100,000 in general assets and up to $20,000 in real estate. However, beginning on January 1, 2012, these limits have changed. The new limits are $150,000 in general assets and up to $50,000 in real estate.
If you have questions regarding your estate or any estate planning issues, contact an experienced Riverside Estate Planning attorney who can discuss your options with you and advise what is best for you and your family.
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\\ tags: attorney, California Law, death, Estate Planning, family members, general assets, Probate, real estate, small estate affidavit
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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Choosing one of your children to be the executor of your Will can rip your family apart.
In case you didn’t realize it, an executor, or one of your children, is put into a position of power. This position allows them to divide your assets in a way that might not be agreeable to his or her siblings. They might become bitter towards each other – it’s paving the way to family feuds.
What happens when one child goes into the house alone and takes things he or she might want, such as family heirlooms, photos or collectibles? One child might believe they are entitled to more than another. The term ‘fair and equitable’ is different for each of your beneficiaries.
In order to avoid a family war, your best bet is to appoint an executor who is not also a beneficiary of your will and is not emotionally invested in one of your children. Protect your family and allow your children to grieve for you. Contact an experienced Riverside Estate Planning attorney who will help you make sure your assets are divided the way you want them to be.
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If you have a relative with a disability and you want to leave him or her money in your will, ask yourself if that person is capable of managing the inheritance. Do you think the inheritance will adversely affect any benefits that person is receiving from sources that include a government program?
In some cases it is better to leave the inheritance in a Special Needs Trust. A Special Needs Trust can provide assistance without reducing any other benefits he or she is receiving.
If you are considering leaving money to a relative with a disability, contact an experienced Riverside Estate Planning attorney who will discuss your choices and options to help this individual.
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\\ tags: attorney, benefits, disability, Estate Planning, inheritance, relative, Special Needs Trust
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