You could potentially use a last will as the centerpiece of your estate plan. In order for a last will to be valid in the state of California, certain conditions must be met. The person who is creating the will is called the testator. The testator must be an adult who is of sound mind when the will is being created, and there must be no fraud or coercion involved. Two adults must witness the testator signing the will, and they also have to sign the will. Notarization is not necessary in the … [Read more...] about What Is a Self Proving Will?
What Is Digital Estate Planning?
A well constructed estate plan will leave behind a turnkey situation for the surviving family members. If you want to be comprehensively prepared, you need to consider every detail. With this in mind, we will look at digital estate planning in this blog post. More Than Documents Creating documents is part of the process when you plan your estate. At the same time, someone has to examine the wishes that you leave behind in the documents and bring them to fruition after your passing. You have to … [Read more...] about What Is Digital Estate Planning?
What Is an Incentive Trust?
You may have concerns when you are planning your estate. Leaving money to a loved one can seem like a completely satisfying thing, but a windfall of money can sometimes have a negative impact. This is especially true if the person receiving the inheritance has not reached his or her full potential. It is possible to be prepared for this type of situation through the creation of a legal device called an incentive trust. Stipulations When you create and fund an incentive trust, you name a … [Read more...] about What Is an Incentive Trust?
Why Would I Need a Trust if I Have a Will?
Estate planning is not a one-time event. Your initial estate plan is going to be devised based on the way that your life was at that time. It is like a snapshot, but life goes on after that day. As your life changes, your existing estate plan could become obsolete. As a result, estate planning should be viewed as an ongoing process. If you used a will when you put an initial estate plan in place because your family was small and your life was uncomplicated, this is understandable. At the same … [Read more...] about Why Would I Need a Trust if I Have a Will?
What Is the Difference Between a Living Will and a Living Trust?
The one estate planning document that most people have definitely heard of is the last will or last will and testament. This is a legally binding document that you can use to direct the way that your assets will be transferred after you die. Because people equate a will with monetary asset transfers, some confusion can arise when it comes to the document that is called a living will. A living will is not a vehicle that is used to transfer financial resources. You would use a living will to … [Read more...] about What Is the Difference Between a Living Will and a Living Trust?
Estate Planning & Elder Care Seminars
We do everything possible to provide educational opportunities to people in the greater San Jose area, because many people fail to plan ahead due to a lack of information. From an electronic perspective, we publish an ongoing stream of content on this blog, and we also have an electronic library of free special reports that you can access at any time. In addition to the written information, we also engage in community outreach. We consistently offer seminars that cover many different specific … [Read more...] about Estate Planning & Elder Care Seminars
Can My Spouse Use My Estate Tax Exclusion After I Die?
There is a federal estate tax exclusion that exists as the line in the sand that divides the people who are exposed to the tax from those who are exempt. If the value of your estate does not exceed the amount of this exclusion, you are exempt from the estate tax. During the current calendar year, the estate tax exclusion stands at $5.43 million. The portion of your estate that exceeds this amount would potentially be subject to the estate tax when it is transferred. This $5.43 million is a per … [Read more...] about Can My Spouse Use My Estate Tax Exclusion After I Die?
What Is Estate Administration?
There is a good bit of business that must be conducted after you pass away so that your estate planning wishes can become a reality. This is the process of estate administration, and you should take this process into consideration when you are devising your estate plan. Trust Administration If you use a living trust as your primary vehicle of asset transfer, trust administration will enter the picture. The person who administers a living trust is called the trustee. While you are alive and … [Read more...] about What Is Estate Administration?
Do Trusts Provide Estate Tax Efficiency?
The federal estate tax is not a factor for most people, however, it is a very big deal for high net worth families. This tax carries a 40 percent maximum rate, and this can equate to a great deal of wealth surrendered to the tax man. To determine whether or not you are exposed to the tax, you want to compare the value of your estate to the estate tax credit or exclusion. In 2015, the exclusion is $5.43 million. When you are inventorying your assets, you must include everything that you own, … [Read more...] about Do Trusts Provide Estate Tax Efficiency?
Can I Just Download Estate Planning Documents Off the Internet?
When you have been procrastinating about a responsibility because you are reluctant to engage professional assistance, you may decide to go it alone. Without question, there are many things that you can do for yourself if you put in the time and effort. At the same time, in some cases, the potential negatives outweigh the positives. With this in mind, we will look at do-it-yourself estate planning in this blog post. Downloads and Worksheets There are websites on the Internet that sell generic … [Read more...] about Can I Just Download Estate Planning Documents Off the Internet?
