If you were to die without a last will or any other estate planning document directing the transfer of your property, you would die intestate. Exactly how property would be distributed would depend upon the ownership details. Let's look at the facts. Life Insurance Proceeds If you have life insurance policies, the beneficiaries would deal with the insurance companies after your passing. They would receive the insurance proceeds directly, even if there was no last will in place. Joint … [Read more...] about How Is Property Distributed When There Is No Last Will?
National Estate Planning Awareness Week Begins on October 20th
Far too many people are unprepared from an estate planning perspective. There are various different reasons why people fail to take the appropriate actions, and a lack of awareness may be at the top of the list. In an effort to raise awareness, the Financial Awareness Foundation worked alongside a number of lawmakers to make the third week in October National Estate Planning Awareness Week. This year the week begins on October 20th, and it will end on October 26th. During this interim there … [Read more...] about National Estate Planning Awareness Week Begins on October 20th
Free Report: Why Should I Have A Durable Power of Attorney in California
A truly comprehensive estate plan will address the eventualities that you may face during the latter portion of your life. Topics covered in this whitepaper include: Incapacity Planning California Adult Conservatorship Durable Powers of Attorney Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Why Should I Have A Durable Power of Attorney in California
What Is a Capital Gains Tax?
There can be taxes that come into play when you are planning your estate. You should know the facts so that there are no misconceptions. In this post we will look at these taxes, with an emphasis on the capital gains tax. Federal Transfer Taxes The tax man does not want you to be able to transfer large sums of money free of taxation. To prevent this, there is a federal estate tax, and there is a federal gift tax. These two taxes are unified under the tax code. You can transfer a certain … [Read more...] about What Is a Capital Gains Tax?
Is DIY Estate Planning Effective?
The process of estate planning involves the execution of legally binding documents. It is possible to purchase generic, template documents online. There are companies that sell last wills and other estate planning documents. Is DIY estate planning effective? Let's look at the facts. Choosing the Right Documents When you think about estate planning, you may assume that you should use a last will to state your final wishes regarding the distribution of your assets. It is possible that a last … [Read more...] about Is DIY Estate Planning Effective?
Should I Use a Corporate Trustee?
When you are planning your estate, you may want to consider the utilization of a revocable living trust as a vehicle of asset transfer. If you have a revocable living trust in place, you can continue to control the assets while you are alive and well. At first, you can act as the trustee. The trustee is the person who administers the trust. As the trustee you would control the actions of the trust throughout your life. The beneficiary of the trust receives monetary distributions from it. You … [Read more...] about Should I Use a Corporate Trustee?
What Is the Medi-Cal Waiver Program?
When you are looking ahead toward your retirement years, the first segment will be the period of time that they called the golden years. You may look forward to travel, leisure activities, and quality time with your family. This is an important stage of life that can be extremely enjoyable, so you should plan ahead from a financial perspective so that you can make the most of it. Retirement planning should also extend to the twilight years that will follow your active retirement years. A … [Read more...] about What Is the Medi-Cal Waiver Program?
When Would a Conservatorship Become Necessary?
Guardianship and conservatorship are two terms that you may come across when you are researching elder care topics. The terms are applied differently in different states. Generally speaking, a guardian or conservator would be empowered by the state to handle the affairs of a minor child or incapacitated adult. In some states, a guardian handles personal decision-making, and a conservator handles the financial affairs of a ward. In others, a guardian handles both types of decisions. We … [Read more...] about When Would a Conservatorship Become Necessary?
What Is a Revocable Living Trust?
In this post we will look at a very commonly used estate planning device called a revocable living trust. These trusts can be useful for people of relatively ordinary means, and they are quite effective if you want to facilitate efficient asset transfers to your loved ones. Ongoing Control There are people who think that you surrender all control of assets that you convey into any type of trust. In fact, this is not the case with a revocable living trust. Look at the name of the trust: it is … [Read more...] about What Is a Revocable Living Trust?
Free Report: Estate Planning Demystified
Because so many people are uninformed, a high percentage of Americans are going through life without an estate plan. When you understand the facts, you invariably take action because you know why estate planning is important. With the above in mind, we would like to provide some foundational information about estate planning and the eventualities of aging. Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Estate Planning Demystified
