Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other … [Read more...]
Benefits of a Revocable Living Trust
Living Trusts are an excellent vehicle of asset transfer. They assist you in avoiding probate and legal quagmires, and protect your privacy. It’s important to receive solid estate planning guidance before making final decisions regarding what estate planning documents are appropriate for you, and to carefully weigh the benefits and potential drawbacks. To assist you in learning more about revocable living trusts, we invite you to attend one of our free living trust seminars. Click here to view … [Read more...]
Estate Planning – You Have Choices
You have choices when planning your estate. You are not required to utilize a last will to direct the distribution of your assets after your death. Instruments such as revocable living trusts are viable options and they are not exclusively for the wealthy.Your estate must be probated when you use a last will as your primary asset transfer vehicle. Probate comes with considerable costs. Depending on the overall value of your estate and its relative complexity, the costs associated with … [Read more...]
Sager Family Shows Perils of Blended Families
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Blended families require special planning. Sometimes, the children from the prior marriage bond with the new spouse and the family moves forward in a happy, newly modified form. However, frequently, the new marriage brings conflict between the new spouse and the children of the prior marriage. Such is the case with the Sagers.In 1980, sports reporter Craig Sager … [Read more...]
Free Living Trust Seminars January 18, 20, 24 and 27
Helping to keep our community informed is important to us. We regularly get out into the community to provide helpful information to people here in the greater Bay Area. To this end, we present an ongoing series of informational workshops covering various elder care and estate planning topics.Our workshops and seminars are free of charge and open to the public. During the next two weeks, we will be offering seminars that focus on living trusts.Why Consider a Living Trust?Some people … [Read more...]
Sorting Through the Taxes That May Impact Your Estate Plan
By: Matthew M. Shafae, AttorneyLaw Office of Roy W. LitherlandThe “T-word” usually makes our eyes glaze over and we picture an overworked accountant wearing a green eyeshade crunching a bunch of numbers for us every April. Well, unfortunately, I can’t make them go away, but I can attempt to explain how taxes may impact your estate planning.Within the context of your estate plan, there are typically three main taxes that are relevant: the estate tax, the income tax, and, sometimes, … [Read more...]
Three Benefits of a Living Trust
There are a number of legal devices that are used in the field of estate planning. Depending on your unique circumstances, various different courses of action may be appropriate.Many people assume that they should use a last will to direct future asset transfers, but in fact a revocable living trust may be a better alternative.You may have heard about the numerous benefits of living trusts. In this blog post, we will address three of those benefits.Avoiding ProbateOne of the … [Read more...]
Avoiding Probate (An Elder Law Today Blog)
When an individual dies owning property solely in his or her name without a beneficiary designation, a formal procedure ("probate") is usually needed to determine to whom the property should pass. If there is a valid Will, the probate court will oversee that property passes according to the terms of the Will. If there is no Will, the property will pass to the individual's heirs at law through the probate system.However, it is possible to legally pass property to another person without going … [Read more...]
Why is Estate Planning Important in 2016?
Studies show that a majority of American adults do not have a complete and cogent estate plan in place. Failing to plan ahead for death and the likelihood of incapacity in our later years can be costly, both emotionally and financially.Many people do not have an estate plan because they don't understand the importance of estate planning. We will highlight some of the key reasons why estate planning is essential in this blog.Avoiding IntestacyIf you pass away without any estate … [Read more...]
How Can I Avoid Probate?
There is an estate administration process that takes place after you pass away. When a will is used as a vehicle of asset transfer, property becomes probate property at first. This property cannot be transferred until the estate is probated by the court, and this process can be time-consuming. There are also considerable expenses that can present themselves during probate.When you hear about these potential difficulties, you may wonder if it is possible to avoid probate. The answer is yes, you … [Read more...]
