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...] about Estate Planning – You Have Choices
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...] about Sager Family Shows Perils of Blended Families
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...] about Free Living Trust Seminars January 18, 20, 24 and 27
By: Matthew M. Shafae, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law The “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 … [Read more...] about Sorting Through the Taxes That May Impact Your Estate Plan
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 Probate One of the … [Read more...] about Three Benefits of a Living Trust
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...] about Avoiding Probate (An Elder Law Today Blog)
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 Intestacy If you pass away without any estate … [Read more...] about Why is Estate Planning Important in 2016?
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...] about How Can I Avoid Probate?
How Much Does Probate Cost in Campbell California? from Roy W. Litherland It is possible to facilitate asset transfers outside of probate to avoid these expenses. Learn more about probate cost in campbell califonia in this presentation. … [Read more...] about How Much Does Probate Cost in Campbell California?
If you are in direct personal possession of property at the time of your passing, even if you have a last will, the property would become probate property initially. Topics covered in this whitepaper include: Insurance Policy Records Property Held in Joint Tenancy Payable on Death Accounts Revocable Living Trusts Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Is Probate Always Required in California?