A closer look at the estate planning device called a living will. Learn more about California living will in this presentation. Topics covered in this white paper include: Last Wills & Living Trusts Living Wills Consequences of a Lack of Action Conclusion Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is a Living Will in California?
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?
Do I Need Anything In Addition to My Last Will?
Many people reduce the process of estate planning to the creation of a last will. In reality, a well constructed estate plan will involve the execution of additional documents. Incapacity Planning When you create your last will, you facilitate future asset transfers. However, a comprehensive estate plan will also address the latter portion of your life. Incapacity is common among elders. There are a number of different causes, but Alzheimer's disease is the leading culprit. This disease … [Read more...] about Do I Need Anything In Addition to My Last Will?
What Is a Living Will in California and Why Do I Need One?
In the field of estate planning there are many different legal devices that have similar sounding names, and it can be confusing for the layperson to sort it all out. There are living wills, living trusts, and last wills. In this post, we will clear up any misconceptions that may exist and address the definition and purpose of a living will in California. Because a last will is used to state your wishes with regard to the transfer of your financial assets, you may assume that a living will does … [Read more...] about What Is a Living Will in California and Why Do I Need One?
What Happens to My Property If I Die Without a Will or Trust in California?
Estate planning is important for all responsible adults, and everyone should have a last will in place at a minimum. If you do not execute any estate planning documents you will die intestate, and the outcome of this is not consistent with most people's wishes. When you die without a last will or a trust in California directing the transfer of your assets, the condition of intestacy results. Under circumstances where you pass away without having a will or trust and no living relatives, the … [Read more...] about What Happens to My Property If I Die Without a Will or Trust in California?
Attention to Detail Is Key When Planning Estate
There are a plethora of details to attend to when you are planning your estate if you want to be comprehensively and effectively prepared. Simply looking for the easy way out is a recipe for disaster. Speaking of easy ways out that can yield disastrous results, you would do well to take pause before trying to construct a last will using an online tool. Experts have weighed in on the subject, and unintended consequences can result when you try to go this route. Additionally, as a layperson are … [Read more...] about Attention to Detail Is Key When Planning Estate
Be Aware of the Dangers of DIY Estate Planning
Any time you would like to access information about any facet of estate planning, we invite you to visit our website. We have accumulated a rather extensive digital library of free special reports that cover all areas of estate planning and elder law. One of these reports examines the dangers of DIY estate planning. There are websites out there that sell generic legal documents including estate planning devices. There are things that can go wrong when you use a download or worksheet to create … [Read more...] about Be Aware of the Dangers of DIY Estate Planning
Reality TV Show “Will Wars” Planned
The public seems to absolutely love reality shows of all kinds, and apparently a new one is in the works: Will Wars. Estate disputes are not entirely uncommon. This is especially true when you're talking about a great deal of money. There can be some "juicy" circumstances surrounding such disputes, and the producers of Will Wars see a lot of potential there. The website The Trust Advisor was contacted by the producers of the show for promotion purposes and to reach out for some specific … [Read more...] about Reality TV Show “Will Wars” Planned
Gandolfini of Sopranos Fame had Flawed Estate Plan
People who are in possession of a great deal of wealth have a lot to lose via the imposition of estate taxes. There is a federal estate tax that is applicable to everyone in all of the states, and some states have a state-level estate tax. In California, there is currently no state estate tax, but the people in New York are not as fortunate. In the Empire State, there is an estate tax that tops out at 16%, and the exclusion is just $1 million. The federal estate tax carries a 40% top rate, and … [Read more...] about Gandolfini of Sopranos Fame had Flawed Estate Plan
Responses to Common Questions About Last Wills
People often times shy away from things that they don't understand, and this certainly contributes to the fact that many individuals are going through life without an estate plan. With this in mind, we would like to respond to some common questions about last wills. What can a will accomplish? The first thing that may come to your mind when you think about a last will is that it can facilitate the transfer of your financial assets after you pass away. This is true, but there are some other … [Read more...] about Responses to Common Questions About Last Wills
