The process of estate planning usually involves arranging for the transfer of assets to relatives and perhaps some close friends. However, there are no hard and fast rules; you can give inheritances to anyone regardless of the relationship. It is even possible to leave behind money to people that you do not know personally. Though few of us would take advantage of this possibility, Ray Fulk, who passed away last summer in Illinois, had different ideas. Fulk was a loner who didn't have any … [Read more...] about Estate of Loner Bequeathed to Actors
Preparing For Possible Incapacity
It is useful to see the big picture when you are making plans for the future. When the topic of estate planning arises, people often immediately think about drawing up a last will or a trust to handle the transfer of assets to their loved ones. Without question, this is a key part of estate planning, but there are some other things to consider if you want to be comprehensively prepared for all of the eventualities of aging. Most senior citizens do not pass away after having been in good health … [Read more...] about Preparing For Possible Incapacity
Social Security Benefit Alone Won’t Finance Comfortable Retirement
Estate Planning and Elder Law attorneys try to raise awareness about the limitations of the Social Security program as a source of retirement income. When you look at the statistics, you see that a significant percentage of baby boomers are finding out that they are never going to be able to retire. Many of them got into this disadvantageous position because they were expecting too much from Social Security. The amount of your Social Security benefit is calculated based on the 35 years during … [Read more...] about Social Security Benefit Alone Won’t Finance Comfortable Retirement
Revocable Living Trusts Are Preferable To Many
It is important to retain the services of a highly qualified San Jose estate planning lawyer when you are an area resident making plans for the future because there are numerous estate planning choices. A lot of people immediately think of the last will when they consider a vehicle of asset transfer, and though they may have heard of trusts, they may think that trusts are only appropriate for people of extraordinary means. In fact, utilizing a trust to transfer assets to your loved ones can be … [Read more...] about Revocable Living Trusts Are Preferable To Many
More Older Americans Remaining in Workforce
Retirement planning experts are noticing a growing trend among the nation's older citizens. A higher percentage of people who are in their mid-50's and beyond are remaining in the workforce. According to the Sloan Center at Boston College, the number of individuals who are at least 55 years of age who are still on the job has increased by 10% over the last 20 years. The average retirement age has risen by two years over what it was in the mid-1990's. There are various different reasons why … [Read more...] about More Older Americans Remaining in Workforce
GLBT Couples Must Have An Estate Plan
If you are involved in a long-term committed relationship and you are not legally married, estate planning is especially important for you. If you are involved in a same-sex relationship, unless you live in (or travel to) one of the handful of states that recognize same-sex unions, the choice to get legally married is really not available to you. So, for GLBT couples the execution of the appropriate legal documents is the only way that you can make sure that your partner has certain rights that … [Read more...] about GLBT Couples Must Have An Estate Plan
All Responsible Adults Need an Estate Plan
When you examine the statistics, you find that the majority of people in the United States have not executed all of the recommended estate planning documents. Many of us live busy lives and procrastination can often be the order of the day, but there is really no excuse for going through life without making any preparations for the inevitable. Even if your situation is not very complex, it is important to express your final wishes with regard to the distribution of your financial assets via the … [Read more...] about All Responsible Adults Need an Estate Plan
Determining the Validity of a Last Will
When you utilize a last will to direct the future transfers of your assets to your heirs, your estate is going to be probated. This is the legal process during which the probate court that is local to the deceased determines the validity of the will and supervises the administration of the estate. If some interested party wanted to challenge the validity of the will, he or she could present his or her arguments during probate. Of course, if this takes place the administration of the estate is … [Read more...] about Determining the Validity of a Last Will
Estate of “Painter of Light” Stays Out of Court
We like to pass along news items involving the estate planning successes and failures of high profile individuals. In keeping with this initiative, we shared the story of the dispute surrounding the estate of the deceased self-described "Painter of Light" Thomas Kinkade some time ago. As you may recall, Kinkade died in April of 2012 while he was estranged from his wife Nanette. For 18 months he had been in a relationship with Amy Pinto-Walsh. Before he died, Kinkade left Pinto-Walsh $10 … [Read more...] about Estate of “Painter of Light” Stays Out of Court
Improve Quality of Life Without Hindering Benefit Eligibility
Positioning your assets optimally in anticipation of the future is certainly part of what estate planning is all about. However, you would also do well to consider the recipients of your estate. The best way to pass along resources to one family member may not be appropriate for the next. This is certainly true when it comes to family members with special needs. Some individuals with disabilities require expensive long-term care, and they may need it for extended periods of time. A year-long … [Read more...] about Improve Quality of Life Without Hindering Benefit Eligibility
