The Importance of a Revocable Living Trust

What would happen to your estate if you passed away today? Have you planned ahead so your family isn’t left with the burden of probate? Did you also know that probate is a very expensive and time consuming process, but that it can be completely prevented?

Establishing a living trust is the best way to ensure your loved ones are not faced with probate. A living trust is one of the most important legal documents that you could have to protect ...

Continue Reading →
0

Ways to Find a Decedent’s Will Part 2

A will is a public document, so, how do you get a copy of someone’s will? We covered the basics last month in “part 1.” We discussed that no one is normally given the right to access the last will and testament of someone who is still alive. While living, everyone’s will is their own personal property, and no one else is privy to it.

In regards to gaining access to the will of a decedent, how to accomplish this depends upon ...

Continue Reading →
0

Recently Married? Why You Should Start Estate Planning

Spring and summer are marriage season. Everywhere you look you seem to find a bride and groom walking down the aisle. If you were recently married, go ahead – take a breather, enjoy your honeymoon – and then get serious.

While estate planning isn’t going to be on the top of mind during your early months of marriage, you may want to start thinking about it. Estate planning and financial planning are key to your future, so be sure to get ...

Continue Reading →
0

Retirement Planning Basics

We all want to live out our glory days without the worry of financial burdens. The trick is to plan for retirement early and re-evaluate your situation often. Here are 5 Retirement Planning Tips:

1. Start Yesterday
The earlier you start saving the better. If you are able to put something aside each month, you should. Experts say that if you start saving in your twenties, you will be in a much safer place than if you wait until your forties.

2. ...

Continue Reading →
0

Why You Should Avoid Joint Ownership with Your Children

A very common estate planning mistake is to maintain joint ownership between a parent and their child. We don’t mean a joint checking account; we’re talking about when a child’s name is added to a parent’s asset, such as real estate.

Why would you do this, you ask? Parents typically add their child to their assets to help pay bills or to avoid probate. Client also do this to help elderly loved ones who need assistance managing their assets.

We recommend against ...

Continue Reading →
0

Eliminate the Cost of Probate with Proper Estate Planning

Probate is necessary when an individual dies without the proper estate planning documents and his/her assets exceed $150,000. The cost for probating an estate is based on the estate’s gross asset value, which generally means including all that you own, but nothing that you owe. See the chart below for an example of probate fees:

Gross Asset Value of Entire Estate Estimated Compensation to Attorney and Personal Representative WITHOUT Proper Estate Planning Probate Fees
WITH Proper Estate Planning
$400,000 $22,000 $0
$500,000 $26,000 $0
$700,000 $34,000 $0
$1,000,000 $46,000 $0
$2,000,000 $66,000 $0
$3,000,000 $86,000 $0
$4,000,000 $106,000 $0

By setting up a properly drafted ...

Continue Reading →
0

How to Find Someone’s Will, part 1

A will is a public document, so, how do you get a copy of someone’s will?

To begin with, no one is given the right to access the last will and testament of someone who is still alive. While living, everyone’s will is their own personal property, and no one else is privy to it.
In regards to gaining access to the will of someone after they pass away, how to accomplish this depends upon whether the will was subject to ...

Continue Reading →
1

Don’t Forget Fido when Estate Planning: Including Your Pet in Estate Planning

Having an estate plan in place is critical to ensure your wishes are carried out and that your loved ones are provided for when you pass away. While the creation of a living trust can resolves a number of legal and financial questions, sometimes people do not consider their pets.

Many people overlook their pets in their estate plan because they assume they will outlive the pet, but as one reaches his or her 70s and beyond, that is ...

Continue Reading →
0

California Estate Planning: Probate Basics

Whether or not you have a will, your estate will go through probate. Probate is a court proceeding that formally distributes the assets from an estate when a person dies. Assets will include any property, bank accounts, investment accounts, and more. During the probate process, the court will examine the validity of the will and determine who will be the executor. Probate can be a very frustrating time, and can take years. Plus, it’s very costly.

During probate proceedings the assets ...

Continue Reading →
0

Addressing Estate Tax Concerns

Estate taxes are commonly referred to as “the death tax.” While it’s quite a morbid term, it’s something you need to be prepared for. Will your loved ones be prepared to pay the tax expenses when you pass away? Do you know the value of your estate? These are important questions when concerned about the estate tax.

The estate tax, also known as the death tax, is the tax the government imposes on the transfer of the taxable estate of a ...

Continue Reading →
0
Page 2 of 4 1234