I get asked this question a lot: “If I have a trust, do I need a will; if so why?” Most people are familiar with a basic Last Will and Testament. However, very few people know about or have heard of a Pour-Over Will. Essentially, a Pour-Over Will is used in conjunction with a Trust
Protecting Your Rental Property So It Can Be an Asset and Not a Liability
A number of our clients in Orange County and throughout Southern California own any real estate in addition to their home. When we first met them, they were losing sleep worried about your rental property (or properties) being more of a liability than an asset. Yes, rental properties can be great investments. Even a vacation
How Do I Talk to My Elderly Parents About Money Management?
While it may seem straightforward at first, there are a lot of details and difficulties that can get in the way of having the conversation with your aging or elderly parents. There are so many things to coordinate, and often the parent is less than helpful in the process. In this video, Kevin Snyder covers
Is It a Bad Idea to Add My Kids to Title of My Home?
We often get asked this question: “wouldn’t this just be an easier way to avoid probate?” The reality is that is, of course, an option. However, there are many pitfalls (we detail 7 here) with that approach that get overlooked or are unknown. Watch this video to get the information you need before making such
Why I Feel Good About Getting an Elbow to My Head and the Importance of Emergency Planning
One of the common things to do when it comes to estate planning is to only focus on what happens when you die and ignore planning for the possibility of a medical emergency where you may not die but are temporarily or permanently incapacitated. Think accident, head injury, stroke, sudden cardiac arrest, early onset of
Why You Should Sweat the Small Stuff in Your Estate Plan
When planning their estates, most people focus on major assets, such as business interests, real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — tangible personal property. Examples include automobiles, jewelry, clothing, antiques, furniture, artwork, photographs, music collections, personal papers, collectibles (such as stamps, coins or baseball cards) and
Eat an Elephant to Get Big Things Done This Year
Before you get alarmed, the real elephants are safe. But you metaphorical elephants, watch out! I know how to eat you…and I’m willing to share how. What do I mean? Creating “to-do lists” of resolutions and goals is part of human nature. So is having a hard time getting the tasks on those lists done.
Why You Shouldn’t Check Off Estate Planning from Your To-Do List
Estate planning is on many “to-do lists” each year. That is a good thing. But resist the temptation to simply check it off your list. It’s not a “one-and-done.” If you are doing your planning right, it should never leave that list because it’s something that should be revisited and done every year. Watch this
Why an Inheritance Needs to Be Appraised
An inheritance can come in many forms. Sometimes it is money, sometimes it is real estate, and sometimes it’s in the form of stocks or other appreciable assets. What is often true, is that beneficiaries rarely have their inheritances appraised at the time they receive them. If you are a beneficiary receiving outright money (not
Taking the Car Keys Away from Elderly Parents and Relatives
Many older adults are capable of driving safely, even into their 70s and 80s. But people age differently. Several factors place seniors at much greater risk for road accidents and affect seniors’ driving ability. More importantly, a person 70 or older involved in a car accident is more likely to be seriously hurt, require hospitalization
Test Your Estate Plan With a Fire Drill Today
Now that you have an estate plan in place, you should test it by doing a “fire drill.” Just like a fire drill at school or work practices how you evacuate a building safely, a fire drill for your estate plan tests the accessibility and operability of your plan during an emergency or crisis. Ask
New Eligibility Rules for VA Pension Benefits Will Affect Veterans and Their Spouses
On October 18, 2018 the Veterans Administration (VA) instituted new eligibility rules governing qualification for VA Pension. This affects every wartime veteran and their spouses who are 65-years old or older or nearing that age. Don’t let the name “VA Pension” fool you. It can be a misnomer because it’s not related to retirement
Planning Your Funeral: A Legacy Gift Like No Other
In speaking with a friend whose mother had recently died, he shared with me a beautiful story about a quite unexpected gift his mother had left for him and his brother. He was so moved by it that it brought him to tears. He explained that when he contacted the local funeral home, he learned
Planning for Frequent Flyer Miles
What happens to my frequent flyer miles when I die? This is a common question that we hear from clients when we are assisting them with their estate planning. Frequent Flyer miles and other reward points can be valuable resources. Many credit card companies give tens of thousands of miles or points for opening an
Do You Have Enough Life Insurance? What you Need to Know.
Life insurance provides security and peace of mind that our loved ones will be financially taken care of even if we are no longer around. However, how do you know if you have purchased enough or gotten the right policies? For many (including us) the first foray into life insurance may have felt like shooting