Estate Planning Blog
Tips on How to Protect What Matters Most
Understanding How to Leave Property to Children in a Will or Trust
I read that when making a revocable living trust, I could leave my property to my children “per stirpes.” Why is the law talking about us like we’re some kind of zebra? The phrase is Latin and it is “per stirpes,” not “per stripes.” Some bits of property law are...
Passing on Family Values as Part of an Inheritance
Successfully addressing and legally formalizing the inheritance of family values and assets can be challenging, especially if parents wait too long to begin instilling family values. Undoubtedly the best time to teach and empower your children as eventual inheritors...
Does Your California Estate Plan Cover a Pandemic?
On February 11, 2020, the World Health Organization (WHO) gave name to the disease-causing the 2019 novel coronavirus pandemic. The coronavirus disease 2019 shortly after became known by its abbreviation, CO for corona, VI for the virus, D for disease, and 19 for the...
Understanding When Disinheriting a Child is Mistake
Most parents choose to treat their children equally when it comes to inheriting property or money. But sometimes, parents intentionally choose to disinherit a child, and the reasons for doing so may vary. One reason could be that a child who is more financially...
What is Critical to Understand for the Biden Tax Reform
As the Biden Harris Administration has begun its first 100 days, noting the President’s tax plan is crucial for higher-income households to understand and likely make adjustments to their financial and legacy planning. That said, middle-class households should pay...
How to Build a Plan for Blended Families
Couples often bring children into a marriage from a prior marriage or union and then have children together. This is often referred to as a “blended family.” Blended families highlight the need for careful estate planning to make sure the needs of each spouse are...
Understanding the Probate Process in California
Probate is the legal process for authenticating a deceased person's will, reviewing their assets, paying their outstanding debts and taxes, and distributing what remains to their inheritors. Probate law varies by state, but there are steps in the process that are...
How to Protect Your Children’s Inheritance
Estate planning for the future inheritance of your children and grandchildren should include protective measures to keep assets from disappearing or being claimed by a creditor. A simple way to achieve inheritance protection is through a trust. A trust can pass your...
The Value of a Letter of Instruction for Your Estate Plan
Whether you are starting from scratch or have an estate plan in place a letter of instruction (LOI) is an important part of any comprehensive plan. A letter of instruction can help your loved ones manage important information about you. A LOI conveys your desires,...
A Step-by-Step Guide to Leaving Your Loved Ones Prepared
Contemplating our own death is one of the hardest challenges we will ever have to face when leaving our loved ones. Yet, if we want our dying to be meaningful and merciful, it is imperative that we think about it while we still can. Most of us want to die at home, in...
What 5 Documents You Should Include in Your Estate Plan
An estate plan is important for people of all ages, but as we age, the need for planning becomes even more critical. Many people avoid estate planning because they do not want to think about the end of life, failing health, or disability. Others believe that an estate...
Is Your Estate Plan Updated for the New Year?
You should check your estate planning documents every so often, to make sure they’re still good, especially with big life changes like births, marriages, divorces, and moving to another state. Children grow up, marriages dissolve, property gets sold, residences...
Where There’s a Will, There’s a Way – To California Probate Court
One day William’s daughter read in an article that a will was not the best way to leave property to heirs. Wills often involve long and expensive probate court proceedings and there are other, more-efficient ways to pass on savings to a family such as trusts. But...
Life (Happily) Interrupted
Life never goes exactly as planned. We fill our days with expectations, tasks, and goals, only to have life disrupt them all. We truly live a life interrupted. This year has underscored that very boldly for all of us in different ways. Some disappointing, some...
California Proposition 19 Passes, Now What?
On November 3, 2020, California voters narrowly approved Proposition 19 (“Prop. 13”). The bad news for those that own real estate in California is that it came with significant property tax changes that go into effect on February 16, 2021. The good news is that you...
Understanding Gen Xers Retirement Planning
As Gen Xers enter into their 40s and 50s, it is time for them to become active in the creation and execution of their retirement planning. There are many things to consider, including finances, investments, insurance policies, legal documents, living arrangements, and...
Get Rid of Your Panic Button
With the tempest that has been swirling around us this year, it’s natural to feel a sense of unease, anxiety, and even downright panic. These are natural human reactions and emotions. Indeed, it is part of the human condition and in our makeup to have an internal...
Did You Know? Wartime Veterans and Their Surviving Spouses can Qualify for a VA Pension Without Being Disabled
It is a challenge to keep up with US Military veterans benefits as they are always changing, and many veterans miss out on what can be life-changing aid. Many wartime veterans receive a disability pension due to injury. But did you know that wartime veterans age 65 or...
Benefits of a Limited Liability Company for Real Estate
For individuals who own real estate, it is important to consider the best way to structure your ownership. When you are just starting out as an investor in real estate, you may hold title to the real estate personally, but that may not be the most advantageous method...
Understanding VA Benefits for Aging California Veterans
The US Census Bureau reports that more than 18.2 million veterans live in the United States, and 38 percent of them are 65 and older. Additionally, the Census Bureau reports that more than 9 million veterans receive services from the Department of Veteran's Affairs...
Addressing Finances and Estate Planning with Aging Parents
It is essential that as your parents' age, you have conversations with them about their finances and estate plan. To broach the topic, you might bring up current events like the coronavirus pandemic, its effect on economic conditions, and how it relates to the...
The Worst Way to “Help” A Child with Special Needs
There’s a lot of bad information on the internet that directs parents of children with special needs to completely disinherit their child in order to maintain his or her eligibility for government benefits such as Medi-Cal, Supplemental Security Income (SSI), and...
Understandings Veteran Home Health Care and Technology in California
The Department of Veterans Affairs (VA) has become an unlikely and innovative pioneer in the quest to provide cost-effective, quality in-home care for veteran home health care. Although the agency has long been mired in controversies surrounding its programs,...
What Property Can Be Placed in My Trust?
There are many benefits to creating a Revocable Living Trust as part of your estate plan, such as the ability to avoid probate and put a quick end to the estate administration process. However, creating a Revocable Living Trust will not automatically accomplish your...
The 2020 Ballot Impact on California Property Taxes
This year, the 2020 election holds many important decisions for voters, especially for California residents. On November 3rd, California residents will do more than elect new government leaders. They will also vote on two separate amendments to the California...
Medi-Cal Matters: Planning for When Your Ill Spouse Leaves Home
You may see it coming: Much as you want to and hard as you try, you just can’t take care of your ill spouse at home anymore. At this emotionally difficult time, the last thing you need is the stress of not knowing where to find the money to pay for the steep costs of...
“Should I leave $1 in my will or trust to disinherit an heir?”
If I had a dollar for every time someone asked this question when creating an estate plan... well, you get the point. There’s a common belief that if you want to disinherit an heir, say an adult child, that you should leave them $1 and nothing more in your will or...
I’ve Been Named as Someone’s Successor Trustee. Can I Turn Down the Job?
As part of the estate planning process, Irvine trust lawyers will always encourage clients to have open conversations with the person they intend to appoint as their Successor Trustee to ensure that they actually want the job if called upon. There are many...
Why a Last Will and Testament Does Not Make a Complete Estate Plan
While the Last Will and Testament is an important estate planning tool, Orange County trust and estates lawyers want clients to be aware that there are certain things it won’t accomplish. To start, a Last Will and Testament will only come into effect after you’ve...
Skipping Probate in Orange County? Here’s What Will Happen
Probate in Orange County is a process in which a court decides whether a will is valid or not. It’s also legally required in most cases for the management and distribution of a decedent’s assets with or without a will. This definition suggests that if you are skipping...
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Five Reasons to Protect Your Retirement Accounts NowAugust 30, 2021