This seems like a simple question, right? My retirement goes to the person I listed as my beneficiary (spouse, kids, etc.). Most of the time this is true, yet we also get a fair share of people having to file a probate for an IRA or having to request the court to allow someone to set up a special…
You may or may not already have your estate planned for when you die, but did you know that you can also make gifting your assets while you are alive a part of your estate plan? Most people are aware that you, as an individual, can gift up to $15,000 per year to any other individual without having to…
As family members age, we often find other members becoming involved in caregiving and decision-making. Unfortunately, this can sometimes lead to conflict as communication and relationships deteriorate in disagreement over an issue that impacts the older adult or the family as a whole. In these cases, it can be helpful to have a qualified third party ask the right questions…
When people write down their assets in conjunction with their estate planning, they often overlook their digital assets. Digital assets are considered to be any electronic record that you own or control. This can include Venmo, PayPal, Zelle, or other online accounts. It can also include cryptocurrency, such as Bitcoin, social media pages, online photos, email accounts, credit card rewards,…
Proposition 19 is a ballot measure passed in the November 2020 election in the state of California that significantly changes the property taxes on real estate inherited by children from their parents. And not in a good way. Under this proposition, a parent can only transfer the primary residence (either by gift, by inheritance or by sale) without causing the…
Estate planning is not just for seniors. Ideally, as soon as you turn eighteen you should have some version of an estate plan because your parents are no longer automatically able to make decisions or act on your behalf. There are several reasons to create a power of attorney for finances once you turn eighteen. For example, the military helps…
Natalie scrunched up the letter in her hand and tossed it into the trash. “Thanks for nothing, Uncle Fred.” Her husband, John, frowned. “Bad news?” Natalie shrugged. “Remember when Uncle Fred said he was going to pay the college tuition for all his nieces and nephews?” “Sure, we figured that into our financial plan. It will be a big help.”…
If Proposition 19 is passed, does that mean I have to make changes to my estate planning documents? Listen to this short interview with Dayna Wilson of Keller Williams Real Estate and Kirsten Howe of Absolute Trust Counsel to find out.
Disabled California residents may now open savings accounts without jeopardizing means-based benefits, such as Supplemental Security Income (SSI). SSI is a federal income supplement program that is funded by general tax revenues. Under that program, the aged, blind, and disabled with little or no income qualify for cash benefits to pay for housing, food, and clothing. However, to qualify for…