We recently did a presentation at a financial planning colleague’s office entitled “Is Your Family Prepared?” Most of the audience had already done their estate planning and the emphasis of the presentation was not to encourage them to do estate planning. Rather, our focus was to point out other ways that clients can help their families to be prepared for…
If you are a homeowner in California, you may not be aware that there are different ways to hold title to your home. ‘Title’ means how you own your real property and that phraseology can usually be found in the language on your deed. How you hold title may have different legal effects while you are alive as well as…
Documents to Review After Divorce or in Anticipation of Divorce Going through a divorce can be emotional and overwhelming. However, if you are recently divorced or are considering a divorce, do not forget to review your estate plan to determine if you need to make changes to ensure your estate is protected from an ex-spouse and the plan reflects your…
Probate costs in California can be hefty so it behooves those who are considering future plans for their estate to be educated on what probate expenditures actually are. Probate is the state’s way of overseeing the administration of one’s estate after death, making sure that debts and taxes are paid and that the correct beneficiaries receive what they are entitled…
John Lennon once wrote: “Life is what happens when you are busy making other plans.” This is a profound thought and it certainly applies to the areas of estate planning, unexpected death, a life-altering accident, unanticipated sickness, home care and assisted living. Regrettably, this lyric applies to Prince, the mega music star who recently died unexpectedly at the age of…
Somber as it may be, the time will come to look for an assisted living facility for one or both of your parents. For adult children, this is one of the most important tasks they can ever undertake. The process is arduous and time consuming and should not be delegated to someone else. If you have siblings you should involve…
A trustee of a trust must carry out the terms of the trust and safeguard trust assets for the beneficiaries’ benefit. A trustee can be one person, multiple people, or a corporate trustee such as a bank trust department or trust company with employees who help manage and grow the trust assets. Whether or not you should appoint a corporate…
For anyone with aging parents or loved ones, the prospect of finding someone to assist that person at home when the time comes can be a daunting task. Even before that time comes, convincing a parent that they need help at home is a challenge. Most elders resist anything that threatens their independence and they fundamentally do not want strangers…
When we think of estate planning, most of the time we think in the context of spouses and children. In fact, most people do wind up bequeathing everything to their spouse and their kids. At the same time, power of attorney and advance health care directives are usually delegated to spouses and children. Yet, there are many successful persons who…