Is It Time To Update Your Estate Plan? Michael Crichton is one of the bestselling authors and screenwriters of all time. His estate was worth many millions of dollars when he died at age 66, leaving behind a pregnant wife. Crichton had a Will and a Trust, but they had not been reviewed or updated. So, they did not mention the son who would be born just months after Crichton’s death. Crichton was a resident of California, and like many other states, California has laws that protect children … [Read more...]

Why create an estate plan? You don’t have to be a millionaire to benefit from an estate plan. Reasons to create an estate plan are as unique as the individuals who create them. If you own a home, have minor children and/or grandchildren, grown children in their own marriages, have been divorced, own a business, or expect to receive an inheritance of your own, you need to take action now. Here are the common reasons you need to not only build and protect your hard-earned money, but transfer … [Read more...]

One morning you wake up and ask yourself, “Where has the time gone?” Your babies are now adults and likely parents themselves. You have done your job of raising responsible adults with lives of their own. You have taught them right from wrong, how to treat others, and many other important life skills. Although they are off on their own, you still worry and want to protect them from all of life’s uncertainties. The question of what will happen to your children without you or their own partner … [Read more...]

Why create an estate plan? As 2013 started, the estate planning world had a new law: The American Taxpayer Relief Act of 2012 (ATRA), enacted January 2, 2013. In order to understand the current estate tax situation, we have to go back to 2001, and look at how we got to the current state of affairs. Historical Review: The Repeal of the Estate Tax During the first half of 2001, both houses of Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001, or “EGTRRA,” and … [Read more...]

How to ensure you’ve covered the basics One thing should be clear by now: we do our families and ourselves a great disservice when we fail to plan for every contingency. That’s why a crucial first step in this entire process should be a consultation with an estate planning attorney. He or she will help you evaluate your family’s needs and financial situation, and will draft a comprehensive estate plan that may include such tools as a Durable Power of Attorney for Health Care and Revocable … [Read more...]

Chances are you’ve already heard a lot about the attributes of Living Trusts: avoiding probate and legal quagmires, sometimes lowering estate and/or income taxes and protecting privacy. Yet it’s also important to receive solid estate planning guidance before making final decisions, and to carefully weigh the benefits and potential drawbacks. Why Choose a Living Trust? The desire to ensure that an heir is provided for materially is the most common reason for creating a Living Trust. In the case … [Read more...]

As citizens of a culture that worships youth, most of us find it nearly impossible to admit our own mortality, much less make plans for that eventuality.  Denial, however, offers no protection from the inevitable. And, as it turns out, we have far more to gain than to lose by sitting down in advance to plan for every contingency life may throw at us. To help you begin this important process, here are the essential items that should be on your list of basic estate planning objectives. Pre-Need … [Read more...]

As citizens of a culture that worships youth, most of us find it nearly impossible to admit our own mortality, much less make plans for that eventuality. Denial, however, offers no protection from the inevitable. As it turns out, we have far more to gain than to lose by sitting down in advance to plan for every contingency life may throw at us. To help you begin this important process, here is an essential item that should be on your list of basic estate planning objectives. Funeral … [Read more...]

Chances are, you’ve already heard a lot about the attributes of Living Trusts and how important it is to avoid probate and legal quagmires, even lowering estate and/or income taxes and protecting privacy. Our firm has found that looking after these financial assets is only a part of planning for passing on your legacy. Typically speaking, non-financial assets are more valued and often omitted when passing an estate to future generations. Focusing on complete “legacy planning” causes something … [Read more...]

Estate planning is an essential part of life and death. In planning for our future and our family’s future, we must take stock of who we are, what our goals are, and how we want our estate distributed. With the easy availability of do-it-yourself Wills and Living Trusts, it can be all too tempting to take care of your estate planning needs yourself, rather than pay, what may seem like high fees, to an estate planning attorney. You can easily go on the internet or the local office supply … [Read more...]