If you are in a second marriage, did you have children from your first marriage? What happens when your spouse has children that you have grown fond of? How do you treat children from a prior marriage versus the children in a current marriage? The best solution is to create Trust(s) for the benefit of all those you want as beneficiaries. Once you have your Trust(s) established, you should … [Read more...] about Creating a Trust for the Benefit of Children from a Second Marriage
Is Your Home Properly Titled to Your Living Trust After You Refinance? For most people their most valuable asset is their home. Ensuring that your home and the rest of your estate passes efficiently to your heirs is a fundamental reason people create a Living Trust. Most people recognize they must transfer title to their home to their Trust as soon as the Trust is created. Unfortunately, most … [Read more...] about Refinancing Your Home – The Biggest Threat to Your Living Trust
Feeling the urge to purge? April 18, 2017, was the deadline for individuals and C corporations to file their federal income tax returns for 2016 (or to file for an extension). Before you clear your filing cabinets of old financial records, however, it's important to make sure you won't be caught empty-handed if an IRS auditor contacts you. Still Not a Paperless Society E-filing is on … [Read more...] about Spring Cleaning: When Can You Purge Your Old Financial Records?
The boomers are coming! That's the gist of the many reports and news stories that have been published in the last few years. It seems that every week there are at least a few new stories which predict the great changes that are coming as 5 million boomers turn 65 every year for the next 15 years. Many of the changes predicted are ones that will affect the economy, social structure, residential … [Read more...] about Estate Planning for Baby Boomers
The most common choice you have when setting up an estate plan is the choice between a Will and a Living Trust. A Will is always a one-way ticket to probate, unless your estate falls below a minimum threshold of value. In many states the minimum threshold is about $50,000. In California, that threshold is $150,000, except that if real estate is part of your estate, the threshold falls to … [Read more...] about How Much Does It Cost To Set Up a Living Trust?
Only a Trust Avoids the Probate Process In California, a probate process will need to be initiated in order to administer the estate if the decedent passed with no estate planning at all or only a Will. Probate is a Court-Supervised process that involves a 6-9 month minimum process (more often 15 months or more) in order to properly transfer assets from a decent to beneficiaries. Please … [Read more...] about Administering an Estate through Probate With or Without a Will
When someone dies, one of the first questions that close relatives usually have is whether they are personally responsible to pay the credit card bills of the decedent. They may even start getting telephone calls from creditors asking them to pay outstanding balances. Close relatives may also want to know: Who is responsible for paying the mortgage of the decedent? If they are entitled to … [Read more...] about Can a Creditor Go After Non-Probate Assets?
Basic Questions on Trusts and Second Marriages Written by: Greg Reese, President & CEO, AmeriEstate Legal Plan, Inc. Questions: Are you in a second marriage, did you have children from the first? What happens when your spouse has children that you’ve grown fond of? How do you treat children from a prior marriage versus the children in a current … [Read more...] about Common Questions Regarding Trusts and Second Marriages
A trusted expert resource in the most difficult of times AmeriEstate has the expertise and compassion necessary when a loved one has died or is experiencing a significant loss of health. Our experts know how to come alongside you and your family during this transitional time and ease the complex financial and emotional issues of trust administration. When there is a loss of a loved one, it can … [Read more...] about Trust Administration
We receive a lot of questions about what, if any administration is needed for a Living Trust after one spouse has died. A lot of the older trusts will have been created with credit shelter, or A-B provisions. An A-B Trust REQUIRES the administrative division of the trust assets upon the death of the first spouse. As a simplified statement, an A-B or A-B-C Trust is designed, in part, to … [Read more...] about Trust Administration on Death of First Spouse