Protecting Your Goals and Your Loved Ones Naming the beneficiaries of an insurance policy seems likes an easy thing to do. If a person is married, the spouse is the beneficiary. The children are often named as contingent beneficiaries. If a person is not married but has children, the children are often named as first beneficiaries. Usually, these are the people that life insurance is intended to … [Read more...] about Top 5 Mistakes When Naming Beneficiaries of Insurance Policies
Definition of a “Grantor, Settlor, or Trustor” of a Trust These terms are often interchangeable. The Grantor, Settlor, or Trustor of a trust decides how the trust will operate, including: what property to include in the trust, who the beneficiaries will be and how beneficiaries will receive their inheritance. When the trust is revocable (i.e., can be changed or terminated until the grantor … [Read more...] about Definition of a “Grantor, Settlor, or Trustor” of a Trust
Which is the right Trust for you and your family? One of the key goals of estate and Trust planning is to avoid federal estate taxes. Careful estate planning can eliminate a significant estate tax burden for surviving spouses and their beneficiaries. Any of the Trusts below can be useful tools in preserving an estate's assets. But which Living Trust is right for you? Credit Shelter Trusts … [Read more...] about What Type of Living Trust Should I Have?
Only you and your spouse typically know where information about all your banking, bills, accounts, doctors, debts, etc. is located. By listing the details of your life, such as property, personal information and finances on one document, you can greatly assist those who may end up taking care of you in the event of illness, or taking care of your estate in the event of your death. A good … [Read more...] about Advanced Estate Planning Information For Caregivers And Surviving Spouses
Sample Case Study: Client in their mid 80’s with an estate of approximately $9,000,000. Children are three daughters in their early 60’s. Two of the three daughters have received substantial help (+/- $500,000 from the parents over the past 30 years). The third daughter has received little or no help as she has been financially successful and responsible. The two daughters that … [Read more...] about Should You Distribute Your Estate Equally Among Children In Unequal Circumstances?
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
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