Savvy estate planners know that revocable living trusts are a cornerstone of any comprehensive estate plan. However, knowing exactly what to put in the estate plan can be a challenge.
One of the most difficult aspects of setting up a new business is choosing what kind of business to form. Commonly, new business partners are choosing between limited liability companies, S corporations and C corporations. There is no magic formula: which one is right for any business depends on a variety of factors.
Nobody likes to think about being medically incapacitated. However, when it comes to managing your estate, it is vital to plan for the worst case scenario. For instance, if you know that dementia runs in your family, creating a plan early is of paramount importance.
Many Americans are under the notion that estate planning is only for those who are in their golden years, but nothing could be further from the truth. Actively incorporating estate planning as part of every lifetime milestone can help ensure that your financial well-being grows with you. Of course, there are some aspects of estate planning that are best tackled in your golden years after you have maximized your assets, but life's earlier milestones deserve an equal amount of financial attention and planning.
The idea of losing your spouse to death may be very painful. However, death is a reality of life and you must take all possibilities into consideration when attending to your estate plan. This is especially salient if your partner is ill or it is otherwise apparent that he or she is likely to die before you do.
Often, persons starting on their estate planning journey have a keen eye on their beneficiaries: this is why living trusts are so popular, as living trusts often allow our clients to pass down big-ticket assets like property without the hassle of probate. However, if you happen to have a person with special needs in your life, the estate planning process becomes even more important.
If you are one of the few Americans who has a comprehensive estate plan in place: well done! However, just because you have made the initial strides and time investment does not mean that you never need to look at it again. Everybody is aware of the horrific impact that the COVID-19 virus has had on the world, affecting everybody from an individual level all the way up to the global economy. In this time of pandemic, it is more important than ever that you make sure your estate plan is up-to-date.
The course of both true love and finance never did run smooth. Up until very recently, prenuptial agreements were something for the rich and famous only. After all, for the rest of us mere mortals, love should be enough to sustain a union, right?
The good news is that trust administration does not work very differently than probate. Of course, one of the reasons that you are likely going through estate planning is to help your heirs avoid probate, so this may not sound like a good thing at first.
The passage of Prop 19 has serious implications for property owners in California. In an attempt to stay ahead of these massive changes to the market, we have already been exploring the ways that Prop 19 has been affecting the estate plans of California homeowners.