The idea of being able to pass something on for the next generation is something people around the world strive for. However, for those with substantial assets, an inheritance could produce negative effects for the next generation. Children who grow up surrounded by...
Estate Planning
Prepare your high-asset estate plan
Getting your estate plan in order is a big undertaking, especially when you have a higher net worth that encompasses a variety of assets. The higher the value of the estate, the more planning you may have to do. As of 2020, the exemption for having to pay federal...
Estate plan disagreements can last generations
Many people do not appreciate the full importance of estate planning offers. The consequences of having or not having plans in place can affect friends and family for generations. Without an iron-clad estate plan in place, a decedent will leave their loved ones with...
A breach of duty could lead to a civil claim
If you are dealing with the death of a loved one, it can be hard to deal with the problems that can arise with their estate. One of the major issues that you may be struggling with is finding out that a trustee breached their fiduciary duty. A trust that was set up...
Who should be the executor of your estate?
When you pass on, your executor will step in to handle a variety of responsibilities. Think about it this way: This person will now do all of the things that you used to do for yourself. For many people, naming an executor is a challenge because they must come...
Understanding what kinds of trusts are available
Trusts offer flexibility and options that traditional estate planning -- i.e., writing a will -- simply cannot match. A trust gives you power over what happens to the estate even after you are gone, and it can also offer options to save money, especially in taxes, so...
Putting together an estate plan? Don’t forget a guardianship
When you are getting your estate plan put together, one thing you should include is the guardian for any minors in your care. If you have a child, you should designate a person as a guardian, so that they will have someone to take care of them in the case that both...
Establishing a trust as part of a comprehensive estate plan
Estate planning can be complicated even if you already have a will. Those provide instructions for distributing property and assets after you die. But financial conditions and relationships can change over time. What if you want to manage them while you are still...
How childless people can create an effective estate plan
California residents and others who don't have children can still benefit from creating an estate plan. This is because they will still need others to assist them in paying bills or taking care of other tasks if they became incapacitated. Appointing a financial agent...
Regularly reviewing an estate plan makes sense
Many Californians procrastinate when it comes to establishing an estate plan, even though most rate it high on their essential to-do list. And while those who have accomplished that task should rightfully feel good, it also should be realized it is not a one and done...