Legal Representation In Burlingame, California

estate planning Archives

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 may make it easier to ensure that investments are properly managed and that taxes are paid on time. The power of attorney can be as broad or narrow as necessary to meet a person's needs.

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 situation. An estate plan should be regularly reviewed and changes made where appropriate to ensure the plan continues to fulfill all that it is intended to do.

Director's untimely death highlights need for estate plan

When a celebrity passes away with chaos in their estate, it can drive home the importance of writing a will and other estate documents. California director John Singleton was broadly celebrated for his unique vision and style. However, he repeatedly delayed writing a will or making a trust, family members say. After he died unexpectedly at 51 in April 2019 due to a stroke, family members found that the only estate document he left behind was an old will written in 1993. He was not married when he passed away, but he is survived by at least five children. The paternity of two minor girls remains in dispute. He had only one child at the time the will was written.

Tips for estate planning in nontraditional families

California families in which there are stepchildren, adopted children, cohabiting unmarried adults, single parents and other nontraditional configurations may find that traditional estate planning advice does not cover their situation. Even trusts, which can be used in a number of complex situations, might need some provisions and adjustments.

Families generally don't work together on estate planning

A survey from Key Private Bank polled 122 financial advisers to see how often future generations are involved with a person's charitable giving. Of those that responded, about 80% said that only some of their clients did so. However, it may be beneficial for parents and grandparents in California to talk to their younger relatives about their philanthropic goals. This is because different generations tend to have different ideas as to what causes are the most worthy to support.

Administrating a deceased loved one's estate: some challenges

Besides the tax issues, there are various challenges that individuals will face if they are handling estate matters for a loved one in California who has died. First, a lot depends on who the executor is. If the loved one died intestate, the probate court will appoint an administrator. If there was a will, it most likely designates an executor. If there was a trust, it will have designated a trustee.

How to account for art in an estate plan

Parents and grandparents in California may have no problem keeping track of how much cash they have or the value of their stock portfolio. However, it may be more difficult to keep track of how much an art collection is worth or to determine the fair value for other family heirlooms. Determining the value of a painting, sculpture or other tangible asset is important because it may help to determine how to best to insure it.

Questions to ask while creating an estate plan

An estate plan can help a person account for an illness or other event that could leave that individual incapacitated. It can also help a person in California or anywhere else account for what happens to assets after he or she passes. The first thing an individual should do when creating an estate plan is gather an inventory of physical and financial assets. This could include a mortgage statement, bank statement or anything else that helps a person determine his or her net worth.

Benefits associated with a dynasty trust

California estate owners who have a desire to pass along assets to subsequent generations may consider the benefits of creating trusts. It's an appealing option because of tax advantages and the ability to have more control over how assets are distributed. A dynasty trust is simply an estate planning tool meant to last longer than one generation below that of the trust's creator (grantor).

Estate planning for the chronically ill

There are over 130 million people throughout the the United States who have a chronic illness. By the time 2020 arrives, there will be almost 157 million people in the country living with a chronic illness. People who have a chronic illness should make sure that their estate plan properly addresses the issues that come with health and aging complications.

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Barulich Dugoni & Suttmann Law Group, Inc.
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Burlingame, CA 94010

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