Legal Representation In Burlingame, California

estate planning Archives

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.

The pros and cons of a TOD designation

Individuals who live or own property in California may want to avoid going through probate. Certain assets can avoid the probate process by placing a transfer on death, or TOD, designation on them. Bank accounts, the deed to a house and other assets typically qualify for this designation. It is important to note that once this designation is made, it trumps any language placed in a will. Therefore, it is important to regularly review TOD accounts.

Spouses need to access usernames and passwords

In California and across the United States, women need to know how to access data regarding their financial accounts. This knowledge is especially important if a husband passes away. A woman should have access to her husband's online passwords, usernames and answers to secret security questions. If a spouse dies without leaving his wife these types of vital keys, the situation may turn into a financial dilemma. For example, the wife may not have the ability to find out information about cellphone payments or online shopping accounts.

The importance of revisiting an estate plan

For many successful people in California, passing on a legacy to their family members and loved ones is an important goal. However, there are many pieces to a complete estate plan, especially when significant assets are involved. By planning for the future, people can help to avoid family conflicts and work to ensure that their assets are used in the way they envision. While many people want to avoid discussions about death, these conversations can provide an important framework that improve peace of mind for everyone involved.

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Burlingame, CA 94010

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