Some types of assets allow you to designate a beneficiary directly with the organization that holds them. Examples include 401(k) retirement accounts, life insurance policies, Totten trusts and annuities. You might choose these asset types partly because they can pass...
Creating an estate plan means taking the time to think about every asset and determine how to pass it down to the intended beneficiaries. While many people think that all assets should be included in the will, that’s not the case. Some assets, such as financial...
Estate taxes can negatively impact the legacy a person leaves after they die. While California doesn’t have a state estate tax, large estates can be vulnerable to federal estate taxes. Individuals who are already aware that their assets are worth millions of dollars...
You may have heard stories of people with a significant amount of assets saying that they do not want to leave an inheritance to their children. A number of billionaires, such as Warren Buffett, have spoken about their opposition to leaving all of their wealth to...
Including an advance health care directive in your estate plan is a crucial step for people of any age. This document allows you to state your wishes for things like end-of-life care if you become seriously injured or ill and cannot speak for yourself. There’s one...
Owning a business in California can make estate planning more involved. When a business is part of your estate, questions about value, control and succession often come up more than with personal property. Planning ahead may help protect both the business and your...
When a person passes away, their estate is managed according to the last wishes left in their will. But what happens when someone passes away without a will? Dying without a will is called intestacy. Intestacy can create a lot of difficulties for loved ones after a...
Welcoming a grandchild into your life is one of the most exciting milestones you can experience. Along with this joy, many grandparents begin thinking about how to secure a bright future for their growing family. This post outlines how an estate plan can help you meet...
If you decide to disinherit someone, it means you are removing them from your estate plan. In some cases, this person may be a direct relative, such as an adult child who would ordinarily inherit assets unless your estate plan specifically says that they should not....
It’s not unusual after someone dies for loved ones to end up fighting over things that the deceased person never thought about, rather than the home, investment and retirement accounts and other high-value assets. That’s largely because people are more likely to...