Planning for a loved one with special needs requires more than good intentions. It demands careful planning to ensure their well-being long after you’re no longer around to see to it. To avoid unintended outcomes, a special needs trust (SNT) can be just what you need....
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...
Family businesses are very common in the United States. For many people, it is their only source of income for themselves and their families. People often tend to think of their businesses as a legacy, as well, so they want to leave it to the next generation. When...
You can only put off business succession planning so long. During your lifetime, you were always a good steward of your company. After your final exit, you want to make sure that your company transitions and operates in perpetuity. So, where’s a good place to start?...
Being the executor (also known as personal representative) of a loved one’s estate after they’ve passed away can feel like an overwhelming responsibility. Most people take that responsibility very seriously and want to ensure that they fully carry out the deceased’s...