A family limited partnership (FLP) can be a valuable tool for families who own assets or a business together. When set up the right way, it helps protect your family's wealth and makes it easier to pass things on to the next generation. While FLPs can sometimes help...
Did you know that you can update your estate plan? Altering your estate plan may be a crucial step to protect your legacy. On average, people should consider updating their estate plan every three to five years. However, you may need to update your estate plan after...
Thanks to a new law that just took effect this April, more California estate assets can be excluded from probate even if they aren’t placed in a revocable living trust or other steps aren’t taken to avoid the sometimes lengthy and costly process. In California,...
As an executor (also known as a personal representative), you probably pictured a pretty straightforward probate. You’d gather assets, pay off debts and then distribute what’s left according to the will’s instructions. Unfortunately, things don’t always unfold so...
When making an estate plan, you may have a beneficiary that you want to leave a significant inheritance to, but you feel that it is not the right time. It would be better if you could delay it until they were a bit older. For example, perhaps you have a child who is...
Personal representatives administering estates generally need to be competent multitaskers. They need to manage multiple challenging issues at once. They may need to occasionally attend hearings in court. They have to secure and properly manage estate resources. They...
If you plan to transfer a business, home or other major assets to your children in California, you must complete certain legal and tax steps. These steps differ by asset type and help you avoid penalties, delays or misunderstandings during the process. Transferring...
There are a lot of options to consider when estate planning for passing on your assets to loved ones and other beneficiaries. A key goal of estate planning for most people is to get their assets into people’s hands in a timely and cost-effective way when they pass...
We’ve talked here before about the importance of putting an advance health care directive in place and naming a health care agent as part of your estate planning. This can help ensure that your wishes for end-of-life care are known and followed if you suffer a...
Death is inevitable, and you want to ensure that your heirs and beneficiaries are taken care of once you are gone. But not all people are equipped with the financial savvy to handle access to large sums of money. In some cases, heirs blow through their inheritances...