Most people don’t think about protecting their assets until something bad happens, like a lawsuit, nursing home bill, or financial crisis. But by then, it might be too late. Truly, the best time to protect your assets is before you’re at risk. That’s where an asset protection trust can come in. These powerful legal tools […]
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Many people come into our office saying they “just need a simple will.” It’s a phrase we hear all the time—and we understand the intention. You want something straightforward, and easy to understand. Something that ensures your belongings go to the right people when you pass. But in today’s world, “simple” doesn’t always mean sufficient. […]
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When planning your estate, it’s natural to wonder what should go into your trust and what might be better left out. Cars, trucks, motorcycles, and even recreational vehicles raise unique considerations when it comes to trusts. Here’s a breakdown to help you navigate the decision. Placing your car in a trust can simplify the transfer […]
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Unlike a revocable trust, which you have the flexibility to change during your lifetime, an irrevocable trust is permanent once established. While this may seem daunting, its benefits, like asset protection and tax savings, often outweigh the drawbacks. In California, setting up an irrevocable trust involves a few steps: choosing a trustee, naming beneficiaries, drafting […]
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When it comes to estate planning, the role of a Trustee is one of the most crucial components in ensuring that your wishes are honored after your passing. A Trustee is a person (or entity) appointed to manage and distribute your assets according to the terms of your Trust. Understanding the duties of a Trustee […]
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Cultural beliefs and traditions play a significant role in shaping estate planning decisions. Different cultures have unique perspectives on inheritance, family roles, and wealth distribution, which can greatly influence how an estate plan is structured. For instance, some cultures prioritize passing wealth along the male lineage, while others may emphasize equal distribution among all children. […]
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Setting up a trust for minors is a thoughtful way to ensure that the children in your life are cared for financially, both now and in the future. Trusts can provide stability, support, education and manage inheritances until minors are responsible enough to handle their finances. Understanding the critical considerations of establishing a trust for […]
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You’ve got plenty to do this time of year. Buy presents. Get a turkey. Decorate the house. But there’s one more thing that you should add to the list – update your estate plan. Your estate plan needs to change as often as your life changes, says an article on savannahnow.com. Maybe there is a […]
Read moreThe top tax bracket for the federal estate tax is currently at 40 percent. This might seem high, but as a recent article points out, very few people actually pay this tax. Most estates are entirely exempt from estate tax. There is a $5,340,000 exemption from federal estate tax, meaning that estates valued at up […]
Read moreAs estate planning attorneys, we are often asked, “When should I do my estate plan?” The answer is: “Anyone who is over the age of 18.” Estate planning is critical to everyday living for adults over the age of 18, and should be one of the priorities regardless of your age or marital status. If […]
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