Securing Your Documents and Electronic Accounts, Securing Your Wishes
While we’re alive, we gather a library full of paperwork and access codes relating to such things as insurance policies, bank records, taxes, digital accounts, medical reports, personal property, and real estate and other assets. Protecting this kind of information is very important, but, surprisingly, many people forget to properly manage their documents and digital assets.
Where There's A Will, There's A Way — Celebrity Estate Missteps
Other than being famous, what do Abraham Lincoln, Martin Luther King, Jr., Jimi Hendrix, Pablo Picasso, James Dean, Howard Hughes, Michael Jackson, Heath Ledger, and Prince have in common? They all left significant estates behind them, but either had no Will or estate plan in place or if they did they “flubbed” it up leaving their loved ones unprotected. The missteps caused unintended consequences, public disclosure of private matters, enormous family strife and costing their heirs dearly in court and legal fees as well as delay.
Four Questions CPAs Should Ask Clients When Planning For The New Year
CPAs are a vital part of a client’s team of trusted advisors. CPAs can work with estate planning professionals to help clients achieve both their short- and long-term financial, estate and charitable planning, as well as compliance and governance needs. Here are four estate planning questions that CPAs should ask clients when approaching their financial planning for the New Year:
Top Four Estate Planning Tips For 2018
With the New Year, many of us will feel as if we are starting off with a clean slate and a whole list of things we want to accomplish. High on that agenda should be taking care of some basics, including reviewing current estate planning documents, planning for retirement and aging, financial planning, and insurance planning.
Creating a Trust for Your Pet
Who will care for your dog or cat when you pass away?What will happen to your bird should you become incapacitated?For many people, providing care for their pet after they pass away or if they become incapacitated is a very big concern and, as a result, most states (including CA) have statutes that provide for the enforcement of trusts created for the benefit of pets.
What’s to Happen to Boomer Kids and Their Children?
Baby Boomers, born 1946 to 1964, are a hardy lot. They’ve worked most of their lives. They probably have a home and may have saved up some money for retirement, which many are now entering. For the most part, they have been taking care of themselves. But what about their kids and their kids’ children?
Top Estate Planning Pointers
Many people believe they don’t have enough in assets to warrant the need for an estate plan, but, if you have a car, a bank account, a house, life insurance policy, and/or retirement account, you need a plan. Here are some of the things to consider to maximize the value of the assets you do have and make informed decisions while you are alive to benefit your heirs and beneficiaries after your passing.
Protect Your Electronic Assets and Accounts
A while ago, we talked about protecting your digital assets, such as e-mail, video, photography, and social media accounts. Designating how you wish these to be handled upon your death is important, if those individuals you will leave the assets to will have any chance of accessing these assets.
Securing Your Documents, Securing Your Wishes
While we’re alive, we gather a library full of paperwork and access codes relating to such things as insurance policies, bank records, taxes, digital accounts, medical reports, personal property, and real estate and other assets. Protecting this kind of information is very important, but, surprisingly, many people forget to properly manage their documents and digital assets.
2016 Was A Year Of Unprecedented Loss
This past year has seen the deaths of many of our beloved icons, including entertainers, sportsmen, newscasters, historic leaders, and political figures. Debbie Reynolds and her daughter Carrie Fisher, George Michael, John Glenn, Muhammed Ali, David Bowie, Nancy Reagan, Arnold Palmer, Gene Wilder, Florence Henderson, Merle Haggard, and many others of note have left us, but they also left behind their legacies.
Planning for Alzheimer’s Disease
It is estimated that some 5.1 million Americans may have Alzheimer's disease, which is a progressive brain disorder, and which can have overwhelming emotional and financial implications for today’s families. As our population ages, the prevalence of the disease rises — doubling every five years after age 65, according to the National Institute on Aging.
How Do I Know If I Need An Estate Plan?
An estate plan is simply a set of instructions that outlines what you want to happen if you become incapacitated and when you die. Regardless of your wealth—modest or monstrous—your plan details your desires, family situation, assets, and how and by whom you want your affairs handled, when you can’t. Then, your estate attorney translates the information into legally enforceable instructions.
What Happens If I Don’t Have An Estate Plan?
Some people don’t believe they need an estate plan. Daily, I hear “my life and estate are simple.” However, if you don’t set up your own, the state of California will “simply” decide what happens to your estate for you.
Clinton Lack of Plan Could Be Costly
A Forbes magazine analysis of the Bill and Hillary Clinton’s family holdings suggests that their net worth is somewhere in the range of $45 million, which sounds like a pretty hefty nest egg. However, without proper estate planning, that sum could take a huge hit and leave a monstrous tax bill for whoever survives.
Is Binding Arbitration Binding?
In our capacity as estate planning attorneys, we work with our clients to prepare documents such as wills, trusts, and powers of attorney. Further, we advise our clients and their agents on how to use these tools to protect their estates during transitions such as moving from one’s home to assisted living continuing care communities or nursing facilities.