One of the tasks you should complete when making your estate plan is to name a power of attorney for your financial and legal affairs. They can step in to handle your affairs if you are unable to look after them yourself due to injury or illness. The position comes...
Estate Planning
What happens to a person’s debts when they pass away?
It is very rare for someone to pass away without any debt at all. They may not have substantial debt if they have paid off major expenses – their mortgage, business loans, student loans, etc – and taken direct steps to pay down what they owe. But they may still owe...
Estate planning for blended families
Songs and poems are written about finding love the second time around. But sometimes, that second chance at love comes with something else: a new family. That can make things like estate planning more complicated. Let’s look at some things to consider. Stepchildren...
Estate planning considerations for terminally ill young adults
A terminal illness diagnosis when you are still young and have amassed considerable assets is a terrible blow. You likely worked hard to build a successful career and financial security but now face the harsh reality of leaving it all behind. While coming to terms...
Strategies to reduce generation-skipping transfer tax
When planning your estate, you intend to bequeath your beneficiaries the best possible inheritance while also minimizing the impact of taxes. Among the taxes you'd want to reduce is the generation-skipping transfer tax (GSTT). Understanding the various strategies that...
Planning for the possibility of incapacity, decline and dementia
The best estate plan possible doesn't just list someone's assets and name the people who should inherit those resources. Estate plans can also address future needs, including the possibility of incapacity later in life. A medical emergency like a stroke could put...
3 possible ways to minimize estate tax hardships for your family
Possessing wealth and high-value assets can be a double-edged sword in many cases. While they offer financial security, they can also create tax complexities for your loved ones when you pass away. Effective estate planning helps reduce your taxable estate,...
6 times you need to update your estate plan
Getting your estate plans in order is a major milestone for a lot of people. In fact, only about 33% of people in this country ever get around to it – so you’re already ahead of the game. However, an estate plan should never be something that you create, tuck in a...
How can you pass your home to your adult children?
Transferring ownership of a home in California to adult children is a significant decision that involves various legal and financial considerations. Because your home is such a valuable asset, it’s imperative that you do this in a way that makes it easiest for them to...
Benefits of a POD account
A Payable On Death account, or a POD account, gives you a new option to transfer assets to others. You name a beneficiary on a bank account or another eligible financial account. When you pass away, the beneficiary provides the death certificate or notice to the...
