Plain-spoken answers to the questions families ask us. These articles are educational material, not legal advice, and shouldn’t be relied on as legal counsel.
Every parent wants to love and treat all their children the same, but when it comes to estate planning, not every child should be treated the same. In fact, insisting on treating all children exactly the same in an estate plan can often lead to disastrous consequences.
Most people know that they should execute some kind of estate plan eventually, but don’t think that they actually need one right now. On our blog we spend a lot of time telling people that they do need an estate plan, and that they need one right now—or as soon as possible! But it’s not always easy for a layperson to know for sure if and when the time is right. Answering the following questions will help you determine when your family may need an estate plan, and if now is the time to take action.
Do you know how much your 401(k) is costing you? Are you sure? What most people don’t know is that many employees with “free” retirement plans through an employer actually pay a number of hidden fees.
Many of my clients run their own businesses, either as sole proprietors or majority owners. I’m often amazed at the dedication and determination they have in making their businesses a success. Yet I’m just as often surprised by how much they neglect to consider the impact to their business if something was to happen to them. After all, a business that loses a “key man” can quickly depreciate in value, making a bad situation even worse for the person’s family.
A parent or legal guardian can nominate another adult to be a temporary guardian for their child. This is typically done if the parent is going to be away from the child for a period of time (because of extended travel, for instance). The nominee can be a grandparent, a nanny, a family friend, or any other adult you trust with your children.
My clients often struggle with picking the right trust trustee for their revocable living trust.This is understandable given how important it is to make the right choice for your family. As parents, you work hard to provide for the financial security of your children.
Whenever someone finds out that I’m an estate attorney, one of the first questions they ask me is “What is a trust?” usually followed by “And do I need one?” Answers to these seemingly simple questions are actually a bit involved. So, I decided to write a series of articles explaining trusts.
When you have a newborn, life is often measured in three hour increments of when a baby sleeps and eats. As a new parent, you are so focused on your baby’s needs that you may overlook basic financial and legal matters that must be handled. Here are 5 essential things every new parent should do after the baby arrives.
My clients often have a difficult time naming guardians for their minor children. This process is so daunting that it sometimes takes them weeks to get back to me with the chosen nominees. Going through this can also bring up negative feelings about each other’s relatives, which is yet another reason why clients hesitate to discuss it.
Purchasing a house can be a surprisingly emotional experience, especially for first time buyers. For many people a house is the largest financial investment they’ll ever make. Yet after taking such a big leap, many homeowners neglect to take the next necessary step to protect their home.
A revocable trust can protect families in multiple ways, one of the which is safeguarding assets of minor children. California law provides that children are able to inherit when they become 18 years old. This means that if you pass away, your children will be entitled to their entire inheritance at 18 years old, even though they may not be mature or financially savvy to handle such a big responsibility.
The Internet revolution of the last decade has replaced many high-touch services with cost effective, “do-it-yourself” (DIY) alternatives. As expected, the field of estate planning is not immune to the DIY phenomenon. There are plenty of websites and software packages which allow people to draft their own wills and trusts. These products are certainly more economical than the services of an attorney. Yet the question remains: is DIY estate planning a good idea?