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People make a lot of mistakes when creating wills and estate plans. Some don't make a will at all. Others forget about tax implications. Still others don't think about the sentimental value of certain items and create conflict between siblings.One of the biggest...
You're thinking of setting up an educational trust for your grandchildren. You know that you can put age limits on it, preventing the children from using it until they turn 18. You also know that you can limit it so that the money can only go toward their...
When your estate goes through probate, it gets divided among your heirs and other beneficiaries. This process is long and complicated for some people, while it is relatively easy and straightforward for others.What about a life insurance policy? It pays out when you...
There are many positive reasons to use an incentive trust. You can encourage your heirs to be successful, for instance, and you can ensure that they only get the money when they are mature and responsible enough to handle it.However, before deciding to use this kind...
If your mother passed away and your father got married again, some studies suggest that your family could be more likely to get into a heated estate dispute in the future. After all, stepmothers are frequently at the heart of these disagreements.Why does this happen?...
If you are thinking of picking a guardian for your children as part of your estate planning process, you need to be aware that there are two different types. It is important to specify exactly what the guardian's role is intended to be and what powers he or she...
Trying to decide how to leave your company to your children? One option to consider may be the "charitable bailout," which is a creative way to transfer ownership and help save on taxes.The way it works is that you create a charitable remainder trust, and you put your...
Everyone wants to control their fortunes, and there are many laws in California that allow people to leave their assets and possessions to the people and organizations they love. Some people do not have a living will to govern these desires, and when there's no will,...
When most people think about the assets in a trust, they consider monetary assets. Trusts can be used to pass money down to heirs while still retaining some control over that money. For instance, the trustee who administers the account could be instructed to pay out a...
Since an estate plan largely focuses on financial details, many people assume that it should be private. Just as it is not considered polite to ask someone how much they make in a year, family members do not want to pry into someone else's personal business. An...