If you own an IRA, or any similar type of retirement plan, then special considerations will need to be made to ensure that these accounts are distributed correctly upon your death. Since IRAs and other retirement accounts are usually beneficiary designated, they are not normally considered an asset that will pass through trust administration or probate. Instead, upon your death, retirement funds will be released directly to the beneficiaries listed on the account. This type of distribution can be problematic, as it may conflict with the unique terms of your estate plan. Contradictory Trust and IRA Distribution Terms A key.

Continue Reading

Probate can be a lengthy, complicated, and not to mention, costly, process. When you pass away owning real estate that is not placed in trust, your family will need to administer your estate through probate. This means that your family will be required to go to court in order to transfer the title of your property and distribute your assets to your heirs. As you can imagine, the probate process can get quite expensive. As part of probate, your family will have to pay costs such attorney’s fees, personal representative fees, and other filing fees. All of these expenses can.

Continue Reading

The 4 Most Important Legal Documents You Need During COVID-19 Power of Attorney for Health Care – This document allows someone else to make health decisions on your behalf if you cannot (think hospitalization). IF YOU DO NOT HAVE THIS DOCUMENT, YOUR LOVED ONES WILL NEED TO GO TO COURT TO GET CONTROL (could be months!) Power of Attorney for Finances– This document allows someone else to make financial decisions on your behalf if you cannot (like pay the electric bill, deposit checks, buy and sell property) IF YOU DO NOT HAVE THIS DOCUMENT, YOUR LOVED ONES WILL NEED TO.

Continue Reading

How Do You Switch Title (Names) On Bank Accounts When Someone Passes Away If you want to discuss what your family needs to avoid Court proceedings, click here to schedule a strategy session today! In order to switch title to Bank Accounts, you must determine if the account is:  Trust Account  Joint Account Account with a Pay on Death Beneficiary (Beneficiaries inherit your assets) Regular -Account with no Pay on Death Beneficiary The above 4 types of accounts will go through different procedures to switch title.  If you want to discuss what types of accounts are part of your particular.

Continue Reading

Example today of what happens to your stuff if you have a valid and legal will. Alright, so you’ve made a will online or you made a will by going to anywhere and actually making the will. And it’s valid and legal in this example. So the question is, what happens?  How does it work? Well, let’s go through life. Let’s just say you have a stroke, right? And you find yourself in the hospital and you’re now incapacitated. The question is who’s going to handle your affairs? Right?  We have something in place in the law books called a.

Continue Reading

There are four (4) ways to do it if you don’t have Long Term Care Insurance. Your parent (or you) need to be admitted into a Los Angeles Nursing Home. Assisted Living Facility is not an option anymore because you likely need intensive care. In Home care is not an option because it is too expensive. Don’t just opt-in for private pay – do your due diligence! Find out if you can qualify for the below programs (aside from #1).  Here are all of your options:  #1 Use Your Own Money Well you could use your own money. If you’re.

Continue Reading

How Do You Switch Title (Names) On Bank Accounts When Someone Passes Away If you want to discuss what your family needs to avoid Court proceedings, click here to schedule a strategy session today! In order to switch title to Bank Accounts, you must determine if the account is:  Trust Account  Joint Account Account with a Pay on Death Beneficiary (Beneficiaries inherit your assets) Regular -Account with no Pay on Death Beneficiary The above 4 types of accounts will go through different procedures to switch title.  If you want to discuss what types of accounts are part of your particular.

Continue Reading

When you create a trust, it can be a little overwhelming at first. That is why it is always good to take action with an attorney you trust. Depending on the situation, the laws may change, so make sure you have someone on your side who is looking out for your best interest.  If you have a simple living trust, the person in charge (the trustee) is the one who owns the home legally. This role of trustee will more than likely change as the circumstances of your life change. If you create a simple living trust today, then you.

Continue Reading

When it comes time to think about your estate planning, there are plenty of awkward questions you will have to consider. One of the most uncomfortable questions is, “What will happen to my body when I die?” While you have the time and opportunity today to make that decision, you still need to put someone in charge of making sure your wishes happen, and this needs to be done legally. After you pass, someone needs to be in charge of what happens to your physical body. This designated person is the one who will manage the disposition of your remains,.

Continue Reading