Unexpected injuries, sudden illnesses, the advancement of medical conditions and various other factors may cause physical or mental incapacity for people. Consequently, even the healthiest of people may find themselves unable to make decisions for themselves or to...
Year: 2021
How should you plan for estate taxes?
The estate planning process in California presents you with several opportunities to preserve assets to pass on to beneficiaries. This includes setting up a trust to avoid probate or putting plans in place to settle debts prior to your death. You may think, however,...
3 common misconceptions surrounding probate
Probate is a process you may seek to avoid. It has the potential to create a great deal of hassle for your heirs. It is also surrounded by many fallacies. These need dispelling before proper estate planning may occur since probate is a major consideration when...
How will you pass on your business?
As a business owner, one of the first things you must focus on is how you intend to pass down your business. Your succession plan should be one of the first things you write. After all, no one knows when they will need or want to leave their business. What are your...
Who are key figures in your estate plan?
When creating your estate plan, one of the most crucial things to focus on are your key figures. These are the people who will either help you during your end-of-life process, or will benefit from your estate after your death. As key figures often change, it is...
Should businesses include arbitration clauses in their contracts?
Contracts are at the heart of every business transaction, from hiring a cleaning company to acquiring a competing business. While some of the terms are obvious, the benefits of other clauses may be dubious. Arbitration clauses have the potential to be either good or...
What special duties does a special needs trustee have?
The brilliance of a special needs trust is that it provides funds for the beneficiary to use on certain supplemental expenses while preserving his or her eligibility for means-tested government financial assistance. If your loved one qualifies for Supplemental...
What happens if someone sues you for breach of fiduciary duty?
When someone designates you as the executor of his or her will, you become the administrator of his or her probate estate when (s)he dies. This makes you a fiduciary. As FindLaw explains, this means that you represent the estate and its beneficiaries, i.e., the heirs....
How does a trust work?
It is easy to think of a trust as an account that holds assets, but the true definition is that it is a legal document that sets out the holding of assets. A trust is more like instructions than an actual tool. Once you understand what a trust is, you can begin to...
How can a medical or financial power of attorney help you?
As you age, you become more vulnerable to illness and complications. In some cases, these illnesses may incapacitate you physically or mentally. If you cannot make financial or medical decisions, then you have to depend on someone else. According to U.S. News, a power...