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Providing long-term care and financial security for a family member with special needs can be a complex challenge. One solution is a special needs trust. This financial tool can provide numerous benefits, but it is essential to understand when it might be necessary...
Creating a trust is a responsible step towards securing your family's financial future. Still, without proper safeguards, beneficiaries who may not share your financial discipline may squander your hard-earned assets. This is where a spendthrift clause in a trust can...
We inevitably lose loved ones, sometimes due to old age or sometimes because of illness or an accident. In any case, the pain and heartache of losing them can be beyond challenging. Often, our elders can prepare for their passing and draw up a will to handle the...
Many people establishing an estate plan use one particular testamentary instrument. They may choose to draft a will or to establish a trust. Factors including the age of beneficiaries and the value of personal assets can influence which testamentary instrument a...
The power of attorney is an essential part of estate planning. This document allows you to legally designate someone to act on your behalf and make decisions with your best interests in mind. Medical vs. financial powers of attorney Two types of powers of attorney...
Ensuring that your estate plan is complete involves a few key steps and considerations. Here are some important aspects to review to determine if your estate plan aligns with your personal goals and is thorough: Basic tools and documents Ensure that you have all the...
The addition of a trust to an estate plan often occurs because a trustor recognizes that they have specific needs that cannot be met by drafting a will alone. Concerns about future collection activity, worries about qualifying for Medicaid and a desire to control...
When estate planning, many hesitate to draft a will, relying on common beliefs about asset distribution after death. Understanding what actually happens to your assets if you pass away without a will can help you make informed decisions when estate planning. 1. The...
Most people believe that having a will is enough to ensure that all their assets will go to their desired beneficiaries after they pass away. While a will is a good starting point for expressing your wishes when you die, some assets are best secured through separate...
A trust bypasses the California probate process primarily because the ownership of the assets moves to the trust, not to an individual. When you create a trust, you transfer your assets into it and effectively change their ownership from your personal name to the...