Bequeathing family heirlooms can be a sentimental and emotional process in California. The process can also lead to conflicts and challenges if not done properly. That’s especially true when emotions run high. Luckily, there are some steps individuals can take to...
Planning For A Secure Future
Month: February 2023
Charitable trusts are versatile estate planning tools
There are many reasons why California residents may choose to include charitable trusts in their estate plans. These versatile tools can be used to donate assets to charities and transfer wealth to children, and they may also reduce or even eliminate estate taxes....
How to deal with incomplete transfers in California
There are only two ways to transfer property to a loved one in California: when still alive and after death. A gift deed is a popular option when transferring property while alive. However, to be valid, it must be "complete." In other words, the transferor must...
The main steps required to establish a trust in California
Considering the work that goes into building your California estate, you understandably want it protected. A great way to achieve this critical goal is with estate planning. For many, setting up a trust is a vital part of the estate planning process. However,...
Using a professional executor to manage your estate
Most people in California choose a friend or a family member to act as the executor of their estate. Some people aren't familiar with the process or unwilling to manage it. Others may not trust those individuals to do their duties, especially if the estate is large....
Is a qualified terminable interest property (QTIP) trust right for you?
Estate planning gives you peace of mind that you're protecting yourself and your loved ones. Many people taking part in estate planning in California secure their assets with trusts. As you might know, several types of trusts exist. One wise way to protect your spouse...
Is an intentionally defective grantor trust right for my estate?
Many types of trusts are available for people in California looking to protect their assets. One of the most beneficial trusts for wealthy families is an intentionally defective grantor trust (IDGT). These trusts allow the grantor to retain specific powers over the...
Why you might choose to leave unequal inheritances
When California residents plan their estates, unequal inheritances are sometimes an issue based on family circumstances. This situation may warrant different shares when a family business is in play. Ideally, this is something you can address in advance. Why heirs'...
A new child and estate planning
Drawing up a comprehensive estate plan in California could make things easier for surviving relatives. Naming children in a last will and testament allows the testator to transfer assets to them. The arrival of a new child could prompt changes to an estate plan....
Pros and cons of a California irrevocable life insurance trust
A California irrevocable life insurance trust (ILIT) is an estate planning option. The ILIT is a trust funded by one or several life insurance policies. Once you create the terms of the trust, you can’t change it because an ILIT is irrevocable. Estate planning can...