Q. My brother-in-law just died, and I expected the entire family to be invited to a formal reading of his will. So far, nothing has been set up. Does that sound right? A. Actually, yes it does. You have probably seen a number of old movies where, after a person’s death, his next of kin… Read More »
Posts Categorized: Estate Planning
If I Have a Trust, Do I Also Need a Will?
Q: I have a Living Trust, prepared some time ago. I recently heard that it was a good idea to also have a Will. However, I thought the trust took the place of a will. Can you clarify this? A. Sure. Attorneys who prepare trusts generally also prepare a backup will to coordinate with the… Read More »
Can Mom’s Beneficiaries Be Changed After Death?
Q. My mother just died, and her will leaves her estate equally to us three children. I am fairly well-off, but my two brothers are not quite as fortunate. Is there a way that I can redirect some or all of my share to them in a tax efficient way? A. The answer may very… Read More »
“Mom is in ICU and I Need Power Of Attorney. Help!”
Q. “Mom suffered a stroke and is in the hospital in ICU. I do not have signing power on her bank accounts and I need to pay her bills. I am told that I need a Power of Attorney so that I can take care of her finances. Can you help?” A. We frequently receive… Read More »
Making a Large Gift to a Caregiver Needs An Attorney’s Blessing
Q. My wife and I have a wonderful caregiver who has enabled us to remain at home. We would like to make a significant bequest to her in our wills. Can we handle the bequest by just handwriting a codicil to each of our wills? A. The simple answer is, no. Here’s why: California lawmakers… Read More »
How To Reduce The Premium Cost for Long Term Care Insurance
Q. My wife and I are looking into purchasing long-term care insurance policies for the future, but we are concerned about the premium cost. Are there any ways to reduce the cost? A. Yes. While long-term care insurance is a good way to plan for the future, the premiums are not inexpensive as you have… Read More »
May Someone With Dementia Sign a Will?
Q. My husband and I would like to make wills, but I am concerned because he has been diagnosed with early-stage dementia. Legally, can he still make a will? A. It depends, but very often the answer would be yes. Under the law, he must have what is called “testamentary capacity”. This means that at… Read More »
When Your Most Valued Assets Are Not Covered by Your Will
Q. My wife and I hold title to her home as joint tenants, and most of our cash assets are in the form of two large IRA accounts and one big annuity. We have basic wills which leaves everything to the other and then on to our children. Our son suggested that our wills may… Read More »
Plan For Your Partner If You Choose Not to Marry
According to the U.S. Census Bureau the number of senior couples choosing to cohabitate instead of marry (or remarry) has risen significantly. There are quite a few reasons why senior couples might choose not to tie the knot: * Tax disincentives * Loss of military and pension benefits * Reduced Social Security Benefits * Keeping medical expenses… Read More »
Has the Bypass Trust Gone The Way of the Dinosaur?
Q. My wife and I had our Living Trust prepared about 8 years ago. I hear there’s a new tax law which just went into effect. Is it time to have our trust reviewed? A. You refer to the recently enacted “American Taxpayer Relief Act,” which has permanently enlarged the estate tax exemption to $5,250,000… Read More »