Published by Trudy Nearn on May 30, 2014
It is perfectly understandable to feel uncomfortable when writing a last will. After all, the idea of dying is hardly comforting, especially when one has to leave behind so many possessions. Yet a properly drafted will preserves estate assets and spares everyone involved from a protracted probate process that could bankrupt the estate, as probate liquidator and Yahoo! contributor Simon Volkov points out.
Published by Trudy Nearn on May 29, 2014
Estate planning is a task best carried out with the assistance of a dependable estate planning and administration attorney. Some people, however, die intestate or without ever creating a will and naming heirs and beneficiaries. In any case, an estate with assets of $150,000 or more held solely in the owner’s name goes into probate upon his or her passing and is subject to state laws.
Published by Trudy Nearn on May 28, 2014
Successful Sacramento estate planning minimizes uncertainties as to where a person’s assets will go and who gets them when one passes away. If you find yourself as the executor or administrator however, your job could be a bit more complicated if the person didn’t leave behind any will. If that is the case, then you’ll be subject to state probate laws regarding how to distribute property has not been included in the will. This is definitely a situation where working with an experienced estate planning and probate law firm is recommended.
Published by Trudy Nearn on May 27, 2014
James Brown’s estate situation is an example of why it is essential for everyone to get their estate planning done properly and get it done now. The beloved Godfather of Soul died of pneumonia in 2006 at the age of 73. His legacy lives on in two forms. First, he helped create new genres that would make other icons like Michael Jackson and Mick Jagger famous. Second, his lack of proper planning has left his heirs locked in a years long battle and serves as a stark reminder of what not to do when distributing one’s assets.
Published by Trudy Nearn on April 10, 2014
As many people draw close to the end of their life, they realize that not all of the important tasks have been taken care of; one of those common tasks many people fail to do is to draw up a sound estate plan.
Published by Trudy Nearn on April 9, 2014
A lifetime of productive employment and diligent savings may yield you some acquired properties and other assets. However, as Benjamin Franklin once said, “Nothing in this world is certain, except death and taxes”. When people take this to heart, they begin to understand the importance of estate planning. Either from death or incapacitation, they know that the time will come when decisions have to be made about their properties and their assets.
Published by Trudy Nearn on April 8, 2014
Trust funds. If you’re like most Americans, you’ve already heard of this term before and might be under the impression that a trust fund works only for the ultra-rich. The “wealthy”, after all, have more than a few assets to move around and transfer to family, friends, or other entities after they pass away and a trust allows them to do it with minimal intrusion from creditors and tax collectors. However, you could benefit from having one.
Published by Trudy Nearn on April 7, 2014
Estate planning, as a reputable Sacramento estate planning attorney will tell you, is the process of arranging for the disposal or distribution of your estate amongst your heirs, beneficiaries or chosen charities after your death. Many people choose to manage their estate early on while they believe they have the full mental and, thus, legal capacity to make informed decisions. If you want to plan ahead yourself, here’s a list of documents and plans you might want to consider, along with your Last Will and Testament, for the benefit of your heirs:
Published by Trudy Nearn on March 28, 2014
For most parents, taking care of children goes beyond feeding, housing, clothing, and educating them. These parents also want to leave behind some money to help their children when the parents pass away. According to an article from CNN.com, Americans are some of the most generous parents in the world, leaving on average a six-figure sum for their surviving family:
Published by Trudy Nearn on March 26, 2014
In most cases, parents leave behind their assets to their children. As this article from ABC News illustrates, however, that isn’t the only option they have:
Published by Trudy Nearn on March 25, 2014
These days, an increasing number of people are realizing the value of drafting a valid Last Will and Testament before they find themselves on their deathbed or incapacitated. Your will, though, is just the tip of the “leaving something behind” iceberg, which is more appropriately called “estate planning”. If you desire to have your assets properly divided among your heirs, take note of these tips:
Published by Trudy Nearn on February 17, 2014
Nelson Mandela’s love life was a fascinating story in its own right. Multiple wives shaped his life outside of being an anti-apartheid icon. As a result, Mandela formed a family of 3 wives, 6 children, 17 grandchildren, and 14 great-grandchildren. With this size of an extended family, it must have made it difficult for him to write his last will.
Published by Trudy Nearn on February 14, 2014
The matter of probate has always been a sensitive issue, and it can cause emotional arguments among family members over the remaining property of the recently departed. A GCN story published January 21, 2014 explains how the probate code may completely change in California. It writes:
Published by Trudy Nearn on February 13, 2014
An article from Wall Street Journal's Market Watch cites the effects of aging on most Americans, highlighting financial capacity as one of the things that leave us once cognitive deterioration sets in:
Published by Trudy Nearn on January 17, 2014
What will happen to your vacation home when you diee? You may want to leave it to your children, of course, but as with any other property for inheritance, you need to plan for a smooth transition of ownership when you are gone. Amy Hoak writes about the potential issues surrounding the handing down of family vacation homes in her column for MarketWatch.
Published by Trudy Nearn on January 16, 2014
It is a difficult time when you are faced with the loss of a loved one or dear friend. For most of us, this time is focused on attending a funeral and giving support to the bereaved. However, in some cases this time includes delegation of the powers of the trust and someone is named as the executor of the estate. This could be you.
Published by Trudy Nearn on January 15, 2014
You’ve been named as the executor of a late loved one’s large estate in Sacramento, California, and if you have no idea what to do next or even what a probate process entails, you’ll need to work with a probate lawyer in Sacramento from a trusted law firm like Generations. An article from DailyFinance.com emphasizes the importance of getting legal counsel:
Published by Trudy Nearn on January 14, 2014
Life is full of surprises. When you least expect it life can drop you in the middle of an emergency or difficult situation and you may not have power, capacity or control to make the necessary decisions. As Sacramento estate planning attorneys, we recognize this is where the help of a comprehensive estate plan comes into the picture. Most people think that estate planning is just for the old, and those with considerable assets, but that’s not exactly true.
Published by Trudy Nearn on Dec 18, 2013
Californians know that the state’s probate code isn’t always favorable to them, especially when considering the outcome of some high-profile cases about inheritance and litigation, such as the case of J. Howard Marshall. With that in mind, California Assemblyman Mike Gatto is proposing the country’s first-ever “Wiki Bill” which allows you to give your inputs on how the California probate code should be changed. According to the California Newswire:
Published by Trudy Nearn on Dec 8, 2013
Parents have to plan for the future to ensure that their kids are taken care of in the event of their deaths, especially if they have kids with special needs. Alex Coppola of the Wall Street Journal reports on how a disabled son was guaranteed financial security after the death of his businessman father.
Published by Trudy Nearn on Dec 6, 2013
A USA Today article documents a rising problem that affects a lot of American families in terms of estate planning:
"Family feuds over inheritance are as old as the Bible (Jacob tricked his twin brother Esau out of his birthright and their father's blessing.), and they can multiply in blended families. There are ex-wives and ex-husbands, children and stepchildren, parents and stepparents.