CA Estate Planning Blog

Monday, September 10, 2018

Estate Planning for the Business Owner

How can I ensure my business continues on with the next generation?

Running a business can be all consuming. Small business owners often find themselves fulfilling a wide range of roles, ranging from that of the general manager, accountant, marketing manager, human resources department, therapist, handyman, and much more. With so many jobs to fulfill, it can be easy for a small business owner to put estate planning on the back burner. Without an estate plan in place, however, your death could mean the end of your business as well as financial loss for your family.

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Wednesday, August 15, 2018

Excluding a Loved One from Your Estate Plan

Can I legally exclude a child from my will?

When drafting an estate plan, most people will elect to leave their hard earned assets to their spouse and children. At times, however, a person may choose to leave a certain family member out of their estate plan. A parent may make the hard decision to exclude a child or a married partner may desire to leave their spouse out of their will for personal or economic reasons. While generally it is solely at your discretion to leave

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Friday, August 3, 2018

Exploring Crypto Trusts

What are the benefits of placing my cryptocurrencies in a trust?

Cryptocurrency has risen to extreme popularity in recent years, with one Bitcoin currently worth over 7,400 dollars. As cryptocurrencies continue to become a part of investor portfolios worldwide, the importance of incorporating digital assets in estate planning takes on more significance. The IRS treats cryptocurrencies as any other piece of property. Accordingly, the transfer of a Bitcoin or another cryptocurrency will trigger tax penalties. In an effort to minimize taxation and ease the transfer of cryptocurrencies to the next generation, some

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Tuesday, July 17, 2018

When Should I Start My Estate Plan?

Most of us likely think of age as the deciding factor for when we should start an estate plan. While age is certainly an important factor in the timing of estate planning, it is just one factor of many. Also of relevance is your overall health, family relationships, financial situation, and beneficiary status. Accordingly, you will not find a set age or time period in a book or online as to when you should start estate planning, but will be wise to think about the process early on and seek the assistance of an...

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Friday, July 6, 2018

The Truth Behind the Medi-Cal “Spend-Down”

Will I need to spend down my savings before I can qualify for Medicaid?

Medicaid is a joint federal and state program which offers long term care for seniors. In the state of California, Medicaid is referred to as Medi-Cal. With rising healthcare and nursing home costs, more and more Americans rely on Medicaid to cover their long term care needs. In fact, it is estimated that over 70 percent of the 1.3 million Americans who live in nursing homes use Medicaid to cover the approximately $83,000 in costs per year, according to the U.

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Tuesday, June 12, 2018

3 Reasons Why You Need An Estate Plan

Do I need an estate plan if I do not have significant assets?

Creating an estate plan provides you with control over your assets after your death. Estate planning consists of arranging for the disposal of your assets after your death while minimizing tax consequences. Despite the importance of estate planning, less than half of all Americans have an estate plan in place. For those still on the fence about

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Tuesday, June 5, 2018

Estate Planning and Your Digital Assets

What will happen to my online accounts when I die?

The internet has changed the way we live. Our lives are now plastered all over the internet, from email to social media accounts. With each generation, our digital footprint is only growing larger, and laws on what happens to all of this data when we die have yet to catch up with technology. Many of us do not want our digital possessions to extinguish when we die, so it becomes vital to consider

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Monday, May 14, 2018

Creating a Spendthrift Trust

How can a spendthrift trust protect my heirs from creditors?

With a spendthrift trust, you can pass down assets to your heirs without concern that your assets may be rapidly spent by heirs or seized to satisfy creditors. A spendthrift trust comes with all of the benefits of a regular trust, but allows for additional protections. This type of trust is particularly useful for parents or grandparents who want to leave assets to their children or grandchildren, but they have concerns about the spending habits of these heirs. Our

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Thursday, May 10, 2018

The Most Common Estate Planning Mistakes

How can I avoid making an estate planning mistake?

Your estate plan will form a vital part of your legacy. With your estate plan, you will pass down your hard earned assets to the next generation, while protecting yourself in the event of your incapacity. Mistakes made in the creation of your estate plan could cost your heirs significantly and undermine your attempts to care for your loved ones after your death.
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Wednesday, April 18, 2018

Setting Up a Trust for Minors

What are the advantages of placing assets in a trust for my minor child?

Many younger parents put off estate planning, believing they have plenty of time to set aside assets for their children before their death. However, failing to create an estate plan that benefits your children now could leave your child without a named guardian and no control over how the child’s assets will be managed in the event of your untimely death. With a trust for minors, you can designate that certain funds be provided to your child to cover costs of support and education. The trust will further protect assets from creditors.

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Friday, April 13, 2018

Estate Planning is Not Just For the Wealthy

Why is it important for everyone to have a will?

Estate planning is critically important for those in all financial situations. Estate plans range in complexity from simple wills to complex multi-generational trusts. Your estate plan accomplishes far more than just transferring your assets upon your death. With your estate plan, you will protect yourself, your family, and future generations.

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