A concerning new report from STEP (Society of Trust & Estate Practitioners), the global professional association for inheritance advisors, reveals that unqualified and incompetent will writers in the UK are causing serious issues for grieving families. The report surveyed over 300 STEP members about their experiences with problematic wills, trusts, and estate planning in the past year.
It's a daunting task to put together an estate plan for yourself and maybe even a spouse. When you add children to it, it can become a little more complex. If one of those children has special needs, it's not only more complex but imperative—because you may be their only source of support socially, emotionally, and financially.
Charitable remainder trusts (CRUTs) are a type of irrevocable trust that can provide a number of benefits for individuals who are looking to reduce their estate tax liability, support their favorite charities, and generate income for themselves and their loved ones. How does it work and how to plug in a wealth replacement trust to piggyback a CRUT.
In this fast-paced digital age, the management of assets has transcended the physical realm. The Law Offices of James Burns in Orange County, California have taken a revolutionary step forward by integrating cutting-edge estate planning strategies that incorporate digital assets. But what exactly are digital assets?
Not all of us are good with money. Some of us are just poor managers of it while others just spend it on gambling, other addictions, or whatever the case may be. If this describes someone whom you love and might want to help out financially through a trust, you may not want to risk them spending it all in one night. Fortunately, there are ways to help these loved ones through your estate plan in California.
Estate planning and asset protection are critical components of securing your financial future and ensuring the well-being of your loved ones. In Orange County, California, individuals and families often seek reliable legal guidance to navigate the complexities of estate planning. When selecting a law firm for estate planning and asset protection, it is crucial to consider the following the seven key points.
The California housing crisis is one of the most pressing issues facing the state today. With ever-increasing housing costs, many Californians are struggling to afford a place to live. This crisis is having a particularly devastating impact on low-income families and seniors. In the midst of this crisis, it is more important than ever for Californians to have a comprehensive estate plan in place. An estate plan can help to ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after you are gone.
A trust is a legal agreement that allows you to transfer assets to another person or entity, known as the trustee, to manage and distribute on your behalf or to your beneficiaries after your death. Trusts can be used for a variety of purposes, such as estate planning, asset protection, and tax planning. While a trust does not need to be notarized in California to be valid, there are a few reasons why you may want to consider having it notarized.
Living trusts are often mistakenly touted as a way to protect your assets from creditors and lawsuits. However, it is important to understand that living trusts do not offer complete protection. In fact, in some cases, a living trust may actually make it easier for creditors to seize your assets. This article sets the record straight on the level of protection afforded by the living trust.
If you are a resident of Orange County, California with an old A/B trust, it is important to review your estate plan to ensure that it still meets your needs. A/B trusts were once a popular estate planning tool for married couples, but they are no longer as necessary due to changes in the federal estate tax laws around 2011.
Living trusts are a popular estate planning tool, but they can become outdated over time. If your living trust is 10 years or more old, it is important to consider amending it to ensure that it still meets your needs. However, there are a number of pitfalls that you should be aware of when amending an old living trust.
Estate planning is an important part of life, and one of the most important decisions you will make is choosing a trustee for your living trust. A trustee is responsible for managing your assets and distributing them to your beneficiaries according to your wishes after you pass away.
As an Aliso Viejo resident, you have worked hard to build your assets. You want to make sure that they are protected and distributed according to your wishes after you are gone. One of the best ways to protect your assets is to create a living trust. A living trust is a legal entity that holds assets on behalf of beneficiaries. When you create a living trust, you will transfer ownership of your assets to the trust. You can then serve as the trustee of the trust, which means that you will manage the assets on behalf of the beneficiaries.
California, known for its stunning landscapes and vibrant cities, is not just a place to live; it's a place where life happens. As we journey through life, significant events like marriage, birth, death, divorce, starting a new job, buying a house, and pursuing education can have profound legal estate planning implications.
Estate planning is a vital process that ensures your assets are distributed according to your wishes after you're gone. In today's digital age, online document systems and templates have become increasingly popular, enticing individuals with the promise of cheap and convenient but often flawed documents.
Estate planning is a crucial aspect of financial management that ensures your assets are distributed according to your wishes after your passing. In recent years, both federal and California governments have introduced significant changes to estate planning laws, affecting residents of California.
In the digital age we live in, our lives are intricately woven into the digital realm. From financial transactions to cherished memories, an increasing portion of our personal and professional lives are conducted online. As a result, it has become essential to include digital assets in our estate planning efforts.
As an entrepreneur, you've invested time, effort, and passion into building your business. It's not just a livelihood; it's a part of your identity. However, one aspect many business owners overlook is planning for the future of their company when they're no longer at the helm. A business succession plan is a crucial strategy that ensures a smooth transition of ownership and management, safeguarding your legacy and protecting the interests of your loved ones. In this blog, we'll outline the essential steps to create a comprehensive business succession plan, with a special focus on the role of life insurance in the process.
Cryptocurrencies are a relatively new asset class, and as such, there are still many unanswered questions about how to handle them after the death of the owner. One of the biggest concerns is how to ensure that your loved ones will be able to access your cryptocurrency if you die without leaving instructions.
Investing in real estate can be a rewarding venture, but it's important to consider the legal and financial implications. One common strategy for protecting your assets and optimizing tax benefits is to establish a limited liability company (LLC) for your investment properties. In California, specifically, there are several compelling reasons to utilize an LLC structure.
When it comes to investment opportunities, land banking has emerged as an intriguing and potentially lucrative option for astute investors. By acquiring raw land and holding onto it for future development or sale, land banking offers a range of benefits and unique advantages. In this article, we will explore some of the most compelling reasons why investing in land banking could be a wise decision for those seeking long-term growth and financial security.
Having a healthcare directive as part of your estate plan can provide several advantages and ensure that your wishes regarding medical treatment are respected in case you become unable to make decisions for yourself.
To unveil why a living trust is not just a wise choice but an essential tool for Aliso Viejo residents seeking to safeguard their most prized possession we offer the following benefits.
For high net worth individuals seeking to reduce their tax liability, several strategies and solutions are available.
Approximately $2 billion per year is lost in Probate Court nationwide. The California Judicial Branch reports that there were 33,500 probate cases filed in the state in 2019. Then Covid hit and increased our death count as well as backed up the court system making the average Probate much, much longer.