Millions of lesbian, gay, bisexual and transgender (LGBT) people worldwide are celebrating Pride Month along with their supportive friends and family. Too many, however, have become estranged from some family members -- and sometimes from their entire family --...
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Estate Planning
What should you include in your revocable living trust?
Many Californians make a revocable living trust the centerpiece of their estate plan. It allows them to maintain control over their assets while they're alive and well. Then the assets are transferred to their designated heirs and beneficiaries upon their death. A...
Why estate planning is crucial for single parents
Many Californians are single parents raising young children. In some cases, the other parent has passed away. Maybe the other parent has no custody rights. Perhaps they've chosen to have or adopt a child on their own. Whatever the case, it's essential to ensure that...
Is a private family foundation right for you?
Many people who are creating their estate plans believe that they've given their children every advantage in life to become successful, financially independent adults. Instead of leaving them a substantial amount of money or other assets when they die, they prefer to...
Estate planning for the ‘modern family’
If your family doesn't involve a spouse of the opposite sex and a couple of kids that you had together, you're not alone. Family dynamics have evolved considerably in recent decades. The term "modern family" has largely replaced "traditional family." A family can...
What is a CUTMA account?
Some important aspects of estate planning are done outside of "traditional" estate planning documents like wills and trusts. One of these involves something called the Uniform Transfers to Minors Act (UTMA). Each state has its own UTMA. In California, it's called the...
Why do many Californians have revocable living trusts?
Many people think that they have no need for a trust in their estate plan unless they have millions of dollars in assets to pass on to their heirs and other beneficiaries. In fact, you can set up a revocable living trust even if your assets total far less than that....
How do community property laws impact inheritances?
People often think that California's community property laws are only relevant when couples divorce. However, they also apply to how property is disbursed and how debts are handled after someone's death. Under our community property laws, everything that spouses earn...
Is that gift really an advance on an inheritance?
For estate planning purposes, it is important to keep track of the loans and financial gifts that you give to your children while you're still alive. Do they count as an advance on that child's inheritance or not? Maybe you have three children, for example. Two of...
Single adults need to have an estate plan in place
Single adults who don't have children might assume that they don't need a will. Without a will, you won't have any say in where your assets go. You also won't be able to name someone to handle your affairs if you are unable to do this due to incapacitation. Even your...