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Daryl Carlson
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Who will be your child's guardian, and who will be the guardian of your estate? Experts say it's a difficult decision many families agonize over, and there's no one-size-fits-all scenario. In the event that you pass away suddenly and unexpectedly, what will happen to your kids? Just the thought of... Continue reading
Posted yesterday at Redlands CA Estate Planning
The best time to discuss finances with your parents is when they are competent, self-sufficient adults. Planning ahead and seeking out the appropriate professional financial assistance on their behalf can help ensure your parents enter their golden years in the most comfortable, stress-free and secure way possible. You may dread... Continue reading
Posted 2 days ago at Redlands CA Estate Planning
Leaving even a small inheritance to your children requires planning. Regardless the size of your estate, structuring an inheritance properly can avoid problems and help your beneficiaries use your hard-earned assets more wisely. Last year, AARP included an article in its materials titled, "How to Leave an Inheritance to Your... Continue reading
Posted 5 days ago at Redlands CA Estate Planning
If there is a boogeyman when it comes to family conversations about inheritance, it is not death. It’s the $40 trillion that financial advisers say their baby boomer clients are going to pass to their children either in an orderly way — or in a chaotic mess. A report by... Continue reading
Posted 6 days ago at Redlands CA Estate Planning
Did you think estate planning would be easier because you don’t have children … or that you don’t really need an estate plan? If so, you couldn’t be more wrong! The website dailycall.com recently posted an article, titled "Aging and estate planning for singles and couples without children," to help... Continue reading
Posted 7 days ago at Redlands CA Estate Planning
You may have made a giant estate planning mistake without even knowing it — forgetting to update the names of your beneficiaries for your employer-sponsored retirement plans, IRAs, life insurance policies, mutual funds, bank accounts, brokerage accounts, annuities and 529 college savings plans. The recent MarketWatch article, titled “Don’t make... Continue reading
Posted Aug 12, 2014 at Redlands CA Estate Planning
Now is the time to adopt financial habits that determine a successful retirement, even if you’re still in your 20s. (Note: Parents, here is a great article to share with your twenty-something adult children!) If you are a twenty-something, you have plenty of time to think about investing, right? Even... Continue reading
Posted Aug 11, 2014 at Redlands CA Estate Planning
A ruling by the U.S. Supreme Court holding that assets contained in an inherited individual retirement account (IRA) don’t qualify as retirement funds for the purposes of bankruptcy exemption, has turned the estate planning community on its head. Prior to a recent US Supreme Court ruling, inherited IRAs were treated... Continue reading
Posted Aug 8, 2014 at Redlands CA Estate Planning
A scenario commonly encountered within estate planning is when an individual dies while negotiating a separation agreement with their spouse, or when in the midst of divorce proceedings. While a divorce order will void specific bequests to a spouse, merely initiating negotiations or proceedings will not. Married couples typically plan... Continue reading
Posted Aug 7, 2014 at Redlands CA Estate Planning
Your plan is only as good as the people who implement it. When they aren’t competent, don’t pay attention to details, or decide to pursue their own interests, disaster can ensue. The latest case involves the Walt Disney estate. "If you can dream it, you can do it." Walt Disney... Continue reading
Posted Aug 6, 2014 at Redlands CA Estate Planning
Lee is a legendary figure in South Korea as the man who turned Samsung Electronics into a powerful conglomerate. He is also the country's richest man with an estimated net worth of US$11.4 billion. Under Korean inheritance law, an heir will have to pay 50 percent in tax when inheriting... Continue reading
Posted Aug 5, 2014 at Redlands CA Estate Planning
Last week, the Uniform Law Commission drafted the Uniform Fiduciary Access to Digital Assets Act, a model law that would let relatives access the social media accounts of the deceased. Digital estate planning has become a hot button issue in estate planning and technology law. What exactly happens to our... Continue reading
Posted Aug 5, 2014 at Redlands CA Estate Planning
When people die, their assets (cash, real property, investments, savings, car and so on) become the property of their estates. And each estate is obliged to pay all debts, costs, taxes and other liabilities due before it distributes what's left over, according to the deceased's wishes, to the beneficiary or... Continue reading
Posted Aug 1, 2014 at Redlands CA Estate Planning
Income inequality and the estate tax continue to be hot button issues in American politics and culture. Americans have a wide array of opinions about these two linked topics. Comedian John Oliver recently gave his humorous thoughts on them. More and more Americans, especially younger Americans, want to be entertained... Continue reading
Posted Jul 31, 2014 at Redlands CA Estate Planning
Every so often, a client will come in and announce that he or she needs a revocable trust. Typically the request stems from something the client has read in a book or article, or perhaps advice from a neighbor or friend. Of course, not everyone needs a revocable trust ...... Continue reading
Posted Jul 30, 2014 at Redlands CA Estate Planning
Philip Seymour Hoffman did everything in his power to make sure his children were "normal. "When the Capote actor died of a heroin overdose in February, he left the bulk of his estate to his partner, Mimi O'Donnell, and added the unusual request that their offspring be raised outside of... Continue reading
Posted Jul 29, 2014 at Redlands CA Estate Planning
Many grandparents want to help their grandchildren pay for college, but don't know the best ways to do that. Financial advisers who can show them how to make those contributions and reap financial advantages for themselves can shine. Many families struggle enough to meet their current needs that they just... Continue reading
Posted Jul 28, 2014 at Redlands CA Estate Planning
If Lou Reed had used a revocable living trust, and transferred his assets into the trust during his life, then all of this information would have been kept private. No one would know how much he had, whom he left it to, or how much his executors were charging. When... Continue reading
Posted Jul 25, 2014 at Redlands CA Estate Planning
No matter what steps you take or what laws are eventually passed, managing a digital estate for a loved one will always be a long, arduous, and painful process. Digital estate planning is popping up in the news more and more as people are trying to figure out how to... Continue reading
Posted Jul 24, 2014 at Redlands CA Estate Planning
Family limited partnerships seem like an almost foolproof idea: A client can shield just about any amount of money from creditors while maintaining full control of the assets, and getting tax advantages to boot. But they’re not for everyone, and there can be serious pitfalls to an FLP that is... Continue reading
Posted Jul 23, 2014 at Redlands CA Estate Planning
After graduating from college, and even law school, the thought of drafting your estate plan probably did not make the top twenty on your "to-do" list, and why should it? The only thing most young professionals have when they first start out is debt. However, after you land your first... Continue reading
Posted Jul 22, 2014 at Redlands CA Estate Planning
Three years and two trials later, the will remains the subject of a fierce probate fight in Sacramento Superior Court. Lawyers for the stepson and O’Brien’s brother have challenged the will as a fraud. They contend O’Brien didn’t have the mental capacity to amend the original trust. Waiting until you... Continue reading
Posted Jul 21, 2014 at Redlands CA Estate Planning
Today’s low interest rates create special problems for those focused on income, including retirees and the income beneficiaries of trusts. Prolonged periods of low interest rates can result in low trust income, creating conflict among beneficiaries. Many trusts are set up in a way that creates two different groups of... Continue reading
Posted Jul 18, 2014 at Redlands CA Estate Planning
"Many have not taken adequate steps to review and update these plans since the moment they were signed. Meanwhile, major life events such as marriage, the birth of a child or the launch of a business may have occurred." Estate plans are not a one-shot deal. They are like a... Continue reading
Posted Jul 17, 2014 at Redlands CA Estate Planning
Planning for control of your personal information after you die used to be as simple as telling someone about the desk drawer or the fireproof box or the safe deposit box at the local bank. But in the era of smartphones and cloud computing services, that same stuff may be... Continue reading
Posted Jul 16, 2014 at Redlands CA Estate Planning