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Daryl Carlson
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As a result, financial advisers and families are taking steps to shield IRA assets for children and other beneficiaries in case those heirs ever find themselves in bankruptcy proceedings. Is your IRA protected from creditors in the event of bankruptcy? Not anymore. Because of the recent unanimous high court decision,... Continue reading
Posted yesterday at Redlands CA Estate Planning
Thanksgiving weekend is a time to reflect, visit family, and of course, eat your fair share of pie. And while we may be thankful for the people and the wealth in our lives, not enough of us have planned to protect all that we have. Pass the pie please! And... Continue reading
Posted 2 days ago at Redlands CA Estate Planning
The online forms you come across may or may not work. These forms tend to not be state specific which means your will may or may not be valid. If you are going to take the time to draft a will or any other estate planning document (which you should),... Continue reading
Posted 3 days ago at Redlands CA Estate Planning
Whichever you select, consider ways you can structure the trustee’s duties and relationships to increase the probability of achieving your estate planning goals. Selecting an executor or trustee of your estate plan is a very important decision that requires much thought. A recent Investing Daily article, titled "Making Your Most... Continue reading
Posted 4 days ago at Redlands CA Estate Planning
Medical research confirms one of the first things people have trouble with in the very early stages of dementia is managing personal finances. This means people can make very expensive financial mistakes, often before anyone notices there is a problem. I have seen this happen, and it is heartbreaking. You... Continue reading
Posted 5 days ago at Redlands CA Estate Planning
The woman Benny claims took advantage of him was his second wife. He says after he had a stroke, she threw him in a nursing home and never saw him again. At one time, World War II veteran Benny Goo was very affluent with a gorgeous home in Hawaii. Now,... Continue reading
Posted Oct 17, 2014 at Redlands CA Estate Planning
If you want to stay in control of your money and medical decisions until the end, here are the five most important estate-planning documents you need to have. If you aren't sure which estate planning tools you really need, at least start with the basics. A recentCNBC article, titled "Stay... Continue reading
Posted Oct 16, 2014 at Redlands CA Estate Planning
A revocable living trust is similar to a will in that it indicates how you would like your assets to be distributed after your death and can be amended anytime. While you should always have a will, a living trust—which is simply a trust set up during your lifetime as... Continue reading
Posted Oct 15, 2014 at Redlands CA Estate Planning
Talking to family members about estate planning and legacies can be difficult and even painful. Those discussions, however, will almost certainly be less painful in the long run than the stories children may make up after parents are gone about why they made the choices they did. Should you tell... Continue reading
Posted Oct 14, 2014 at Redlands CA Estate Planning
Dealing with aging parents is not only tough emotionally, but financially. As one's parents age, financial and health care discussions are essential for families to have in order to plan ahead for any care they may require. A recent Newsday article, titled"Money Fix: The cost of caregiving," tackled this tough... Continue reading
Posted Oct 13, 2014 at Redlands CA Estate Planning
Dealing with an ill parent or their estate once they pass can be difficult, and having support through your siblings is important. However, sibling feuds can get in the way and cause conflicts during this time. Having your parents’ estate planning documents in order not only ensures their health care,... Continue reading
Posted Oct 10, 2014 at Redlands CA Estate Planning
Money Mindsets and Financial Decisions Money security, in most cases, is a choice. It requires the right mindset and consistent actions. Like learning a craft or skill, time, patience and devout determination is required, most especially if you are starting from a difficult position. How do you deal with money?... Continue reading
Posted Oct 9, 2014 at Redlands CA Estate Planning
Family law practitioner Andy Low Hann Yong also noted a "significant increase" in inquiries for will writing service of late. He said this could be due to rising public awareness on the importance of having a will, or the occurrence of unfortunate incidents such as MH370 and earthquakes, and reports... Continue reading
Posted Oct 8, 2014 at Redlands CA Estate Planning
Making decisions about the disposition of your assets can be an emotionally fraught and time-consuming process. Take small steps and seek expert guidance to realize your plans for the financial care of your families. Who gets what when it comes to your estate? The process of distributing your assets is... Continue reading
Posted Oct 7, 2014 at Redlands CA Estate Planning
One of the colossal failures in estate planning I witness when people make their wills is not coordinating the will with the overall beneficiary designations they have chosen. Does your will surpass your beneficiary designations on financial accounts? A recent Wall Street Journal article, titled "How People Undermine Their Own... Continue reading
Posted Oct 6, 2014 at Redlands CA Estate Planning
They can be incredibly useful tools, and thanks to the publicity, more people may consider using them, but many people misunderstand how trusts work. Let's take a look at -- and dispel -- three common myths about them. Are trusts too much work? Are they only for the rich and... Continue reading
Posted Oct 3, 2014 at Redlands CA Estate Planning
So who needs estate planning? The answer is just about everyone. Although it is true that the planning that is required for a person with very limited wealth versus that of a person with great wealth, should not be as complex or costly, some degree of planning is required nevertheless.... Continue reading
Posted Oct 2, 2014 at Redlands CA Estate Planning
Mediation has emerged as a valuable tool for seniors and their families as an alternative to costly litigation. Mediation can be a useful instrument to prevent post death conflict by dealing with a family's issues during the senior's life. A recent issue of the New York Law Journal, titled "Mediation:... Continue reading
Posted Oct 1, 2014 at Redlands CA Estate Planning
Serious art collectors might roll over in their graves—or never marry—if they knew what feuds their purchases were destined to inspire. On the other hand, lots of friction can be avoided if lovers of art and their families acquaint themselves with a few legal and tax basics. So, who's getting... Continue reading
Posted Sep 30, 2014 at Redlands CA Estate Planning
A tax battle is brewing over his $83 million estate, pitting Mr. Clancy’s wife against the adult children of his former marriage. His widow Alexandra Clancy is taking legal steps aimed at shifting all state and federal estate taxes—estimated in court papers at as much as $16 million—to the portion... Continue reading
Posted Sep 29, 2014 at Redlands CA Estate Planning
Several recent celebrity estate issues in the news highlight how important it is to plan ahead and get professional advice when setting up your estate plans. When celebrities pass away, aspects of their estates hit the news almost immediately. These high-profile cases can offer some valuable lessons for the rest... Continue reading
Posted Sep 26, 2014 at Redlands CA Estate Planning
Below are key financial planning tips to guide you through the four seasons of your financial life. With summer ending and fall around the corner, the changing of seasons is almost upon us. Just as the seasons change with each passing year, your financial seasons change as well. An article... Continue reading
Posted Sep 25, 2014 at Redlands CA Estate Planning
The important point to keep in mind is that DIY estate planning provides forms and not legal advice. An attorney may provide you insights into your situation and prepare documents that are specifically tailored to your circumstances and needs, potentially saving your loved ones expense and frustration. Before embarking on... Continue reading
Posted Sep 24, 2014 at Redlands CA Estate Planning
Moving to New York to avoid state death taxes? “When your bordering state is telling you, ‘Come on over!’ the pitch is compelling,” McManus says. “If New York has a more welcoming tax scheme, then people will say, ‘Let’s call me a New York resident.’” McManus says that he and... Continue reading
Posted Sep 23, 2014 at Redlands CA Estate Planning
Even though many gifts no longer make tax sense, 529 plans remain viable options for both estate tax exclusion and income tax reduction, without much complexity and cost. Which gifts make sense for taxes these days? Consider your options. Before recent changes to the federal estate tax exemption amount (i.e.,... Continue reading
Posted Sep 22, 2014 at Redlands CA Estate Planning