Going through a divorce can be a very rough time in life. Battling over income, assets and child custody can be quite exhausting. All of these distractions may cause you to miss many important tasks you must undertake. And very often the family law attorney who handles your divorce may not follow through to give you the vital information we discuss here. Your Will California law provides that any bequests to a former spouse under a Will is automatically revoked. While this … [Read more...] about Getting a Divorce? Time to Update Your Estate Plan
A joint tenancy is a legal term that applies to one of many forms of co-ownership of an asset that is held by two or more people. Parties named in a joint tenancy own the property equally. If one joint tenant passes away, the property is immediately passed on to the other living joint tenants without going through probate. Many types of assets may be held in joint tenancy, including real estate, vehicles, personal bank accounts, savings accounts, and brokerage and investment … [Read more...] about Joint Tenancy: Good Idea or Bad Idea?
When you get together this weekend with your dad—either in person or virtually—enjoy reminiscing about the good times and adventures you had together. Also remember to take a moment to think about your dad’s future. Now is a great time to check that his estate planning documents are in order and up to date. Sure, it's not the most sentimental gesture. But taking a moment to check the basics can be of great benefit down the road. It’s the least you can do for someone who has given so much for … [Read more...] about Enjoy Your Dad This Father’s Day and Rest Assured
The planet that we inhabit seems to grow more chaotic with the passing of time. Our reality is a dangerous one, with global pandemics like the coronavirus outbreak recording exponential death rates, and tragic domestic and international terrorist attacks happening on an all to frequent basis. The only certainty in life is that some day our lives will end. We like to avoid dwelling on such unpleasant thoughts, but that does not make it any less true. Another uncomfortable truth is that we … [Read more...] about Planning for the Unexpected in Chaotic Times
The coronavirus outbreak has resulted in thousands of lives lost, halted the global economy, and plunged markets into recession levels. There is not an abundance of good news right now, but there are some silver linings if you are wise in your estate planning. Certain opportunities arise under circumstances when investments lose a significant value over a relatively short period of time. Here we will discuss why now is a good time to make gifts in the form of stock market assets. In addition, … [Read more...] about Does COVID-19 Have a Silver Lining for Estate Plans?
Over the last several decades, however, national borders have all but disappeared, leading to a dramatic increase in cross-border marriages in the United States. In fact, the United States Census Bureau reports that one in five marriages in the U.S. today includes a spouse born outside the U.S. Of those marriages, about 60 percent of the foreign-born spouses have become naturalized citizens, leaving the remaining 40 percent as non-citizens. If you are married to a non-citizen, estate planning … [Read more...] about Can My Non-Citizen Spouse Inherit from My Estate?
Planning for Blended Families Many of our clients are blended, with children of the husband, children of the wife and/or children from both spouses. Estate planning for blended families can require special planning. You may consider your step children to be your own. But, if you haven’t adopted them, they have no inheritance rights. Below is a link to an excellent article from the American Academy of Estate Planning Attorneys about estate planning involving step children. Planning for … [Read more...] about Planning for Step-Children
Hello Dennis, My father in law appears to be getting dementia and his son needs to make decision. He lease an apartment and he wants his son to be able to make decision regarding rental, handling his bank accounts and medical issues. Will a Durable power of attorney be enough. Or does he need to be a Conservator? Thank you for your time. L. B. Dear L.B.: If your father-in-law has sufficient mental capacity at this time to execute a financial power of attorney, that would be an … [Read more...] about Ask Dennis
Most workers in the U.S. no longer count on employer-sponsored pensions to fund their retirement. Instead, many of them rely on self-funded retirement options such as Individual Retirement Accounts (IRAs), 401(k)s, and other tax-deferred retirement accounts. An IRA is a tax-advantaged retirement account that you own and control. Earnings generated can compound on a tax-deferred basis until withdrawal. In essence, an IRA is like having your own personal pension that you and/or your employer may … [Read more...] about What Happens to Your Retirement Account When You Die?
Creating a comprehensive estate plan is one of the most meaningful gifts you can give to both your loved ones and yourself over the course of your lifetime. Don’t make the mistake of stopping there though. Once that plan is in place, it needs to be reviewed and updated on a routine basis. It may also need to be updated when certain events call for a revision. For example, a Riverside estate planning lawyer explains the importance of updating your estate plan following a divorce. Routine Reviews … [Read more...] about Don’t Forget to Update Your Estate Plan after a Divorce