ESTATE PLANNING – THE TOUGHEST DECISIONS NEED ATTENTION Of course the estate planning process is intended to address what a person wants to do with his or her assets. Sometimes ignored, but often more important, is the decisionmaking that involves health and medical care matters. This is particularly important as family members age. Decisions about health care, medical treatment, hospice and living in the home (while health is fading) are usually emotional and very personal.
A recent Forbes article described five “crucial” estate planning mistakes that are common- even among people who have given attention to planning their estates. These include: – having the wrong guardian for your children – having the wrong beneficiary listed on your retirement account – holding an invalid medical power of attorney – not having a durable power of attorney notarized – having inadequate life insurance In my practice I have seen many more mistakes
ESTATE PLANNING- GOOD NEWS FOR SMALLER ESTATES The California legislature amended the Probate Code, effective January 1, 2012, to allow slightly larger estates to pass to heirs without going through probate or other burdens. Previously, assets up to the value of $100,000 could be transferred with streamlined procedures. The changes increase the amount that may pass, in the less formal manner, to $150,000. If the gross value of all real property in an estate does
Hello & Welcome! Thank you for visiting my new blog. In the coming weeks I’ll be posting news, updates and legal tips for Estate Planning and Business Formation that I think you’ll find very useful. I plan on adding a new post about once a week, so be sure to check back often. Thanks for stopping by! Sincerely, Kevin Anderson