A: Absolutely! Your estate plan can include provisions for your pets, such as who should care for them and how their expenses should be covered. You can designate funds for the person who will be caring for your pets or even include a pet trust in your plan to provide...
A: It is a unique tax planning opportunity for married couples! When one spouse passes away, both halves of a community property asset — including real estate — receive a step-up in basis to the fair market value as of the date of death. Keep in mind, however, that...
A: Not at all. While many people think estate planning is only about deciding who inherits their assets, it's also about protecting you during your lifetime. A comprehensive estate plan can name someone to manage your finances if you become incapacitated, appoint...
A: Whichever is best for you! There may be valid reasons to pick multiple people to act as the trustee, just as there may be valid reasons to only have one person acting at a time. An experienced estate planning attorney can usually advise as to what would make the...
A: Possibly! An estate plan created 20 years ago may not reflect changes in your family, assets, goals, or current laws. It's a good idea to review your trust every few years and after major life events such as births, deaths, marriages, divorces, or significant...
A: No, a will is part of an estate plan, which is an overarching strategy. Your estate plan should clearly outline everything regarding your assets, dependents, and end-of-life wishes. A comprehensive estate plan should include the following documents: Advanced...
A: If you have kids, this is where estate planning really matters. Here are just a few ways you can ensure your children are taken care of through your estate plan: 🟡 Name a guardian you trust 🟡 Review and update your beneficiaries on your accounts regularly 🟡 Name an...
A: No, you don't! You can pick anyone you trust and feel is up to the task—whether that’s another family member, a trusted advisor, or even a professional like an attorney or a corporate trustee. The most important thing is to choose someone responsible and capable of...
A: If your pets are like family to you, a pet trust can be an ideal way to ensure their well-being after you’re gone. Here’s how a pet trust works and why it’s particularly suitable for pet owners who consider their animals as their “fur babies”: 1. Setting Aside...
A: Nope! Your trust can be created to include any children you have now and any children that you may have in the future. Amending your trust is always an option, but is not needed for this purpose if it is executed correctly!
