Helping You Protect Your Assets, Family and Personal Finances
Posted in Estate Planning, Probate on May 17th, 2010
I frequently get questions from my clients about how to avoid probate by retitling property. If your desire is to avoid probate, a properly funded revocable trust can do that. However, certain types of property ownership can also avoid probate. There are three categories of property ownership – property titled in your name, in joint [...]
Click here to learn more about avoiding probatePosted in Estate Planning, Estate Planning Term of the Week on May 12th, 2010
Bond – An insurance policy used to ensure a legal representative will do his/her job and not misuse or steal assets he/she controls. If a party is injured due to acts of the legal representative, the bond guarantees that a certain amount of money will be paid to that party.
Posted in Estate Planning, Estate Planning Term of the Week on Apr 15th, 2010
Bequest – a gift or property, which is transferred to an heir or beneficiary under the terms of a will.
Posted in Estate Planning, Probate on Apr 12th, 2010
Myth: A Revocable Living Trust always avoids probate.
Fact: If you have a Revocable Living Trust and it is not properly funded, all assets titled in your name at the time of your death and not titled in the name of the trust will need to go through probate. To properly fund the trust and avoid [...]
Posted in Estate Planning, Estate Planning Term of the Week on Apr 7th, 2010
Beneficiary – A person or organization who will receive the benefits of property from an estate or trust.
Posted in Estate Planning on Apr 5th, 2010
Myth: A Revocable Trust Can Protect Your Assets From Lawsuits
Fact: There are a couple of reasons why a Revocable Living Trust will not protect your assets from lawsuits: (1) You have the ability to change the terms of the trust when ever you want and you have the ability to add assets to the trust and [...]
Posted in Estate Planning, Estate Planning Term of the Week on Mar 31st, 2010
The dollar amount paid for an asset. This amount is subtracted from the sales price of the asset when it is sold to determine capital gains and capital losses for tax purposes.
Posted in Estate Planning on Mar 29th, 2010
MYTH: Estate planning is only for the wealthy.
FACT: This is one of the most common estate planning myths. There are many other factors or objectives other than wealth that you should consider. For example, if you desire to do any one of the following, then you need a comprehensive estate plan:
(1) providing for and caring [...]
Posted in Estate Planning, Estate Planning Term of the Week on Mar 24th, 2010
Attorney in Fact - The person named as agent in a power of attorney to handle the financial affairs of another.
Posted in Estate Planning, Probate on Mar 22nd, 2010
MYTH: Holding property in a joint tenancy arrangement is a cost effective way to avoid probate.
FACT: Holding property in a joint tenancy arrangement can avoid probate; however, there can be negative consequences to doing so. The joint tenant has ownership rights in the property leaving the property subject to the joint tenants creditors. For example, a house [...]