Is It Time To Update Your Estate Plan? Michael Crichton is one of the bestselling authors and screenwriters of all time. His estate was worth many millions of dollars when he died at age 66, leaving behind a pregnant wife. Crichton had a Will and a Trust, but they had not been reviewed or updated. So, they did not mention the son who would be born just months after Crichton’s death. Crichton was a resident of California, and like many other states, California has laws that protect children … [Read more...]
Digital Assets – Are They Included in Your Estate Plan?
Just about everything you do leaves a digital trail anymore. Moreover, almost everything important to us can be stored in some type of electronic format. What happens to that digital trail and those electronic files when you die? Do you want someone to be able to access them? Conversely, do you want to ensure that no one can access them? Can anyone access those accounts without your permission after your death? A Carmel estate planning attorney at Frank & Kraft explains why it is important … [Read more...]
Is Your Power of Attorney Powerless? What to Do When a Third Party Won’t Honor an Agent’s Authority
A Power of Attorney is one of the most commonly used estate planning documents due in large part to how flexible it can be. Consequently, most people are familiar with what a Power of Attorney does and how to use one. When all goes as planned, a Power of attorney is extremely useful and easy to use; however, what happens when all doesn’t go as planned and your Power of Attorney appears to be powerless? The Carmel estate planning attorneys at Frank & Kraft explain what to do when a third … [Read more...]
Will Millennials Ever See the Wealth of the Baby Boomer Generation?
The older population in the United States is already making history as the largest population of seniors ever recorded. A primary reason for the dramatic increase in the number of older Americans is the aging of the Baby Boomers. As they move into their retirement years, they are breaking records causing everyone to take notice. Not surprisingly, the largest senior population in history also has a historic amount of wealth. Traditionally, experts would expect that wealth to be passed down to … [Read more...]
Is a Family Limited Partnership Right for My Business?
Starting a small business is a dream come true for many people. If you are hoping to realize the American dream of becoming an entrepreneur, planning ahead is the key to the long-term success of your business. This is especially true if you plan to pass the business down to the next generation. In fact, the lack of planning is one of the leading reasons why so many family businesses fail to make a successful transition from one generation to the next. There are a number of strategies you can use … [Read more...]
How to Pick Fiduciary Roles in Your Estate Plan
Like most people, when you contemplate your estate plan you likely focus on how your assets will be distributed after you are gone and how those assets will be used to care for loved ones. While the decisions you make related to your assets are certainly important, they may not be the most important decisions you make when creating your estate plan. Unfortunately, some of the most important estate planning decisions are frequently made without sufficient thought or consideration. Those decisions … [Read more...]
When Should Inheritance Planning Begin?
You may be under the common misperception that you need to have an actual inheritance built up before the need for inheritance planning arises. In reality, however, inheritance planning should start much earlier than you likely thought it should. In fact, it is never too early to get started on your inheritance plan because a well thought out plan will do much more than just govern the distribution of the inheritance you will eventually leave behind. To help you better understand when to start … [Read more...]
Is An Inherited IRA Taxable to the Beneficiary?
In the latter half of the 20th century, employer-sponsored pensions fell out of favor leaving workers to fend for themselves when it came to retirement planning. Today, most workers start planning for their retirement early using tools such as a 401(k) or an Individual Retirement Account (IRA). When the owner of an IRA dies, the person(s) designated as the beneficiary inherits the funds remaining in the account. Both the account holder and the beneficiary need to know if an inherited IRA is … [Read more...]
Documents Needed for Estate Planning
Creating an estate plan can be an intimidating prospect if you know nothing about estate planning. In fact, one of the most common reasons people offer for not having an estate plan in place is that they simply don’t know where or how to start. Because every estate plan is uniquely geared toward the specific needs and goals of the creator, you should always consult with an experienced estate planning attorney when you are actually ready to get started on your plan. In the meantime, however, it … [Read more...]
Should I Leave My Children a Lump Sum Inheritance?
If you are a parent, you likely plan to pass down some, or all, of your estate assets to your children upon your death. If your children are still minors they cannot inherit directly from your estate; however, once they are legal adults you can leave assets directly to them within your estate plan. Just because you can though doesn’t mean it’s the best idea. In fact, the Carmel living trust attorneys discuss why you might not want to leave your children a lump sum inheritance in your estate … [Read more...]
