Estate Plan

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I have a trust, but what if things change?

2020-10-14T21:36:49+00:00

As we age and move through life things change. Whether these are positive changes such as a marriage, birth and new friendships, or sad changes such as a death or a falling out with a loved one. If you have taken the time to create a living trust, it will grow with you as long as you take the time to properly maintain it. In most cases, you should be able to return to the attorney who created your trust who will determine the best way to update your Trust. If you have smaller adjustments such as a beneficiary [...]

I have a trust, but what if things change?2020-10-14T21:36:49+00:00

Will my assets go through Probate when I die?

2020-10-14T21:36:20+00:00

The short answer is it depends on the type of Estate Plan you have in place and what types of assets you have. If you have a Revocable Living Trust and all your assets have been properly titled into the name of your trust, your assets will not go through Probate upon your death. If your assets are over the current $166,250 Probate Limit and you either don’t have any Estate Planning documents or only have a Will, your estate will be subject to Probate. The Probate Limit only considers the gross value of your estate. Typically in California, [...]

Will my assets go through Probate when I die?2020-10-14T21:36:20+00:00

What are the best ways for me to leave an inheritance for my grandchildren?

2020-10-14T21:37:26+00:00

Many clients want to leave something for their grandchildren and there are a multitude of options and factors to consider. The most common way clients leave money for their grandchildren is to leave a specific dollar amount, known as a specific gift, at their death to a grandchild. If the grandchild is a minor or not fiscally responsible, the next option is to leave the specific gift in trust for the grandchild allowing you to control the distribution. A common concern that many clients have when leaving specific gifts is that the gifts will deplete their estate since they [...]

What are the best ways for me to leave an inheritance for my grandchildren?2020-10-14T21:37:26+00:00

What is the difference between Trust Administration and Probate?

2020-10-14T21:38:14+00:00

When you pass away owning assets, your estate will go through either Probate or a Trust Administration. While these processes are relatively similar there are some key differences such as cost, how long it takes for your beneficiaries or heirs to inherit, and the amount of control you have over how your assets are distributed and who is in charge of distributing them. Probate is a court supervised process. It often takes more time for assets to go through Probate, the typical time frame is 1 year – 18 months. The fees associated with a Probate are also set [...]

What is the difference between Trust Administration and Probate?2020-10-14T21:38:14+00:00

What should I tell my kids about my finances?

2020-10-14T21:35:50+00:00

If you have named your child or children as your successor trustee or as your Power of Attorney agent, you have already deemed your adult child to be financially responsible and capable of taking care of your assets on your behalf if you are unable to. Right now while you are still alive and well, it can be advantageous to have conversations about your finances so that your children can smoothly take control of your affairs when needed. If you have minor children or additional children that you have not selected as your Trustee or Agent, you most likely [...]

What should I tell my kids about my finances?2020-10-14T21:35:50+00:00

Revisiting Your Will After a Life Event

2020-07-06T23:48:08+00:00

Whether it’s retirement, the birth of a grandchild, or the death of a loved one, any major life event should have you look at your will with fresh eyes. Oftentimes, people prepare their will, put it away, and never revisit the document. But life changes, and with each of these changes, you should revisit your will and testament.  Retirement and new priorities When you retire, you often gain perspective on your career and your future. It is not uncommon for people to enter retirement totally out-of-touch with their priorities when they were at the beginning of their careers. Revisiting your [...]

Revisiting Your Will After a Life Event2020-07-06T23:48:08+00:00

Important Life Events That Should Trigger an Update of Your Estate Plan

2020-06-29T22:36:08+00:00

Important Life Events That Should Trigger an Update of Your Estate Plan The timely creation and updating of estate planning documents is very important, as is the way you go about carrying it out. This is because estate planning is about a whole lot more than simply how your property will be distributed after you die. Estate planning is about dealing with major life events, living well with disabilities, how you will be cared for when you can’t care for yourself, ensuring appropriate care for your minor children, and even about what will happen to your pets after you pass [...]

Important Life Events That Should Trigger an Update of Your Estate Plan2020-06-29T22:36:08+00:00

Estate Planning Myths Part Four – We’re All Good!

2020-06-29T22:36:16+00:00

Estate Planning Myths Part Four - We're All Good! Hi there. Bridget Mackay, the Law Offices of Bridget Mackay here in Petaluma, California. We practice in the area of estate planning and elder law. And this is the last in my series of four on the still existing myths about estate planning. And this last one is really important, like all the other three are. And it's basically that myth that once I have a plan in place, we're all good. Once you complete your estate plan, whether that's a Will or a Trust, you need to revisit it. [...]

Estate Planning Myths Part Four – We’re All Good!2020-06-29T22:36:16+00:00

Good Estate Planning Can Prevent Family Disputes and Probate Litigation

2020-06-29T22:36:25+00:00

Good Estate Planning Can Prevent Family Disputes and Probate Litigation Probate litigation is normally the culmination of things that have gone wrong with estate planning. No matter how costly an estate plan is, probate litigation makes estate planning look inexpensive. The truth is, when compared with the unpleasantries of probate litigation, estate planning feels like a walk in the park. Probate litigation is most often the result of a family dispute over the right to inherit from a loved one’s estate. In fact, all sorts of problems can surface in families when a loved one dies and it is unclear who is [...]

Good Estate Planning Can Prevent Family Disputes and Probate Litigation2020-06-29T22:36:25+00:00

Estate Planning Myths Part Three – Distributions

2020-06-29T22:36:32+00:00

Estate Planning Myths Part Three – Distributions Hi there. Bridget Mackay of the Law Offices of Bridget Mackay here in Petaluma, California. We practice in the area of estate planning and elder law. In this third series of video blogs on the four lasting myths about estate planning. I want to talk a little bit about the idea or the thought or the myth that is a will can oversee the distribution of all my assets. And, I would add to that, a trust. You think that you put a will or a trust in place and it's going [...]

Estate Planning Myths Part Three – Distributions2020-06-29T22:36:32+00:00