Doyle QuaneDoyle Quane2024-03-09T23:35:37Zhttps://www.doylequane.com/feed/atom/WordPress/wp-content/uploads/sites/1500976/2020/09/cropped-site-identity_512-32x32.jpgOn Behalf of Doyle Quanehttps://www.doylequane.com/?p=519112024-03-09T23:35:37Z2024-03-09T23:35:37Zgo through probate. You can implement various estate planning strategies to avoid this court process, including the creation of at least one trust.
A trust is a separate legal entity
When you create a trust and fund it by transferring your assets to it, the trust assets are no longer considered part of your estate when you die. They legally belong to the trust and will be distributed to the beneficiaries per your instructions without going through probate. Trusts also offer other benefits beyond avoiding probate, such as privacy, more flexibility on how your assets are distributed and protection from creditors or other third parties.
Make informed estate planning decisions
You can choose from various types of trusts, including revocable living trusts, irrevocable trusts and testamentary trusts. Each type has its advantages and disadvantages, so it’s crucial to familiarize yourself with how they work before committing to any particular approach.
With all of this said, you’ll want to keep in mind that trusts are not the only estate planning tools available if you are looking to avoid probate. Learning more about your options and the potential implications to your estate can help you make the right decisions and avoid costly mistakes along the way.]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519102024-02-26T15:58:56Z2024-02-26T15:58:56Zironing out scheduling issues early can help everyone to avoid unnecessary tension and make plans according to agreed-upon approaches.
Why get started now?
Summer vacation often involves more intricate logistics than regular weekly parenting time arrangements. There might be travel plans, summer camps or special activities to consider that require booking and reservations well ahead of time.
Early planning helps to ensure that both parents have the opportunity to participate in these decisions and that any necessary arrangements can be made without the pressure of last-minute planning. This foresight can also lead to cost savings, as early bookings for flights, accommodations and activities often come at a lower price.
If you and your co-parent don’t already have a schedule detailed in your parenting plan, you’ll want to consider your child’s age, interests and whether they’ve been able to spend sufficient time with both parents when crafting your approach. Obviously, the logistics of each parent’s employment situation also need to be factored into any scheduling discussions.
If your child is old enough to have a say in how you and your co-parent craft your summer plans, consider allowing them to weigh in, at least to a degree that makes sense logistically and doesn’t interfere with either parent’s rights.
There is often a lot to unpack when it comes to making summer vacation plans as a co-parent. By getting started early, you can make decisions thoughtfully, without having to rush.]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519092024-02-10T19:20:46Z2024-02-10T19:20:46ZCalifornia law takes over unplanned estates
Someone preparing for their golden years or seeking to protect vulnerable family members can create estate planning documents that give very clear instructions and may empower certain people to handle certain responsibilities. Without those documents, state law determines what happens with an individual's property after their death.
Intestate succession laws specifically outline who has the right of inheritance when someone dies without a will. In California, there are community property laws. Therefore, someone's spouse has a very strong right of inheritance from their estate. If someone also has surviving children, their children may potentially inherit from their estate as well. Whether their spouse is also a parent to those children or not can influence how the California probate courts divide their estate.
Someone with no spouse but surviving children can expect that their children should inherit equally from their estate in most cases. If someone dies with neither a spouse nor surviving progeny, then other family members may inherit their property. The law allows grandparents, cousins and other relatives to inherit when someone doesn't have any closer surviving family members.
In many cases, intestate succession laws tackle probate matters with a broad-stroke approach. As such, those who would like to leave resources for someone other than their immediate family members, provide financial support for charitable causes or disinherit one of their children may need to prioritize creating valid estate planning paperwork before their incapacitation or death.]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519082024-02-08T22:46:19Z2024-02-08T22:46:19Zirrevocable trust are multifaceted. Understanding the ins and outs of these resources can help grantors decide whether these are an appropriate option that can suit their needs.
Asset protection and estate planning
Once an irrevocable trust is established, a grantor can’t easily alter or terminate the terms. As such, one of the primary advantages of an irrevocable trust is its ability to shield assets from potential creditors and legal judgments. Since the assets are legally owned by the trust and not by the grantor, they are typically beyond the reach of personal creditors.
This makes irrevocable trusts attractive for individuals seeking to protect their wealth and ensure it is passed on to their heirs. Irrevocable trusts can be designed to provide for the grantor's loved ones in specific ways, such as funding education or supporting a family member with special needs.
Tax benefits
The tax implications of irrevocable trusts are another significant benefit. By transferring assets into a trust, the grantor can minimize the burden of estate taxes, potentially saving the beneficiaries a considerable amount of money.
Impact on beneficiaries
Irrevocable trusts can profoundly impact the beneficiaries by providing a structured means of wealth transfer tailored to the grantor's wishes. These trusts can be set up to distribute assets in specific ways, at certain times or upon meeting certain conditions, offering control over how future generations use the assets.
They can be particularly beneficial in cases where a grantor wishes to instill specific values or better ensure that the wealth is used responsibly. Working with someone familiar with these trusts can be helpful to ensure that they’re set up to effectively further the grantor’s wishes.]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519062024-01-25T19:42:02Z2024-01-25T19:42:02ZIf you’re making an estate plan, you may find yourself wondering what to do with a vacation property. Maybe your family owns a cabin or a beachfront property that has been in the family for generations. How do you include this in your estate plan?
There certainly are options that you can use, but it is important to note that this can be complicated. Let’s look at some of the potential complications that may arise.
The impact of sentimental value
First and foremost, a vacation home can have a lot of sentimental value. People have fond memories of going there when they were younger or bringing their children on vacation. This can make people very emotional when trying to decide if they should sell the property or what should happen with it – but different beneficiaries may have different levels of sentimental connection.
There are different ways to transfer the property
Another complexity is just deciding how you want to transfer it to the next generation. Do you want to give it to multiple people directly so that they are co-owners? Do you want to put the vacation property in a trust? Are you interested in setting up an LLC to own the property and then giving your beneficiaries access? There are many options to consider.
It can be expensive
It’s also wise just to consider that disputes often arise due to financial expenses. Your beneficiaries and adult children may have never covered the costs of property insurance or maintenance and upkeep, even if the vacation home is entirely paid off. They need a plan to do this or it may not go smoothly.You need to address all of these areas when creating a comprehensive estate plan. Carefully consider the legal options at your disposal.]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519052024-01-11T17:20:29Z2024-01-11T17:20:29ZEstate planning often focuses on major assets that have a substantial amount of value. These may be purely financial, like a bank account, a retirement account or a life insurance policy. They may also be tangible, such as a small business, a family home or a vacation property.
But it’s also important to address sentimental items if you’re making an estate plan. These often lead to disputes, and they can be more difficult to sort out than more expensive assets.
Conflict between beneficiaries
To see how sentimental value can lead to conflicts, consider a situation where the parent who recently passed away had a specific item they liked to wear. Perhaps the main beneficiaries for an estate are three children, and they all would like their mother‘s favorite necklace. They remember her wearing it as children, it was very special to them, and they want to pass it down through the generations. They view it as a family heirloom.Since there is only one necklace, all three children cannot own it. It also may turn out that it has no real value – maybe it’s just costume jewelry. The children do not want to sell it for $50 and split up the money; they were never interested in the financial value. So how do they divide it? If they can’t split it up and they can’t sell it, two of the main tactics used during probate are not possible. This is what makes disputes over sentimental items so contentious and it is why families in this position need to carefully consider their legal options.]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519042023-12-30T01:51:59Z2023-12-30T01:51:59ZProbate expenses
The cost of attorney representation and time in court can add up to thousands of dollars. The more conflict there is around an estate, the more costs there may be to cover. Probate costs typically require payment before beneficiaries receive any assets from the estate.
Personal debts
Any financial obligations owed by the decedent could become the responsibility of their estate when they die. Credit cards, student loans and medical debts all typically require repayment before beneficiaries inherit from an estate.
Taxes
There are several kinds of taxes that impact an inheritance. Estate taxes are one concern. California doesn't collect an estate tax, but the federal government does. While estate taxes are only due when someone has millions of dollars in property when they die, there could be income taxes due during the probate process. The representative of the estate needs to cover tax obligations before distributing assets to beneficiaries.
Understanding the financial obligations that influence probate proceedings can help people understand what they could likely inherit after someone dies and what portion of a loved one’s estate is likely to be diminished due to outstanding obligations.]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519032023-12-18T16:35:48Z2023-12-18T16:35:48ZWhen you are ready to marry in California, you have a few options regarding your marriage license.
One is a public marriage license and the other is a confidential marriage license. Learn about each here.
The public marriage license
A public marriage license is California's most common type of marriage license. Here are some key points to know about it:
Public record: A public marriage license is a matter of public record, which means that anyone can access the information related to the marriage.This includes details like the names of the spouses, the date and location of the marriage and the names of the witnesses.
Age requirements: Both parties must be at least 18 years old to obtain a public marriage license without parental consent.
Waiting period: There is a mandatory waiting period of 90 days from the date the marriage license is issued before the marriage ceremony can take place.
Witnesses: You must have at least one witness present at your ceremony, and that witness must sign the marriage license.
The confidential marriage license
In contrast, a confidential marriage license offers a greater degree of privacy. Here's what you need to know:
Privacy: A confidential marriage license is not a matter of public record, which means that the details of the marriage are kept confidential.
Age requirements: To acquire a confidential marriage license without parental consent, both people must be 18 or older.
Waiting period: There is no mandatory waiting period for a confidential marriage license. Couples can marry immediately after obtaining it.
Witnesses: While having a witness present at the ceremony is not required, the marriage license can be signed by one witness if desired.
Purpose: Confidential marriage licenses are often chosen by couples who value privacy and want to keep their marriage details confidential.
The choice between a public and confidential marriage license in California depends on your preference for privacy and the need for a waiting period. Couples should carefully consider their priorities when making this decision.
]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519012023-12-09T01:37:57Z2023-12-09T01:37:57Zmanaging and protecting your assets.
Revocable living trust
A revocable living trust is a flexible estate planning tool that allows you to keep control over your assets during your lifetime. You can alter or revoke the trust as your circumstances or intentions change. This type of trust helps avoid probate, provides privacy and offers seamless asset management transition after your death.
Irrevocable trust
An irrevocable trust generally can’t be modified or revoked. It’s often used for asset protection and tax benefits. Assets placed in an irrevocable trust are typically removed from your taxable estate, which can be advantageous for estate tax planning.
Charitable trust
Charitable trusts are set up to benefit a charitable organization or cause. There are two main types: charitable remainder trusts and charitable lead trusts. Charitable remainder trusts provide income to the grantor or other beneficiaries for a period before the remainder goes to charity. Charitable lead trusts are set so the charity receives the income first before the remainder passes to your beneficiaries.
Special needs trust
A special needs trust is designed to provide financial support to a beneficiary with disabilities without affecting their eligibility for government benefits, such as Medicaid or Supplemental Security Income. This type of trust helps to ensure that a beneficiary can receive supplemental funds without jeopardizing their access to essential government assistance.
Testamentary trust
A testamentary trust only comes into effect after the grantor's death. This type of trust can be used to manage and protect assets for beneficiaries who are minors, financially inexperienced or need assistance in managing an inheritance. It allows for a degree of control over how and when the assets are distributed after death.
When considering a trust, evaluating your circumstances and objectives is essential. Seeking legal guidance can help you to determine which type(s) of trust best aligns with your estate planning strategy. Remember, the right trust can provide peace of mind and better ensure that your assets are managed and distributed according to your wishes.]]>On Behalf of Doyle Quanehttps://www.doylequane.com/?p=519002023-12-04T18:37:08Z2023-12-04T18:37:08ZGoing through a divorce is a significant life change that affects many areas of your life. Once the divorce decree is finalized, you must consider your estate plan. If you had one while married, it likely doesn’t contain the terms you want now.
There are a few points that you must pay close attention to when you’re reviewing the estate plan. While these aren’t comprehensive, they’re a good starting point.
1. Powers of attorney
Your spouse may have had powers of attorney for you while you were married, but you may not want that now. Drawing up new forms is critical so you can name someone to take over your finances and health care. Remember, the same person can do both, but you can choose a different person for each responsibility.
2. Assets listed in your will and trusts
Changing the estate plan before the divorce is finalized might be tempting. It’s best to wait until you know with 100% certainty what assets belong to you so you can include only those in your new estate plan. This alleviates the chance that you’ll have an asset listed that you don’t own.
3. Beneficiaries on financial accounts and life insurance
Double-check all your financial accounts and life insurance policies to ensure the beneficiary named on each is who you want those to go to when you die. Be sure to review checking and savings accounts because there’s likely a payable-on-death designation you’ll need to change now. Ultimately, a comprehensive estate plan must consider your circumstances and wishes. Working with someone familiar with these cases is beneficial to ensure everything is relayed appropriately. ]]>