When a loved one passes away an executor is responsible for settling their estate, according to the terms of their will or trust. This includes the distribution of assets to the proper beneficiaries, although assets can also be placed in a trust for a beneficiary. All debts, expenses and estate taxes must be paid before a beneficiary can receive any assets, including money. The executor is bound to follow the […]
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Finish this sentence: “If I had a billion dollars, I’d drive a ______.” Did you say Lamborghini, Rolls Royce or Ferrari? Why not? With that kind of money, you could certainly afford to buy expensive, luxury vehicles. That said, it may surprise you to hear that some people who can afford any car they want are driving around in average, affordable vehicles. A recent survey among the world’s millionaires and […]
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We are all familiar with the old adage, “money can’t buy you happiness,” but there is a common misperception that the ultra wealthy are satisfied spending their lives making and counting their millions. This couldn’t be further from the truth. A recent study published by Wealth-X examined the interests, passions, and hobbies that highnet-worth individuals (HNWI) enjoyed most when they were not busy working. The study revealed that though there […]
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One of the greatest joys in life is becoming a grandparent. When your adult children start having kids of their own, you will quickly realize that spending time with their babies is a lot more fun than being the one with the child-rearing responsibilities. That said, most grandparents still want to help in any way they can by spending time with their grandkids and/or saving money for their future. Every […]
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If you are a grandparent, you know the joys only grandchildren can bring. Giving money to your grandchildren seems only natural, whether it is a crisp twenty in a birthday card or a crumpled five for ice cream. However, what about a living trust? Though deciding to secure your grandchildren’s future by leaving them your assets is a noble endeavor, you are certainly being very noble, but what you’ve set […]
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In many estate plans, the total amount of inheritance will be collected by beneficiaries upon the trustor’s death. In high-asset estate plans, however, this is not always wise. Here are three types of alternatives to consider regarding distribution methods for your estate plan. Age This is one of the most common types of alternate distribution methods used in estate planning. Instead of a beneficiary inheriting assets all at once, inheritance […]
Continue readingEvery business relies on digital accounts in daily operations in one way or another. As the owner of a company, you depend on a bank, bill payment, and other online financial accounts. But what happens if you become incapacitated or pass away? Suddenly, the business that you have worked to build over the years is thrown into a place of limbo in your absence. Your company ceases operations as they […]
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Dear Friends, Colleagues, and Clients: Have you wondered when you should discuss your family wealth with your children? Does the idea of such a discussion feel like a dark cloud hanging over you? Luckily enough, it doesn’t have to! Take a look at our brochure and find out when breaking down the details will be most effective: Beneficiary Brochure
Continue readingIn California, real property is reassessed at market value if it is sold or transferred. If the property has been in the family for a long time, the resulting tax hike can be dramatic. Thanks to two voter-approved constitutional amendments, property transferred between parents and children, or grandparents and grandchildren if both parents are dead, do not have to be reassessed and the property tax increase will be minimal – […]
Continue readingMany clients come to our office with uncertainties when it comes to final distributions. One of those uncertainties surrounds the concept of unequal shares and exclusions. Under what circumstances can beneficiaries be excluded? Can beneficiaries challenge your plan? Reasons For Unequal Shares And Exclusions Not all people disinherit beneficiaries or reduce shares as a form of punishment. In fact, there are often valid reasons some do so, including: Special needs […]
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