Tuesday, February 20, 2018

Do I Need a Will?


You can't take it with you. Unless you plan on living forever, there will eventually be a need to divide your property amongst the relatives and loved ones you leave behind. By having a will, you determine who gets what. Without one, the law will do it for you by the operation of statutes. Many people believe that they are not wealthy enough to need a Will. But if you own property that is titled (a car or house), after your death, those items cannot be transferred without opening an estate. If you don't have a Will, the cost of processing your estate goes up significantly.

When a person dies and leaves property behind, that property is known as an estate. In order to transfer ownership of the property in the estate from the deceased to surviving heirs, the estate must go through the probate process. A Will not only identifies who will inherit the property, but names an executor to administer the estate. Without a Will, not only will statutes determine who gets your property, but the court will have to appoint and administrator to handle the estate. This is a costly process.

The most obvious benefit to having a Will is controlling what property passes to which heir. This is important if there are pieces of personal property that you want to go to a specific loved one for sentimental or other reasons. A Will also allows you to place conditions on the bequest, such as that the heir complete higher education or attain a certain age, before receiving his or her inheritance.

If these benefits of having a Will are not enough to convince you to take action, then consider those who you are leaving behind. A Will invariably makes the probate process smoother and easier for the survivors. In addition to controlling exactly where the property goes, a Will names the person or persons who will "execute" the estate, meaning the person who will gather the property and distribute it to the named heirs. This is often no small undertaking - it can involve selling stock, closing and consolidating bank accounts, liquidating assets, and more. In drafting a will, you should be sure to select an executor who has knowledge of the property in your estate and the competence and willingness to perform the job, all of which makes for a more efficient probate process. Without a Will, the court must appoint an administrator (obviously not of your choosing) to perform these tasks. Unfortunately, this is more costly and can lead to disagreements amongst family members.

Article Source: http://EzineArticles.com/?expert=John_Aitchison

Article Source: http://EzineArticles.com/9079586

Monday, February 19, 2018

Sunday, February 18, 2018

Incorporation and LLC's - By the People



Rene of By the People Document Preparation Service in Fairfield CA talks briefly about the basic differences between Inc. and LLC, and the benefits and features of each. Give Rene or Tammy a call at 707-428-9871 with any questions you may have so they can help you get the right product for your business.

See more at http://www.bythepeopleca.com

Saturday, February 17, 2018

Estate Planning - More Than Just A Legal Will


When people think of Estate Planning, they generally think of legal wills. Estate planning is not just a will, although it does involve writing one. Rather, it's a series of legal steps that involves allowing your beneficiaries to avoid probate and minimize the taxes incurred, and for you to write a living will in which you nominate trusted associates who would assume power of attorney and executor status should you be incapacitated or die. Estate planning also allows you more direct control over how your assets will be treated when you're gone.

One of the most important parts of any estate plan are measures to avoid too much of the estate's worth being lost to taxes. In the United State and abroad, dying can attract a number of specific taxes from both State and Federal governments, like death tax and estate tax. The simplest way to minimize estate tax is to name recipients of funds or assets from your estate in your legal will, specifying that a certain amount should be given as a gift. Provided your lifetime tax-free gift threshold of $1 million is not exceeded, these portions cannot attract any taxation.

An important part of any estate plan is the inclusion of a living will. A living will is not usually considered a legally binding document, however, it is given consideration if you are ever incapacitated and left unable to carry out your legal rights, or make decisions. While the living will itself may not carry much weight, you can nominate someone to assume your enduring power of attorney (EPA). If you are unable to exercise the living will as a legally binding decision, your enduring power of attorney can only be challenged by a court.

The will itself is the most important part of any estate plan. If you should die without writing a will, the specific laws of your state will determine how your assets will be divided following probate. Additionally, with no prior planning of where the assets should go on the event of your death, your estate is likely to be taxed the maximum possible amount. Where no will is present, the spouse is likely to keep one third of the value of the estate with the remainder to be distributed evenly among children.

An estate plan enables you to stipulate, for instance, that if your children receive an inheritance, the property is given to them personally and not, for example, to the child's spouse. Should your child ever divorce, then the value of any inheritance received would not have to be shared in any divorce settlement, as it would not be a shared asset of that marriage.

One of the more important aspects of estate planning is the protection it can provide your assets. Typically, after a person passes away their family sells the assets that were left to them and divides the proceeds among themselves. If, however, you have a company or significant property holdings, you may wish to prevent the breakup of any of these assets, judging them to have more value whole compared with their value after being broken up.

Estate planning allows very specific instructions for how such assets should be treated if you wish to prevent this asset division from happening. For example, you can specify in your will that you require that your business be run by a family trust whose members and membership requirements you specify. It is not uncommon for people to wish to leave behind some legacy when they've gone, and the establishment of a family trust to ensure your assets are managed properly by a family member is a good way of ensuring it.

Another common request made is for a trust fund to be established as a scholarship fund or similar. Again, with a proper estate plan, it is possible for a benefactor to specify who a scholarship fund is for, and who is allowed to sit on any board or committee it relies on to pick a recipient.

Estate planning is the method by which specific instructions may be given in advance on how to manage your affairs should you become incapacitated or die. Estate planning represents the best way of protecting your assets from the whims of financially irresponsible relatives, excessive government taxation, and dissolution of your assets by the normal laws of succession in the state or country concerned.


Article Source: http://EzineArticles.com/?expert=Andrew_Stratton

Article Source: http://EzineArticles.com/590779

Wednesday, February 14, 2018

What Happens During Probate



Probate is the court process that determines whether your will is legally valid. The probate court is also where your estate is officially distributed to your creditors and the beneficiaries under your will. Depending on the value and complexity of your estate, the probate process can take several months .... or it may be eligible for a simplified process.

Tuesday, February 13, 2018

The Importance of a Healthcare Proxy and Living Will


A living will is a legal document that describes your end of life wishes. You create it when you are alive, but it does not become valid until you are in an end of life situation. With a living will your agent(s) have final decision, but it should be made with medical doctors and other healthcare officials to be sure you are given the correct prognosis and so that your agents can make the right decision. You should give a copy of your living will and healthcare proxy to your local hospital, doctor, nursing facility or hospice care agency.


Function

The living will covers common decisions your loved ones can make when you are near to dying. You have the choice to fill out the form in whatever fashion you like. Choices can be made regarding keeping you alive by machines, being kept on a feeding tube with no hope of recovery, being in a persistent vegetative state and more.

Features

Living wills are available online and can be obtained for free. You need not pay for a living will to be drafted. Each state has its own differences so be sure you use the one for your state.

Once completed, the form should be signed in the presence of two witnesses. The witnesses sign the document and attest that you signed of your own free will and that they are not your appointed health care agents or proxies. Some states do not allow relatives or people responsible for make medical decisions to be witnesses.

In your living will, you will designate someone who will be your proxy or agent. This person will be the one you choose to carry out the details of the document. Choose a family member who understands your wishes and has agreed to see that they are carried out. Do not choose a doctor or any employee of a hospital or institution that is treating you at the time it is executed. You can change your agent or proxy, but be sure that whoever got the original one has the new one replaced. The same applies to other changes to the document.

Most people don't like thinking about these things, however they are extremely important. You don't know when you will be in a situation in which this document will be needed. Be sure to complete it now before you can't. Consider all of the possibilities there are regarding your last wishes medically. There are certain powers given to your agent(s). Here are some general rules:

• "Full power to consent, refuse consent, or withdraw consent to all medical, surgical, hospital and related health care treatments and procedures on my behalf, according to my wishes as stated in this document, or as stated in a separate Living Will, Health Care Directive, or other similar type document, or as expressed to my agent by me;"
• "Full power to make decisions on whether to provide, withhold, or withdraw artificial nutrition and hydration on my behalf, according to my wishes as stated in this document, or as stated in a separate Living Will, Health Care Directive, or other similar type document, or as expressed to my agent by me;"
• "Full power to review and receive any information regarding my physical or mental health, including medical and hospital records, in accordance with the Health Insurance Portability and Accountability Act of 1996, 42 USC 1320d ("HIPAA");"

• "Full power to sign any releases in order to obtain this information;"
• "Full power to sign any documents required to request, withdraw, or refuse treatment or to be released or transferred to another medical facility."

Your document should contain sections covering the following situations:

1. "If I have an incurable and irreversible (terminal) condition that will result in my death within a relatively short time, I direct that... "

2. "If I am diagnosed as being in an irreversible coma and, to a reasonable degree of medical certainty, I will not regain consciousness, I direct that... "

3. "If I am diagnosed as being in a persistent vegetative state and, to a reasonable degree of medical certainty, I will not regain consciousness, I direct that... "

You are able to decide which choices can be made.

Other areas to be covered include:

• Intravenous and Tube Feeding
• Life Sustaining Surgery
• New Medical Developments
• Other Non-Conventional Treatments
• Home or Hospital

Benefits

A living will gives you the power to choose how you would like to be cared for in the days leading to your death. It also removes some of the burden from your family when they know that they are following your wishes.

Don't fail to prepare this document. As has been stated herein already, you don't know when you will be in a situation in which this document will be needed.


Article Source: http://EzineArticles.com/?expert=David_G_Komatz

Article Source: http://EzineArticles.com/7695454

Monday, February 12, 2018

Understanding the Difference Between a Will and a Living Trust


When planning for the future of your children as you get older, there are a few options on how to pass on your assets such as property, life insurance, stocks, etc. The two major ways of stating and distributing your assets after your passing is with a living trust or will. When you hear the words trust fund or wills, it refers to estate planning. Although there are different trusts out there, the main one I will focus on is a living trust.

Will

A will is a document that is created to help distribute assets and properties to a beneficiary after one passes away. With a will, it will be submitted through a probate process, which is a court process. In this process, the courts will validate the will and ensure that all the instructions are followed properly while also repaying any creditors. The downfall to a will is that it becomes public so anyone can see the distribution of your assets to your selected beneficiaries. On top of not having privacy, it could take several months to even years for the court to sort everything out!

Living Trust

A living trust is a legal document that states three parties: Grantor/Trustor, Trustee, and Beneficiaries. The grantor/trustor is the individual or couple who establishes/creates the trust. The trustee is the person nominated to be in control of the trusts assets. In many cases, the trustee is the same as the grantor/trustor. Beneficiaries are those at the receiving end who will benefit from the trust. A trust is beneficial to most people who have property worth $100,000+ and/or those who have large amounts of assets. In certain states, properties at $100,000+ can be subject to legal fees in the probate process. With a living trust, it bypasses the whole probate process and all assets can be immediately accessed by the beneficiaries. As opposed to a will, a living trust is private so it does not go through a probate process, therefore it is NOT a public record. Things that can be listed in a living trust include: stocks, bonds, real estate, life insurance, personal property, etc.

A trust is beneficial for estate planning for those who have large amounts of assets. By establishing a specific living trust known as an A-B Trust, an individual can reduce the amount of taxes paid significantly. For example, in 2012, the current estate tax is $5.12M with a cap at 35% over the $5.12M. In an A-B Trust with a couple passing their assets to their one kid, they would designate half the fund to the surviving spouse and the other half to the kid. The surviving spouse and the kid will then each receive a tax break of $5.12M giving a sheltered total of $10.24M from estate taxes. When the surviving spouse passes, then his/her half is giving to the kid who is then subject to another $5.12M tax break. Unlike a trust, a will however will be only have a tax break of $5.12M.

Conclusion

When comparing the differences of having a last will versus a living trust, it shows that the trust comes out on top. A trust will help to give privacy, immediate access to assets from beneficiaries, AND tax breaks. For those who are near the age of deciding what to pass on to their children or know someone in that situation, help them understand the difference of the two and sway them toward a living trust if feasible!

Article Source: http://EzineArticles.com/?expert=Jonathan_R_Wong

Article Source: http://EzineArticles.com/7378430

Saturday, February 10, 2018

Top 6 Most Frequently Asked Questions in Expunging Your DUI Conviction Records in California


Like most states in US, California too allows you to expunge your DUI conviction record. Expunging your DUI conviction record will help you get rid of all the problems resulting from your offense and make you to experience the life like before. Regardless of whether your offense is misdemeanor or felony, they can usually be expunged. Following are the FAQ's which are sure to provide you an insight about expunging your DUI records in California:

What is expungement?

Expungement means sealing your DUI conviction record which practically means giving petition to the court to expunge your record and the court replaces your plea as not guilty and then dismisses your case. So when applying for a job or under any other circumstances you need not have to disclose that you have been convicted.

Who Is Eligible For expungement in California?

You are eligible for expungement:

  • if you are a first DUI offender who has only one charge for either a misdemeanor or felony
  • a year has passed since conviction
  • if you have completed probation successfully and not on probation for another offense
  • have no charges pending
  • have paid all the fines ordered by the court
How much does it cost to file for expungement? 

It costs between $50 and $80 to file for expunging your record. 

Will they need my presence at the court? 

No, your expungement lawyer can do it for you. 

What will I benefit from expunging my DUI conviction record? 

There are a lot you will benefit from expunging your record such as employment, licensing etc,. 

What expungement won't do? 

Your expunged case can still be used for increasing your punishment when you again caught up for a DUI or other criminal cases.

Article Source: http://EzineArticles.com/?expert=Jennifer_Mann

Article Source: http://EzineArticles.com/864825

Friday, February 9, 2018

Separation vs Divorce


Are you unsure about the future of your marriage? Here are some tips to help you explore the difference between separation and divorce.

Thursday, February 8, 2018

Uncontested Divorce Made Affordable - By the People



Divorce is probably never easy, but it doesn't have to be expensive. Rene of By the People in Fairfield CA talks briefly about help with uncontested divorces with our without children. Rene or Tammy will be happy to answer all your questions. Call them at 707-428-9871 and you can visit the website at http://bythepeopleca.com