Newman Law Group

August 2017 Archives

Future goals covered with inclusive estate planning

When considering end-of-life plans, a person should not limit themselves to simply making a will. One's future goals and well-being depend on other types of estate planning documents also. In fact, a will can be considered a document made for other people, but powers of attorney, advance directives and revocable living trusts are focused on ensuring that the individual's needs are being met. California residents may find some relief when planning for the future when armed with this information. 

Trusts aid in reducing estate taxes

As the old adage goes, there are only two constants in life -- death and taxes. Luckily, folks who understand this fact can look to the future and plan for both. Recent changes to the tax exempt income threshold have already helped many in California with reducing estate taxes. Strategic choices about gifting and distributing assets can help others to pay less tax.

Revocable trusts: Another way to transfer assets

When people think of passing on and leaving their legacy behind to their heirs, they usually think of wills. But a trust is another way for individuals to transfer assets. Revocable trusts allow the maker to change the terms of the trust as well. A trust, properly established, allows a person a few extra advantages over using a will. Recently, one author shared some of those advantages in a news article that individuals in California may find interesting. 

A checklist can help with estate administration

Many people hold to the philosophy that it is easier to manage a task when it is broken down into manageable chunks. An estate administration checklist can serve the task of helping a person break down the larger task of estate planning into tasks that are more readily achieved. A person can choose not to be overwhelmed by estate planning once he or she is familiar with all the parts, and additionally may choose to reach out for help. Persons in California who are considering how to manage their estate may benefit from the following information. 

Power of attorney an important tool to help adult children

Parents want to ensure that they are able to provide their child with the best assistance and care that they can attain. Sending the child away to college, parents may think that providing school supplies and a stipend will cover everything, but issues can spring up that call for another type of support, the durable power of attorney. By having a power of attorney in place for their 18-year-old child, parents in California can intervene and offer support during a medical emergency or a financial issue.