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Estate Planning Archives

Administration Costs of Prince's Estate Exceed $2 Million

Since our last update on the debacle surrounding the administration of Prince's estate, many news agencies have highlighted the astronomical costs incurred as a result of his lack of estate planning (as well as other disputed aspects of the estate, including the determination of Prince's legal heirs).

Proper Estate Planning Includes Funding Your Revocable Trust

Funding your revocable trust is vital to proper estate planning. Failure to do so may result in a rocky road in the years to come. For example, in one recent appellate case, Carne v. Worthington, the court considered whether the trustor had transferred real property from trust he created in 1985 into a newer trust that he created in 2009.

Prince Died Without a Will - So What?

In the wake of the death of famed musician Prince, you may have seen media reports discussing his lack of estate planning. According to a recent probate court filing, Prince's sister, Tyka Nelson, requested that a special estate trustee be appointed to oversee the distribution of her late brother's assets in light of Prince having no will or other estate planning instrument. You may think that estate plans are for the ultra-wealthy, but that is simply not the case.

Who are the parties to a revocable living trust?

With many people's familiarity with terms such as "executor" or "personal representative," clients are often confused when we discuss a revocable trust as an estate planning instrument and they hear new terms such as "trustor", "trustee", and "beneficiary." Below we are going to discuss these different parties to the revocable trust and explain their individual roles.

Can Proper Estate Planning Save Money in the Long-Run?

A revocable trust is an estate planning instrument (1) created by a Settlor (2) during his or her lifetime, and (3) funded during his or her lifetime with the bulk of the Settlor's assets (4) for the purposes of avoiding probate. Although there are certainly other purposes of a revocable trust, many of our clients opt for a revocable trust in order to avoid probate and save the cost/time associated with that court-supervised process.

When Should I Have an Estate Plan Prepared?

As a general rule, there is never a bad time to have an estate plan prepared; however, the old adage "the earlier the better" certainly rings true in the estate planning context. Many people believe that estate planning is only appropriate for the very old or the very rich but this is not the case! Estate planning is a good idea for people of every walk of life - young, old, rich, or poor. Importantly, estate plans are designed to protect yourself, your assets, and most importantly, your loved ones. Although estate plans will come in different shapes and sizes based on your financial goals and family needs, there are several major life circumstances that should jumpstart a conversation regarding the preparation of an estate plan.

I've Finalized My Estate Plan - Now What?

After the lengthy estate planning process has finally been completed, clients are often ready to move on to greener pastures; however, this can prove to be a costly mistake. One of the most important post-formalization steps is placing the original estate planning documents in a place where they can be found when they are needed.

What is "Funding the Trust" and Why is it Important?

After an individual's death, assets titled in the decedent's (the deceased individual) name must go through probate (a process in which the court supervises the distribution of the deceased's assets). By properly forming and "funding" your revocable trust, formal probate proceedings can potentially be avoided.

Does your Health Care Directive provide HIPAA Authorization?

Does your Advance Health Care Directive provide HIPAA Authorization? An Advance Health Care Directive is an imperative part of your estate plan. It authorizes an individual of your choice to make health care decisions for you if you are incapacitated or too ill to make your own decisions. The intent is also for that individual, as your health care agent, to be able to access your health care records or communicate on your behalf regarding your health care information.

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The Loftin Firm, P.C.
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Carlsbad, California 92008-4713

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Phone: 760-814-9649
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