Owners of rental real estate need to do some future planning to protect their income stream and pass it on to their heirs. Here are three tips to help you if you own property that you rent out to others. Protect Your Other Assets from the Rental’s Obligations Owning a rental property puts you at…
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Will Refinancing Your Home Change Your Estate Plan?
If you plan to refinance the mortgage on your house and already have an estate plan, you may need to make some changes. First, figure out who holds the title to your home. Then, determine if you want to transfer title to a trust or if you want to leave the home to particular heirs…
What Happens to Your Credit Cards After Your Death?
If you have bills and expenses that exceed your regular income, you may have some credit card debt. Debt often matters in estate planning when figuring out how to leave an inheritance to your relatives. Most debts do not go away when the borrowers pass away. For that reason, it is important to consider your…
What Happens to Your Student Loans After Your Death?
If you have significant student loans like many Californians, you may wonder if they will affect your estate planning. You probably have concerns about burdening your family members with loans if you are not around to pay them off. Federal Student Loans Those with federal student loans should know that the government discharges them when…
How the Birth of a Child Affects Your Estate Plan
For new parents, just getting out of the house can be a struggle, let alone getting to a lawyer’s office for a serious meeting. Take the time to schedule an appointment with your estate planning lawyer to update your estate plan when you have a new child. Incorporating your child into your estate plan is…
How a Marriage Affects Your Estate Plan
You just returned from your honeymoon, and you and your new husband or wife are filling out paperwork to change your last name. You suddenly realize that the will you wrote five years ago does not even mention your new spouse. Then you think about the payments from your grandparents’ trust that you receive each…
Preparing to Take Care of Your Aging Parents
When you are preparing to take care of your aging parents, your attention may be on the practical questions and not on the legal ones. Figuring out your parents’ estate plan and future legal needs should take priority after you sort out immediate personal needs. Their estate planning may directly affect their future care and…
Could Creditors Access the Money in Your Trust?
If you are starting a trust, one of your motivations may be to protect trust assets from creditor claims. You should know that creditors can access money in a trust in two different situations. You Have a Revocable Trust or You Benefit from a Spendthrift Trust When your trust is “revocable”, you have some control…
Designating an Emergency Guardian for Your Children
Planning for a time when you are not able to care for your children may not be the first thing on your mind while you are juggling kids and the rest of your life. Make sure that you take the time to find someone who can take care of them if you cannot. Emergencies happen,…
Leaving a Vacation Home or Second Home to Your Relatives
When you own a vacation home or second home, you may want to keep it in the family by leaving it to your relatives. To make this happen in the least expensive and most efficient way, you should do some estate planning now. First figure out who owns the home now, and then determine (with…
Should Your Estate Plan Change After You Receive a Personal Injury Settlement?
After you receive a personal injury settlement, you should take a second look at your estate plan. While being injured in an accident is often painful and life-disrupting, you may receive money in settlement of your legal claims against the people who caused the accident. This money can help you pay for medical bills and…
How Will a Reverse Mortgage Affect Your Estate Planning?
If you are considering taking out a reverse mortgage on your home, keep in mind that it will affect your estate planning in a few ways. Reverse mortgages allow people age 62 or older to take advantage of the equity in their homes and pay for retirement expenses. They act as a loan of the…
