Estate Planning Archives - Page 2 of 4

Estate Planning

Why The Need to Plan?

Estate planning attorneys often times run into situations where clients undermine the importance of having an estate plan. After the Tax Cuts and Jobs Acts (“TCJA”) was passed, the estate tax exemption nearly doubled to $11.18 million for single individuals and $22.36 million for those that are married. Due to the immense increase in the exemption, the market for secession planning has encountered a short decline. However, planning is necessary so that your best interests are adhered to in the event you’re unable to adhere to them yourself.

Kathrine Karimi September 29, 2020

Trusts & Estates

What is a Living Will?

A living will is a legally binding document that explains an individual’s personal choices about end-of-life medical care in cases where they become incapacitated and can no longer make decisions for themselves. For example, the living will would state whether an individual would want to be kept alive through life support or whether they would not like to receive any life support, including artificial nutrition and hydration.

Kathrine Karimi June 25, 2020

Trusts & Estates

How do I Donate my Organs as part of my Estate Plan?

When preparing your estate plan, not only can you provide directives as to the administration of your estate, but you can also give instructions as to what will happen to your body after you pass away. Providing such instructions yourself would save your family from conflict over what should be done with your body and how you would have wanted to be buried.

Kathrine Karimi May 26, 2020

Estate Planning

Can you Revoke or Amend a Trust?

Trusts allow a third party, or trustee, of your choosing, to hold assets on behalf of a beneficiary or beneficiaries. One of the great factors of a trust, is that trusts tend to avoid probate. Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process for your loved ones.

Kathrine Karimi March 13, 2020

Estate Planning

Kobe Bryant and The Importance of Estate Planning

Unfortunately, the passing of a young and healthy individual like Bryant occurs more often than one would like to acknowledge and does not make headline news. When these ill-fated events take place, families are often left to mourn the death of a loved one while also navigating the complexities of administering an estate that was not properly planned.

Kathrine Karimi February 14, 2020

Estate Planning

What is a GRAT?

GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.

Kathrine Karimi January 10, 2020

Estate Planning

How Should you Handle Car Ownership in Estate Planning?

Car ownership should always be considered when thinking of estate planning. There are different options to how a person should approach dealing with their vehicle and an estate plan.

Kathrine Karimi January 10, 2020

Estate Planning

What Happens to a Car Lease After the Car Lessee’s Death?

Often times, payments still need to be made and the payments become the responsibility of the deceased car lessee’s estate. Sometimes car dealerships will negotiate with the personal representative of the deceased’s estate and may be able to transfer the remaining lease to another person.

Kathrine Karimi January 9, 2020

Estate Planning

Is an Executor the same as a Personal Representative?

The personal representative you appoint will be the person in charge of handling your estate once you pass. This individual has vast responsibilities and powers; therefore, your personal representative should be someone that you trust.

Kathrine Karimi January 9, 2020

Estate Planning

What are the Consequences of not Having a Will?

What happens if you do not have a will or your will is not valid? In these cases, the state declares the individual to have died “intestate,” and your property follows a chain of succession to determine the owner.

Kathrine Karimi January 3, 2020

Estate Planning

Why The Need to Plan?

What is a Living Will?

How do I Donate my Organs as part of my Estate Plan?

Can you Revoke or Amend a Trust?

Kobe Bryant and The Importance of Estate Planning

What is a GRAT?

How Should you Handle Car Ownership in Estate Planning?

What Happens to a Car Lease After the Car Lessee’s Death?

Is an Executor the same as a Personal Representative?

What are the Consequences of not Having a Will?

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