Marital property in community property states is owned by both spouses equally, according to nj.com’s recent article, “Does this house really become community property after marriage?” Let’s imagine you own a home before your second marriage and created a will leaving the condo to a child. However, you sold the home and purchased another house in your name using funds from the sale and your own funds. Does your new spouse own half the house, even though it’s in your name beca

Living Trusts have become an extremely popular estate planning tool, and for good reason. After all, a properly drafted and funded living trust can avoid probate, keep your affairs private, and greatly simplify what happens when someone dies or becomes incapacitated. The unfortunate part about living trusts is that they can sometimes feel difficult to understand and comprehend. Forbes’s recent article, “A Beginner’s Guide To Reading A Trust,” says that as much as attorneys ha

There are many reasons to have a Living Trust. Living trusts (also called revocable trusts and revocable living trusts) are a great estate planning option for people who own real estate or any significant investments, for those with more complicated family situations (including concerns of an heir who may challenge their estate plan), those with concerns of diminished capacity in later years, or those who simply value privacy over their affairs and want to ensure a smooth and

Estate planning is a very personal process. If you’re childless, it’s actually much more important to have an estate plan than you might realize. When a person has no children or close relatives (other than perhaps a spouse), the decisions needed to create an estate plan can be overwhelming. Kiplinger’s recent article, “No Children? Why You Still Need an Estate Plan,” provides some ideas: Incapacity Planning Documents Everyone should have an advance healthcare directive and a

Estate planning is something new parents need to put at the top of their must do list. I know you may be sleep-deprived, overwhelmed, and frazzled. But don’t let that become an excuse to put off your estate planning. Having a child dramatically changes one’s estate plan and makes having that plan all the more necessary, says ThinkAdvisor’s recent article, “5 Legacy Planning Basics for New Parents.” Create a checklist—and set attainable dates to complete the items. Here are fi

If you own a gun or are a gun collector, although you likely have heard the term “gun trust,” you may not know what it is, how it works or how it can be of use in an estate plan. Kiplinger’s recent article, “Own a Gun? Careful: You Might Need a Gun Trust,” explains that a gun trust is the common name for a revocable or irrevocable trust that’s created to take title to firearms. Revocable trusts are used most often, because they can be changed during the lifetime of person who

Updating your estate plan after a divorce should be at the top of your must do list. Forbes’ recent article, “9 Things You Need To Know About Estate Planning After Divorce” suggests that, if your divorce was finalized in 2018, prior to the effective date of the new rules providing that alimony is no longer tax deductible, it’s time to revise your estate plan. It’s also good idea for those people who divorced in prior years and never updated their estate plans. Let’s look at s

I’m a huge believer in life insurance. For me personally, being properly insured is a top priority, and I suggest the same to many of my clients, particularly those who don’t have an abundance of liquid assets available or who simply value certainty. I have several farming clients in the Central Valley.  For their families, they often use life insurance to help with the transition from one farming generation to another. If this move is done correctly with life insurance, it p