Understanding FDIC Coverage on Trust Accounts: A Crucial Aspect of Estate Planning
When it comes to estate planning, ensuring the protection and distribution of assets is paramount. Trusts are a popular tool utilized to safeguard assets and dictate their allocation according to the grantor's wishes. However, understanding the nuances of Federal Deposit Insurance Corporation (FDIC) coverage on trust accounts is crucial to safeguarding these assets for beneficiaries. At Botti & Morison Estate Planning Attorneys, we recognize the importance of comprehensive estate planning, which includes navigating the complexities of FDIC coverage. In this blog post, we'll delve into the critical aspects of FDIC coverage on trust accounts and how it impacts estate planning ... Read More
Advance Dementia Directives – A Crucial Element in Estate Planning
In the realm of estate planning, it's essential to consider not only the distribution of assets but also the potential challenges that may arise in the later stages of life. One such challenge is dementia, a progressive condition that can significantly impact an individual's ability to make decisions. At Botti & Morison, we understand the importance of addressing these concerns proactively. We provide our clients with a cutting-edge, state-of-the-art Advance Dementia Directive in addition to an Advance Health Care Directive. They are two critical but separate and distinct custom-drafted legal documents. Our Advance Dementia Directive is a powerful tool that ... Read More
A Comprehensive Estate Plan Is Necessary to Make Sure Your Final Wishes Are Carried Out
To be sure your final end-of-life wishes are followed; you must prepare a comprehensive estate plan. Many put off making these plans thinking there is always time. The sad reality is that none of us are guaranteed time. Others may be bothered by the thought of death itself and allow this to paralyze them when it comes to making plans and getting their affairs in order for the end of life. However, most of these same people have wishes and thoughts about where and to whom their assets are distributed. Many of them also have ideas about what they do ... Read More
Factors to Consider When Including a Vacation Home in Your Estate Planning
A vacation home is a place where families enjoy their time together. Sharing time and creating memories is the hallmark of such properties, and often there is a desire to preserve the home's ownership within the family system for generations to come. Yet, even seemingly harmonious families can experience discord and exasperation when parents are no longer alive to mediate conflicts. Creating a plan around your family vacation home can avoid later disputes and a potentially forced sale of a beloved property. The Value of a Family Vacation Home Statistics show that over eighty percent of vacation homes, cottages, and ... Read More
How to Eliminate Unexpected Medical Bills
A medical emergency is hard enough, but the pain may only worsen when huge bills arrive. Even if you have insurance. So how does one go about eliminating unexpected medical bills? Well, here’s how. No Surprises Act A federal law called the “No Surprises Act,” effective January of 2022, banned “surprise billing” or “balance billing.” Before the law passed, specialists like anesthesiologists could set their fees independently of the agreed-to costs between an insurer and a facility within the approved insurance network. Now, specialists’ fees will no longer land on patients receiving treatment from out-of-network specialists at in-network hospitals. Patients ... Read More
Things to Know About Estate Planning
The law describes estate planning as legal documents summarizing the property a person owns and how to distribute these assets when deceased. Property ownership includes individual as well as jointly owned bank accounts, stocks and bonds, retirement accounts, real estate, jewelry, vehicles, your online digital footprint, and even pets. Short of being utterly destitute, you have an estate, and planning for it helps to protect yourself, your family, and your loved ones. According to Caring.com, fewer Americans than ever are engaging in estate planning. The number of adults who have a will or other types of estate planning documents has ... Read More
Assemble the Right Group of Professionals to Prepare a Comprehensive Estate Plan
As complex as estate planning can be, it is vital to gather the right professionals to give you the best advice when preparing your estate plan. Aside from an estate planning attorney, who often specializes in elder law, you may need the services of a certified public accountant (CPA) and possibly even an insurance specialist if you have a large estate or own a business. Some estates may be large enough even to require valuation experts and trust services. Your elder law estate planning attorney understands the array of qualified information needed to create a sound estate plan. Procrastination – ... Read More
Navigating the Shifting Landscape of Estate and Inheritance Taxes: A Yearly Odyssey
Estate and inheritance taxes have long been a complex and ever-evolving aspect of financial planning. What might have been a sound strategy one year may be rendered obsolete the next, thanks to changes in federal and state tax laws. In this blog post, we'll explore the dynamic nature of estate and inheritance taxes, including how they can change yearly, the impact of retroactive estate tax laws, and the importance of staying informed to navigate this intricate landscape. The Ever-Changing Landscape States in the U.S. retain the authority to set their own estate and inheritance tax laws, leading to a patchwork ... Read More
Is Your Estate Plan Updated for the New Year?
You should check your estate planning documents every so often, to make sure they’re still good, especially with big life changes like births, marriages, divorces, and moving to another state. Children grow up, marriages dissolve, property gets sold, residences change and laws change. It is critical that your estate planning documents are Long-Term Care Compliant so that you are in a position to successfully navigate a health care crisis without destroying your nest egg. That’s why we recommend that you consult us for an estate plan check-up every five years or so. What Happens If You Retire in Another State? ... Read More
Retirement Planning Considerations for Gen Xers
Retirement planning is becoming a more urgent matter for Gen Xers (born between 1965 - 1980) as they enter their 40s, 50s, and 60s. There are many things to consider, including finances, investments, insurance policies, legal & estate planning documents, living arrangements, and healthcare. It is advisable to make a detailed checklist within these categories and take action on each item. Meeting with an attorney can help you establish overall goals for your retirement and legacy planning while ensuring the steps you take will lead you to retirement success. With regards to longevity, things may not be what they seem ... Read More
Navigating Estate Plans Across State Lines
When it comes to estate planning, life's changes can sometimes lead to questions about the validity of your plans. One common situation that raises concerns is relocating to a different state. If you find yourself in this scenario, you might wonder if your estate plan remains valid. In this article, we'll explore the factors to consider when evaluating the status of your estate plan after moving out of California. Understanding Estate Plans An estate plan is a comprehensive set of legal documents detailing how your assets and affairs should be managed and distributed upon passing. This typically includes documents such ... Read More
Six Important Questions When Planning for Retirement
Almost everyone dreams of retiring one day. Planning for retirement can be done no matter your age, but experts encourage people to start as early as possible. Retirement planning can seem daunting for many people as they focus on day-to-day financial obligations. Many people have no idea where to start. Below are six simple questions that can help people of any age plan for retirement. What does retirement look like to you? This is an essential question to ask when planning for retirement. Begin by jotting down your ideas and if you’re married, include your spouse’s ideas for retirement. Maybe ... Read More
