In this post-subprime mortgage crisis world, many people are starting all over, and plenty of those people borrowed from themselves, and restoring funds in 401(k)s, IRAs, and other sources like mutual funds may not be easy to do… but every penny counts. Anyone who can should continue to put in what they can into their retirement funds.

Another way to make sure your children won’t have to carry you financially is to defer the taxes of your IRA by using the stretch option. This will allow you to maintain what is already in your IRA without paying taxes on it until the funds are distributed to those listed in your will. You’ll want tot mention this idea to your California estate planning attorney so that he can guide you through the steps.

Last, you can create an irrevocable life insurance trust. This will obviously require proper Newport Beach estate planning lawyer. To do this, your attorney will help you set up a trust in which the life insurance policy will be held, and upon your passing, the insurance monies will be distributed in a manner suitable to handling the costs of your funeral and other proceedings. They will also help ensure that a surviving spouse and children have something to ensure their financial future.

According to www.aging.ca.gov, California’s population by 2011 will be comprised of approximately 25% Boomers — that means that one quarter of the population will be eligible for Medicare; but how many of them are preparing for this transition, aware that they are eligible, and how many will ultimately benefit from Medicare? Boomers can educate themselves about the ins and outs of Medicare and how it affects them and their medical needs by visiting www.ABabyBoomersGuide.com.

It’s important to know when and if you’re eligible for this and what it may mean for your living will in California — you should speak with your estate planning attorney to determine what kinds of preparations should be made for your medical power of attorney, including who this person should be, and what their responsibilities will be. It is important that your Newport Beach estate planner be able to explain to you and your medical power of attorney exactly what his or her responisibilites will be so that he or she is not competely blindsided when the time comes to kick it into gear.

If you have questions about planning your estate and how a living will can determine how your health will be handled by a medical power of attorney, contact Jeff Matsen today for a consultation.

Your California probate attorney can help you with this one, but listen closely.

When you will your home to a child, place it in the name of a trust, and NOT in your name.

If possible, place liquid assets in the amount of your home’s estimated worth in an offshore estate — this way your child(ren) can pay off the nursing home or other medical creditors without losing the home. You can also have your California asset protection lawyer discuss other types of trusts that you can put your home in to ensure that the property winds up in the hands you intended it to.

There are many types of revocable and irrevocable trusts that you can place real property in, using a person or banking entity as the trustee. Of course, the best way to ensure that this sort of thing doesn’t happen is to set aside enough money for your latter years in case you are not able to be part of the decision making process. Make sure you have enough set aside for a nursing home and/or in-home care. Your California estate planner can help you set a trust up, or design your will to ensure that all goes the way it should, and hopefully avoid probate in California.

Think of how damaging it would be for a sister’s attorney to send her brother a letter regarding the estate that starts a fight for assets. These siblings will never mend ways completely. But these scenarios are imminently avoidable with estate planning and a final will and testament in California.

1. Call an experienced California estate planning lawyer
2. Make an appointment
3. Have a consultation
4. Begin to plan your estate and asset protection through a California trust
5. Follow up through completion and keep multiple copies of all necessary documentation, including your will, and make sure family members know where these documents can be found.

Follow up with your California estate planner and ask questions anytime — as the old adage says, there are no stupid questions — questions about estate planning and your will are no exception to this adage.

The best way you can protect your family after you die is to plan for them in a responsible way — estate planning is one of the most powerful ways this can be accomplished.

You hear people remarking all the time how young they feel — it’s true, people are living longer, taking better care of themselves, exercising, eating right, and improved medical care and pharmaceuticals are adding on to our lifespans. But, no matter how well you are, life is filled with unexpected events. The last thing your family needs is to survive you and mourn you… and then have to wonder what kind of financial shape they’ll be in because you didn’t plan properly with the counsel of a California asset protection lawyer.

ConsumerAffairs.com discusses a scary truth in an April 2010 posting — 32 percent of married women over the age of 55 have been widowed. 55 is not old these days!

Jan Yager, Ph.D. writes, “You may think you need a will, and you do, but there might even be a better way. Every state is unique but the California lawyers I spoke with recommend a revocable trust as a way to save your survivors the time and money of going to probate court as well as providing some possible tax benefits.” Any California estate planner would wholeheartedly agree with Yager.

So what’s the lesson here? If you haven’t already looked into a California revocable trust for the well-being of your family’s future, get on it. There’s no time like the present to start planning for tomorrow!

The definitive answer given by the Time’s “Dear Liz” was that clearly if there are any signs of senility, especially in the aftermath of a stroke (as was the case here), the signatory of any such revocable trust could not sign a new one. Dear Liz advises the family in the predicament to seek the help of an experienced California trust lawyer to find out exactly what to do next.

Unfortunately, California living trusts are not kept as a matter of public record, nor are they recorded anywhere  else but perhaps with the family attorney, but sadly, in this particular case, the family does not think there was a California estate planning attorney involved.

While the lesson is tragically already lost for the family in this story, we hope it will not be lost on you. Please, create a will, have it professionally prepared, let loved ones know where it is, and make at least one duplicate copy kept in a safe deposit box or safe (that someone knows the combination to!) The same rule applies to any revocable or irrevocable trusts, powers of attorney, and any other California estate planning documents. And last but not least, make sure your partner and/or children know how to contact your attorney.

The documentary covers the back story on the income tax from its onset in the United States and offers varying opinions on both the history and the current affairs of taxation of estates and a number of other income tax topics. The film boasts the direction of Dennis M. Sandoval, a California tax attorney and a professor of law at Chapman University in the Inland Empire. California probate and tax attorneys who have heard of Sandoval will know that his opinions and thoughts on the topic are highly respected — and certainly worth the free admission!

The Inland Empire News reports, “With a fiscal crisis looming on the horizon, April 15th seems more like a scene from a B-Horror horror movie than a day to contribute to the common good of the nation. Political favoritism, ineffective social programs, and economic manipulations all reveal the need for tax reform. But how can Americans decide the best way to change the income tax when few people even understand the code or the vast extent to which it truly affects the country?” Too true. Questions certainly worth addressing in the minds of most California estate plan lawyers.

The film will be shown at the Chapman University School of Law at 7pm and admission is free. If you have an interest in California probate court and how it works, you won’t want to miss this!

This scary and sad prospect should be a warning sign to younger American generations. If you start planning early you simply can’t go wrong. Even if you end up having to borrow against a retirement fund later, just having one gives you a huge leg-up.

People in their mid-twenties should be thinking about trusts and California estate planning, even if they plan to switch careers, even if they’re in school. Just adding five to ten percent of a paycheck to a Roth IRA once or twice a month will add up more than you think and can be a nice spring board to a fuller fund — and a better retirement.

For those who have yet to speak to an estate planner in California, now is the time, even if you don’t think so. By not knowing your options you limit yourself to what you know — and most likely, your not a financial analyst or a California asset protection lawyer who knows the ins and outs of trusts and estates. Look into it today and create a better tomorrow for yourself!

Many of those surveyed noted that they will remain prudent where spending and saving are concerned, but they feel that the economy as a whole is on an upward trend.

So what will this mean for estate planning in California? Many people borrowed from retirement accounts such as 401(k)s and IRAs when they found themselves trapped in a subprime mortgage or other precarious financial situation. If Americans think things are on the upswing, they may be more likely to pay their retirement funds back — slowly but surely, just as the market trudges toward bullish again.

If you have borrowed from your retirement fund or other assets within your California trust, it may be time to consider funneling some cash back in — especially if you’re one of the lucky ones who actually get a tax return rather than owing the fed.

If you have questions about the steps you need to take to add to the assets in your trust, or if you’re ready to plan your California estate, call Jeff Matsen today, or simply visit our Contact Page for further details. Jeff Matsen is a highly seasoned and well-respected California estate planning lawyer, and has been named as a “California Super Lawyer” by Los Angeles Magazine.

Have you and your partners prepared for what would happen if one of you passed away? It is  important to have this sorted out before something happens as it can determine how your estate — and the estates of those still living and deceased are affected.

For the buying and selling of shares after a partner is deceased, the best type of funding according to many analysts, is life insurance. You’ll need to have current financials and other details to present to your California estate planning attorney in order to set up a life insurance plan that covers buy-sell agreements, but it’s well worth your while.

If one business partner dies and there are three others remaining, say, those three will want to have the ability to buy out the decedent’s share of the company, usually equally so that as little as possible changes. This can all be best handled — and most inexpensively handled — via life insurance that is tailored specifically to your estate as a small business owner.

If you are a small business owner and you’d like to know more about life insurance that offers you a fair chance at buying out deceased partner shares, or if you’d like to offer this kind of protection to your partners mutually, contact your Newport Beach estate planner today.

Jeff Matsen has handled many clients with small to large business legal needs; the experience you will get here is unrivaled in California.