Tweaking Your Trust

Estate plan worksheet on vintage typewriterA Trust Amendment is a legal document that changes specific provisions of a Revocable Living Trust but leaves the other provisions unchanged. An Amendment and Restatement of Trust completely replaces and supersedes the provisions of the original Revocable Living Trust.

Has your life or the law changed since you signed your trust? If so, you need to update. Updates can be made one of two ways:

  1. An amendment – this updates a specific portion of the trust. You might think that an amendment would cost less than a restatement, but that’s not always the case.Living Trust
  2. Complete restatement. This updates the entire trust.

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Early Inheritance for Kids

early inheritance keyWould you like to give your kids access to their inheritance while you are still there to watch them enjoy it? If so, you aren’t alone.

According to a recent Merrill Lynch study, nearly two-thirds of people over age 50 would rather pass assets to their children early rather than make them wait until the will is read. The good news is that there aren’t any penalties for doing so, if you properly structure the arrangement. (more…)

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It Pays to Estate Plan

Estate Planning Baby Boomers
“Life’s tragedy is that we get old too soon and wise too late.” ~ Benjamin Franklin

Since wisdom means that you realize the finite nature of life, living well calls for careful planning. As Baby Boomers age, the realities associated with aging continue to unfold:

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What to do when someone you love dies

Estate PlanningWhat to do when a loved one dies

It’s ironic that the most difficult time to lose someone is during the holidays, since deaths by natural causes are more common during the months of November, December and January than any other time of the year. To help our clients and friends cope, we have assembled a “to do” list for your reference. Keep it handy, so you will have one less thing to worry about should the need arise. (And we hope it won’t!)

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Estate & Legacy Planning Lessons from Star Trek Actor

Live long and prosperHollywood Lesson

Actor Anton Yelchin, who played Chekov in the recent Star Trek movies died earlier this year when the emergency brake on his new Jeep Grand Cherokee failed to properly work, sending the vehicle backwards down a steep driveway and tragically pinning him between his gate and the vehicle. In addition to their concerns about Jeep safety, the Yelchin family potentially faces a long legal battle over the 27-year-old actor’s estate, as he had never written a will or made plans to distribute his estate, which was valued at $1.4 million. (more…)

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Pro’s & Cons of Long Term Care Insurance

Long-term care text conceptAccording to data from the U.S. Department of Health a Human Services, individuals turning age 65 will have nearly a 70% chance of requiring some long-term care services throughout their remaining life. Such care is expensive, and the insurance acts as a hedge against those costs by covering some, or all, of the expense of at-home or in-facility care. People are encouraged to think about such care in their early 50s, instead of waiting until they’re older and could be grappling with preexisting conditions and prohibitively high premiums. (more…)

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The Challenges of Caregiving

Senior woman with their caregiver at home.In honor of National Caregiver Month, we wanted to devote this week’s blog to the challenges associated with caregiving. The choice to keep elderly loved ones at home instead of putting them into a skilled nursing facility comes at great emotional, financial and professional cost. Many of the same women who once opted to temporarily stay home in order to raise children now face a similar challenge – which requires them to relinquish at least part of their professional responsibilities in order to care for parents, grandparents or in-laws.

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How Life Changes Could Impact Your Estate

6116744_mlIn recent weeks, the condition of media titan Sumner Redstone has warranted media headlines because of his declining health. At issue are the actions of his formerly estranged daughter, Shari Redstone, who is making choices that some say her father would object to if he was mentally acute. Other family members are raising legal objections in regards to his care, in what will likely be a protracted battle since Mr. Redstone is worth billions. (more…)

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How to Avoid Will-Writing Mistakes

last willCreating a last will and testament can be an intimidating exercise. It forces you to confront your mortality and to consider your “world” without you in it. Despite the associated morbidity, writing a will is crucial because it enables you to dictate who receives your assets and, most importantly, which people will care for your minor-age children. Wills do not need to be overly complex or filled with legalese; but they do follow a particular formal structure. Mistakes made in the language of a will can create headaches for loved ones and, in some cases, result in decisions that contradict your true desires. (more…)

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Glendora & Upland: Cities We Call Home

Mountain Shot Low ResSkvarna Law Firm has two convenient locations – one in Glendora and another in Upland. Glendora is located in Los Angeles County and Upland is in San Bernardino County. The offices are located approximately 15 miles apart, and both nestled under the shadow of the Angeles National Forest, north of Los Angeles. The twin locations allow Vic Skvarna and his staff to provide estate planning and additional legal services to residents in L.A., San Bernardino, Orange, and Riverside counties. (more…)

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