Digital Assets and Estate Planning
When people establish their estate plan, they often think about their physical assets. However, there’s no doubt we do more and more online each day. Therefore, it’s equally important to consider digital assets. With the emergence of new technology, there are more opportunities being created for people to possess digital assets. If not properly planned for, you or your loved ones may have no control over your digital assets after you pass away. What is a Digital Asset in Estate Planning? California Probate Code §871(h) defines digital assets as electronic records in which an individual has a right or interest. ... 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
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
What Happens If You Die Without a Will?
This question is frequently asked of many estate planning professionals. The recent pandemic has increased Americans’ awareness of the need to have a will, living trust, or another similar end-of-life document prepared. Yet only about 40% of the US population has put this plan into place. By most estimates, approximately 60% of Americans don't have a will. Question is, what’s holding people back? Death has traditionally been a taboo topic that individuals try to avoid. While the subject may spark a wide range of emotions, it is important to discuss and prepare. A legacy is one of the best gifts ... Read More
How to Choose the Right Guardian for Your Children In Case of Death
A parent’s first responsibility is to secure the health and wellness of their children. Still, many parents delay the decision to appoint a legal guardian for their kids in case of incapacitation or death. While death, illness, and other situations are cumbersome topics that many people avoid, they are important to consider. Passing away and leaving behind minor children is something no one wants to consider. However, the consequences of not making guardianship plans can have long-term, devastating consequences. For example, your child may be sent into foster care and have an uncertain future. Planning for the care of their ... Read More
Estate Planning and Divorce
Divorce can be one of the most stressful and emotional situations an individual can go through. Unfortunately, divorce is common in the United States. In fact, according to the Centers for Disease Control and Prevention (CDC), the divorce rate is 2.3 per 1,000 total population. If you are facing a divorce in the state of California, you may find yourself overwhelmed with questions about the process and worried about what will happen. You may also have many tasks to take care of. While decisions addressing your ex-spouse and family members are the priority, it’s imperative to add one more task ... Read More
A Guide to Estate Planning for Singles Versus Married Couples
Many people believe that estate planning is only for people who are married or have children. However, that is a harmful myth. Whether you have never been married, are divorced, or are currently married, planning is vitally important to ensure that your wishes are carried out. If you’re single and pass away without determining your heirs, the court will inevitably make that decision. That’s why it’s imperative for single people to make a will or living trust that states who should receive their assets. According to an estate planning survey, approximately 26.7% of singles (who’ve never married) had a will ... Read More
Non-traditional Families & Their Estate Plan
Estate planning practices are changing as family structures change. As recently as thirty years ago, a traditional family comprised a husband and wife who married young, purchased a home, had children, and worked toward financial stability and security. In 1949, 79.8% of American households were married couples, but in 2021 that number declined to 47.3%. This sudden shift means that non-traditional families must be better prepared. The rise of blended families, cohabitating couples, artificial reproductive technology, same-sex marriages, and other trends mean only one-third of American households are “traditional” families. The other two-thirds are non-traditional families experiencing unique needs that ... Read More
Estate Planning Checklist: 5 Ways to Prepare
Nobody wants to think about becoming sick or passing away at a young age. However, accidents can happen to anyone at any time. Life can be unexpected. Unfortunately, many people have denied estate planning over the years. Some believe it’s not necessary while others don’t feel comfortable discussing the idea of death. However, a comprehensive estate plan should consider what happens in the event you become disabled or pass away. It is about making sure that your loved ones are taken care of after you die and that your assets are distributed how you wish. By planning ahead, you can ... Read More
Six Common Estate Planning Mistakes
Estate planning can be one of the most daunting and unpleasant tasks for an individual. No one really likes to contemplate their death, so it can be unsettling to develop a comprehensive estate plan. Although it’s something many people choose to avoid, creating an effective estate plan is essential if you want to ensure your assets are distributed in the manner you desire after passing away. Leaving a comprehensive estate plan with clear instructions for your heirs is one of the best decisions you can make. To help make the process easier, here are six common estate planning pitfalls that ... Read More
The HJTA Responds to Prop 19 with an Initiative to Repeal the Death Tax
Many Californians are already feeling the effects of newly passed Proposition 19, also entitled the “Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act.” The Act essentially amended the California Constitution and dramatically changed the property tax reassessment landscape in the State. Although some do support the terms and conditions of Prop 19, there is an effort to repeal the newly passed legislation completely by certain organizations. One of these includes the Howard Jarvis Taxpayers Association (HJTA), which is a California-based nonprofit lobbying and policy organization that advocates for taxpayers and protections for Proposition ... Read More
