Tag Archives: Estate Planning

A Brief Introduction To Retirement Plans

By   January 19, 2017

As far as everyone is considered, retirement is one of the life's biggest reasons to worry. Retirement plans play a crucial role in providing a source of income in a person's retired years. Retirement can span up to a third of a lifetime. Retirement plans are much like saving for a 25-year vacation. To afford an expense of that magnitude a person needs to start planning early. Age has a critical impact on one's ability to save. You can explore California Trusts & Estates Attorneys, if you need help regarding estate planning.

There are three sources from where funds are drawn in order to pay expenses after retirement. These sources include the Social Security system, company retirement policies, and personal lifetime savings. There are several plans that can benefit employers and employees alike. A qualified retirement plan is a plan that meets the requirements of the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act of 1974 (ERISA). The plan attracts many tax benefits.

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A plan that does not meet the requirements of the IRC or ERISA is known as a non-qualified retirement plan. Such plans are typically used to provide deferred compensation to key employees. This plan allows wider flexibility to an employer and therefore, they do not receive tax deductions until the employee receives proceeds from the plan.

A defined benefit plan is a traditional company pension plan. The retirement benefit is determinable as a dollar amount or as a percentage of wages. These plans are funded entirely by the employer and the responsibility for payment of the accompanying benefits rests with the employer.

Why You Need a Wills Lawyer

By   December 27, 2016

When you have made a decision to make a will, nevertheless, you aren't sure the way you will create it, you have just two options: you can do it on your own (this is a dangerous option) or you can seek the services of a skilled wills legal professional to help you create a will. You can also consult Los Angeles Estate Planning Attorney For Estate Planning Attorney At Los Angeles, Pasadena.

Advantages Of Hiring A Lawyer

Having a skilled legal professional draft your will can purchase you some satisfaction as you won't have to have difficulty writing the will. A good legal professional can ensure that the will comply with the state laws, and the best duty advantages easily for your heirs and house and makes up about the particulars of your unique circumstances.

When To Hire A Lawyer

There are circumstances where finding a good legal professional to draft the will in your stead is the minimal risk option. You should hire an experienced legal professional if you have large assets in multiple states or countries, have been remarried, have trivial children, or own a tiny business or own assets that happen to be worthwhile over $2 million or you assume that your will might be contested.

Benefits of Making Your Will By Yourself

The main benefit of drafting a will yourself is the price incurred will be hardly any. Solicitors can generally impose between thousands of dollars and some hundreds of us dollars to draft a will. However, the price tag on 'do it yourself online' will program generally cost between 30 us dollars and 250 us dollars. 

Elder Law Attorneys Can Help Navigate Senior Issues

By   December 21, 2016

Elder law attorneys assist older or disabled clients with legal issues specific to their stage in life. They help navigate complicated health care issues, long-term care options, retirement, estate planning, and much more. While a general practice lawyer may have some knowledge of seniors needs, an experienced and compassionate elder law attorney is the most reliable option.

Following are some examples of the services elder law attorneys provide:

Financial Planning and Asset Preservation

No matter the value of your cash or assets, you do not want to see even one penny go to creditors, the government, or falsified nursing home bills. Many prefer to have a choice in how assets are distributed after death. You can read more testimonials about elder law via http://www.voyantlegal.com

A qualified law firm can help you decide on the best asset preservation strategies for your economic situation and long-term goals. Some things you will discuss include:

– Avoiding probate expenses 

– Minimizing income, estate, and gift taxes 

– Protection from judgments 

– Planning for long term care costs

Wills and Trusts

Wills and trusts serve different purposes when it comes to your estate planning. Both may be useful, but you will need to understand the advantages and disadvantages of each. Key points include:

– A will take effect after your death, whereas a trust is effective upon creation. 

– A will pass through probate, meaning a court will oversee the process. A trust does not pass through probate. Not involving the court allows the terms of the trust to remain private whereas a will is a public document. 

– A trust allows you to designate assets and property to others prior to your death, which may be helpful in planning for illness or saving on taxes. 

-A will can name a guardian for minor children and also include provisions for funeral arrangements.

 

Different Strategies of Estate Planning

By   November 25, 2016

Estate planning is a vital part of your overall financial plan. Planning ahead can give you greater control, privacy, and an opportunity to leave more of your legacy to your loved ones.

The executor and guardians for children are usually named in your will. The health care proxy, living will, and durable power of attorney are usually legal documents authorizing specific individuals to carry out certain tasks. The trustee of your trust is named in your trust document. To get more information on Strategies of Estate Planning you can visit voyantlegal website online.

Executor of the will

The executor carries out the terms of the will. The executor should have financial savvy and patience, because that person will be responsible for collecting the deceased’s assets, paying bills, submitting tax returns, submitting and petitioning for court documents, and distributing the assets to beneficiaries on behalf of the estate. If your executor does not have any experience with estate settlement, he or she may turn to an attorney for guidance.

Guardians for minor children and other dependents

To ensure that the needs of your minor children are taken care of in the event of your death, a legal guardian to care for them is usually named in the will. A guardian can be your spouse, a family member, or a trusted friend.

If you leave assets outright to your minor children, then the guardian might manage those funds, as well. This person will be responsible for adhering to state guidelines on how your children’s money is spent and invested until the children reach the age of majority.

The Different Profiles of a Business Litigation Lawyer

By   September 19, 2016

A wide range of organizations have threats and laws overseeing them, regardless of whether the business is recently settled or has been present for quite a while. A business case attorney helps agents to unravel legitimate issues related to their open, common, and individual debate.

The term suit is utilized to clarify approved procedures worried in settling discussion of with respect to two gatherings or more. There are circumstances whereby your approved rights as a specialist aren't secured and you would need to utilize approved activity to sue that other party concerned. In occasions this way, having a heavenly business suit legal counselor is fundamental.

While picking the correct business prosecution legal counselor for your business exchanges, it's important that you basically confirm his or her organization's experience and the business suit legal counselor's past record. Hire Amity Law Group, LLP for Employment, Business, Litigation, Estate Planning, Immigration lawyers via online sources.

 The complexity in business exchanges these days makes it significant that you enlist an educated business prosecution legal counselor.

These experts have the capacity of taking care of agreements, transactions, and arrangements. A business suit legal counselor knows and comprehends the control, the tenets, and the direction of the government powers and state securities.

They are moreover equipped with capacity in comprehension purchase and offer assertion between business parties; they will manage business question, each affable and criminal. A business suit attorney may have mastery in trademarks of different business associations which will dependably work further bolstering your good fortune.