Estate Planning Mistakes - Not Making Use Of A Living Trust

This is part four of the 7 part Forbes Estate Planning Mistakes.

Forbes: Estate Planning Mistakes Series - Part 4 , Not Making Use Of A Living Trust

Anymore, there are very few exceptions why somebody would not need a living trust.  With a trust, your assets are held under your control (generally, if revocable), for your benefit during your lifetime, and upon death, transfer to your beneficiaries without Court involvement.  Should you be eligible and need long-term care paid for by Medi-Cal, a living trust also protects your assets from Medi-Cal recovery.

There is no downside to having a living trust.  For a more in depth discussion, contact me anytime.     

Estate Planning Mistakes - Not Avoid Probate

This is part three of the 7 part Forbes Estate Planning Mistakes.

Forbes: Estate Planning Mistakes Series - Part , Not Avoiding Probate

If you're making a plan, your primary objective is usually to avoid the probate process ... which I refer to as HELL (Hassle, Expensive, Lengthy, Litigation).  It's no where you want your family to be following your death.

While there may be instances probate is a good thing, those instances are few and far between. 

If you want your family to avoid HELL, or the probate process, please contact me. 

Estate Planning Mistakes - The Power of Attorney

This is part two of a series of articles Forbes ran about the 7 top estate planning mistakes.  

Forbes: Estate Planning Mistakes Series - Part 2, The Power of Attorney

I have found this to be true - people overestimate what a power of attorney allows an agent to do.  Worse yet, even if the agent is fully authorized to act on your behalf, many financial institutions simply will not honor the power of attorney unless it's their own document.  It can be very frustrating.   

If you're looking for solutions, I can help.   

Estate Planning Mistakes - The Will

Earlier this year, Forbes ran a series of articles about the 7 top estate planning mistakes.  The articles were thoughtful and well written, and I agree with each one.  This is a link to the first part:

Forbes: Estate Planning Mistakes Series - Part 1, The Will

As the article states, while a Will is essential to any estate plan - typically what we call a "Pour-Over Will" - it is not the only document you need.  More importantly, if you are trying to avoid the probate process, a Will does not do that.  Rather, a Will directs a probate proceeding.  That is, it addresses issues such as who will be the Executor of your estate, whether or not a bond is required, and who will receive your property, among other things.

If you think a Will is all you need, let's talk.  There are many reasons to add other documents to your plan.  Believe me, your family will thank you. 

IRS Statement on Lifetime Gifts

If you or your family has or intends to utilize the lifetime gifting options, a recent IRS statement confirms the same rules will apply in the future as when the gift occurred.  For additional information, click Here

Doug was on the radio with Carl Bott discussing, among other things, business partnerships and what you need to keep in mind when starting a business with a partner, or worse, a friend or family member.

Douglas Wright on Free Fire Radio - May 8, 2018

Douglas Wright Law was selected as Best Attorney by the Redding Record Searchlight for 2017.  If you need a probate attorney, an estate planning attorney, or a business attorney, Douglas Wright can help!  We take great pride in assisting our clients.  Call us today, (530) 243-6000.

Free Fire Radio - Tuesday, January 9th, 2018

I was on the air this morning with Carl and Linda Bott discussing estate planning, probate, and a number of other issues important to you and your family. 



Free Fire Radio - Tuesday, January 9th, 2018