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December 2018 Archives

Should you include an incentive trust in your estate plan?

As you watched your children or grandchildren grow, you had a vision for their lives. Perhaps you thought they would attend college, work in a particular field or get married by a certain age. As you prepare your estate plan, you may wonder whether you can provide an inheritance as an incentive for each of them to achieve the goals you envision for them.

What should I know about first-party special needs trusts?

Like many other California residents, you understand that it is important to have your estate planning in order for the benefit of your loved ones. However, what about taking charge of your own medical and financial needs if you become disabled? If you are unable to work due to a permanent disability, you may need to rely on Medicaid and other forms of government assistance, but your assets may prevent you from being eligible.

Why should I have a durable financial power of attorney?

As a financially responsible Californian, you likely have always personally handled all your finances from balancing your checkbook to keeping track of your 401(k). You may even own a family business or professional practice that requires you to make long-term financial decisions as well as day-to-day operational decisions. But what if you become ill or injured and cannot do these things for yourself?

What you should know before you challenge a will

At the Law Offices of Alice A. Salvo in California, we realize that sometimes a will challenge is the proper thing for you to do. We also realize, however, that to win a will challenge, you must not only be an “interested party,” you must also allege the proper grounds. You cannot challenge a will simply because you believe the decedent should have named you in his or her will but failed to do so. In addition, you should know that the vast majority of will challenges fail, and your chances of prevailing in one are quite low.

Who are my natural heirs?

You may not realize it, but California has a set of laws, called intestacy laws or laws of succession, that determine who receives your estate, and in what proportion, in the event you die without first making a Last Will and Testament. These distributions may have nothing to do with the way in which you wanted your property and assets to pass.

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