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Effective April 1, 2025, California will implement significant changes to its probate process (AB 2016), particularly benefiting estates with real property valued below $750,000. These amendments aim to simplify the transfer of such properties, reducing the need for formal probate proceedings. Why Was This Legislation Passed? The primary motivation behind Assembly Bill 2016 is to address…

Planning for the future of your home can be complicated, especially when you want to ensure that a loved one can continue living there after you are gone. Two common tools for accomplishing this are life estates and right of occupancy trusts. A life estate grants someone the legal right to live in a home…

A common misconception is that only wealthy individuals and people in high-risk professions, such as doctors or lawyers, need an asset protection plan. However, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that could crush your finances. What Is Asset Protection Planning?…

Approximately three-fourths of Americans do not have a basic will.[1] Many of the same people also have children under the age of 18, which underscores a major misunderstanding about estate plans: They can accomplish much more than just handling financial assets (money, accounts, and property). One of the most important estate plan functions for parents…

Many people believe that once they set up a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true.  While trusts commonly protect a beneficiary’s inheritance, few trusts protect assets (accounts and property) previously…

A recent Facebook scam reported by a few of our members – and countless others, according to news reports and social media accounts – is a good lesson about the importance of two-factor authentication. In two-factor authentication, also called multi-factor authentication, you add an extra layer of security to your accounts by requiring two forms…

You may be surprised to learn that not only has asset protection planning been around for a long time, but you are likely to have already engaged in it at some point. In fact, you probably have one or more types of traditional asset protection planning currently in place. The problem is, in many cases,…

Warren Buffett, known as the Oracle of Omaha, is one of the most successful investors of all time. His disciplined approach to investing, combined with his understanding of markets and financial foresight, has made him a global icon and model of success in the often-turbulent business world. Buffett’s investing can move markets and influence corporate…

When beginning any type of planning, you usually start with some preliminary questions. Estate planning is no different. When you begin the process, your estate planning attorney will likely ask about your family members, the accounts and property you own, and whom you want to include in your estate plan. As you dive deeper into…

In an estate plan, life insurance can be used as a source of immediate liquidity for beneficiaries by offering a tax-free, lump-sum payment upon the insured’s death. About half of Americans have a life insurance policy. The primary reason people purchase life insurance is to fund burial and other final expenses. However, a policy can…