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A Last Will and Testament is an essential legal document that allows you to accomplish a number of important goals. You can name your beneficiaries and specify the assets you want them to receive; name a guardian for your minor children; and choose the person you want to settle your estate (known...

Second marriages can present unique challenges when it comes to estate planning, particularly if you or your new spouse have children from previous marriages. Let's take a look at some of the factors, tools, and strategies to consider when planning for a second marriage. Prenuptial Agreements Y...

Fewer than one-third of family businesses survive into the second generation, while only 13 percent make it to the third generation. Here are some tips to beat the odds and help your business live on for generations to come. The sooner you start the planning process the smoother the process.

Paying your grandchildren's (or adult children's) college tuition is one of the greatest gifts you can make. The education lasts a lifetime and opens a world of opportunity for your grandchildren. In a way, it is like giving a gift to your children as well, since it alleviates their concerns abou...

One of the first questions many clients ask is whether they need a trust. It's a great question, but it leads to another: What do you want your plan to accomplish? Let's begin with a brief discussion of what trusts are and how they work. Then we'll explore their benefits, which should give you a ...

While there may have been a time when people looked to their employers and Social Security to finance their retirement, those days are long gone. The reality today is that to enjoy a comfortable retirement, not to mention the ability to provide for your loved ones and ensure your legacy, you shou...

Perhaps you have considered selling your current home, buying a smaller one, and using the difference to help fund your retirement. A recent article on Investopedia.com explores this approach and details the mistakes you must avoid. Here are some of the highlights. Overestimating Your Current Ho...

While there may have been a time when people looked to their employers and Social Security to finance their retirement, those days are long gone. The reality today is that to enjoy a comfortable retirement, not to mention the ability to provide for your loved ones and ensure your legacy, you shou...

Serving as a caregiver may require you to oversee your loved one's legal affairs. A recent article on AARP's website addressed this issue and included a legal checklist for Caregivers. Here are the highlights. Obtain Essential Legal Documents -Your loved one should have the following key legal documents...

Every individual and family can benefit from estate planning. For some people, however, effective planning requires a higher level of asset protection. Certain professionals, such as physicians, attorneys, business owners and financial advisors, are far more likely to be sued than people working ...

As we close out the 2021 tax season, however unwillingly and with gritted teeth, you might be interested to know that Americans did not always pay personal income taxes. The policy of taxing personal income began with the onset of the Civil War, when Congress passed the Revue Act of 1861. This wa...

If you have more than one child, you've probably wondered if you should leave each of your children the same amount in your will or trust. While this seems like the best approach in most situations, there are some instances where it might not be the wisest strategy, or even the fairest. Factors y...

For the vast majority of people considering retirement, one question looms above all others: Have I saved enough to make the dream of retirement a reality? Tough question, given that it is impossible to predict how long we will live and what future costs we might incur (particularly with regard t...

Moving to a new home is stressful in and of itself. When the move involves a senior relocating to a nursing home or assisted living facility, the situation is considerably more complicated, both emotionally and physically. Fortunately, a number of companies now specialize in helping seniors and ...

Although President Biden outlined his tax plan during the presidential campaign, conventional wisdom held that Republicans in the Senate would block the implementation of his agenda. Now that Democrats control both the House and the Senate (if you factor in the vote of Vice President Kamala Harri...

Approximately 50% of elderly Americans receive at least half of their income from Social Security. Let's take a look at this important program and some of the changes we will see this year. Eligibility. Eligibility for Social Security is based on the number of credits earned during your worki...

  The development of several vaccines to help combat the spread of COVID-19 is welcome news. However, the remarkable speed with which these vaccines were developed has led to skepticism and misconceptions among some Americans. A recent article on AARP's website discusses the myths, and the truth...

Once an older loved one starts to show signs of dementia, you will likely need to start thinking about the type of care he or she will need in the future. When your loved one gets to the point where he or she is no longer able to remain in their home, a dementia care facility could be your best...

One of the first questions that a senior is generally asked when they enter a hospital or long-term care facility is whether they have an Advance Healthcare Directive in place that specifies their wishes for healthcare. If the senior does not have one but wants to make his or her wishes...

Dementia is one of the most devastating conditions affecting seniors, resulting in an eventual loss of cognitive functions. While there is no cure for dementia or the two leading diseases that cause dementia, Alzheimer's and Lewy body dementia, there are treatments that can slow the effects and h...

According to a 2017 survey, less than half of Americans have a will. If your mother or father dies intestate – meaning without a will – such a situation could lead to added emotional strain and stress. And it could have financial implications for all their children and/or other family m...

A family home or vacation property is often the most valuable asset in their estate. While the homeowner may want to leave their cherished property to children or other beneficiaries as an inheritance, taxes can quickly thwart well-meaning plans. The sad truth is that without proper pl...

The thought of going through the probate process here in Santa Barbara county can strike fear in the hearts of most people, and with good reason. The time it takes is long and grueling, and the paperwork is overwhelming. The details of probate vary from state to state, so the process lo...

If something were to happen to you and your spouse, what would happen if the authorities or medical personnel did not know that you have minor children at home waiting for you? Picture this; your children are at home and more frightened as each hour passes and you have not returned. The...