Hello everyone, I’m Jonathan Alexander, an estate planning attorney at Alexander Legacy Law. Today, I want to discuss the seven most common mistakes people make with living trusts and how to avoid them. Understanding these pitfalls can help ensure your estate plan is both effective and efficient. 1. Not Creating a Living Trust The first…
Continue reading ›Freelancers and gig workers represent a significant portion of the workforce, bringing unique challenges and opportunities, especially when it comes to estate planning. Let’s dive into some essential estate planning tips tailored for those in the freelance or gig economy. Understanding Freelance and Gig Work Freelancers, essentially self-employed individuals, contract their services on a per-project…
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Portability is an essential concept in estate planning, allowing spouses to combine their estate and gift tax exemptions. This strategic tool ensures that a surviving spouse can utilize any unused estate tax exemption from their deceased partner, thereby maximizing the available exemption to protect their assets from excessive taxation. What is Portability? Portability enables a…
Continue reading ›Since Bitcoin’s inception in 2009, cryptocurrencies have garnered significant attention from investors. Despite their inherent volatility and the dramatic collapses of several platforms in 2022, such as the FTX scandal, crypto assets have established a lasting presence. As of October 2023, an estimated 100 million cryptocurrency wallets exist worldwide, collectively valued at approximately $1.27 trillion.…
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Real property often forms the bedrock of many estate plans, requiring careful attention due to its complexity. Unlike distributing cash or family heirlooms, real estate transactions involve mortgages and insurance, making them more intricate. Take it from me, an estate planning attorney: it’s crucial to handle these transactions carefully, especially when transferring property to a…
Continue reading ›Structure is Critical When managing a trust in California, whether due to the death or incapacity of the trustee, it’s crucial to adhere to a structured process. This blog post provides an overview of that process, highlighting the critical steps involved in trust administration. Understanding Trust Administration Trust administration is a systematic approach, generally starting…
Continue reading ›As someone who has worked with many people to plan their estates, I’ve learned something important: having a trust is crucial for everyone, and here are 4 Reasons Why Every American Needs a Trust. 1. A Trust Keeps Your Things Organized A trust is like a big box where you can keep all your important…
Continue reading ›For business owners in California, the thought of transitioning their business may be daunting. Without a proper business succession plan in place, the future of their company, their hard work, and the livelihoods of their employees may be at risk. Failing to plan for this crucial step can lead to a lack of clarity, disputes…
Continue reading ›10 Reasons Why It’s Important to Have an Estate Plan Proper estate planning ensures that you control the distribution of your assets. It also protects your family, avoids taxes, and eliminates future controversies. Bottom line, it makes sure you have a trusted party to protect your affairs. If you want your loved ones and assets…
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