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Placer County Estate Law Blog

Three reasons to update your estate plan

Estate planning is one of those things that very few people like to think about. Facing your own mortality is emotionally draining enough, but the complexities of it and desire to make sure that you have done the right thing can be simply overwhelming.

Most people who have drawn up an estate plan get peace of mind from simply having it finished. Sometimes, they have too much peace. Things change, and your estate plan has to as well. Here are three good reasons why you might want to revisit your estate plan, no matter how simple or complicated it is.

The Revised Uniform Fiduciary Access to Digital Assets Act

The California Legislature handed millions of social networking users a huge victory by providing a clear and consistent method for digital assets and content of emails to pass to the next generation after the user has died. This issue has been a major problem for families who just want access to the pictures that their loved one locked on her iPhone or to shut down a Facebook profile to prevent identity theft. 

Digital Currency

Digital currencies present a unique issue of access.  The same reason they are being valued, their security, is the same reason they present a unique issue.  If you have purchased digital currency then you are aware there is more than one type of wallet you can use and more than one market or trading platform to purchase or sell your digital currency. There is a danger with digital currency, that without providing your agent some kind of breadcrumb trail it could disappear into the wind.  

Privacy Concerns of Passwords in Trusts and Wills

There is a legal conundrum that estate planning attorneys face when it comes to digital assets. It is an issue that did not exist 20 years ago, but it is one that has emerged and will continue to expand the more we create our own personal digital worlds. Bank account information, bills, 401k accounts, insurance, photographs, digital objects that we create, have all become an essential part of tracking and storing information.  The prevalence of digital assets has created a pain point for estate planning attorneys in which we are forced to chose between protecting a clients privacy and protecting the assets in their estate.

 

What are digital assets?

Digital asset is a term that has been increasingly discussed within the estate planning community in the past decade and with good reason.  Any person who has established online accounts or has created digital content has digital assets.  Think of them as the virtual form of your physical life.  Bank accounts, social media, photos, videos, and cloud-based storage - any content you create electronically becomes a digital asset. 

An equine LLC for a business with horse sense

If horses are your passion, you probably have dedicated your life to them. That’s only reasonable since a horse’s love is unconditional, like any member of the family. Because of this, it may never have occurred to you that incorporating the horse part of your life into a business could make sense.

For serious horse enthusiasts, a business arrangement is often appropriate. That can even include a formal limited liability corporation, or LLC, if your horse activities include a human herd. With various tax and liability benefits, it may be an arrangement that works for you.

3 tips for choosing your executor of estate

When you leave this earth, your worldly possessions will stay behind. As in the famous 1930's play, you can't take it with you. However, the value of your home, savings and other assets do live on, in a sense. You can bestow them upon your loved ones or a worthy cause.

Unfortunately, moving these assets from point A to point B can be far from simple, but someone must do this job as the executor of estate. You can choose the person who will oversee inheritance and bring your financial matters to a close ahead of time. We have a few suggestions for making this decision.

Filing final taxes after the passing of a family member

When faced with the death of a family member or loved one, dealing with practical matters after death during a period of intense grief can seem overwhelming. Nonetheless, as Ben Franklin said “In this world nothing can be said to be certain, except death and taxes”. Sadly even death does not excuse a person from a final reckoning with the taxman and paying final income and estate taxes is part of finalizing an estate.

 

Establishing a trust to care for your pet

Have you ever read about someone who left their entire estate to their cat and thought, “I could see doing that?” It’s not a sign that you have lost it, not at all. Many pet owners want to be sure that their pets are properly taken care of when they are gone. Peace of mind the most important part of any estate planning, and we all want to be sure that our loved ones are cared for.

This is especially critical for horses. Any owner can tell you how much love these herd animals need and how expensive their care can be. Making sure that they are taken care of when you are gone is an important part of any estate plan for pets of all sizes.

How to get a loved one's finances in order after they pass away

Aside from the sadness and the stress from dealing with the loss of your loved one, there can be frustrations when trying to sort out their financial situation. Here are five things you should do to get your loved one’s finances in order.

 

  • Obtain multiple copies of the death certificate

Contact

The Law Office of Alexandria Goff
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Rocklin, CA 95765

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