Estate planning for residents of Tracy and Livermore should involve periodic updates when life circumstances change. The birth of a child, the death of a family member, and the decision to divorce are all circumstances that warrant changing one’s estate plan. Because estate planning is an intricate area of the law, it’s strongly recommended that individuals who are divorcing consult lawyers who handle estate planning matters.

Create a New Will

Now that your marriage has ended, it’s doubtful that you would want to leave your assets to your ex-spouse. You’ll also likely want to change your executor, if you previously designated your ex-spouse as your executor. Visit a lawyer to draw up a new last will and testament. Be sure to revoke your old will, either by literally tearing it up or by including a statement in the new will that revokes all previous wills.

Designate Legal Guardians

If you have minor children, you will need to designate a legal guardian for them in the event that you die before they turn 18 years of age. Be aware that unless the other parent has also passed on, the court is likely to award full custody to him or her. However, it’s still advisable to name a legal guardian for your children just in case you and your ex-spouse die or your ex-spouse may be considered an unfit parent.

Create a Trust

Talk to your estate planning attorney about establishing a trust for your minor children. By setting up a trust, you can designate a trustee other than your ex-spouse to manage the funds until your children come of age. You can even set conditions on the distribution of money from the trust. For example, you may want your children to have access to money for college, but would prefer that they not have access to their full inheritance until they’re more mature. You can set up trust in accordance with these wishes.

Check Your Life Insurance Policy

If you previously named your ex-spouse as your beneficiary of your life insurance policy, you will need to change this information through the insurance company, not through your will. Call the life insurance carrier or visit its website for change of beneficiary forms.

Personal injury cases encompass events such as auto accidents, slips and falls, and dog bites that occur due to owner neglect. If you have been injured in an accident, a personal injury attorney near Manteca can help you pursue monetary reparations for your accident. There are several financial considerations that may arise due to a personal injury you have suffered. Together with your injury lawyer , you will assess the effects of the accident on your life to determine the total amount of reparations you wish to request. Financial reparations can be used to pay for medical bills, property repair or replacement in the case of an auto accident, and even funds you have lost due to time you took away from work. You can also choose to seek financial reparations for emotional stress or trauma.

Personal injury lawyers specialize in helping clients pursue compensatory damages after an accident or injury. If you have suffered a wrongful injury that has affected your finances and mental wellness, pursuing a personal injury case with the help of an experienced lawyer can eliminate the short- and long-term financial burdens you have faced.

A personal injury lawyer near Tracy is your best resource for handling a personal injury case. If you have suffered in an auto collision, slip and fall, or other type of accident, it’s vital to understand your rights and the reparations to which you are due. Before hiring an attorney to handle your case, it’s important to ask a few questions to ensure the legal help you choose is appropriate for your needs.

Do You Specialize in Any Specific Area?

Personal injury lawyers often choose to specialize in one or more areas of injury law. While any personal injury attorney can technically handle your case, it’s best to seek the help of a lawyer with experience in the type of accident or injury you have suffered. When your lawyer understands exactly the situation you are facing and how it has affected you, he can better counsel you on your options and provide the accurate and supportive representation you deserve.

How Many Attorneys Will Handle My Case?

Law firms often employ several attorneys to handle client cases; if your case will be handled by several individuals, it’s important to understand this from the start. You may wish to meet with every attorney assigned to your case to get a better idea of the team that will be helping you, as well as ensure you are comfortable with the way in which your information and case will be handled.

How Long Do You Think Resolution Will Take?

Medical bills, missed work, and more can all become significant financial burdens. The legal process can be difficult to predict, but your accident attorney may be able to give you an estimate for how long you can expect your case to take, based on your specific case and his experience in similar situations. This estimate can help you plan for your short-term financial future based on how long you may need to wait before you receive the compensation you are expecting.

Life insurance policies are contracts that provide a lump sum payment to a named recipient upon an individual’s death. However, a life insurance policy can also be used to set up a trust near Tracy, which reduces or eliminates the federal estate tax owed on the money paid out of the life insurance policy.

This video explains how estate taxes affect life insurance proceeds and how a life insurance trust can be a valuable estate administration tool. The trust is used to pay the premiums of a life insurance contract; when the insured individual passes away, the proceeds are returned to the trust. Working with a trusted attorney during the estate planning process can help you determine if this type of trust is right for you and your family, as well as ensure your trust is compliant with all inheritance laws to minimize or even eliminate estate taxation.

Estate planning allows you to make decisions in advance regarding the distribution or handling of your estate in the event of your death. Because estate administration can be complex and your property or financial assets may be subject to an estate tax that affects your beneficiaries, it is beneficial to work with an attorney in Livermore during the estate planning process. Your lawyer’s knowledge of inheritance laws and taxes will ensure that the greatest possible percentage of your assets is passed on to your chosen recipients.

Understanding the Applicable Taxes

Certain taxes may apply to your estate when it is transferred. The estate tax is a federal tax imposed on your ability to transfer wealth to your chosen recipients. This tax applies to all your belongings and assets at the time of your death and is paid from your estate before the remainder is distributed per your estate planning documentation. Alternatively, the inheritance tax affects a beneficiary’s right to receive wealth. Inheritance tax is only imposed by certain states, and several exemptions are possible to minimize or eliminate the need to pay this tax.

How Estate Tax Works

The estate tax is calculated based on the number of assets you own that is greater than a maximum exemption amount, which is set by Congress and may be subject to change. The net value of your estate is calculated by summing your assets, including your home, your bank accounts, your personal property, and your investments, then subtracting any debts. If the value of your estate is greater than the exemption amount, the remainder will be subject to estate tax.

Reducing Estate Tax

Your attorney can help you with estate administration to minimize or even eliminate the amount of estate tax owed at the time of your death. There are several ways to reduce estate taxes, including filing for spousal estate tax exemption, removing assets from your estate via spending, donation, or property transfer before your death, and setting up a life insurance trust. Your lawyer will assess your estate and your desires to help you determine the best way to avoid estate taxation.

Have you been chosen to administer a trust near Tracy and Manteca? If so, you need an attorney who is experienced in estate planning.

Being appointed to administer a trust may seem daunting, and there are many tasks you will need to perform. It is your responsibility to work with a lawyer to ensure your loved one’s last wishes are exactly fulfilled. Remember, estate administration is a legal matter, and estate law can be complex in this area. Administering an estate after a loved one’s death requires the assistance of an estate planning attorney. Your lawyer can provide as much or as little guidance as you need to make sure you fulfill your duties. For example, many people have little or no experience with trust administration. If the deceased’s assets are complex, or if you have personality issues with the noted beneficiaries, you may need additional help. An attorney can play a neutral role. Most importantly, your lawyer will make sure that you do not make a mistake and cannot be held liable during the trust administration process.

If you are hurt in a car accident , you should consult with a personal injury lawyer near Tracy or Livermore. Your lawyer will make sure you are properly compensated, whether through a settlement or in trial.

Only a personal injury lawyer knows the value of a claim, which is why you should never attempt to settle with a car insurance company on your own. If you attempt to settle without consulting lawyers, you could end up accepting far too low of an amount. An injury lawyer can evaluate your case to determine how much money you may be entitled to—and what is fair to ask of a car insurance company. If you are hurt and desperate, you need an attorney to fight for your rights.

Estate law in Tracy and Manteca is complex, and only an attorney with experience handling wills and trusts can make sure your finances are protected. Along with a will, a trust is the most important part of an estate plan. In general, a trust is a legal document that you can use to direct how your personal assets will be managed during your life and distributed after your death. Read on to learn more about different kinds of trusts, including revocable trusts, irrevocable trusts, and credit shelter trusts.

Revocable Trusts

In estate planning, a revocable trust is an entity into which you and your lawyer will transfer your assets while you are still alive. Assets that can be transferred include your home, other real estate, automobiles, stocks, bonds, and securities. A revocable trust has at least two phases: a period that covers the time during which you are alive, and a period that covers the time after your death. With this kind of trust, some assets will be distributed while you are still alive, which is why lawyers also refer to it as a living trust. The grantor may change the terms of the trust or take property back at any time.

Irrevocable Trusts

Unlike a revocable trust, an irrevocable trust is a trust with terms and provisions that cannot be changed by the grantor. A lawyer may suggest you opt for an irrevocable trust because it allows you to minimize estate tax, protect your assets from creditors, and provide for family members who are minors or have special needs. To create an irrevocable trust, you will need to name a trustee who holds and distributes property according to the terms of the agreement.

Credit Shelter Trusts

Lawyers also refer to credit shelter trusts as a bypass trust or a family trust. With this kind of arrangement, you write a will bequeathing an amount to the trust up to but not exceeding the estate tax exemption. After that, the rest of your estate is bequeathed to your spouse tax-free.

If you have sustained injuries as a result of someone else’s negligent or reckless actions, you can schedule a case assessment with a personal injury lawyer to discuss your legal rights and options. During this initial consultation, the accident attorney serving Tracy and Manteca will evaluate the circumstances of your injuries. You can expect to answer questions such as how you sustained the injury, where you were at the time, whether there were any witnesses, and whether a police report or other incident report was filed. Your attorney will also ask you some questions about the extent and severity of your injuries, and whether they have led to other losses such as lost wages and medical expenses.

Then, personal injury lawyers will discuss the merits of your case and explain the likelihood of obtaining compensation. Depending on whether or not you could have a claim, your lawyer may ask you to sign some medical release forms and to disclose your insurance information. Before your consultation has concluded, you’ll have the opportunity to ask the injury lawyer any questions you may have.