Modern Estate Planning Adapting to Legal and Digital Changes

The recent litigation surrounding Lisa Marie Presley’s estate underscores the critical importance of maintaining an up-to-date estate plan. Presley’s outdated estate plan led to a legal battle, highlighting how changes in family dynamics and personal circumstances can necessitate regular reviews and updates to ensure your wishes are honored and your assets are protected. A significant aspect of this dispute involved the ownership of Graceland, now owned by Lisa’s daughter, Riley Keough. Graceland remains a valuable asset worth an estimated $400-$500 million, emphasizing the need for clear and current estate planning See https://www.hellomagazine.com/homes/499783/riley-keough-owns-graceland-how-much-worth-today/

Many individuals create an estate plan and assume it is a one-time task. However, numerous factors can render an estate plan obsolete. Changes in family dynamics, financial situations, and state or federal laws can all impact the effectiveness of your estate plan. See https://www.thinkadvisor.com/2024/02/14/why-so-many-estate-plans-are-out-of-date-jamie-hopkins/

What changes can necessitate an estate plan update?

  • Family Changes: Life events such as marriage, divorce, the birth of a child, or the death of a beneficiary require adjustments to your estate plan. Failing to update your plan can lead to unintended consequences, such as assets being distributed to the wrong individuals or loved ones being overlooked.
  • Financial Changes: Significant changes in your financial situation, such as acquiring new assets, selling property, or changes in the value of your investments, necessitate a review of your estate plan to ensure it accurately reflects your current financial status and intentions.
  • Legal Changes: The legal landscape for estate planning is continually evolving. According to Family Wealth Report, recent legislative changes can significantly impact estate planning strategies, especially concerning taxes and asset protection. Staying informed about these changes and consulting with an estate planning attorney is essential to maintaining an effective estate plan.

What are digital assets and how do they impact estate planning?

What are the steps to include digital assets in your estate plan?

  • Inventory Your Digital Assets: Create a comprehensive list of your digital assets, including login information, passwords, and security questions. This inventory should cover email accounts, social media profiles, online banking, cryptocurrency, and any other digital properties.
  • Appoint a Digital Executor: Designate someone trustworthy and tech-savvy to manage your digital assets. This person should have clear instructions on how to handle each asset, whether it involves transferring ownership, closing accounts, or archiving data.
  • Document Your Wishes: Clearly outline your preferences for managing your digital assets. This can include instructions for social media profiles, online subscriptions, and digital financial accounts. Make sure these instructions are legally documented and accessible to your digital executor.

Contact a California Estate Planning Attorney

Keeping your estate plan current requires regular reviews and updates. Partnering with an experienced estate planning attorney can help ensure that your plan adapts to changes in your life and the law. At the Law Office of David Knecht, we offer personal advice, legal experience and ongoing support. Contact us at 707-451-4502.

Filed Under: Estate Planning, Living Trust , Living Will, Probate Lawyer, Trust Administration Attorney 

Navigating Divorce and Co-Parenting in the Age of Social Media

If you follow Hollywood relationships, you may have seen headlines about Jennifer Lopez without her wedding ring. See https://www.yahoo.com/entertainment/jennifer-lopez-seemingly-ditches-wedding-123942100.html

Perhaps you’ve seen publicity about Billy Ray Cyrus unfollowing his fiancée. https://people.com/billy-ray-cyrus-firerose-unfollow-each-other-on-instagram-amid-divorce-filing-8661766

These are examples of how social media can be a powerful tool that can impact relationships with ex’s and children, especially during a divorce. This article will discuss the impact of social media on divorce proceedings, with suggestions on how you can avoid any negative repercussions of social media posting in your divorce case.

What does the scientific research tell us about the social media and divorce?

  • Pew Research conducted a study of couples and social media. See https://www.pewresearch.org/internet/2014/02/11/couples-the-internet-and-social-media/
  • Interestingly 2/3 of couples share passwords.
    • Consider changing passwords for all accounts during divorce, unless otherwise instructed by court order or your attorney.
  • 27% of internet users in marriage or committed relationships have an email account they share with a parter, and 11% us social networking sites with a shared social media profile.

What are the risks of social media during a divorce?

  • Potential evidence: assume that anything you post can be accessed and used against you, so make sure that you are not posting anything that you wouldn’t feel comfortable being seen by the court.
  • Possible public disputes: Negative exchanges on social media can escalate tensions and complicate the divorce process.
  • Impact on your children: With the emotional challenges your children are likely facing as part of the divorce, consider the impact any post about the situation may have on their feelings.

What are best practice recommendations for social media during a divorce?

  • Think before your post. Be wary of posting about new relationships, lavish purchases, or any negative commentary on the court process.
  • Adjust privacy settings to limit who can see your posts.
  • Avoid posting any details or opinions about your divorce proceedings.
  • Monitor tagged content. Don’t forget that even if you are careful, content by family and friends could still impact your case.
  • Consider taking a break from social media during your divorce to avoid the pitfalls of online activity.

What are concerns to keep in mind with social media and co-parenting?

  • Avoid public discussions and especially fights with your coparent through social media.
  • Be aware that every source of communication may be a basis for a request for discovery later, so it may be easier to always communicate with your co-parent through one tool.
    • If you use messaging from multiple accounts, emails, texts, etc. then you’ll likely later have to pull up all those different messages, which can be inconvenient and time consuming.
  • Monitor your children’s online activity. Your parenting practices and habits may be an issue in your case, so you want to be assured that your child is not using social media in a way that could make you look like a parent who is not actively involved.

David Knecht Law Can Help

At David Knecht Law, we have extensive experience guiding clients through the intricacies of divorce and co-parenting, including the challenges posed by social media. Our team can help you develop strategies to protect your interests and navigate the legal landscape effectively. At the Law Office of David Knecht, we have extensive experience in all aspects of family law, and we focus on serving clients in Solano, Napa and Yolo. Contact us today at 707-451-4502.

Filed Under: Divorce Attorney, Divorce Lawyer, Divorce Planning

The Importance of Living Trusts in Estate Planning: Lessons from Matthew Perry’s Estate

New details emerging about Matthew Perry’s estate have brought renewed attention to the critical role of living trusts in comprehensive estate planning. The beloved Friends actor passed away eight months ago, and a recent Newsweek article reported that one feature in his will has people “scratching their heads.” See https://www.newsweek.com/matthew-perry-will-estate-millions-death-1921170

Why did an actor who was reportedly worth around $120 million at the time of his death, have just a little more than $1.5 million in his personal bank account?

Why are trusts a common tool for estate planning in California?

  • Wills and estate plans often work together, where you fund the trust during your lifetime, and the will would be a catch-all that transfers any remaining assets to the trust upon your death.
  • A living trust, also known as an inter vivos trust, is a legal document created during a person’s lifetime where a designated trustee holds legal title to the property for another person. Unlike a will, which only goes into effect after death, a living trust is effective immediately and can manage the distribution of assets both during the grantor’s life and after their death.

What are some of the benefits of a living trust?

  • Avoiding Probate: Probate can be time-consuming and costly, often tying up assets for months or even years. By placing assets in a living trust, you can prepare for your beneficiaries to receive their inheritance without the delays and expenses associated with probate.
  • Maintaining Privacy: Unlike a will, which becomes a public document upon your death, a living trust remains private. For high-profile individuals like Matthew Perry, this privacy is crucial in protecting their estate from public scrutiny.
  • Incapacity Planning: You can designate a trustee to manage your affairs without the need for court-appointed guardianship if you become incapacitated, ensuring that your finances are handled according to your wishes without interruption.
  • Flexibility and Control: With a living trust, you maintain control over your assets and can make changes as needed. You can add or remove assets, change beneficiaries, or amend the terms of the trust as your circumstances change.
  • Efficient Estate Settlement: A living trust can expedite the distribution of assets to your beneficiaries, reducing the time your loved ones have to wait to receive their inheritance.

Contact an Experienced Estate Planning Attorney

The importance of estate planning cannot be overstated, and the settlement of the Matthew Perry estate is an example of how thoughtful planning and preparation can help ease the burden of your loved ones.  For Californians, working with an experienced estate planning attorney can help you create a living trust tailored to your unique needs and circumstances. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning and we focus on serving clients in Solano, Napa and Yolo. Contact us today at 707-451-4502.

Filed Under: California Estate Plan

5 More Tips for Success in Your California Divorce Deposition

Are you prepared for your divorce deposition? This article will help get you ready. It is part 2 of a two-part list.

This article will suggest general best practices for witnesses in a divorce deposition with ideas that were originally published here: https://natlawreview.com/article/help-how-do-i-prepare-divorce-deposition. See also https://www.americanbar.org/groups/government_public/publications/public-lawyer/2022-winter/effective-witness-preparation/

Never volunteer information.

  • It is the opposing counsel’s job to ask the questions and your job to answer them. Do not help the other side by volunteering information.

Do not guess when responding to a question.

  • Witnesses often feel pressured to know the answer to everything, but you can only answer to the things you actually know.
  • Make sure you understand the question itself and ask for more clarification if needed.
  • If you do not remember, then just say that you do not remember.
  • If you do not know the answer, then just say that you do not know.

Ask to see the document.

  • If the attorney is asking you about an email, text, or document (such as a report or a statement), ask to see the document. You are not expected to remember everything, and it will benefit you to have the document in front of you.
  • Even if the attorney has not referenced a document, you can preemptively strike by asking if there are any documents that they are aware of that relate to their question to refresh your recollection.
  • If the attorney insists that the document states a certain fact, you can ask him or her to point to you the section they are referencing. Many witnesses may feel pressured just to agree without holding the opposing counsel accountable to identify where in the document they are referencing.

Ignore the opposing counsel’s nonverbal manipulations.

  • Sometimes attorneys use ploys to try to get you to second guess your answer or to feel uncomfortable. This could be in the form of silence, a tilted head, raised eyebrows, a stare of disbelief or a look of shock. Ignore these cues and wait for the next question. Do not fill the silence with words.

Stick to your answer.

  • The opposing attorney may ask you the same question ten different ways to try to get you to change your answer. Watch out for the attorney saying, “I can’t remember if I asked you this, but…” They are either trying to get a different answer from you or trying to emphasize something they think is important to their case. If your original answer was accurate, stick to it.

Contact an Experienced Divorce Attorney

At the Law Office of David Knecht, we have extensive experience in all aspects of family law. We will be by your side in all phases of your divorce process, including preparing for your deposition. Contact us today at 707-451-4502.

Filed Under: Divorce Attorney, Divorce Lawyer, Divorce Planning, General

5 Tips for Success in Your Deposition in a California Divorce Case

If you are anticipating a deposition in your divorce, you may be a little nervous about how to do your best in answering the questions. This article is part 1 of a two-part list.

This article will suggest strategies for success in your divorce deposition with ideas that were originally published here: https://natlawreview.com/article/help-how-do-i-prepare-divorce-deposition. See also https://www.americanbar.org/groups/government_public/publications/public-lawyer/2022-winter/effective-witness-preparation/

Prepare by reviewing documents prior to the deposition.

  • Prior to your deposition, you may want to review any documents that have already been filed to jog your memory about the details of events.

Plan to tell the truth.

  • Talk with your attorney before the deposition about how to handle bad facts. Some witnesses feel tempted to lie to cover up facts that are potentially harmful to the case, but your attorney likely has a plan already on how to handle those facts.
  • An article from Family Lawyer Magazine shared some helpful insight on what the author dubbed the “lying continuum”:
    • On the one hand, neither you nor your spouse is likely to go to jail for lying in a family law case.
    • On the other hand, lying in one area reduces your credibility in the case as a whole. The other side will be looking for evidence to show your lie, and you may get caught. Furthermore, the person that is lying often has a hard time keeping the story straight for the duration of the deposition or the case as a whole.
    • See https://familylawyermagazine.com/articles/preparing-for-deposition-what-client-needs-to-know/

Listen to the question.

  • Listen to the question that was asked and answer only that question. You do not have to volunteer information.
    • For example, if the attorney were to ask, “Do you have a watch?” and you answered, “Yes, it’s 10 am,” this would be an example of where you did not answer the question. The answer would be yes or no only.
  • You have many options on how to answer:
    • Yes, no, I don’t know, Can you explain the question, Can you explain this term? Etc.

Pause and think before answering.

  • Taking time to ponder your answer can be very useful during a deposition. It allows a second for your attorney to object to the question if that is appropriate. A common reaction to the stress of questioning is to try to answer quickly, but taking time to think through is usually a much better approach.

Don’t expect to win the other side over.

  • A common misconception with depositions is that this is your chance to win the other side over, so a witness may try to convince the opposing attorney of their position. This is typically a mistake. The opposing attorney’s job is to be a zealous advocate against you, so you can expect him or her to be incredulous of anything you say. Also, beware if the opposing counsel seems particularly nice, as they are not your friend and may want to trick you into talking more than you need to.

Contact an Experienced Divorce Attorney

At the Law Office of David Knecht, we have extensive experience in all aspects of family law. We will be by your side in all phases of your divorce process, including preparing for your deposition. Contact us today at 707-451-4502.

Filed Under: Divorce Attorney, Divorce Lawyer, Divorce Planning

What is a Deposition in a California Divorce Case?

In a divorce case, both parties have the right to find out information through a process called discovery. Discovery can be in the form of written questions, requests for documents, or depositions. A deposition allows opposing counsel prior to trial to question a witness who is sworn to tell the truth. This article will explain basic information relating to deposition with information originally published here: https://natlawreview.com/article/help-how-do-i-prepare-divorce-deposition

How long is a deposition?

Who is present?

  • Your attorney and the opposing counsel will be present. Your spouse may also be there. Any other attorneys, such as a Guardian Ad Litem, will also be at the deposition, and a court reporter.

What is the purpose of the deposition?

  • The opposing counsel has several objectives 1) to discover what you will say at trial 2) to commit you to statements under oath to prevent you from changing your story, 3) to gauge your likeability and credibility.

When will my attorney object to questions at a deposition?

  • Your attorney may raise many objections during the course of the deposition, and here are some examples derived from this article: https://www.clio.com/blog/deposition-objections-cheat-sheet/
    • Form of the question, such as vague, compound question, unclear or confusing
    • Relevance of the question, with the purpose to weed out questions that are unnecessarily harmful or time wasting.
    • There are certain relationships, such as attorney-client, where the communications are protected.
    • Asked and answered. This is an objection that is used when the attorney is defending the client from badgering from an attorney who keeps asking the same question over and over.
    • Legal conclusion. If the question calls for a legal conclusion, as opposed to facts, then this objection applies.
    • Mischaracterization of testimony. In the deposition, the attorney may misrepresent an earlier answer in a subsequent question.
  • It is your attorney’s job to make the objections and to tell you whether to answer the question, but it can be helpful to be aware that objections may be made.

What if I need to delay a scheduled deposition?

 Contact an Experienced Divorce Attorney

At the Law Office of David Knecht, we have extensive experience in all aspects of family law. We will be by your side in all phases of your divorce process, including preparing for your deposition. Contact us today at 707-451-4502.

Filed Under: Divorce Attorney, Divorce Lawyer, Divorce Planning

Estate Planning for Long Term Care

Did you know that Medicare does not cover nursing home care after one hundred days? This article will provide some basic information about why you need to plan for possible nursing home care and some strategies for doing so, with information published by the California Advocates for Nursing Home Reform, which can be found here: https://canhr.org/overview-of-medi-cal-for-long-term-care/

Medi-Cal is a source for long-term care.

  • A common misconception is that Medicare covers long-term care. In California, Medi-Cal is a need-based program designed to help people pay for medical care such a skilled nursing facility or nursing home.

Medi-Cal eligibility requirements have changed as of January 1, 2024.

  • One piece of good news for many California residents, is that Medi-Cal will no longer count assets to determine eligibility. California is the first state to make this change to Medicaid eligibility.

Medi-Cal is income only now.

  • Now eligibility is determined by income, which at present is $1732 per month max. See
  • If a Medi-Cal beneficiary’s available countable income exceeds their maintenance needs level, then an otherwise eligible Medi-Cal beneficiary has a share of the cost.

How does a trust benefit a person who may need Medi-Cal coverage?

  • An article published by the Lake County News provided a good summary and examples of how a trust may impact a person seeking Medi-Cal eligibility, and a few highlights are quoted below. For the full article, see https://lakeconews.com/news/78818-estate-planning-trusts-and-no-asset-limit-medi-cal
    • A trust, whether revocable or irrevocable, minimizes a person’s available countable income and share of cost. Income received by a trust (with income producing assets) does not count as income to the trust beneficiary for determining Medi-Cal share of cost.
    • Direct distributions by the trust to the beneficiary count as available income.
    • But, if the trust were instead to pay a portion of a person’s support and maintenance needs, called, “in kind support and maintenance,” but not 100% of any support/maintenance cost (e.g., rent), then such payments do not count for Medi-Cal share of cost.
    • If the trust were directly to pay for other expenses and purchases other than certain necessities of life (buying clothes) then such other trust purchases do not count as income for share of cost.

Contact an Experienced Estate Planning Attorney

Planning for and navigating the complexities of Medi-Cal can be a daunting process for some California residents, but planning for long term care can be a crucial step in safeguarding your future. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning and can help you prepare an estate plan that is right for you and your loved ones. Estate planning is like setting the coordinates for a journey, and it will help create a more confident and smoother ride through the later part of your life. Contact us today at 707-451-4502.

Filed Under: Estate Planning

How Do I Get My Coparent to Stop Alienating?

One of the most common concerns during or after a divorce is a coparent alienating a child against the other parent. Alienation is where one parent intentionally uses tactics to manipulate the child to fear or dislike the other parent. In California, parental alienation is not a crime, but it can be a factor in determining custody and visitation. This article will give examples of illustration, discuss legal strategies for documenting evidence to support a claim of alienation in litigation, and discuss non-legal practices for helping your children resist the harmful effects of alienation with ideas originally published here: https://www.consciouscoparentinginstitute.com/how-do-i-get-my-co-parent-to-stop-alienating/

What are examples alienation tactics?

  • Telling a child lies about the other parent.
  • Keeping important information about the child from the other parent.
  • Ignoring custody orders.
  • Undermining the other parent’s authority.
  • Preventing contact or communication between the child and the other parent.
  • Attempts to ruin the other parent’s visitation or custody time.

What legal strategies can be used to combat parental alienation?

  • Allegations of parental alienation are usually only effective if they are supported by evidence, so the first step of a legal strategy is documentation of the tactics.
  • Parenting time – keep detailed notes of parenting time to document when the other parent tries to manipulate your child against you.
  • Witnesses – any third party observer of the other parent’s manipulations can be helpful to bolster your case.
  • Documents and pictures – text messages, emails, pictures, social media posts, or any other written or photographic evidence can be helpful in proving your case.

What techniques can I use to help my children resist the harmful effect of alienation?

  • Mirror strength – how you react will be a model for your children. If you respond to their rejection with calmness and love, this will show them that your love is unconditional and help them see through the lies that the other parent is telling.
  • Take back your power – recognize that you cannot change another person, but you are in complete control of yourself. Rather than focusing on the negative narrative that the ex is spinning, create a positive story for your children by always taking the high road. Treat your ex and the children with respect, and over time, your children will grow to understand what is really going on.
  • Take proactive action – communicate consciously, plan ahead, use email and text so that you don’t end up in verbal altercations with the other parent. Contact a family law attorney, and take the recommended steps to fight the alienation to the extent that you can through the court system. Most importantly, put in the work to be there for your children in every way. Believe and live with the mantra that “Love always wins.”

Contact an Experienced California Family Law Attorney

If you have questions about parental alienation or any other aspect of California family law, contact us today. At the Law Office of David Knecht, we have extensive experience in all aspects of family law, and can help you with divorce, modification, prenuptial agreements, or any other family law issue. Contact us today at 707-451-4502.

Filed Under: Divorce Attorney, Divorce Lawyer, Divorce Planning

Frozen Embryos and Divorce: New Legal Developments

Because of advances in technology, millions of people have become parents through in vitro fertilization (IVF). For various reasons both scientific and practical, most IVF cycles result in additional frozen embryos, which become the subject of dispute upon divorce. This area of the law is developing in many states, and this article will summarize a famous California case, the recent developments in federal law that may impact embryo cases, and the latest battle over embryos in Texas. Information about statistics from the following:  https://www.asrm.org/globalassets/_asrm/advocacy-and-policy/advocacy-activities/2024/asrm-antoun-v-antoun-amicus-brief.pdf

Vergara v. Loeb, California case

  • This case involved embryos created by the actress Sofia Vergara and her ex fiancée.
  • After the relationship ended, Vergara wanted to block him from using the embryo.
  • The court sided with Vergara, granting her a request for a permanent injunction preventing Loeb from using the embryos.
  • Takeaways: the written contract governing the use of the embryos was enforced by the court
  • Link to the case can be found here: https://scholar.google.com/scholar_case?case=10461940742055588929&q=+vergara+v.+loeb&hl=en&as_sdt=6,45

Supreme Court case, Dobbs, may impact embryo law in the future

  • In 2022, the United States Supreme Court changed the legal landscape for abortion.
  • Previously as per Roe v. Wade, abortion was a Constitutional right.
  • With Dobbs, the Supreme Court reviewed the common law and historical support for abortion, and finding it lacking, held that there is no Constitutional right to abortion.
  • This decision leaves the power in the hands of individual states to determine whether abortion is legal in each state under state law.
  • This case may have an impact on embryo law, as some may argue that there is no Constitutional right not to parent (which has been the reasoning behind some states awarding embryos to the party who does not want to be a parent).
  • The link to Dobbs can be found here: https://scholar.google.com/scholar_case?case=10996775398954026979&q=Dobbs&hl=en&as_sdt=6,45

New Developments in a Texas Embryo Case

  • ABC News recently reported that the Supreme Court in Texas has requested briefing on an embryo case. See https://abcnews.go.com/US/texas-divorce-case-impact-ivf-care-state/story?id=110224216
  • The briefing request does not mean that the Supreme Court will consider the case, but it is a step in getting review from the state’s highest court.
  • The wife in the case is arguing that the Supreme Court Dobbs decision changed the legal landscape and that her embryos are children.
  • The husband is arguing that the contract the couple executed controls the court’s decision over embryos, which should be defined as property.
  • The link to the case can be found here:

https://scholar.google.com/scholar_case?case=858795811714986055&q=antoun&hl=en&as_sdt=6,45

Contact an Experienced Family Law Attorney

If you have questions about embryos or any other aspect of family law, contact us today. At the Law Office of David Knecht, we have extensive experience in all aspects of family law, and can help you with divorce, modification, prenuptial agreements, or any other family law issue. Contact us today at 707-451-4502.

Filed Under: Divorce Attorney, Divorce Lawyer, Divorce Planning, General

The Danger of Declining Estate Planning Rates

Do you have an estate plan? If not, you are not alone, and you may be responding to the latest trends affecting Americans and their estate planning practices. Statistics show that Americans are responding to financial trends including income inequality and rising inflation, and these factors are having an impact on estate planning nationwide.

This article will discuss the statistics and trends and potential impact these may have, with information derived from Caring.com’s 2024 Wills and Estate Planning Survey and an article about the danger of declining estate planning rates originally published by Forbes. See https://www.caring.com/caregivers/estate-planning/wills-survey/ and https://www.forbes.com/sites/matthewerskine/2024/03/20/the-danger-of-declining-estate-planning-rates/?sh=2db3b6924e33

What are the main estate planning trends?

  • As reported in a survey by Caring.com, for the first time since 2020, the number of Americans with a will has declined.
  • Only 32% of Americans have an estate plan in 2024.
  • security for loved ones.
  • For business owners, estate planning ensures business continuity.
  • For art lovers, a plan can preserve the value of art collections.
  • Estate planning can minimize taxes, preserve your legacy and facility philanthropic goals
  • Estate planning can involve more than financial assets.
    • It can control healthcare decisions
    • Designate what happens with your digital and social media assets
    • Provide guidance on how children are looked after in the event of an emergency

What can you do to address these estate planning concerns?

  • The obvious first step is to get your own affairs in order. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning, and we can help make this process easy. To get started or to freshen up a preexisting plan, contact us today at 707-451-4502.
  • Talk to friends and family. If you estate plan is prepared, talk to your loved ones about how they can get steps to be prepared for the future.
  • Get involved in your community and talk about estate planning with new friends and associates. You can look for opportunities to serve in local communities, on sites such as https://www.cityofvacaville.gov/i-want-to/volunteer

Estate Planning Does Not Have to Be Intimidating

Estate planning can be complicated and it does involve facing the inevitable occurrence of your passing on, but it does not have to be intimidating. All it takes to get started is one call to your estate planning attorney, and we will help you do the rest.

  • This is a 6% decline from last year.
  • 40% of people without a will attribute that to not having enough assets to leave to anyone.
  • The study found 16% notable decline among lower-income Americans.

What are other surprising niche trends?

  • Around 85% of successful business owners have outdated estate plans.
    • This can potentially lead to unintended consequences due to changes in tax law and personal circumstances.
  • Only about 10% of ultra-high net worth individuals with significant art collections have planned for their transfer.
    • This can potentially risk disputes among heirs or mismanagement of the collection.

Why is estate planning important?

  • Estate planning is crucial for distributing assets as to one’s wishes and providing financial security for loved ones.
  • For business owners, estate planning ensures business continuity.
  • For art lovers, a plan can preserve the value of art collections.
  • Estate planning can minimize taxes, preserve your legacy and facility philanthropic goals
  • Estate planning can involve more than financial assets.
    • It can control healthcare decisions
    • Designate what happens with your digital and social media assets
    • Provide guidance on how children are looked after in the event of an emergency

What can you do to address these estate planning concerns?

  • The obvious first step is to get your own affairs in order. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning, and we can help make this process easy. To get started or to freshen up a preexisting plan, contact us today at 707-451-4502.
  • Talk to friends and family. If you estate plan is prepared, talk to your loved ones about how they can get steps to be prepared for the future.
  • Get involved in your community and talk about estate planning with new friends and associates. You can look for opportunities to serve in local communities, on sites such as https://www.cityofvacaville.gov/i-want-to/volunteer

Estate Planning Does Not Have to Be Intimidating

Estate planning takes some time, and it does involve facing the inevitable occurrence of your passing on, but it does not have to be intimidating. All you need to get started is one call to your estate planning attorney, and we will help you do the rest.

Filed Under: Estate Planning, General, Living Trust , Living Will, Trust Administration Attorney , Vacaville Attorney, Vacaville Lawyer
« Previous Page
Next Page »