We handle Redding Estate, Trusts and Wills and offer comprehensive legal services for individuals and families of all sizes, income and wealth.
Planning for the end of your life or a serious illness is not enjoyable but unfortunately it is an essential part of life.
Have you ever considered who will make financial decisions for you if you are no longer competent to make them for yourself?
Creating an estate plan can help bring you peace of mind now and help to protect yourself and your loved ones from a difficult but avoidable situation in the future.
Regardless of your current age or financial status, a well-drafted estate plan ensures that your property, business interests, investments, insurance proceeds, personal property, and even your personal effects will pass to whom you want, when you want, and is carried out in the manner you've chosen.
Rest assured that your family won't have to endure the public process and costly matter of probate and that tax won’t eat away at what you've taken a lifetime to build.
Estate planning may include:
However, problems arise when these methods are not coordinated so choose an experienced, reputable estate planning attorney.
Let the Law Office of Rupert Corkill be your guide on the path toward preserving your family's future and feel confident about the choices you make.Contact Us
Yes, YOU do need a will and other estate planning tools.
The following question and answer series about common estate planning mistakes, how to get started, and how to discuss potentially awkward topics with family members stems from an interview Rachel Emma Silverman, the author of The Wall Street Journal Complete Estate Planning Guidebook, gave US News.
Everybody needs to think about estate planning. Unfortunately, we’re all going to die, and many of us might even grow incapacitated. You just never know. Estate planning isn’t just about assets. Even if you’re a single 20-something, you might not have a lot of assets or family support, but estate planning also involves medical directives, which means designating how you want to be cared for when you can’t care for yourself. Unfortunately, there are many tragic examples of even 20-somethings facing those kinds of situations, so it’s important that even young people make estate plans.
The number one mistake is not doing anything at all. There are so many examples of people who die without a will, or get sick without a medical directive. That’s when family fueds happen and it leads to expensive litigation. Or people wait too long. People decide they need an estate plan when they’re already incapacitated, so it’s too little, too late.
Another big mistake is not planning your wishes clearly enough. There are two ways to do that. You can have real, live conversations with family members explaining your wishes. That really minimizes disputes going forward, but it can be a really awkward conversation to have. A lawyer can also help you make your estate plans clear.
That’s a tough one. I have a few conversation starter ideas in the book. Nobody wants to appear greedy. “Hey, Mom and Dad, what are you leaving me?” And parents don’t want to freak out their grown up children by talking about this. I think a good thing to do is to play off events in the news. Studies show there are spikes in estate planning after a big news event involving estate planning.
Lawyers will say you should always get a lawyer, and a full package starts at about $1,000 to $1,500, and a lot more if you have a complex estate. There’s also a number of do-it-yourself options, like books and forms. Those are really controversial.
I’m a big believer that any estate plan is better than nothing at all, but the problem is, the laws change really frequently. Federal estate laws have changed four times in the past four years, and state laws are also changing. There are a lot of variables, and some reports have shown that these programs don’t necessarily reflect all those variables, so they are problematic. The safest thing to do is to go to a lawyer. If you really can’t afford one, do the basics with a DIY plan.
It’s a huge problem and it’s becoming an even bigger problem. It’s a systematic problem within the legal industry, and a lot of law firms are dropping their estate planning practices because they’re not that lucrative, so those that remain have to raise their rates even more. It’s a problem. The way around that is the proliferation of online programs. Unfortunately right now, because estate tax laws are in such flux, there is not a perfect solution. Hopefully it will get better.
I avoided that question in the book, because there are so many variables. It depends on your current income, the number of children you have, your spouse’s income. I didn’t want to give any blanket tips. I bought life insurance before the birth of our first son, and the broker just asked a lot of questions and ran some numbers, and we just kind of made up a number. It’s an art, rather than a science.
Often — at least every three years. And people’s wealth is constantly changing, and family situations constantly change. People have more children and children get married. There are a lot of variables, and estate plans should reflect that. ~ Kimberly Palmer.
(Adapted from an interview with Rachel Emma Silverman, author of The Wall Street Journal Complete Estate Planning Guidebook, as published in US News).Contact Us
If you don't create an estate plan your assets will be forced to go through your state’s legal process or "intestacy laws" to determine who will inherit your property.
In the case of a person who has died without a valid Last Will and Testament, the intestate laws of the state where the person lived and owned real estate at the time of their death will determine who will inherit their property.
Each state may differ slightly but all tend to adhere to the following arrangement. First your spouse and your children will inherit your property. If you don’t have a spouse or any children, then your parents will inherit your assets. If your parents have predeceased you, siblings are next in line. Finally, your property will be distributed to your nieces and nephews.Contact Us