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Bay Area Estates and Tax Law Blog

The ramifications of not having an estate plan

Without a doubt, one of the worst things that a parent can do for their children is to pass away without an estate plan. It makes the situation complex and stressful for their heirs. This is already a difficult time since they just lost a parent, and it's made much worse by the fact that they can't focus on mourning or coming together as a family. Instead, they have to worry about things like paying taxes and splitting up assets.

Naturally, it's also possible for children in this situation to make costly mistakes. They're feeling emotional. They're stressed and busy. Are they going to overlook assets or make other errors that cost the family dearly? It happens. Sometimes, it's too late to go back.

Focusing on the term “digital” in your California estate planning

The writer of a recent Kiplinger article on estate planning asks readers to consider “how much of your life is connected to your computer, mobile phone and other devices.”

Maybe you don’t want to think about that.

Why thoughtful estate planners focus on power of attorney selection

When we refer on our website to “one of the most important decisions you’ll make when you’re planning your estate,” what do you think we are spotlighting?

We of course stress the fundamental building blocks of thoughtful estate planning at the proven Bay Area Law Offices of Connie Yi, PC. Key decisions obviously include the timely and careful drafting of a will and the possible creation of one or more flexibly tailored trusts. They also address strategies for preserving assets, lawfully avoiding taxes, passing along assets to heirs, charitable giving, defining a family legacy and additional considerations.

Famed deceased pop star’s written documents roil estate waters

It all seemed relatively clear for a few months. A recent discovery has all but obliterated that clarity, though, and spawned developments that spell future cloudiness rather than transparency.

We spotlight in today’s blog post the continuing drama surrounding acknowledged Queen of Soul Aretha Franklin, who mightily strode a world stage for decades as a renowned vocalist and musical artist.

Revisiting comic legend Stan Lee: material update re icon’s estate

Creative individuals like Stan Lee seldom emerge in any business or industry. When they do, they make an impact.

We spotlighted Lee in a blog post from last year, noting in our entry dated June 21, 2018 that he was an acknowledged “legendary comic genius.” Think Spider Man, Iron Man, the Black Panther. The list goes on. Lee’s list of created characters was impressively lengthy.

Your parents' death can change relationships with your siblings

When your parents pass away, odds are you and your siblings will come together at first. Some even see it as a time to bond, as sad as it is.

Be warned, though: Your relationships with your siblings can change significantly after your parents are gone. You may not have thought about it in a long time, but they may still have been defining your relationships the way that they did when you were kids. You may feel that shift when you no longer have that structure and leadership in place.

Should you expect estate litigation if you’re a billionaire?

How are you doing on wealth accumulation? Getting nearer the billion-dollar mark yet?

We pose that question to readers of our estate planning blog at the Bay Area Law Offices of Connie Yi with a bit of humor intended.

The strong utility of a pour-over will for some planners

Imagine that you – a proactive and careful California planner – take steps to ensure your active control of assets during your lifetime. Moreover, your close collaboration with a proven estate planning attorney also ensures that your property will be distributed to heirs and loved ones following your death according to your wishes.

Those dual objectives are routinely promoted through a planner’s execution of a revocable living trust. That legal instrument is impressively flexible and protective, allowing a planner to maintain total control of trust property while alive and have it pass at a future date exactly as intended.

Valuable art, collectibles merit close estate planning consideration

Readers of our estate planning blog posts at the Law Offices of Connie Yi might note a recent entry focused on art. We spotlighted in our April 23 post a painting of actress Farrah Fawcett done back in 1980 by iconic artist Andy Warhol. That portrait featured largely in litigation targeting its ownership.

We underscored in that blog that property valuable enough to feature in estate-linked litigation “should be specifically referenced and accurately identified in a will.”

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