Estate Planning &Your Legacy - FAQs

Will refinancing a property affect your estate plan? Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. The mortgage business is booming right now. Refinancing is taking a long time because lenders have been inundated with requests. My wife and I just finished ours and it took more than 5 months! Historically low interest rates have created an almost frenzied environment with homeowners scrambling to refinance their home loans at these low interest rates. Even a few tenths of a percentage point of interest, over thirty years, can make a massive difference in the amount of interest that is ultimately paid on a loan. For many, it makes perfect sense to take advantage of these interest rates. Besides the associated transaction fees of refinancing, there is frequently little to no downside to refinancing in times like these. However, one often overlooked consideration is the impact that refinancing your home could have on your estate plan. Hope this was helpful! MEET with the Moschetti Law Group: https://estate-and-legacy.com/welcome SUBSCRIBE to get the latest: https://www.youtube.com/channel/UCVh1CNQULC45Bh6j4WV2sjA?sub_confirmation=1 Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

You've just inherited a Retirement Account. Now What? Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. For decades, common financial planning wisdom has encouraged almost all American workers to maximize their contributions to qualified retirement accounts. Maximizing contributions to a retirement account can be a powerful way to reduce your current income tax liability, grow your savings exponentially tax-free, and, in most states, protect your savings from claims of creditors. And by and large, this is what most American workers have done. The result is that Americans have gradually amassed huge amounts of wealth in these types of qualified plans. It is increasingly common for an IRA or 401k to be the highest value item of property that an American owns. For purposes of estate planning, however, it is important to understand that very special rules apply to these types of accounts. Gone are the days when you can write up a quick will or trust and be assured that everything you own will pass to your heirs or beneficiaries according to the terms of those legal documents. Instead, it has become critically important for families to understand both the laws applicable to wills and trusts and the complex laws governing retirement plans. Failure to understand these laws can exact a heavy price. The following are some of the crucial considerations if you end up inheriting a qualified retirement plan. Hope this was helpful! MEET with the Moschetti Law Group: https://estate-and-legacy.com/welcome Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

The death of an iconic figure can sometimes impact us deeply because it reminds us of our shared humanity. This is the Tale of Two Celebrities: Chadwick Boseman and Eddie Van Halen. Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. With a celebrity's passing, we realize that death is an equalizer. It also reminds us of the importance of estate planning to protect a person's money and property. Estate planning is not reserved for those with large amounts of wealth or larger-than-life personalities. Life's difficulties challenge all of us regardless of our relative fame or obscurity. Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or can no longer make decisions for yourself. This year, the deaths of two significant celebrities—the international rock superstar Eddie Van Halen and the global acting phenomenon Chadwick Boseman—provide examples of key considerations in this process. In some ways, these men could not be any more different; however, they serve as a lesson that all of us should have an estate plan in place to protect the ones we love. Hope this was helpful! MEET with the Moschetti Law Group: https://estate-and-legacy.com/welcome Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

What is the recipe for a satisfying estate plan? Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. Misconceptions about who needs an estate plan abound. Most people believe that estate planning is only for extremely wealthy business moguls or celebrities. But that could not be further from the truth. Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or can no longer make decisions for yourself. Thus, estate planning should be standard practice for every adult age eighteen or older. One way to think about estate planning is to compare it to a classic recipe you should have in your cooking repertoire by your twenties. Like that satisfying meal, your estate plan should have the right ingredients—or in this case, people. So, let me ask you - do you have the right ingredients? The recipe for an effective estate plan must include the right 5 roles (aka the ingredients). Hope this was helpful! MEET with the Moschetti Law Group: https://estate-and-legacy.com/welcome Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

Clients and I almost always have the discussion – should they have a will-based plan or a trust-based plan. The answer isn't always a trust-based plan. Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. One of the many decisions you will need to make in planning your estate is whether to choose a will or a revocable living trust as the main tool for passing your property. People who choose a revocable living trust most of the time do it to avoid probate, plan for their incapacity, and keep their estate plans private. Now, if these are not important goals for you at this time, a will may be more appropriate. Hope this was helpful! MEET with the Moschetti Law Group: https://estate-and-legacy.com/welcome SUBSCRIBE to get the latest: https://www.youtube.com/channel/UCVh1CNQULC45Bh6j4WV2sjA?sub_confirmation=1 Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

Clients sometimes come in thinking a trust is always the best choice. While many times that is true, it isn't always true. Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. So, when is a Will-Based Plan the better choice? There are generally 4 types of situations. First, when the costs of probate in your state are unlikely to exceed the costs of preparing and maintaining a revocable living trust. Second, sometimes it is really important to have some oversight. Third, You do not want the extra work of maintaining a revocable living trust or fear you will neglect to keep it up. Fourth, if you are young and in good health and want to put in place just a simple starter estate plan. Hope this was helpful! MEET with the Moschetti Law Group: https://estate-and-legacy.com/welcome SUBSCRIBE to get the latest: https://www.youtube.com/channel/UCVh1CNQULC45Bh6j4WV2sjA?sub_confirmation=1 Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

Today we are going to discuss one of the questions clients ask ALL the time: “If probate is so bad, why do we have it?” Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. Probate does have a purpose. Most importantly, Probate prevents fraud and protects the last wishes of the person who passed away. The probate court looks at the will and rules on if it is valid and authentic. Probate also protects heirs. The personal representative is required to notify all known heirs and interested parties making them aware of the process is going on. Probate provides a forum to resolve disputes. Heirs may disagree with the appointment of the personal representative, or distributions, or amounts paid to creditors, or other many other kinds of issues. Probate provides a forum where disputes can be brought for a neutral third party to decide. Hope this was helpful! MEET with the Moschetti Law Group: https://estate-and-legacy.com/welcome Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

Today we are going to discuss one of the questions clients ask ALL the time: “What is probate.” Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. Probate is the legal process for settling an estate after someone has died. During probate, the decedent's personal representative locates the decedent's assets, pays his or her debts, and distributes the remainder of the estate to the inheritors. Hope this was helpful! Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

Today we are going to discuss the sometimes touchy subject of conflicts of interest for couples in estate planning. Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. Couples often make their estate plans together and it seems to make sense to have the same attorney advise them and prepare their documents. If this is your situation, you should be aware of the possibility that a conflict of interest could arise between you. Conflicts happen most often if the decisions of one of you regarding your estate plan become adverse to or inconsistent with the decisions of the other. A conflict can also arise if you cannot agree on the disposition of property you jointly own. A conflict of interest between partners with the same attorney creates an ethical dilemma for me, the attorney. Hope this was helpful! Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

Let's talk about disinheriting a child. Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. In this FAQ, we talk about disinheriting a child. A will or a revocable living trust can contain provisions that disinherit a child or a spouse. A lot of times this comes up when a child has a substance abuse problem, or they're very, very irrational or just it wouldn't be appropriate to leave them any money. We advise our clients to avoid providing this explanation because it, it forecloses any possible grounds for the child to have challenging that decision of yours. Now, if you do decide to provide an explanation, it needs to be phrased very carefully. Hope this was helpful! Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

Let's talk about disinheriting a spouse. Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. A will or trust can contain provisions that disinherit a child or a spouse. Although it may not always be possible to completely disinherit a spouse without that spouse's consent. The specific rights vary, but typically, and in California, they allow the surviving spouse to claim a certain percentage of the deceased spouse's estate, despite what the will or trust provides or doesn't provide for him or her in California. Hope this was helpful! Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family.

Let's talk about expressions of your wishes and explanations of your gifts that are contained within a will or a trust. Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. You may decide as you're putting together a will or a trust to explain or indicate how you'd like to see a beneficiary use a gift. Those expressions are not actually binding on the beneficiary if the gift is given just outright. The way to do it is to leave that gift in a trust and authorize the trustee to distribute it to the beneficiary once the beneficiary meets any sort of requirements. Hope this was helpful! Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/

What is a specific gift made in a will or a trust? Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. First, a definition - a bequest is a gift that's made through a will or a trust after someone dies. Now, a specific bequest is a gift of a particular item that's described in a will or in a trust in a way that's clear that you intend the beneficiary to receive that particular item rather than just cash or the value of that type of thing. For example, a gift of "my diamond engagement ring" is a specific bequest. Hope this was helpful! Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family.

What is a life estate? Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients. In this FAQ, we talk about life estates. Law students, grumble that they will never see one and don't know why they should learn all about such archaic things happening in the fictitious estate of Blackacre. But as an estate planner, we use life estates fairly regularly. We use life estates to avoid taxes or to avoid creating situations where just the wrong person or the wrong type of people or a class of people end up with the estate. They allow you to make gift to a person for his or her lifetime. Then, on that person's death provide that the property is to go to other beneficiaries - not the beneficiaries of the person who's getting the life estate. This type of gift is most often made in a trust. Hope this was helpful! Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.

What is the difference between will and trust?

Clients "come to me" from all over the place because they want an estate plan to avoid probate. Even though they are typically high net worth professionals or celebrities with the best resources, most don't know why they want to avoid probate. They just don't know what the problems are with it. They tell me this makes them feel irrational because they have committed to an estate plan to avoid something they don't even know what it is. If this sounds like you, you are definitely not alone! Probate is a court-supervised process of distributing your estate. The problem is three-fold: 1. It takes a long time. Probate over six months is typical, and over a year is expected. 2. It is expensive. Fees are set by statute and are high. For example, an estate of $1m results in fees of a minimum of $46k. That is $46k that could have gone to your heirs. 3. It is public. It opens up your entire portfolio and your family tree to the public eye. Here is a story that comes to us all too often. A 25-year-old came to us on behalf of him and his three siblings after his father's death. His dad and mom had divorced a long time before, and the dad had remarried. Ten years before his death, the dad and his new wife had split and never filed for divorce. Now worth $1.5M, the house was still in Joint tenancy, and his estate worth about an additional $2M. Trust? No. Will? No. What happened? This step-mom got the house and $1M of the estate. The four siblings split the remaining $1M. Now $250k is nothing to sneeze at, but it surely wasn't what this young man's father would have wanted. The point is, you need a plan, and you need to update that plan. Probate is expensive, takes a long time, and is public. Our tip is to do an estate plan, or the state of California will do one for you. If you have any questions or would like to get started, you can give us a call at 888-224.9615 or visit us at https://moschettilaw.com.

What happens with debts in a small estate after someone dies?

Can a person have more than one person designated on a power of attorney?

Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked question he and his estate planning law firm gets from clients. In this FAQ, he answers a sister who's got a brother and another sister and their mother is currently living in the house, but is suffering from dementia. They're going to be moving her to an assisted living facility and they wanted to know if they can sell the house while she's still alive. As asked, the answer is ‘probably', but look to the powers that were given in that trust, and make sure that everybody is on the same page and then go from there. Hope this was helpful! Connect with the Moschetti Law Group online: Visit the Moschetti Law Group WEBSITE: https://moschettilaw.com Like the Moschetti Law Group on FACEBOOK: https://www.facebook.com/real.estate.and.estate.planning.lawyers Follow @moschettilaw on TWITTER: http://twitter.com/moschettilaw Follow the Moschetti Law Group on INSTAGRAM: https://www.instagram.com/moschettilaw/ About the Moschetti Law Group: Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family. We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.