• Why Estate Planning Is for Everyone

    It’s a common misconception that only the wealthy or those with children should participate in estate planning in Tracy . In fact, every adult can benefit from working with an estate planning lawyer, regardless of income or marital status. Estate planning lets your survivors know what your final wishes are. You can designate beneficiaries for your assets by creating a will. You could also work with a lawyer to create a living will, or advance directive, which lets your loved ones know what your medical preferences are in the event that you become incapacitated.

    For more information on estate planning, watch this video. This expert explains the basics of estate planning, such as setting up a revocable living trust, designating your beneficiaries for life insurance, and designating who will have power of attorney.

  • Proving Liability in a Personal Injury Case

    Personal Injury Case in Tracy When you consult a personal injury lawyer , he or she will begin building a strong case to help you obtain compensation for your injuries. One of the cornerstones of a successful personal injury lawsuit is proving liability. That is, your lawyer will need to prove that the other party is at fault for your injuries. Many personal injury lawsuits are filed on the basis of negligence, while others are based on strict liability or, less commonly, intentional wrongs.

    Proving Negligence

    Negligence is a common basis for personal injury lawsuits because many accidents occur when an individual fails to exercise reasonable care. For example, another driver may strike your vehicle if he or she was speeding and could not stop in time to avoid an accident. In this case, your accident attorney will argue that the other driver should be held liable for your injuries and the damage to your car.

    Evaluating Strict Liability

    Not all personal injury cases arise from car accidents. In fact, countless people are injured each year because of defective products or medical devices. If this applies to you, your injury lawyer serving Tracy can file a lawsuit based on the principle of strict liability. This area of tort law states that manufacturers and designers of products have a duty to ensure that their products are reasonably safe when used as intended. For example, if you undergo surgery and receive a transvaginal mesh implant, and that implant later erodes and causes painful complications, your lawyer could argue that the device was defective and led to your injuries.

    Proving Intentional Wrongdoing

    Occasionally, an attorney might file a lawsuit on the basis of intentional wrongdoing. You might be eligible to file this type of lawsuit if criminal charges are also pending against the other party. For example, someone may have assaulted you or a store detective may have wrongfully detained you. Although criminal charges may be filed in these circumstances, your lawyer can also file a lawsuit in civil court. The resolution of the criminal charges will have no bearing on the resolution of the civil case.

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  • Essential Tips for Estate Planning

    Estate planning is a complicated process. Consulting a lawyer regarding estate planning is the best strategy for ensuring that your beneficiaries are well taken care of and that your final wishes are carried out. Your lawyer in Tracy at Bakeirnk, McCusker & Belden can offer guidance regarding minimizing your heirs’ tax burden and ensuring that certain funds support your preferred purpose, among other estate planning strategies.

    Estate Planning Strategies

    Consider Creating a Trust

    You probably already know that you can be as specific as you wish in your will. You can choose to pass on your collection of vintage bottles to your favorite niece, for example, or to give your nephew your car. However, when you designate assets to beneficiaries in your will , you cannot control how your beneficiaries will choose to spend those assets. If you have particularly young beneficiaries who may not necessarily be given to making sound financial decisions, your lawyer may recommend that you create a trust. You can choose to create a trust with funds that are earmarked specifically for your child’s college expenses, for example. You can designate a trustee to administer these assets after your passing. Your trustee will be legally required to make sure that your assets are only used in the manner in which you intended.

    Employ Tax Minimization Strategies

    By consulting a lawyer with regard to estate planning, you can develop strategies to minimize the tax burden for your beneficiaries. Estate and income tax can significantly reduce the amount that your heirs will receive after your passing. You can ensure that they are taken care of by designating tax-free funds to your heirs and leaving taxable assets to charities, if you wish. An example of a tax-free account is a Roth retirement account.

    Purchase Life Insurance

    Another way to reduce your heirs’ income tax and estate tax burden is by purchasing life insurance. Life insurance is not taxable on the state or federal level. This means that your estate would receive the full amount of life insurance. If your lawyer estimates that your beneficiaries might be required to pay $300,000 in taxes, for example, you could purchase a life insurance policy for that full amount to eliminate their tax burden.

  • Why Is Estate Planning Important?

    Estate planning is crucial for everyone, regardless of the extent of your assets and liabilities. By working with a lawyer in Tracy at Bakerink, McCusker & Belden, you can protect your estate for your heirs . If you die intestate, or without a valid will, your assets will be divided according to state laws, regardless of what your wishes may have been. If the court cannot determine who the proper heirs may be, the state can simply seize your assets, leaving your preferred beneficiaries with nothing.

    You can hear more about the importance of estate planning by watching this video. This financial advisor discusses the benefits of working with an estate planning lawyer from a tax standpoint and explains some of the financial documents you should have in order.

  • Factors to Consider in Estate and Financial Planning

    Many individuals delay estate planning in Tracy because it involves end-of-life issues. However, regardless of your age or health, it’s always in your family’s best interests to consult an estate planning lawyer sooner, rather than later. Unexpected tragedies occur all too often; by dealing with these matters promptly, you can ensure that your family’s financial future is protected in the event of your passing. When you meet with an attorney to address matters such as your last will and testament, you’ll need to consider the following factors.

    Estate and Financial Planning Evaluate Your Financial Situation

    After scheduling a meeting with an estate planning lawyer, it’s time to gather together important financial documents. Review all of your financial information to determine the total value of your assets, and your current and anticipated cash flow. Compare your cash flow and assets to your total liabilities to determine your net worth. Consider other factors that may affect your finances in the future, such as the rising cost of living, your retirement or your spouse’s retirement, and unexpected, yet significant expenses, such as those related to a major illness. By understanding your particular financial situation, your estate planning lawyer can help you develop a sound financial plan for the future and for your heirs.

    Consider Your Beneficiaries’ Needs

    When you create a will with the help of your estate planning attorney, you’ll designate beneficiaries for your assets . You’ll also designate beneficiaries for your life insurance policy, retirement accounts, and similar accounts. It’s entirely your decision as to how to divide your estate among your family members, friends, or charitable organizations. However, when designating beneficiaries, you should consider their future needs and their spending habits. Many individuals earmark funds in a trust to cover specific expenditures, such as college tuition or special needs expenses.

    Reduce Your Taxable Estate

    Estate and income taxes can take a significant portion of the assets you allot to your beneficiaries. Your estate planning lawyer can help you develop efficient strategies to minimize tax obligations. You might also consider purchasing a life insurance policy that will cover the estate tax your heirs will owe.

  • What Is Trust Administration?

    Trusts are often formed during estate planning . A trustee is designated to handle the assets within the trust. Trustees have a responsibility to protect the interests of the beneficiaries, safeguard the assets held within the trust, and administer the trust in a way that is consistent with the decedent’s final wishes. Trust administration is a highly complex process that must be performed in accordance with estate planning laws. It is highly recommended that designated trustees seek the counsel of a lawyer in Tracy at Bakerink, McCusker & Belden who can help them fulfill their duties.

    Trust Administration

    A lawyer can help you identify the financial documents and other information you need to compile in the wake of the death. You’ll also need to stay in close contact with the executor of the individual’s estate because the executor may transfer non-trust assets to the trust. Your lawyer can help you locate the will and file it with your local probate court, make the necessary notifications of the death, and notify the beneficiaries. Then, you’ll need to complete an array of other tasks associated with trust administration, such as reviewing trust investments and paying off debts.

  • Common Questions About Estate Planning In California

    Estate planning is a wise decision for all adults, no matter their age. Estate planning in California or elsewhere in the country involves designating your assets to beneficiaries, to be paid upon your passing. A lawyer in Tracy can help you with the estate planning process and answer any questions you may have.

    Who Requires Estate Planning?

    It’s a common misconception that an individual should only consult a lawyer about his or her estate if significant wealth is involved or if a serious medical diagnosis has recently been made. In fact, all adults should work with a lawyer to address these matters before there is an urgent need to do so.

    Estate Planning Attorney In Tracy, CA What Does Estate Planning Involve?

    There are many facets to estate planning. Your attorney can draw up a last will and testament to specify which beneficiary should receive which of your assets. You can specify beneficiaries for any assets you have—ranging from life insurance benefits to retirement accounts to jewelry. Estate planning also involves designating who will handle matters after your death , such as paying your final debts and distributing the assets. With estate planning, you can make your final wishes known with regard to burial options. Additionally, your lawyer can walk you through the process of deciding who will care for minor children. Under California law, should you pass before all of your children have reached the age of 18, they are legally unable to care for themselves and manage their own property. You’ll need to appoint a guardian to do so. Your lawyer may recommend establishing a trust for minor children.

    Who Should Be My Executor?

    The executor of your will is an individual who is responsible for ensuring that your wishes are carried out and your assets distributed according to the will. Your executor should be organized, efficient, and capable of handling these matters. Many people designate their spouse to serve as executor.

    Do I Need a Living Will?

    Estate planning also involves creating a living will, or an advance directive. This is a legal document that specifies your wishes with regard to healthcare decisions in the event that you become incapacitated. For example, you may specify whether you wish resuscitation efforts to be made. With help from your attorney, you’ll designate a healthcare proxy to execute your living will.

  • Actions to Take if You Are Injured on the Job

    You work hard to ensure that your employer succeeds. If you suffer an injury while performing your normal job duties, you deserve to be taken care of while you recover. Many Californians who are injured on the job are entitled to workers’ compensation—if you are denied workers’ compensation, or if you believe that your injuries were caused by negligence, consider hiring a Tracy lawyer .

    Work Injury

    Seek Medical Attention

    Depending on the severity of your injury, you may choose to seek medical attention immediately or at your earliest convenience. Regardless, it’s important to visit a doctor soon after the incident, as waiting too long could cause your injury to get much worse. During the examination, be sure to tell your doctor that you suffered your injury at work.

    Notify Your Employer

    Notify your employer of the incident as soon as you are able. If you wait more than 30 days after the date of the incident, you may forfeit your right to receive workers’ compensation. Some injuries occur gradually—if this is the case, inform your employer as soon as you suspect a job-related injury.

    Analyze the Incident

    If all goes well, you should begin receiving your workers’ compensation benefits within a few weeks. However, you might find that this compensation isn’t enough. Consider analyzing the circumstances surrounding your injury—if you detect any evidence of negligence, you might file a personal injury claim against your employer.

    Hire an Attorney

    There are a lot of potential complications surrounding work injuries . For example, your employer’s insurance company may deny you benefits based on something you said. If you are subjected to hard questioning, or if something seems amiss with your compensation benefits, consider hiring an attorney. A skilled lawyer can also help you investigate the circumstances of your injury and help you determine whether to pursue a personal injury claim.

  • Creating an Estate Planning Checklist

    It’s important to make sure your loved ones are taken care of in case something happens to you. Careful estate planning can ensure that your wishes are carried out when you are unable to carry them out yourself.

    In this video, an estate planning expert outlines a checklist of important actions to take while you are still of sound body and mind. First, it’s important to make sure your own health is taken care of—you can do this by signing an advance directive, or medical power of attorney. An advance directive outlines your specific healthcare wishes in the event of an accident or illness that leaves you incapacitated. Next, it’s important to have a financial power of attorney or living trust in place to ensure that your finances are properly distributed in the event of your death. A Tracy estate planning attorney can help with all these matters.