Evangeline Giron

The difference of wills and trusts

Friday, 24 April 2009 22:57 Evangeline A. Giron

A WILL is a legal instrument containing your instructions and wishes as to how you would like your property and assets distributed after your death. Every person with assets should seriously consider a will. A will should not only be for people who have reached an age where death is not far away. People die at all ages and a will is needed especially if you have assets and property to be allocated to those you wish to benefit. However, more than 2/3 of Americans die without even a simple will in place.

A will is also the expression of the person’s wishes concerning how their property is to be distributed. It is a written statement, signed in compliance with the various formalities covered by legislation. It is a legal document containing the names of the people you want to benefit, as well as details of your possessions at the date of your death. The people you want to benefit are called beneficiaries.

What is an advanced healthcare directive?

Friday, 17 April 2009 19:48 Evangeline A. Giron

IT is often difficult for individuals to think about the care and treatment they want in the event they are incapable of making their own health care decisions. An Advance Health Care Directive (often confused with a "Living Will"), is a written document declaring the type and extent of medical care that you desire in the event you become incapacitated. Having an Advance Health Care Directive in place is the best way to make your medical and health care wishes known and to ensure that those wishes are followed, including directions regarding the use of life-prolonging equipment and procedures.

Divorce: process and financial baggage

Friday, 10 April 2009 07:42 Evangeline A. Giron

DIVORCE is a difficult process. In addition to the stress and emotional turmoil, the financial ramifications can be overwhelming and complex.

California divorce (dissolution of marriage) can be filed by either spouse to end the marital relationship. If both parties are in full agreement on all the major issues in a divorce, they can typically proceed by filing an uncontested divorce in California (sometimes called a "joint" or "consent" divorce). Uncontested divorce procedures are generally simpler than contested divorces and much less expensive than a contested divorce (when the parties are not in agreement). Upon completion of a California divorce, the parties are restored back to single status.

How important is estate planning?

Friday, 03 April 2009 21:58 Evangeline A. Giron

Estateplanning is financially preparing your assets and liabilities for when you are no longer alive, to leave as much as you can to the people that you love. Estate planning minimizes how much your loved ones will pay for the distribution of your estate, helps them to make important decisions related to your death, and prevents the frustration of the probate process.

Having a will gives you the decision-making control over who gets what; you still control how and when they receive it. A will conserves and distributes your assets and money according to your wishes, names guardians for your minor children, as well as names an executor for your estate. It alleviates family member feuds that may take place after your death; there is no guess work. While essential to have, a will does not avoid the probate process.

Charitable contributions and taxes

Friday, 27 March 2009 20:27 Evangeline A. Giron

Last week, I discussed about deductible auto expenses. Charitable contributions is another favorite topic that has come to the forefront during my tax planning strategy meetings.

You can give away up to 20 percent of your adjusted gross income without worrying about any limitations. In most cases, you can give away up to 50 percent of your income, depending on the type of organization you give to and whether your contributions are cash or noncash.