http://siddharthchhokar.com Your Total Estate Plan Tue, 26 Apr 2011 23:40:55 +0000 http://backend.userland.com/rss092 en How do you feel when you receive a gift you really appreciate? Now how do you feel when you give a gift to someone who really appreciates it? The old adage, “‘tis better to give than to receive,” has been a timeless proverb throughout history for a reason: it’s true. ... http://siddharthchhokar.com/2010/04/09/charitable-deductions-a-smile-for-everyone/ Invariably after meeting someone new and getting into a discussion about what I do, I receive this question: “How much does a Will cost?” This is one of the most frequent questions our firm fields and also one of the most challenging to answer. Let’s start with this fact – ... http://siddharthchhokar.com/2009/10/26/so-how-much-all-this-going-to-cost-me-how-much-does-a-will-cost/ Your car requires regular servicing in order to maintain its performance and reliability…and so does your estate plan.  Remember all those pamphlets that were sitting in your glove box along with an owners manual you never read, one of them was a recommended schedule for maintenance based on how many ... http://siddharthchhokar.com/2009/09/11/time-for-your-3000-mile-oil-change-servicing-your-estate-plan/ Choosing your executor is an important and necessary task, though potentially morbid and depressing. The executor is the person who carries out your wishes when you're “gone” – yes, I mean no longer with us, you’ve left the building, entered a new plain of existence, etc.  Basically, you’re picking someone ... http://siddharthchhokar.com/2009/07/27/eni-meeni-mini-mo-%e2%80%93-how-to-choose-you-executor/ The vast majority of people don’t even start thinking about planning their estates until they reach retirement age.  If that’s your plan then you’re making at least two mistakes: (1) You are gambling that nothing will go wrong until you’re ready to plan; and (2) You are severely limiting what you can ... http://siddharthchhokar.com/2009/07/13/there%e2%80%99s-a-100-chance-that-you%e2%80%99re-going-to-die-when-is-the-best-time-to-plan-your-estate-2/ Often people will transfer title of their assets to their adult children while they are living, thinking it will make things easier for their children when something happens to them.  Doing this will prevent the court from controlling the assets if you become incapacitated and it will avoid probate when ... http://siddharthchhokar.com/2009/07/08/you-say-it%e2%80%99s-your-birthday-its-my-birthday-too-some-gifts-just-arent-worth-giving/ Now that the Obama administration is in place, the uncertainty regarding the future of the federal estate tax may soon be resolved and that resolution almost certainly includes the estate tax being here to stay. If your estate exceeds the $3.5 million lifetime exclusion you need to be proactive and ... http://siddharthchhokar.com/2009/06/18/change-we-can-believe-in/ Living trusts enable you to control the distribution of your estate.  Furthermore, certain trusts may enable you to reduce or avoid many of the taxes and fees that may be imposed upon your death. In short, a trust is a legal arrangement under which one person, the trustee, controls property given ... http://siddharthchhokar.com/2009/05/13/it%e2%80%99s-alive-%e2%80%93-what-is-a-living-trust/ What are you planning to give your teenager when he or she turns 18 and legally becomes an adult? A new watch? A car? A deposit for an apartment? A trip to Europe? Those are all fine gifts, if you can afford to spend for them. But here's one you may ... http://siddharthchhokar.com/2009/05/08/happy-18th-birthday-no-really-this-is-better-than-a-car/ Much too often I speak to people and they tell me that estate planning is something for the wealthy.  After much contemplation, introspection and coffee, I came to a conclusion that now seems so obvious that I can’t believe I missed it.  People believe that estate planning is a ... http://siddharthchhokar.com/2009/05/06/stuff-matters/