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Michael S. Winsten

The Largest Wealth Transfer in US History

A financial time like this has never existed before in human history. Baby boomers preparing to pass on their legacies through estate plans put America on the verge of the largest transfer of wealth in history. According to projections, 68.4 trillion dollars will be transferred from one generation to the next over the next 25 years.
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Michael S. Winsten

Inheritances From Charitable Trusts

Charitable trusts are irrevocable trusts that provide income to heirs while benefiting charities. A charitable trust can provide a number of financial benefits for all those involved if you are philanthropic and own non-essential assets such as stocks and real estate.
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Michael S. Winsten

Planning Your Estate With Life Insurance

After you pass away, your loved ones shouldn't have to inherit assets only to find out they can't access them for financial expenses they will incur. For retirees, most assets consist of homeownership and retirement accounts, which must be sold to gain access to cash. When managing and distributing your estate assets, life insurance can provide the liquidity you need.
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Michael S. Winsten

Six Estate Planning Mistakes to Avoid

Planning your estate ensures that your assets, interests, and loved ones will be protected when you pass away. Individuals often make costly estate planning mistakes without the guidance and advice of a qualified estate planning lawyer. Poor planning can create additional distress for your heirs during a time of grief in addition to undermining your intentions and diminishing your financial legacy.
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Michael S. Winsten

Unmarried Couples: Asset and Property Estate Planning

In record numbers, older Americans are experiencing widowhood or divorce, causing them to form new partnerships. In the United States, the US Census Bureau reports that more than half of all older adults have only been married once, choosing to remain legally single in the future. Without a legally recognized civil union, marriage, or domestic partnership certificate, cohabitation can have unforeseen and unintended consequences.
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Michael S. Winsten

What are Co-Agents in California?

I can't decide which of my two children should be my power of attorney when I need help paying my bills and talking to doctors. Can't I just name them both? You can, but please don't.
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Michael S. Winsten

Understanding Blended Families and Your California Estate Plan

Inheritance in a blended family can create hurt feelings and inequitable distributions and may lead to court battles that can be lengthy and costly in dollars and family unity. While you cannot legislate from the grave, you can carefully prepare your estate plan, distinctly accounting for biological and stepchildren to minimize the potential for conflicts.
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Michael S. Winsten

How to Avoid Creditors and Probate with Expert Planning

Avoiding probate through legal techniques is a great strategy to save taxes, keep your estate from public proceedings, and avoid the need for court approval every step of the way. It can save you time, frustration, and in many cases, significant attorney and court fees.
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