Tag Archives: Estate Plan

What Happens to Reward Points When You Die?

Reward PointsTom was fairly successful in life and had a love for travel.  To maximize his options, Tom was enrolled in several different programs which generated reward points.  These points could then be redeemed for travel, hotel stays, car rentals, etc.  Tom assumed that when he passed away, his accumulation of reward points would simply pass on to his kids, or whomever else he designated as part of his estate plan.  Despite Tom’s intended plan, the reward programs had a different plan in mind.

Tom was enrolled in three specific reward programs, each of which was linked to a specific credit card:

  1. Citi/Aadvantage
  2. American Express
  3. Chase Marriott Rewards

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Do You Still Need an Estate Plan if You are Not Wealthy? (Part 2)

Estate-Planning Lawyer Los AngelesContinuing on our estate tax discussion from last month, there are a number of other reasons, besides minimizing estate tax, to consider whether to engage the services of an estate planning attorney:

  • Without an estate plan, the State determines what happens to your property when you die.
  • Without an estate plan, and in particular a trust, the transfer of your estate will require a probate except in the limited circumstance of what is referred to as a “small estate”.  The probate process can be expensive and time consuming.  For example, an estate of $2 million, well under the 2012 $5.12 million threshold in the IRS study, would incur attorneys’ fees set by statute of approximately $40,000.00.
  • Without an estate plan (which would typically include powers of attorney and healthcare directives), should you become ill or incapacitated, your loved ones could not easily step in to take care of health and/other decisions and needs.

So the next time the question of an estate plan comes up and you think to yourself, I have “nothing”, I do not need a plan, do yourself a favor and reconsider.

What Should My Estate Plan Include?

Everyone’s estate plan will vary depending on an individual’s assets and desires on how to distribute those assets.  However, at a minimum, everyone’s estate plan should include the following:

Contact Anker, Hymes & Schreiber, LLP today to speak with our experienced Estate Planning Attorney in Los Angeles regarding your estate plan.

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Estate Planning: What You Should Know

What is an Estate Plan?

An estate plan is a complete set of instructions that convey your wishes upon your incapacity and/or death.

Why Should I Create My Own Estate Plan?

Without a personalized estate plan the State will decide who gets what and when.  The State’s idea of what your heirs should receive may not be the same as your own.  With an estate plan, you can avoid the time and cost of having the State decide your affairs.  It is essential that you take an active part in preparing your estate plan.

When Should I Start to Prepare My Estate Plan?

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