who’s a bonehead?
When working on an estate plan with my clients, the most interesting part of the discussion is often about who gets to inherit from them. It can also get very complicated. Most clients choose to give their estate to their children (in equal shares if there is more than one child). It all seems so easy. We have to be mindful if children are minors because giving assets outright to minors is often a bad idea or legally impossible without court intervention. However, another interesting issue often arises – the issue of bonehead sons-in-law and daughters-in-law. I say “bonehead” loosely, only to emphasize that you may not be entirely crazy about them for one reason or another. Clients will ask me, “Listen, my daughter married this...
forget dieting this year
It is definitely time to make your New Year’s Resolution if you haven’t already done so. Instead of losing weight, exercising more, and other “cliché” resolutions, try this: “This year, I will create an estate plan for me and my family!” So forget about the diet this year, and instead, draft some legal documents that will be helpful to you and your family. Instead of pulling a muscle by exercising or starving yourself with a silly diet, spend some time creating an estate plan. Your friends will definitely be impressed, and I promise you’ll feel better! An estate plan may include: A revocable living trust agreement which eliminates probate and the need for guardianship or conservatorship proceedings with respect to assets transferred to...
planning your estate
If something breaks in your house, and you want to fix it, chances are you will go get your trusty Tool Box and pull out the right tools for the job. Estate Planning is the process of creating a “legal tool box” – solid legal documents that can be used in the event something in your life goes wrong! After all, if something goes wrong, you have to ask yourself, “Do my friends and family have the legal documents necessary if something were to happen to me?” Nothing resolves itself by “magic” – you have to have the right legal tools. Here are 11 things to keep in mind when planning your estate. 1. You should at least have a will that says who gets what after you pass away. If you don’t, California law...
inheritance for children
Have you ever given any thought as to how you will pass your financial wealth to your children? Responsible provisions can be built into your living trust to protect your children and their inheritance, no matter how modest or how abundant your wealth might be. Keep in mind that most wealth in this country is lost between one or two generations because people simply don’t take the time to learn how to best pass on their wealth. Even if you don’t have a great deal of wealth, why should your family lose what little it may have? When creating an estate plan, most parents have to decide how and when their children should inherit from them. In most cases, each child receives an equal share. In some cases, distributions can be deferred to certain...
get medical attention
After you’ve had an injury, whether it’s from a car accident or other incident, you need to seek medical treatment as soon as possible. Some of my clients have been offered ambulance transportation to the hospital from the accident scene. They usually don’t offer that unless your injuries are pretty serious or potentially serious. Many of my clients decline the treatment so as to NOT inconvenience the emergency personnel. They don’t want to be “a bother.” They figure a family member can take them to the ER or they will drive themselves. Some avoid the ambulance to avoid the costs. Do you know what the insurance company will say? Something like this: “How bad could your injuries have been since you were not transported...
choosing the right guardian
School has started. It’s important to provide children with a strong education. However, have you taken the time to legally protect your kids? Nearly 70% of parents have NOT named Guardians for their minor children. If you have minor children, it is very important to select guardians for those children in the event you can no longer be there for them – either by death or incapacity of some sort. Naming Guardians for your children is only part of estate planning. Other important components include Living Trusts, Wills, Powers of Attorney, Health Care Directives, etc. Some people find this process uncomfortable, but this is the time to get empowered and take action to protect your kids! What if you can no longer care for your children...
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