Archive for the ‘Estate Plan’ CategoryLifetime Planning: How Can a California Power of Attorney Help You? Part 1Friday, April 23rd, 2010In California, a “financial power of attorney” is a document you can use to give someone permission to manage your money and property and make decisions on your behalf. Choosing someone to manage your finances Whoever you choose to handle your finances through your power of attorney is known as your “agent.” If this person steps in because you aren’t able to manage your finances, then you’ll depend on your agent to keep things on the right track for you. (more…)
Who Would You Want to Care for Your Kids If You Couldn’t?Friday, March 12th, 2010Parenthood involves planning not only for your day to day responsibilities, but also for the major “what-ifs.” If you have minor children, have you thought about who you would want to take care of them if both you and the other parent become incapacitated or pass away? California law lets you choose in your will who you’d want to raise your children if you and the other parent are unable to. This is done through a “guardianship.” Your choice of guardian is one of the most important decisions you’ll make in your will, so how do you decide? In “How to Choose a Guardian,” mother of three Denise Oliveri proposes that you figure this out by answering five questions. To decide who will be right for the job, she suggests you evaluate age and health concerns, moral and educational values, financial ability to care for a child, and whether your child would have to move away. (more…)
California Personal Representatives: Getting the Job Done and Avoiding Personal LiabilityTuesday, September 29th, 2009A personal representative’s job is to carry out the wishes of the deceased according to the instructions in his or her will and according to California law. If a person dies without a will, then the personal representative appointed by the court to handle the estate is called an “administrator,” while someone named by the will is called an “executor.” If you’re deciding whether to accept appointment as a personal representative – or thinking about who to nominate in your own will – then you need to know what a personal representative’s duties are during probate and how to fulfill these obligations without putting your personal assets in jeopardy. Recently, much has been made about the many deals struck by the executors of Michael Jackson’s estate. (more…)
Passing on the Family Business: Yes, It Can Be a Smooth Transition For San Diego EntrepreneursFriday, August 7th, 2009You’ve worked hard to build a successful business, and as you look ahead to your retirement here in San Diego, you should be thinking about your exit strategy: Will you sell your business, or pass it along to your family? Start this planning early, and if you want a successful transition, don’t just surprise your family with your final plan. It’s crucial that you involve your family as you answer important questions, such as determining which family members are best able and willing to run the business, whether these persons should get a greater ownership share than non-managing family members, and how to handle tax issues. Not only that, but you also need to make sure that you’ve planned for your own retirement needs. (more…)
California Advance Health Care Directives: Take Control and Plan Ahead For Your Health Care WishesMonday, July 13th, 2009In California, you can prepare your end of life wishes now by creating an advance health care directive, instead of leaving these important decisions to your family during already difficult times. A New York Times health blog by Tara Parker-Pope encourages people to plan for death when you’re healthy, since “the better and the further in advance you plan for that end, the less traumatic it’s likely to be, not just for you but for those you leave behind.” (more…)
Make My Burial Green, Please: Will You Choose a Natural Burial in San Diego?Friday, June 12th, 2009Eco-consciousness in burials – it’s on the rise according to a recent New York Times blog, but will it catch on in San Diego? A green or natural burial means using a biodegradable box and saying no to chemical embalming and concrete grave lining (which can also save a lot of money). By preparing burial instructions you can make certain your wishes for a greener resting place are followed. Even if you’re not interested in a green burial, it’s important to plan for burial plot and funeral expenses and help prevent burial disagreements. (more…)
Can You Trust Your Trustees When You’re Gone? Choose Wisely When Preparing Your California Living TrustFriday, May 15th, 2009Preparing a living trust in California can bring many benefits: your heirs (called beneficiaries) can avoid probate of trust assets, tax advantages are possible, and you can maintain more control over who gets what and when. To help ensure your wishes are carried out when you’re gone, it’s crucial that you think carefully about who will be your trustee. It’s easy to see why naming the right trustee is so important, since this person will be managing the assets and making distributions from the trust to your beneficiaries. (more…)
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