March 12th, 2010
Parenthood 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. Read the rest of this entry »
Posted in Estate Plan, Guardianship, Trust, Will
February 9th, 2010
When you’re concerned about the safety and wellbeing of someone close to you who has lost the mental or physical ability to make personal or financial decisions, a California conservatorship can help. By creating a conservatorship, the court will name a person to serve as a “conservator,” who will supervise the incapacitated person’s care or finances. Every situation is different, which is why conservatorships can take three different forms: The conservator can be given decision-making authority over the incapacitated person’s personal affairs (known as a conservatorship of the person), over his or her property and finances (known as a conservatorship of the estate), or both. The type of conservatorship created will depend on what’s needed under the circumstances to fully take care of the “conservatee.” Read the rest of this entry »
Posted in California Conservatorship
January 8th, 2010
To make sure that beneficiaries to a will or living trust aren’t kept in the dark when it comes to the money being spent, earned, and distributed from the estate, California law requires that certain people who are in charge of handling the estate or trust property provide accountings. The right to an accounting becomes even more important when administering a living trust because there’s much less court oversight than there is when property is distributed by the probate court when a person passes away with or without a will. Every trust designates a “trustee” to handle administration of the trust and distribution of its assets. If a person dies with a will, these responsibilities can fall on the “executor” who was named in the will, and when neither a trust nor a will is left behind, an “administrator” will be appointed for the job. Read the rest of this entry »
Posted in Living Trust Inheritance, Probate & Inheritance, Trust, Trust Administration
December 9th, 2009
Reuters reports that throughout most of California, the costs of long term care are rising faster than inflation, with the median annual cost for a private nursing home room here in San Diego coming to $86,688 (or about $237.50 a day). Judging by these numbers, your savings can quickly run out and your assets can soon be depleted when paying for long term care and medical expenses. You can act to help prevent these possible consequences with Medi-cal planning. Among other things, the Medi-cal program, with its joint federal and state funding, provides need-based help to persons who are age 65 or older, blind, or disabled, through payment for long term medical care in a skilled nursing home. Proper planning seeks to qualify applicants for government Medi-cal benefits by adjusting to meet eligibility requirements, while also protecting income and assets as permitted under California law. Read the rest of this entry »
Posted in Current Events, Health Care, Medi-Cal Help
November 18th, 2009
Threats of disinheritance to prevent challenges to a will or living trust are nothing new, but the enforceability of these threats will be affected by new California law. At the start of the new year in 2010, the rules will be changed for challenges brought against wills and trusts if the “testator” (the person who made the will) has included a “no contest clause” in the document. A no contest clause generally says that if you challenge the will and lose the contest, you’ll be completely disinherited under the will, or take a significantly reduced share. For public policy reasons, no contest provisions are not blindly followed by the courts. That’s why even when there is a no contest clause, if the legitimacy of the will or trust (or parts of the document) come into question, it’s sometimes possible to bring a valid challenge in order for the probate court to determine if the deceased’s true wishes are reflected in the will. Read the rest of this entry »
Posted in Current Events, Law Changes, Living Trust Inheritance, No Contest Clause, Probate & Inheritance, Trust, Will
October 7th, 2009
After nearly six months, the trial of Anthony Marshall is winding down and jury deliberations have begun, as recently reported by the Associated Press in the San Diego Union Tribune. Marshall, a Broadway producer, is the only son of Brooke Astor, one of New York’s most well known philanthropists and socialites, who died at the age of 105 in 2007, leaving behind an estate estimated to be worth $198 million. The 85-year old defendant stands accused of grand larceny, forgery, and of allegedly defrauding his mother of her estate by making changes to her will when she no longer had the mental capacity to do so, says the Los Angeles Times. Read the rest of this entry »
Posted in Current Events, Living Trust Inheritance, Probate & Inheritance, Trust, Will
September 29th, 2009
A 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. Read the rest of this entry »
Posted in Estate Plan, Living Trust Inheritance, Probate & Inheritance, Trust, Will
August 7th, 2009
You’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. Read the rest of this entry »
Posted in Estate Plan, Living Trust Inheritance, Running a Business, Selling a Business, Trust, Will
July 13th, 2009
In 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.” Read the rest of this entry »
Posted in Estate Plan, Health Care, Trust, Will
June 12th, 2009
Eco-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. Read the rest of this entry »
Posted in Estate Plan, Living Trust Inheritance, Probate & Inheritance, Trust, Will
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