Daniel K. Printz, Esq., an estate planning attorney and adjunct faculty member at the University of San Diego, and Kristin Barron, a financial planner, will discuss how to avoid probate, how to be prepared to cover the issues of incapacity, how to secure your financial future as well as your child’s college education.
Everyone should have an Advance Health Care Directive (AHCD) that designates an agent to act on your behalf if you are unable to make your own health care decisions. The agent can then consent to surgery on your behalf or “pull the plug” or keep you alive if you are in a persistent vegetative state. But your AHCD doesn’t do you much good if the doctor or hospital can’t find it. Now the California Secretary of State has made it possible to file these documents in a central location that can be accessed by hospitals and doctors. Alternatively, you can… read more →
This guide provides a list of the typical documents that make up a California estate plan. Costs for this plan vary from attorney to attorney, as well as on the complexity and size of the estate. 1. Revocable Living Trust A living trust, also known as a Revocable Living Trust or a Family Trust, is a legal document that holds title or ownership to your real property and assets. In the event of your death or incapacity, a successor trustee is named to immediately step in and handle the assets in accordance with your instructions. 2. Pour-Over Will(s) A pour-over… read more →
Listed are the top five concerns of the typical estate planning client. 1. Minor Children Parents of minor children want to make sure that responsible parties are prepared to step in and raise their children if they cannot. They will want to appoint a Guardian of the Person and a Guardian of the Estate, who may or may not be the same persons. 2. Incapacity Clients want to make sure that if they are temporarily or permanently incapacitated, a person they trust is nominated to handle their health care and property decisions. At the same time, the client can give… read more →
It’s very inexpensive to obtain a reasonable sized fire-proof safe at your local Home Depot, Costco, or office supply store. SAFE DEPOSIT BOX CHECKLIST BASIC INSTRUCTIONS keep these documents in a safe deposit box or fireproof safe check off each item as you include it include the date and location of your safe deposit box keep list at home in a file labeled “safe deposit box” if you remove something permanently, change your list LEGAL RECORDS copies of drivers licenses copies of other items in your wallet (in case stolen) list of credit card account numbers insurance policies last will… read more →
I can’t over-emphasize the importance life insurance can play in your estate plan! Often, a person or couple will delay buying life insurance until they feel they can better afford it. However, that’s not wise. The older you get, the more expensive new life insurance policies become and the less insurable you become. At some point, life insurance will become unavailable to you, either due to age or to a medical condition. The best time to buy life insurance is while you are relatively young and healthy. Why to buy life insurance? As a tool in estate planning, life insurance… read more →
Estate Planning begins with the following steps: 1. List your Assets: Make a list of everything you own, including all bank accounts, investments, real estate, insurance policies, and any other valuable items of personal property. Split the list into assets with named beneficiaries (such as insurance policies and retirement plans), jointly held assets, and assets you own personally that do not have named beneficiaries (such as cars, boats, collections, etc.). 2. Assign beneficiaries: Determine who you would like to receive each asset when you pass away. 3. Write a Will: Working with a qualified attorney, write a will that specifies… read more →
Today, I saw a posting about doing one’s will and trust online: “What about going to www.SuzeOrman.com and clicking “will and trust kit” on the left side of the screen. She said on a recent show to use the password “peoplefirst” to get the documents for free. I bought this package at a KPBS fundraiser a few years ago and it’s the one my family is using. ” After a certain knee-jerk emotional reaction, I decided that I’d better check out the Suze Orman package before I criticized it. After all, she’s strongly in favor of estate planning (a position I certainly… read more →
The California State Bar has updated its publication: Seniors & the Law. With more than 4 Million citizens aged 65 or older, California leads the nation in seniors, and their concerns are a top priority for the Bar. For your copy, send an email to me at firstname.lastname@example.org if you live in San Diego County, or email@example.com if you live elsewhere. Among the topics covered in this year’s guide: Social Security Benefits Age Discrimination Senior Housing restrictions Medi-Cal v. Medicare Planning for Incapacity Drivers Licenses Elder Abuse Divorce and Remarriage Grand-parental Rights Finding a Caregiver or Nursing Home For concerns about any… read more →
Yesterday at the San Diego Parent Connection Swap Meet, a woman asked me about setting up a Durable Power of Attorney for Property Management for her elderly father. He already has a Living Will (he lives in Hawaii). Which brings me to today’s subject: As a senior, what documents do I need to prepare in case I become incapacitated and can’t make my own financial or health care decisions? Of course, everyone should have these documents, not just seniors – incapacity can strike at any age for a multitude of reasons: accident; illness, etc.