For cost and registration information, contact:
Jonathan Cook
National Business Institute
1218 McCann Drive
Altoona, WI 54720
(800) 909-7689
jonathan.cook@nbi-sems.com

“What would happen to my children if something happened to me and my spouse? How do I protect my children as a new parent?” With simple estate planning, you can easily ensure that your children would be raised by the person you choose and that your children would not inherit everything at age 18, but at the ages and stages you want them to inherit. 

San Diego’s “The Parent Connection,” a non-profit sponsored by Scripps Hospitals, is hosting a seminar with guidance for new parents.

Estate planning and early financial decisions are  important for every new parent.  Making plans for your possible death or incapacity is an important part of your new responsibilities.  It may not be an pleasant task, but that doesn’t mean that you can just cross your fingers and hope that the worst won’t happen to you.  A well-versed estate planning lawyer can walk you through the maze of choices you need to make as a responsible parent.

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. You’ll have the opportunity to learn about 529 plans, education and Roth IRAs, UTMA accounts and alternative investments.

Date: Saturday, January 22, 2011          **** Activities will be available for children ****

Time: 9:30 am to 11:30 am

Location: Scripps Coastal Medical Center, Eastlake — 971 Lane Avenue, Chula Vista, 91914 

This event is free for Parent Connection members, $10 for nonmembers. Registration for nonmembers will be reimbursed; provide receipt at the event.  Register by calling the Law Office of Daniel K. Printz at (858) 720-8250 OR online at http://www.sandiegoparent.com/TPC/event/signup.html.

Question:  How can my parents change their revocable trust without an attorney?  My parents reside in Wisconsin and have a revocable trust with 3 of 8 children designated to administer the trust.  If they wish to delete 1 of the 3 or replace 1 of them, would they need to go through an attorney?

Answer: It’s probably best to use an attorney to create an amendment to the trust – it shouldn’t be expensive at all if they are making simple changes like altering the named successor trustees.

To do it themselves, they would make a new document, entitled “First [or second, or third] Amendment to the John and Jane Doe Trust”, identify themselves, identify the trust, cite and quote the language in the trust granting them the right to modify, cite the section being modified, include the newly re-written section, and sign and notarize the document with all the formalities necessary for a trust in their state. Then they should create a Certificate of Trust as appropriate in their state.

As you can see, it requires a certain familiarity with trust drafting. Considering the amount of money at issue in a trust, it’s well worth your parent’s money to spend $100 to $300 to have a professional do the work for them.

- Daniel K. Printz, Esq.

Steve Fromm, Esq., then noted: The prior attorney is right on point here. You do not want to jeopardize the validity of a trust by trying to undertake this task without a lawyer. The costs here are minimal versus the things that could go wrong.  (Thanks, Steve!)

If it’s absolutely essential, a guardian can be removed by the Court for any of the following reasons, per the probate code:

(a) Failure to use ordinary care and diligence in the management of the estate.
(b) Failure to file an inventory or an account within the time allowed by law or by court order.
(c) Continued failure to perform duties or incapacity to perform duties suitably.
(d) Conviction of a felony, whether before or after appointment as guardian or conservator.
(e) Gross immorality.
(f) Having such an interest adverse to the faithful performance of duties that there is an unreasonable risk that the guardian or conservator will fail faithfully to perform duties.
(g) In the case of a guardian of the person or a conservator of the person, acting in violation of any provision of Probate Code Section 2356 (placing the minor in a mental health ward against their will, sterilizing them, etc.).

To request the removal, you will need to file a petition in the proper probate court. While an attorney is not a requirement, it is strongly recommended.  Call the Law Office of Daniel K. Printz at (858) 740-4370 for more information.

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 will (1) is where you nominate Guardians for your minor children and (2) will direct any property left out of the trust to go into the trust for disbursement. This must go through probate if over $100,000!

3.  Assignment of Personal Property

This one-page document transfers your personal property into the trust – this is an optional document especially useful for single people who don’t anticipate transferring property to a spouse on their death.

4.  Quitclaim Deed

This document, recorded in the County Recorder where the property is, transfers your real property from you to you as trustee of the trust. Most attorneys will handle the primary residence without additional charge.

5.  Advance Health Care Directive

This document names an agent (also called an attorney-in-fact) to make your health care and living decisions should you be incapable of making them yourself. This document replaces the previous “living will” and “durable power of attorney for health care” documents.

6.  Durable Power of Attorney for Property Management

This Power of Attorney names an agent to make your property decisions and handle property matters should you become incapable of handling them yourself. This includes such powers as: filing lawsuits on your behalf; filing your taxes; and, applying for government benefits.

7.  Certificate of Trust

This is like an ‘abstract’ of your revocable living trust. It specifies the trustees and their powers without including all of the private provisions of the trust. You can use this Certificate of Trust to show account holders like banks and portfolio managers that you have the power to deal on behalf of the trust, without revealing the personal details of your estate plan.

Additional Resources:  If you’d like more information, call the Law Office of Daniel K. Printz right now at (858) 740-4370.

LinkedIn is the world’s largest professional network with over 65 million members and growing rapidly. LinkedIn connects you to your trusted contacts and helps you exchange knowledge, ideas, and opportunities with a broader network of professionals.

Within LinkedIn is a Group designed exclusively for members of The Parent Connection to network professionally. In order to be accepted to the group, you must be a current member.

Joining is as easy as 1-2-3!

1. Create a professional profile at LinkedIn.Com.
2. Search under Groups for The Parent Connection.
3. Apply for membership.

Confused? Contact me directly at daniel@TheLegacyLawyer.com or Ann Carey-Scott at anncareyscott@san.rr.com for help.

See you online!
Daniel K. Printz, Esq.

In her article on MSN.com’s MoneyCentral, Karen Hube cites postponing estate planning as one of “New Parents’ Top 10 Money Mistakes.” In her online “Wills and Trusts Special”, financial guru Suze Orman states: “If you cannot agree on guardianship for your child, you will be leaving that decision to the state. The state will assign someone to care for your child. Be smart and make that decision before it is too late.”

Advice on how to choose and nominate guardians for your children will be just part of Mr. Printz and Ms. Barron’s 2-hour seminar and workshop. Mr. Printz will discuss the questions most often raised by new parents: Who do I nominate as my child’s guardian? Should that person also control her money? Can my children stay in the family home, or will they be relocated? Ms. Barron will discuss educational financing, 529’s, and UTMA accounts.

Mr. Printz has been an attorney for the past ten years, since graduating in 1999 from San Diego’s Thomas Jefferson School of Law in Old Town. The Law Office of Daniel K. Printz is located at 5631 Palmer Way, Ste. C, Carlsbad, CA 92010. Mr. Printz specializes in estate planning and probate, and for the past three years he has taught “Estates, Wills and Trusts” in the University of San Diego’s intensive paralegal program. Mr. Printz, his wife Erica, and their 2 ½ year old son Samuel live in the Old Creek neighborhood of San Marcos, just west of San Elijo Hills. Mr. Printz can be contacted at (858) 740-4370 or by email at daniel@TheLegacyLawyer.com.

Speaker Daniel K. Printz, Esq., teaches “Estates, Wills and Trusts’ in the University of San Diego’s intensive paralegal program. He will speak on the essentials of estate planning for young families at this seminar – free for Parent Connection members and $10 for non-members.

Wednesday, January 27, 2010. 6:30 p.m. to 8:00 p.m.  Scripps Coastal Medical Center. 2176 Salk Avenue, Carlsbad, CA 92008.  South Entrance.

To register, use this link and find our seminar “Wills and Trusts” through the pull-down menu: http://www.sandiegoparent.com/TPC/event/signup.html

In California, both the personal representative (an executor or administrator) and the personal representative’s attorney are entitled to compensation.  If the Will specifies the compensation, then that’s all they can receive (P.C. 10812).  If the Will doesn’t specify, then the personal representative and the attorney are each entitled to fees for ordinary services (P.C. 10810) and fees for extraordinary services (P.C. 10811).

Fees for extraordinary services must be approved by the Court and are in an amount that the Court considers “just and reasonable”.

But fees for ordinary services are set according to the gross value of the estate, without reference to encumbrances or other obligations.  In other words, if your home has a fair market appraisal of $1,000,000 then the fees are set on that amount, even if you have a $900,000 outstanding mortgage!

 Here is the fee table, based on gross value of the estate:

 What does this tell us? First, that everyone needs to avoid probate.  Second, that the smaller the estate, the harder the beneficiaries will be hurt by probate fees. 

Contact a qualified estate planning attorneyin your area, or call the Law Office of Daniel K. Printz at (858) 740-4370 to make an appointment.

In my practice, I try to patiently walk  clients through the maze of choices they need to make as responsible parents.  Here are some of the topics every new parent should consider:

NOMINATING A GUARDIAN: Guardians are persons appointed by a court to care for minors too young to care for themselves. In a guardianship, the court appoints a “guardian of the person”, to make decisions about personal care, such as where the child will live and what kind of care they will receive. The court also appoints a “guardian of the estate” to handle the child’s financial affairs until he or she comes of age.

Choosing a person to nominate as guardian is rarely easy.  The place to nominate a guardian for your child is in your Will. You can use a Simple Will, Husband and Wife Wills, or a Pour-over Will attached to a Revocable Living Trust. The best choice for you will depend on your family and financial situation. We’ll provide you with the help you need to make the choice, and craft a nomination that can survive challenges by surviving relatives who might disagree with your choices.

INCAPACITY DOCUMENTS:  These days, estate planning is not just about your property; it’s also about you.  You may wish to consider signing an advance health care directive, formerly called a “living will”, which specifies your wishes about life-prolonging treatment should you become severely ill. There are also other documents, called durable powers of attorney, which can be used to give those you trust the power to look after your financial affairs while you cannot.  Without these documents, your spouse may not be able to handle all of your affairs!

If you don’t have Incapacity Documents, a court-overseen Conservatorship may be necessary, costing time, money, and invading your personal privacy. By crafting these documents while you are competent you may be saving your family from heartache and grief in the future.

PREVENT SQUANDERING OF ASSETS: Without a Will, or even with a Simple Will or Husband & Wife Wills, your children will be entitled to their whole inheritance when they reach the age of majority. Can you imagine having a windfall when you’re 18?

Sudden wealth and eighteen year-olds rarely go well together. They rarely have the maturity to resist temptation, and some are susceptible to swindlers. Left to his own devices, an eighteen year-old and his money will soon be parted.

Select a Testamentary Trust or Revocable Living Trust to delay the distribution of your assets until your children will be more mature. Also ask your attorney about Spendthrift Provisions, which will prevent your child from pledging his or her inheritance as collateral for a loan!

PRESERVE YOUR PROPERTY FOR YOUR CHILDREN: It’s important to minimize costs of administering your estate. There are many different costs associated with the passing of property on death. Doing nothing is the most inefficient way of going about things: a sizable portion of your estate may go to the government or lawyers, rather than to those you love.

With proper planning, some of these costs (such as probate fees) are completely avoidable. Others (such as federal estate tax) can be minimized. Without estate planning, though, you will leave less for your family.

Probate Fees are set by law in California and are based on your GROSS estate, without taking into account mortgages or other debts! Here is a chart that illustrates why you need to ask the Law Office of Daniel K. Printz to help you avoid probate:

Fair Market Value        Probate Fees                         Percent of Estate Lost

$200,000                        $14,000                                                     7%

$600,000                        $30,000                                                     6%

$1,000,000                     $46,000                                                     5%

$4,000,000                     $66,000                                                     3%