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 instructions, such as end-of-life guidelines or property desires.

3. Distributions

Clients want to make sure that their assets go to certain persons on their death. The creation of a will, or a will and trust, is necessary to accomplish this goal. There are four types of beneficiaries; specific/direct; contingent; alternative; and, residuary.

4. Probate

Clients want their estates to avoid probate, which will eat away at their beneficiaries estate and cause significant delay in the transfer of assets. The only way to do this is to place all assets in probate avoiding devices, such as life insurance, pay-on-death accounts, and living trusts.

5. Estate Taxes

As of 1/1/2011, all estates over $1M will be taxed at 55% on transfer to non-spousal beneficiares. Clients who are married can easily save $550,000 on said transfer with the creation of a trust! Other strategies, such as inter-vivos transfers, can also significantly reduce taxation.

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.

March 23, 2010 at the Hilton San Diego Gaslamp Quarter: 401 K Street, San Diego, CA 92101. (619) 231-4040. 

9:00 A.M. – 4:30 P.M.

This is an intermediate level seminar designed for those specializing in estate planning and administration. Seminar led by: Meredith G. Alcock, Esq.; Audrey J. Grossman, Esq.; David P. Jones II, Esq.; and, Daniel K. Printz, Esq.

6.0 units of CLE for Attorneys and Paralegals. 6.0 units of specialization in the area of estate planning for the California Board of Legal Specialization.

Cost: $339 first attendee; $329 each additional. Audio Recording: $339. Manual only: $99. CD and Manual only: $199.

Enroll at: http://www.thelegacylawyer.com/first

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

1. Update your Life Insurance Beneficiary designation:

A divorced person needs to make sure that he/she
updates the life insurance beneficiary designations following the completion of the divorce. If you nominates a minor, the minor’s guardian will receive the funds on behalf of the minor. Therefore, it is vital that the guardian of the child’s estate is nominated in your will.

2. Update your Retirement Plan Beneficiary designation:

A divorcee will also need to update their retirement plan beneficiary designation. If the minor child is designated as beneficiary, the minor’s legal guardian will take over the assets on behalf of the child, unless there is a “Guardian of the Estate” designation so that the retirement plan administrator has the proper designee.

3. Update the Trustee nominations of the Living Trust:

A divorcee should nominate the Trustee of the Revocable Living Trust (who will presumably also be in charge of the assets on behalf of the minor) as the Guardian of the Estate in the will. In case the Trust is improperly funded, any assets which may pass outside of the trust (and would presumably be probated) are distributed to the Guardian of the Estate rather than the Guardian of the Person. In addition, the removal of Trustee provisions should be updated so that the surviving parent is not empowered to file on behalf of the minor and petition to have your designated Trustee removed.

1. Estate, income, and capital gains taxes
2. Real estate payments, such as mortgages
3. Real estate transactions, such as home sales
4. Commissions for liquidating assets (stocks, bonds, etc.)
5. Cash to sell or run a business
6. Cash to pay off business loans or personal debts
7. Court costs and other legal fees

Life insurance is a fantastic tool for these families.  While they remain relatively young and healthy, life insurance can be inexpensive and easy to qualify for.

I recommend obtaining life insurance sufficient to care for your spouse and children for a period of two years without that spouse working.  It’s difficult to overstate the debilitating effect the grieving process can have on a young family.  For two years, free your spouse from the need to (1) work to pay bills and (2) obtain and pay for outside child care.  By obtaining a term life policy for $500,000, $1 million, or even $2 million, a young parent can make sure that their spouse and children are well cared for while they recover.

Please understand – I don’t sell life insurance and I make no money off referrals to life insurance agents.  I’ve just seen how limited assets can compound the devastation of a young person’s sudden death.

Another type of insurance to consider while you’re young is long-term care and disability insurance, to cover events that disable a parent without causing death.

If you can’t decide what type of insurance you might need, or the levels needed, call the Law Office of Daniel K. Printz, or a local life insurance specialist!

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 can:

1. Create an estate for your spouse or children.
2. Provide cash needed to settle your estate.
3. Allow you to give to charity without depleting your estate.
4. Cover estate tax expenses.

MCLE EVENT – 6:00 – 7:00 p.m.

“Recent Tax Legislation and Estate Planning Practices,” presented by Daniel K. Printz, Esq.

Date: Wednesday, June 3, 2009

Location: San Diego County Library – North County Branch 325 S. Melrose Drive, Suite 300 Vista, CA 92081-6697

Cost: $15.00, SDPA Members; $20.00, Non-SDPA Members

DINNER IS INCLUDED IN THE COST OF THE EVENT.

THIS IS FOR 1.0 MCLE HOURS.

The Compliance Period for California Paralegals to earn 4.0 hours of general education and 4.0 hours of ethics is from 01/01/2009 – 12/31/2010. Start earning those hours early!!! For more information and to enroll, please go to www.sdparalegals.org

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.