Everyone values control over their life, future, and the choices they make. But inevitably, there may come a time when that control diminishes—whether due to temporary incapacity, permanent disability, or death. Estate planning offers a legal framework to maintain influence over what happens to your assets and loved ones after you can no longer make decisions. This article explains essential estate planning concepts in California, including: What makes up an estate plan, and when you might need one (not just for after you die!) What assets you can leave behind, and who you can leave them to (even your pets…sort of) The difference between key estate planning tools like trusts and wills. What Is An Estate Plan? An estate plan…Read More
On September 30, 2024, two new rules regarding the deductions from Supplemental Security Income (SSI) payments for in-kind support and maintenance (ISM) became effective. One removes food as ISM (89 Fed. Reg. 25507). If you have a loved one who is receiving SSI, these changes can make a big difference both in how you’re spending that SSI check and other resources for your loved one and within your estate plan. SSI provides a monthly amount which is designated to provide food and shelter to qualifying individuals. California provides a State Supplementary Payment which increases the total amount the recipient is eligible to receive. In 2024, the combined total (both state and federal) for a single person in California is $1,182.94.…Read More
Estate planning used to be a lot simpler than it is today. You told your lawyer who you wanted to get your house, car, and bank account, and they did the rest. Now, unfortunately, the internet age has brought another more complicated element into the picture: digital assets. This article explains: What digital assets are and why they need to be included in your estate plan. How a digital trustee can help manage digital assets after you die. How to access digital assets after someone’s death when they have not been provided for in an estate plan. What Are Digital Assets? Digital assets are anything you own or create whose physical existence extends only as far as a few blips…Read More
In Vitro Fertilization, or IVF, has become an essential modern reproductive tool for all kinds of families across California and the world. However, it comes with some legal complications – especially when it comes to setting up the estate plan that will determine what happens to your property and assets when you pass away. This article aims to explain those complications and provide considerations and solutions for California families exploring IVF, including: What IVF is, and how it and other assisted reproductive technologies have impacted California estate planning. The considerations involved in the use of fertilized eggs and embryos after your death. The rights of posthumously conceived children and how to protect them in your estate plan. What Are Assisted…Read More
Everyone knows that once you have kids, you have to start planning for the future. However, few Californians realize that there are many advantages to starting the estate planning process far before you have children. This article explains when you might want to work on your estate plan as a single adult with no kids and why: The benefits for singles of planning their estates early, and what documents you’ll want. Who, outside of immediate family, you can bequeath wealth or assets to. Knowing how to choose the right trustee and when to update your California estate plan. What Are The Benefits Of Estate Planning If You Are Single With No Children? What Are The Costs For Failing To Do…Read More
Imagine you’re in the grocery store and you overhear this conversation: “I love my kids, but since they’ve both become really opinionated it feels like every family get together there’s some kind of fight. Sometimes I just want to disinherit them and give all our money to a peace-keeping charity to make a point.” “I know how you feel. I’ve threatened to disinherit Suzie, but she just laughed and told me that the charity would probably be corrupt by the time I die and so it’ll all go to waste anyway. I’m thinking I’ll just give away most of my money now while I can still make sure it goes to places I like.” “Oh, that’s an idea. But then,…Read More
Overview Of Probate Avoidance Trust If you are single, if you are married but have very limited assets (and do not mind the surviving spouse making any changes they want after your death), or if all of your estate is going to charity, you may want to consider a probate avoidance trust. This type of trust is not designed to use tax minimization strategies. Instead it simplifies the process for the trustee. It also provides benefits that are common to revocable living trusts, such as distribution according to your terms while avoiding the headaches of probate (assuming your trust is properly funded). How It Works If your probate avoidance trust is for just you (either as a single person or as a married…Read More
The Trust Process Includes: Draft the Trust Documents Draft a “Pour Over” Will Fund the Trust Rest Easy Trust Set Up Process You’ve decided you want a trust, done all the research (or worked with an attorney), and know what kind of trust you want to set up. How does the trust process go from here? Draft the Trust Documents. Usually there will be a few different documents relating to the trust. The trust agreement, which establishes the trust and dictates the trust’s terms, is the primary document. You may also create a certification of trust. The certification is authorized by CA law and contains only some of the information about the trust. You use the certification to prove to financial institutions…Read More
The Importance Of Outlining Your Health Care Wishes Now Do you remember the Terri Schiavo case in Florida? If you don’t, here’s a quick refresher. Terri Schiavo was on life support for several years. After years of unsuccessful treatment, her husband filed a petition to discontinue her feeding tube. Terri’s parents protested. They fought each other in court for 7 years over what should happen. This chaos could have been avoided with a living will. California combines the living will document with a health care power of attorney in one document called an Advance Health Care Directive. This document allows you to identify the person(s) who should be allowed to make health care decisions for you along with listing limitations on…Read More
Anyone who wants to protect themselves and their assets in the event of an unexpected emergency should have a power of attorney. A power of attorney is a legal document that authorizes someone else to act on your behalf, as your agent. It can be limited and only give power in a specific area and/or account. For example, if you work with a professional investment manager who handles your assets, you have likely signed a power of attorney to allow them to make trades in your account on your behalf. Alternately, they can be very broad and confer a large number of powers. The power of attorney (POA) can take effect immediately (as soon as you execute the document and…Read More
