Some states have surviving spouse elective share laws. These laws provide that a certain portion of a married individual’s property and money be given to his spouse upon death regardless of whether the spouse is named in the decedent’s (the spouse who died) will. The amount of the elective share varies by district and several…
Continue reading ›A HIPAA authorization is a document authorizing another person or entity to access your medical records. What is HIPAA? The Health Insurance Portability and Accountability Act of 1996 (or “HIPAA”) was enacted to ensure the privacy and security of consumers’ protected health information (“PHI”). Protection health information or PHI is information about you including, but…
Continue reading ›A power of attorney (“POA”) is a legal document where you (the “Principal”) authorizes another person (your “Agent”) to handle your affairs—typically in the estate planning context—when you are incapacitated. The type and amount of power given to an Agent depends on the terms of the POA. An Agent can be authorized through a POA…
Continue reading ›An advance health care directive or “Advance Directive” is a legal document that authorizes an individual to make decisions regarding health care, medical attention and personal care for you in the event that you cannot. An Advance Directive is an important component of a well-drafted comprehensive estate plan that should also include, at a minimum,…
Continue reading ›A pour-over will is a type of will that transfers ownership of your property to your living trust. A living trust is one of the best ways to avoid the expense and delay of probate court in California. In California, if at the time of your death you own certain property and money worth—at the…
Continue reading ›How Does a Living Trust Work? A living trust is one of the most efficient estate planning tools available but there are some common misconceptions. According to a survey made by Caring.com only 42% of responders have created or prepared an estate plan. There are three reasons why someone may put off their estate planning:…
Continue reading ›Common Mistakes with Living Trusts One of the first things we tell our clients is that the key to better protection for your assets is to prepare and fund your trust correctly. If you do not take the right steps, your family may end up in probate court. Failing to properly prepare will cost you…
Continue reading ›Losing a loved one is a somber, sad event. Dealing with the aftermath is difficult for family, relatives, and friends. Besides the emotional toll, survivors have an unenviable task. They must determine how to transfer or inherit property from the person who died. In estate planning terminology, the person who died is the decedent. The…
Continue reading ›Most of my clients create living trust centered estate plans. Living trusts have several advantages over will-centered estate plans. Drafting the living trust; however, is just the first step. Properly funding your trust is critical to ensure that you are prepared for the future. An error in the funding process could result in your assets…
Continue reading ›A living trust is a legal document that describes how you want to transfer your assets when you die. In this fashion, it’s like a will but creating a living trust centered estate plan has several advantages. It allows you to avoid probate. The transfer of your assets can remain confidential. If you merely have…
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