So you’ve decided, for whatever reason, that someone in your life needs a conservatorship. You started investigating the proceedings and perhaps have heard of a number of strange terms: conservatee; incapacity; probate investigator; capacity declaration; or dementia powers. If you are filing in Los Angeles County, you may learn of something called a ‘PVP attorney’. What is a PVP attorney? Do you need one? How do you get one? What exactly does a PVP attorney do? The abbreviation “PVP” is short … [Read more...] about What is a PVP Attorney?
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Not Every Power of Attorney is the Same!
As with most things, there are both advantages and disadvantages associated with a power of attorney. Understanding some of the ins and outs of a power of attorney can help you make an informed choice as to whether you actually need one. Basic definition of a power of attorney The individual who creates a power of attorney is referred to as the "principal." The individual who is authorized by the power of attorney to act on behalf of the principal is referred to as the "agent" or the … [Read more...] about Not Every Power of Attorney is the Same!
On a personal note … are you ready?
I lost my beloved father last week. With him my family lost a piece of our collective heart and soul. Relatively young and healthy, my father’s vicious illness was as swift as it was unexpected. A little over three weeks ago, my father returned from a short vacation with flu-like symptoms and a few days later checked into the hospital. So powerful was this disease that we almost lost my father twice in the first week after his diagnosis. Two weeks after his admission to the hospital, my father … [Read more...] about On a personal note … are you ready?
Does it make sense to file probate to save a failing asset?
The shrinking values in the real estate market are truly frightening these days. I have received reports that values are falling less to approximately 25% of peak values (i.e. a 75% decline in value). I have even seen reports of homes being listed for as little as $100.00 in certain parts of the country. In recent weeks, I have encountered several situations where precipitous valuation declines impact the decision of whether to commence a probate proceeding. The typical situation involves a … [Read more...] about Does it make sense to file probate to save a failing asset?
Irrevocable Trusts in California
Irrevocable trusts are important estate planning tools, created for the purpose of providing long-term asset management. The assets that are included in the trust are permanently transferred into the trust and this transfer of ownership cannot be revoked. There are different types of irrevocable trusts, but all of them require the person who creates the trust to relinquish their control and ownership of the trust property. Some states, including California, allow for certain limited … [Read more...] about Irrevocable Trusts in California
The Ultimate No-Contest Clause–Russian Style.
A no-contest, or in terrorem, clause, is frequently used in wills, trusts and other estate planning documents to minimize the likelihood of a disgruntled beneficiary challenging the estate plan. The phrase ‘in terrorem’ is Latin meaning ‘to frighten’ or ‘terror’. The basic concept is that if a beneficiary launches an attack on the estate plan and is not able to convince a court to change it, then that beneficiary loses any gift under the estate plan. A typical no-contest clause might reduce an … [Read more...] about The Ultimate No-Contest Clause–Russian Style.
Does Your Estate Plan Anticipate the Bereavement Effect?
Families are a complex system of support. No matter the generation, there is usually a division of labor between the principals. In the United States, the stereotypical model envisions a husband employed outside of the home while the wife manages the child care and/or household. Increasingly we are seeing a multitude of models, including the wife functioning as the primary earner or the spouses sharing the roles equally. Whatever the division of labor, it is not unusual for these roles to … [Read more...] about Does Your Estate Plan Anticipate the Bereavement Effect?
Adjusting Your Expectations
I was speaking with a dear friend recently who consulted me about a concern she had regarding “her” inheritance. She explained to me that her grandparents, who were quite wealthy, had always led her to believe that she would receive a substantial bequest. As it turned out, the entire estate had been left first to another relative with the unwritten ‘understanding’ that the remainder of it would be subsequently distributed among the grandchildren. Unfortunately, the manner in which the … [Read more...] about Adjusting Your Expectations
Parents Should Review Guardian Nominations Annually.
A fundamental principle in life is that things change; as our society becomes more interconnected and technologically advanced, the speed of change seems only to hasten. In response to this change, most of us regularly conduct annual reviews of important areas in our lives. For instance, most large employers review employees annually; many people schedule the traditional annual physical; and most financial advisors recommend annual portfolio reviews. But one area most people neglect a regular … [Read more...] about Parents Should Review Guardian Nominations Annually.
Which is Better: a Will or a Trust?
One of the most frequent questions I receive from clients goes to the very heart of estate planning—the difference between a will and a trust. When creating a trust, most individuals also create a will (usually a pour-over will), which further confuses the issue. When a client seeks guidance from me on whether it is better to create a will or a trust, the short answer usually is: it depends. A will (sometimes called a last will and testament) is a foundational estate planning document and one … [Read more...] about Which is Better: a Will or a Trust?
