WLG On Our Mind

Life is full of surprises, and while we can't predict every turn, we can prepare for the unexpected. Whether it's sudden incapacitation or an unforeseen financial shift, having a comprehensive estate plan can provide much-needed peace of mind. As experienced Will and Trust Lawyers centrally located in Mission Valley, we understand the importance of being prepared for every eventuality. 

The Importance of Advanced Directives in Case of Incapacity 

One of the most critical components of estate plans for San Diego County residents is preparing for the possibility of incapacity. An Advanced Directive (sometimes called a living will or a healthcare power of attorney) and a Durable Power of Attorney for financial matters empower you to designate someone you trust to make healthcare and financial decisions on your behalf.
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Going through a divorce is an emotionally charged, challenging process. Amid the whirlwind of legal proceedings, contacting an estate planning attorney might not be at the top of your to-do list—but it should be.

A divorce, often referred to as dissolution of marriage, can stretch over many months, sometimes even years. During this period, it's vital to reassess what would happen to your assets, or even yourself, should you become incapacitated or pass away before the divorce is finalized.

What Happens If You Don't Update Your Estate Plan?

Without an updated estate plan in the face of a looming divorce, your soon-to-be-ex may still be entitled to everything outlined in your existing estate plan, or as decided by the courts as if all was wonderful in paradise if no estate plan is in place.

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The Pros and Cons of Powers of Appointment

An often misunderstood but common estate planning tool that can appear in estate planning documents is the power of appointment. Not to be confused with a power of attorney (the document that allows you to delegate certain powers to an agent to act on your behalf while you are still living), a power of appointment can be an incredibly useful tool if used properly and knowledgeably.

A well-considered power of appointment allows you to maintain significant flexibility in your estate plan now and in the future, even when that estate plan is otherwise considered irrevocable under the law. Though hundreds of pages of books, scholarly articles, court decisions, and tax regulations have been written on the topic of powers of appointment, this blog can help you identify opportunities in which powers of appointment may be useful and recognize cases in which they can create negative consequences.

What Is a Power of Appointment?
Broadly speaking, a power of appointment is a right granted in a legal document, including in a will or a trust, by an individual (the donor) to another person (the donee or the power holder).

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With all of the crazy things happening in the world right now, I am doing my best to look around and appreciate that we have moved into spring. The flowers on the hills and along the freeway entrance and exit ramps are almost a good excuse to go out and come back to fight the cabin fever without stopping anywhere or being in physically near anyone. The flowers in my yard must have known that we would be looking at them more this year – they are incredible.

Being socially distanced has thrown us all into extended spring cleaning. During that spring cleaning, don’t overlook the importance of a little “Spring Cleaning” for your legal and financial affairs, too.
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Caregivers, You’re Not Planning Just for Yourself

As a caregiver, you spend much of your time, money, and energy taking care of the needs of others. Those in southern California who have taken on the role of caregivers for ill or disabled spouses, aging parents, children, or other loved ones with special needs are amazing , giving and selfless individuals who too often do not stop to consider their own needs.

Your job as a caregiver is invaluable, but it may exact a heavy toll if you do not seek out the help of others. We want you to know that you are not alone: There are resources available throughout San Diego County that can make your job as a caregiver easier. It is important to seek out the emotional support of others, either family members or other caregivers, who can understand and empathize with both the rewards and the physical, emotional, and financial burdens associated with caregiving.

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The baby boom generation is changing senior living.  Just as restaurants and grocery stores have need to change to satisfy boomer tastes so are living communities and senior services.  More options are available now than ever before. Medical and technological advancements are allowing service providers to make available more customized care.  This is leading the way for seniors to age more securely and comfortably.

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Is your Date Night Plan Good Enough?

Picture this – you get an opportunity to spend some alone time with your spouse.  Your mother-in-law will be watching the kids, at your house.  You have carefully written down when to feed the baby, how often the little one usually needs his diapers changed, what snacks are allowed for the older kids, when they should be in bed…and you make certain they have both of your cell phone numbers ready at hand…you get the idea.

WITH THIS PREPARATION, IF NOTHING GOES WRONG, NOTHING WILL GO WRONG. IF THINGS GO WRONG,
THEY MAY TRIGGER A TSUNAMI

It could be a small storm – your oldest gets a large metal splinter in his hand.

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National Healthcare Decisions Day is on April 16th, and it’s an important reminder for every San Diegan to begin having difficult conversations with loved ones about their most private wishes for medical and end-of-life care.

Far too many people assume that their families would make the choices they would want in an emergency. Yet everyday we hear stories of adult children, siblings or other relatives battling during a health care crisis over “what their loved one would have wanted” in that situation.

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Do you know what life insurance policies cover your spouse or parent? Few of us can remember like an elephant. Many years ago, when someone came to our firm for help after their spouse or family member died, we would follow procedures offered by a large life insurance database to check and see whether there was any life insurance on the life of the person who had died. Using this database, we regularly found life insurance benefits for surviving family members. Then the insurance industry group that offered the database went away.

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Families deal with aging in different ways. We all hope that, if we are struck by Parkinson’s disease, Alzheimer’s or another Dementia, our spouses and our children will be willing to step up and be there for us.  At the same time, many of us are torn between our desire to be taken care of by our own family and the realization that if our spouse or children take care of us, the caretaking will takeover their lives.  Our instinct is to protect them, even in the face of our own needs.  According to the National Alliance for Caregiving and AARP over 65.7 million people take care of someone who is ill, disabled or aged in the U.S. without compensation.

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40% of Baby Boomers Run With Scissors

New clients, visiting my office in San Diego, are often embarrassed when they admit to me that they don’t have, a will or trust or that it’s been a long time since they updated their estate planning documents.  For years I’ve told them that they are in good company; maybe I should have said bad company?

Unfortunately, an amazing number of smart people seem to put planning for how their assets will be deployed after they die on the bottom of their to do lists.  Even so, running without a will, running without an estate plan is like running with scissors.  It doesn’t matter until we fall and none of us know when we will fall.

According to AARP nearly 40% of Baby Boomers between 51 and 69 years old, do not have wills or trusts. They are running with scissors.   

AARP also found that Baby Boomer have taught this lesson to their children.  71% of all Americans over the age of 34 are running with scissors. 

You cannot control who will get your assets without taking action. Over the last twenty-six years as an estate planning attorney I’ve seen how proper planning can make a positive difference for families and how the failure to plan can rip families apart and put children and young adults on paths of destruction. 

Your assets are your life’s work, with proper planning they can continue to work for you after you’re gone by providing incentives to guide your children and grandchildren and provide support or a long term nest egg to help your family members be more financially secure.  Prudent deployment of your nest egg has become increasingly important for families in our world where businesses fail, pensions are rare; social security uncertain; and the cost of raising children and the costs of getting help if you are disabled keeps going up.

While doing estate planning right is not cheap, it is always less expensive than the financial and personal cost of dying without plan documents.  For average San Diego home owners choosing to die without a living trust, they have chosen a ten to eighteen month delay as to when their family can receive their inheritance and chosen to pay attorneys’ fees and court expenses of not less than $18,000.  

Money is money and time is time, but subjecting your family to the Probate process is encouraging them to fight. It is in the nature of being in court, where misunderstandings and old wrongs thought left behind become fuel for conflict and legacy consuming attorneys’ fees. The one legacy you don’t want to leave behind is a court battle between your family members.

Make it your New Year’s resolution to call an estate planning attorney today. Call me at (619) 281-1888. I, or one of my staff, will make sure that start 2016 off on the right foot, with no scissors in hand.