WLG On Our Mind

As a single parent, your plate is already full. You're juggling work, childcare, school activities, and hoping to find enough "me time" to keep from dropping everything. It's understandable that estate planning might not be at the top of your to-do list.

But let's face it: one of the biggest worries for single parents is, "What would happen to my children if something happened to me?" This is especially true if you're the sole caregiver and don't have a supportive co-parent or family network to rely on.

That's where estate planning comes in.

If you're a new doctor building your practice or a seasoned physician branching out on your own, it's time to give serious thought to asset protection planning. Did you know that doctors are among the top professionals targeted in lawsuits? It's not a matter of "if" but "when" you might face a claim. Too many professionals focus on earning and not protecting what they will earn and have earned.

In San Diego, protecting your hard-earned assets is even more crucial given the high cost of living and increased litigation risks. As a San Diego asset protection lawyer, I often hear some common misconceptions from doctors starting out, and I want to make sure you're not caught off guard.
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Finding love later in life is a beautiful thing. But sometimes, the realities of life and past decisions can throw a wrench into the fairy tale. A common scenario I encounter as an San Diego estate lawyer involves couples where one spouse moves into a home owned the other's adult children.

It's a situation that often arises from a well-intentioned decision. An aging parent, worried about protecting their assets, may have transferred their home to their children for safekeeping or as part of an out of date care benefits plan.

Starting the IVF process opens a world of excitement and hope for many couples. Amidst the anticipation, a sometimes uncomfortable reality emerges: what happens to the remaining embryos, if one or both parents die? What about unfertilized eggs or frozen sperm? This issue has become prominent enough that California enacted default rules (California Probate Code 249.5 et. seq.) for embryos allowing a preserved embryo resulting in a live birth within two years after the issuance of a person’s death certificate to qualify as the child of the biological donor for inheritance purposes.
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While the idea of a "prenup" is well-known, postnuptial agreements are often overlooked. These agreements, signed after marriage, can be a vital part of your San Diego estate and asset protection plan. They provide clarity and protection, particularly as your life and circumstances change and new threats to your nest egg come to light.

What is a Postnuptial Agreement?

A postnuptial agreement is a legal contract between spouses outlining the division of assets, debts, and other financial matters during the marriage, in case of separation, or upon death. A postnuptial agreement can also change the nature of earned income from community property to separate property.
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Many Americans unknowingly own mineral rights, or have the potential to inherit them. These rights encompass resources like oil, gas, precious metals, and more. Even if you don't live in a traditionally "mineral-rich" area, these rights can be passed down through generations, creating a surprise windfall, or posing a complex estate planning challenge.

What are Mineral Rights?

Mineral rights grant the owner the right to explore, extract, and sell any minerals beneath a specific property. These rights can be severed from the surface ownership, meaning you might own the mineral rights under someone else's land, or vice versa.
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Sadly, family feuds are more common than we'd like to admit. If you're remarried and your adult children don't get along with your new spouse, it's natural to worry about potential conflicts during a time when support should be the priority. These tensions can become incredibly stressful and even more so when a family member experiences a health crisis or is beginning to come face to face with the challenges of aging.

When Conflicts Turn Ugly

We've seen it all: disagreements about who can visit when, arguments about medical care, treatment options, and even outright hostility toward partners during hospital and rehab facility stays. These battles take an emotional toll when you want to focus on healing.

Being named a trustee is an important responsibility, but sometimes life throws unexpected situations your way. When a loved one is hospitalized and you have to step into the trustee role, you might feel overwhelmed and uncertain about what lies ahead. Here's a guide on how to navigate your new responsibilities and ensure your loved one's best interests are protected.

Understanding Your Role as Trustee

As a trustee, you have a fiduciary duty to act in the best interests of the trust's beneficiaries. The Trust document will distinguish between current and future beneficiaries and indicate whose circumstances should get your primary attention.
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Incorporating stocks and other investments into your estate plan requires careful consideration to ensure your hard-earned assets are transferred smoothly to your loved ones. There are several ways to pass down your stocks, each with its own advantages and potential tax implications.

Methods for Stock Transfer

One common method is to include specific stocks or investment accounts in your will or trust. This allows you to name your beneficiaries and how you want those shares distributed. However, keeping your will or trust updated as your holdings and the value or specific holdings within your portfolio change over time is crucial.
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Hospice care offers comfort and support during a terminal illness, focusing on quality of life rather than curative treatment. Hospice care does not prevent you from getting otherwise covered treatments for conditions not related to your terminal illness. While it’s often associated with end-of-life situations, a hospice stay can last for months or even years. This highlights the importance of a flexible estate plan that addresses not only what happens after you pass but also the practicalities of your financial and personal life during an extended hospice journey.

Key Considerations for Hospice Planning

As you embark on an extended hospice journey, here are some essential elements to incorporate into your estate plan:

• Powers of Attorney: Ensure you have updated and robust powers of attorney for healthcare and finances.
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As a parent, you want nothing more than for your children to get along. But the reality is, sibling relationships can be complex and sometimes fraught with disagreements. When planning your estate, facing the prospect of your children arguing about your legacy is incredibly stressful. Rest assured, there are ways to structure your estate plan thoughtfully to minimize conflict and preserve your wishes, even if your children can't always see eye-to-eye.

Understanding Your Role

While you might wish you could resolve your children's differences, your primary focus in estate planning is ensuring your own wishes are carried out and that you make responsible provisions for your loved ones.
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