Estate Planning

Buying a new home is more than just a significant financial investment; it's a key component of your overall estate. As you embark on this exciting journey, it's crucial to consider how this asset will be managed, both now and in the future. One effective strategy for managing real estate assets is setting up a trust, a tool that a knowledgeable San Diego trust lawyer can help you navigate. 

Understanding Trusts in Estate Planning

 A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another (the beneficiary). In the most common type of trust used to hold personal residences during the lifetime of the person setting up the trust, that person or persons, the trustee or trustees and the beneficiary or beneficiaries are one in the same.
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When it comes to estate planning, understanding the different types of trusts available is crucial. Two common types are revocable and irrevocable trusts, each with its own set of features and benefits. As a San Diego County trust attorney, I often encounter questions about the differences between these two types of trusts and which one might be the best fit for a particular estate plan. 

What is a Revocable Trust? 

A revocable trust, also known as a living trust, is a flexible estate planning tool. The grantor – the person who creates the trust – retains the ability to modify or completely revoke the trust at any time during their lifetime.
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In our increasingly globalized world, more people find themselves being citizens in one country while owning property in another, being temporary or ‘permanent’ residents in California, calling San Diego home while living abroad or holding dual citizenship. Our growing international connections bring unique challenges in estate planning, particularly when it comes to navigating the legal landscapes of multiple countries. For foreign expatriates, non-U.S. residents holding U.

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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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