Is estate planning important for first responders?

Is estate planning important for first responders?

If you are a first responder, it is vitally important for you to do estate planning. If you’re a fire person, if you’re a police officer, if you are a medical care provider, if you’re a social worker who responds to pressureful situations or Crisis situations, it is critical that you do estate planning.

The reason for this, as you know, is that first responders have a very high stress, high pressure job. It’s also high risk, and if something were to happen to you, you want to make sure that your family is taken care of. And the way to do that is to plan in advance. Have a revocable trust, have a will, have all of your health care documents in place, have a financial power of attorney in place. It is critically important for yourself and for your family that you have done proper estate planning.

If you are a first responder, if you have questions about estate planning and would like to discuss this more, please click the link or contact us through our website:

https://criderlaw.net/contact/

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.
I just went through bankruptcy. Do I need to do estate planning for myself?

I just went through bankruptcy. Do I need to do estate planning for myself?

And the answer is yes, you do need to do estate planning for yourself. Even if you came through the bankruptcy and you don’t have significant assets, or you don’t have the assets that you once did, it is still important to do estate planning.

The reason for this is twofold. First, if you don’t have the same level of assets that you once did before the bankruptcy, that is just the state of affairs today. You will continue to acquire assets over your lifetime and you need to make decisions about how those assets will be distributed if something happens to you.

The second reason has to do with the potential for incapacity. If something happens to you where you cannot make financial or health care decisions for yourself anymore, you will want to appoint someone to make those decisions for you.

And so you are planning for the future and planning for future assets that you will acquire, as well as planning for a potential for incapacity.

If you have questions about estate planning and would like to discuss this more, please click the link below or contact us through our website:

www.criderlaw.net/contact/

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.
If someone is single, do they need to do estate planning?

If someone is single, do they need to do estate planning?

And the answer is yes. Even if you are single, you still need to do estate planning. The reason for this is twofold. First, you own property, you own assets, and if something were to happen to you and you pass away, you would want to make sure that your assets and property go to the people that you want them to go to.

The second reason has to do with incapacity. We all think that we’re going to live forever and we’re going to be healthy while we live forever, but unfortunately, that’s not always the case. Sometimes things happen and we might become incapacitated. As a single person, you will want to designate who will make decisions for you if you’re not able to manage your day to day decisions related to health care, and you’re not able to manage your day to day decisions related to your finances.

So planning for a single person is extremely important. First, you want to make sure that your assets go to the people that you want them to go to. And second, you want to make sure you have a team of people that can help you make decisions if you’re not able to make the decisions yourself.

If you have questions about estate planning and would like to discuss this more, please click the link or contact us through our website:

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Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.
How do you plan for family vacation properties?

How do you plan for family vacation properties?

Frequently I will meet with families, whether it’s a single individual or a married couple, and they will want to leave their family vacation property to their family, whether it’s their children or other loved ones.

If there’s more than one child or more than one loved one who will inherit the family vacation property, it’s worthwhile to have a serious conversation with them about what your goals and desires are.

From the planning perspective, you will want to get into details, such as who will own the property, how are the expenses for the property shared, and you’ll also want to discuss tax issues. There are a number of different tax issues that may come up.

If you would like to have a conversation about planning for your family vacation property, feel free to click the link or contact my office.

https://criderlaw.net/contact/

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.
What is the best way to avoid probate?

What is the best way to avoid probate?

One of the best ways to avoid probate is to set up a revocable living trust. When you set up a revocable living trust and transfer your assets to that trust, you can avoid probate for the assets that are owned by the trust.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.
Is estate planning important for widows?

Is estate planning important for widows?

Estate planning is important for widows, and the reason for this is that when a married couple owns property and then one spouse passes away, the surviving spouse is often able to continue to manage the community property by himself or herself, and usually may not have to go through probate to make sure that everything is squared away.

However, once the surviving spouse passes away, if he or she hasn’t done estate planning, then the surviving family members will be required to go through probate for the remaining property that the surviving spouse owned. So doing estate planning is very important for widows, just as it’s important for other people as well.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.
Understanding Spousal Rights and Disinheritance

Understanding Spousal Rights and Disinheritance

In the United States, the subject of estate planning is fraught with complexities, particularly when it comes to the rights of a surviving spouse. A common misconception is the idea that one can effortlessly disinherit their spouse.

However, the reality paints a different picture. American law ensures substantial protection for surviving spouses, making it a difficult task to completely exclude them from an estate plan. Nonetheless, there are exceptions tied to pre-existing agreements such as prenuptial or postnuptial contracts, where a spouse consents to be excluded from the will.

Variations in Inheritance Laws

The laws pertaining to inheritance rights are far from uniform across the United States. They vary significantly across different states, each possessing its unique set of rules. These laws, known as “elective share laws” or “community property laws,” depend on the state of residence or property possession.

Factors Influencing Inheritance

The portion of the estate that a surviving spouse stands to inherit isn’t arbitrary but influenced by several factors. These include the length of the marriage, whether there were children born during wedlock, the value of assets comprising the deceased spouse’s probate estate, and the total worth of an “augmented estate” that includes both probate and non-probate assets of the deceased spouse.

Time Limit for Inheritance Claims

Another crucial aspect to consider is the time frame within which a surviving spouse can stake their claim to inheritance. This period varies greatly from state to state, ranging from a few months to several years.

In the event of attempted disinheritance, a surviving spouse must act promptly. Seeking legal advice at the earliest opportunity can help preserve your rights before the law prohibits you from asserting them. As it turns out, when it comes to estate planning and disinheritance, the devil truly is in the details.

Estate planning is a complex field that requires deep understanding and careful navigation. Reach out to us and ensure your rights and interests are adequately protected.

Don’t Neglect Your Estate Plan Checkup

Don’t Neglect Your Estate Plan Checkup

The importance of having an updated, comprehensive estate plan cannot be overstated. It is a crucial aspect of life planning that ensures your wishes are honored and your loved ones are protected. Regardless of whether you already have an estate plan in place, regular checkups are essential to keep it relevant and effective.

The Necessity of an Estate Plan

If you don’t yet have an estate plan, it’s time to prioritize creating one. Not having an estate plan can result in undesirable consequences. If you become incapacitated without a plan in place, a court-supervised guardianship may be established, leaving you with less control over your assets and personal care. Upon your passing, your property could end up in probate court, which can be a lengthy and costly process for your loved ones.

Furthermore, without a personalized estate plan, the state will determine the distribution of your assets according to its intestacy laws. This impersonal, default plan might not reflect your wishes or adequately protect your loved ones.

Contrary to common belief, estate planning isn’t just for the wealthy. Anyone with assets—such as a home, bank accounts, retirement funds, or investment accounts —or anyone with a family should have an estate plan. The complexity of the plan will vary based on your individual circumstances. However, your plan should always be created with the help of an attorney experienced in preparing wills, trusts, health care directives, and powers of attorney.

Reviewing Your Existing Estate Plan

If you already have an estate plan, it’s crucial to review it regularly. If your documents were signed before 2010, they’re likely outdated due to significant changes in federal and state estate tax laws, among other factors. Documents signed between 2010 and 2017 may also need revising due to changes in tax laws. Additionally, the introduction of “portability” of the federal estate tax exemption for married couples could affect your plan.

Even if you signed your documents recently, changes in laws governing wills, trusts, health care directives, and powers of attorney might warrant revisions. Beyond legislative changes, consider how shifts in your personal life may impact your estate plan. Life events such as marriage, divorce, the birth of children or grandchildren, relocation, retirement, significant changes in assets, inheritances, or a windfall like lottery winnings, can all warrant updates to your plan.

Estate Planning is an Ongoing Process

Estate planning isn’t a one-and-done task; it’s an ongoing process. Life is dynamic and full of changes, and your estate plan should evolve accordingly. It’s crucial that you make sure that your plan stays aligned with your current circumstances and wishes.

We’re here to assist you through this continuous process. If your life has changed since your estate plan was last updated, we can help you make sure that it still reflects your wishes and protects your interests. If you do not have an estate plan, we’re ready to guide you through its creation and modification as you navigate life’s various stages. Estate planning is not just about preparing for the end—it’s about making the journey less stressful and more secure.

Estate Plan Stress Tests: A Vital Step in Wealth Management

Estate Plan Stress Tests: A Vital Step in Wealth Management

Think of your estate plan as a living entity that needs to evolve with the changes in your life. Various life events such as the birth of a child, children growing up, changes in the family dynamics, fluctuations in your investment portfolio, career shifts, health changes, or relocation can all impact your estate plan.

External factors like new tax legislation or innovative financial instruments can also affect your estate plan. They may necessitate adjustments or present fresh opportunities for optimizing your assets’ distribution.

Regular reviews don’t mean constantly obsessing over your plan. Instead, think of it as a periodic “health check” for your estate plan, helping ensure it continues to serve your interests and protect your legacy effectively.

Key Questions for Your Estate Plan Review

To help you assess if it’s time to revisit and update your estate plan, consider these critical questions:

  • When did you last update your will or living trust? Life events such as the arrival of new children, divorce, relocation, or changes in your business could all warrant an update to these documents. Legal changes since your last review could also impact your estate plan’s effectiveness.
  • Who have you appointed as your executor and trustee? If you were to start your estate planning today, would you still choose the same individuals for these roles? Your choices should reflect their suitability for the role rather than personal relationships. Ensure the individuals selected are still willing and able to fulfill these responsibilities.
  • Is your insurance coverage sufficient? Many people underestimate the amount of insurance they or their businesses need. Also, remember to name contingent beneficiaries and ensure these designations align with your estate plan.
  • Do you jointly own property with someone other than your spouse? Such properties could potentially be subject to double taxation. Seek professional advice on how to structure your assets optimally for tax efficiency.
  • How organized are your records? Clear and orderly record-keeping can significantly ease the executor’s job and help prevent potential disputes or delays.
  • When did a qualified attorney last review your estate plan? Even if there haven’t been significant changes in your life, if it’s been over five years since an expert last reviewed your estate plan, it’s time for another checkup.

After reflecting on these questions, if you find areas of concern or uncertainty, don’t hesitate to reach out to us. We’re here to assist you in ensuring your estate plan remains robust, relevant, and capable of withstanding the test of time.

Remember, estate planning is more than a document; it’s a dynamic process designed to provide peace of mind and secure your legacy.

What are the different types of powers of attorney?

What are the different types of powers of attorney?

There are a number of ways to define powers of attorney. One is to have an immediate power of attorney. As the name suggests, the authority that is granted by the immediate power of attorney is available immediately. And that means that the agent under a power of attorney can take actions as soon as the principal signs the power of attorney.

Another type of power of attorney is what’s called a springing power of attorney. Under the springing power of attorney, the authority that the principal grants to the agent springs into an existence upon a specific event. And the typical event that causes the power of attorney to spring into existence is that the principal becomes incapacitated. And so what that means is that the principal creates a power of attorney, and it is not effective until the principal becomes incapacitated, and then the authority that is granted to the agent springs into existence.

There are other ways to define a power of attorney. There is what’s called a limited power of attorney, and a limited power of attorney is where the principal grants authority to an agent for a limited purpose or a limited time. For example, a principal can say, I grant my agent the authority to sell my house. That is a limited power of attorney. The authority that is granted is only the ability to sell the house. The agent does not have the ability to transact business, for the principal, does not have the ability to deal with bank accounts for the principal, and so on.

Another type of limited power of attorney is limited as to time. And so, for example, a principal can grant an agent a power of attorney that says, I the principal grant my agent authority to conduct business for me, but only for the next 30 days. That is a limited power of attorney as well.

Another type of power of attorney is a general power of attorney. The general power of attorney can be quite broad, and this is where the principal grants the agent broad authority to transact business on the principal’s behalf. Typically, the general power of attorney is also not time bound. And so, for example, in be for a unlimited period of time whenever the power of attorney becomes effective.

And so those are the ways that a power of attorney can be defined, or those are the different types of powers of attorney. If you have more questions about powers of attorney, please feel free to reach out and contact us.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.

Davis
530–763-0014
750 F Street, Suite 2
Davis, CA 95616

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916–975-7560
333 University Ave, Suite 200
Sacramento, CA 95825

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916–975-7721
3017 Douglas Blvd, Ste 300
Roseville, CA 95616

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Monterey, CA 93940

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San Antonio, TX 78258

We operate on an appointment-only basis other than our Davis office.

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