Law Office of Mark Abell

Retirement Planning Update

Wed, 22 Mar 2023 04:00:58 GMT

Setting Every Community Up for Retirement Enhancement (SECURE) Act

It is important to remember upcoming April deadlines for retirement contri butions and required minimum distributions (RMDs), but there have also been some recent developments that may impact your retirement planning. IRS Proposed Regulations for Required Minimum Distributions

In 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act created a ten-year payout rule for most inherited retirement assets, such that the account must be fully withdrawn by the end of the calendar year that includes the tenth anniversary of the date of the participant’s death. Although many initially believed that no RMDs were required in years one through nine following the death of the plan participant, in February 2022, the Internal Revenue Service (IRS) issued proposed regulations clarifying that RMDs are, in fact, required each year during the ten-year period under many circumstances. This caught many beneficiaries by surprise, especially those who opted not to take distributions in 2021 or 2022 in good faith based on the information they had.

However, on October 7, 2022, the IRS issued Notice 2022-53, which states that the IRS will not penalize beneficiaries for not taking those RMDs. However, beneficiaries will have to ask for a refund of any excise tax already paid; the IRS will not automatically reimburse it. This relief applies only for the 2021 and 2022 distribution calendar years. In contrast to the February 2022 proposed regulations, which stated that the final regulations would apply to 2022 and later distribution calendar years, Notice 2022-53 also indicated that any final regulations issued by the IRS regarding required minimum distributions will apply no earlier than the 2023 distribution calendar year.

The proposed regulations also clarify the age of majority under the SECURE Act: the child of an employee with an individual retirement account is considered to have reached the age of majority on the child’s twenty-first birthday. However, defined benefit plans that have used a pre-Secure definition of majority may continue to use that definition.

SECURE 2.0 Act

On December 29, 2022, President Biden signed the $1.7 trillion omnibus spending bill, which included the SECURE 2.0 Act of 2022. SECURE 2.0 increases the age at which individuals must begin taking RMDs from retirement plans from 72 to 73 starting on January 1, 2023, if they reach age 72 after December 31, 2022. Starting on January 1, 2033, for individuals who reach age 74 after December 31, 2032, the date at which RMDs must be taken is increased to age 75.

The original SECURE Act, passed in late 2019, increased the age at which individuals must begin taking required minimum distributions from 70 ½ to 72 starting in 2020. SECURE 2.0 also allows a surviving spouse to elect to be treated as the deceased employee for purposes of the RMD rules, effective for calendar years after December 31, 2023. As a result, if you are a surviving spouse and your deceased spouse was younger than you, you should consider making the election to delay the date at which RMDs must begin, allowing additional time for tax-deferred growth of your retirement account.

In addition, SECURE 2.0 increases the amount of tax-advantaged contributions older workers can make as they approach retirement age and expands opportunities for retirement savings for longer term part-time workers. You may be able maximize the growth of your retirement accounts by taking advantage of these new opportunities.

The retirement planning landscape has been evolving over the past several years, and we are committed to keeping you up to date on the latest developments and how they will impact your estate plans.

Preparing Your Beneficiaries to Receive Their Inheritance

Thu, 16 Mar 2023 05:07:30 GMT

When you hire an estate planning attorney . . .

When you hire an estate planning attorney, you are often looking for help with preparing your accounts and property to ultimately pass smoothly and safely to your loved ones. This is a key component of estate planning. An experienced estate planning attorney will put much thought and effort into ensuring that an appropriate estate plan is created using a variety of legal documents including wills, trusts, powers of attorney, and health care directives. These important tools can ensure that what you own ends up in the right hands, at the right time, and with as little cost and delay as possible.

Prepare beneficiaries to receive assets. An often-overlooked aspect of estate planning, however, is preparing beneficiaries to receive money and property. With all of the thought that goes into making sure taxes are minimized, probate is avoided, and accounts and property are protected, few clients give sufficient thought as to whether their beneficiaries have been adequately prepared to suddenly receive large amounts of cash or manage property. Working through the following questions with your beneficiaries can pay huge dividends by ensuring that they are prepared to receive your accounts and property.

Identify successors for a family business. If a family business makes up a large portion of your family’s wealth, have you identified who will continue to run the business if you become incapacitated or suddenly pass away? Will your successor be a family member who has been working in the business, and is this person fully prepared to take over your role? If a family member will take over, does the person understand the extent to which they will manage the business for the benefit of other family members? Or does the successor have expectations about the financial rewards of participating in the business that differ from those of the rest of the family? These questions can cause a great deal of discord within a family if left unanswered.

Consider complicated assets. Perhaps the wealth of your estate is made up of a complicated portfolio of stocks, bonds, cash, and investment accounts. If that is the case, do your beneficiaries understand the basics of investing with these types of accounts? Do they understand the tax implications? Are your beneficiaries used to taking advice from attorneys, financial advisers, and tax professionals, which will allow them to achieve the most benefits from the accounts left to them? Or do your beneficiaries consider such advice needless, expensive, or untrustworthy, and will such attitudes come back to haunt them down the road?

Discuss the challenges of co-owning real estate. If you have a large amount of real estate, farmland, or commercial property or rentals, have your beneficiaries been taught how to manage such properties? Will these properties be passed on to beneficiaries through a trust or through a business entity such as a limited liability company or family limited partnership? If an entity is being used, how has the management structure been set up? Do all beneficiaries understand their roles within the management structure? What if one of the beneficiaries no longer wants to be in a partnership with his or her siblings? Is there a clear path for the beneficiary’s exit from such an arrangement that is fair to both the departing beneficiary and the remaining beneficiaries? Is that exit spelled out clearly in an operating, partnership, or other type of agreement for later reference by your beneficiaries?

Even something as seemingly innocuous as passing on a family vacation property to adult children can pose a significant risk of rekindling old sibling rivalries. Have you and your attorney met with the beneficiaries, either as a group or individually, to make sure your goals and hopes are clear with regard to the property being left to them? What do you hope your beneficiaries will do with the property you leave to them? Have you asked them whether they even want the property, or in what manner they would like to receive it? Many parents have been completely surprised at their children’s responses to these questions.

Consider asset protection. Parents sometimes think that their children are not at all concerned about asset protection and believe their children would be upset if they were left anything with “strings attached” or conditions on how to use the money or property. Imagine the parents’ surprise when the children share their reasons for why receiving an inheritance outright would be a disaster. Parents are not always aware of the marital or financial challenges their children may be facing that have the potential to lead to a significant, if not total, loss of their inheritance.

Gift today rather than at death. In many cases, it makes sense for parents, during their lifetime, to give their children a portion of the accounts and property that they ultimately want to leave them at death so that the parents can observe how their children will manage and use the property. In some cases, parents have learned a great deal about how their children are likely to handle even larger infusions of cash or property from an inheritance after they are gone. On a more positive note, giving children a substantial amount of their inheritance prior to death can provide a valuable opportunity for parents to mentor their children in the appropriate use and management of the accounts and property, preparing them for the additional accounts and property earmarked for them at the parents’ passing.

We are here to help. Preparing your beneficiaries to receive money and property can in many ways be an even greater challenge than preparing your money and property for your beneficiaries. Nevertheless, putting sufficient effort into such an undertaking has the potential to pay huge dividends by helping to ensure the money and property you have spent your life accumulating will be used to truly benefit your loved ones in the way that would be most satisfying to you. If you are uncertain about where you should start, please reach out to us. We have significant experience helping our clients determine the right questions to ask to begin this important process. We are here to help—call today to set up a virtual or in-person meeting.

Slicing Your Estate Planning Pi(e)

Tue, 14 Mar 2023 00:07:51 GMT

March 14 (3/14) is National Pi Day

What? You didn’t know that March 14 (3/14) is National Pi Day? We didn’t either until recently, but now we know this celebratory day was established (you guessed it!) by a physicist (Larry Shaw) to recognize the mathematical constant (��) whose first three digits are 3.14—probably as an excuse to devour lots of pie. National Pi Day is a great occasion to come to our office and discuss how you would like to slice your financial pie when you pass your wealth on to your children and loved ones. No complicated mathematical formulas are necessary to determine whom you would like to leave your money and property to, but it is an important subject that requires some serious thought.

How Should You Slice Your Pie?

With only a few possible exceptions, you are free to use your estate plan to slice up your wealth for the benefit of anyone you choose. Some common beneficiaries you may choose are spouses or other significant others—such as your boyfriend, girlfriend, or partner—and children. More and more people are also leaving money in trust to be used for the care of their pets. Others want to provide a gift to one or more close friends when they pass away. You may choose to include institutions as well as people or pets in your estate plan: if you have a strong relationship with a favorite alma mater, charity, or church, you may choose to leave money or property for its benefit.

It is crucial for you to create an estate plan to ensure that each person or institution gets the slice you intend. Without an estate plan, your money and property will be divided up according to state law, which may not provide the result you would have wanted. The state’s intestacy statute typically provides that if you die without a will, your surviving spouse will inherit everything, but if you had children from a prior relationship, the estate will be divided between them and your surviving spouse. If you do not have a surviving spouse or children, the estate may go to your parents or siblings. In the absence of any surviving family members specified in the statute, your money and property go to the state. This means that if you had stepchildren or foster children who were beloved but not adopted, or a significant other who was not a spouse, they will receive nothing. In addition, without an estate plan, you will lose out on the opportunity to leave your wealth to a nonfamilial loved one or charitable organization of your choice; instead, your wealth will go into the state’s coffers.

By creating an estate plan, you can specify not only to whom you want to leave a slice of your pie, but also the size of that slice. For example, you may want each of your children to receive an equal inheritance, or you may choose to divide up your wealth among your children based upon what you think each one needs. Children who are disabled and unable to provide for themselves may need more than other children who are able bodied or independently wealthy. There is no right answer: it is up to you to determine those to whom you want to leave your money and property and the size of each gift.

Depending on state law, there may be a couple of exceptions that have at least some impact on your ability to specify the size of the slices of your pie:

● Spouse’s elective share. Nearly every state has a statute that protects a surviving spouse from complete disinheritance by allowing them to elect to take a certain portion, such as one-third or one-half, of their deceased spouse’s estate. In some states, the size of the elective share may depend on whether the deceased spouse left behind children, grandchildren, or parents in addition to their spouse. The surviving spouse’s elective share may be smaller if there are other surviving relatives who would benefit from the deceased spouse’s estate.

Some states’ elective share statute applies only to the probate estate, that is, accounts and property that are held in the deceased spouse’s individual name. However, other statutes also subject money and property the deceased spouse had transferred to a revocable living trust during their lifetime to the surviving spouse’s elective share. Elective share statutes are generally a default rule, so a surviving spouse may contractually waive or modify their right to an elective share if they sign a premarital or postmarital agreement to that effect.

● Family allowance. Under state law, the surviving spouse, minor children, and adult children with special needs may be entitled to an amount from the deceased person’s estate necessary for their maintenance if they are able to demonstrate their need to the probate court. The money and property considered in determining the amount to which the spouse or children may be entitled vary depending on state law. Often, if the family allowance is determined to be available, it will be paid to the spouse or children before gifts are made to other beneficiaries named in the deceased person’s estate plan or most other claims against the estate, and if there are insufficient funds in the estate to cover the family allowance, the court may order the sale of estate property.

We Can Help You Slice Your Pie How You Want

Celebrate National Pi(e) Day by setting up an appointment to create or update your estate plan. We can help you design a plan to ensure that your pie is divided up in a way that achieves your goals. Give us a call today!

What are the estimated costs to file a conservatorship?

Tue, 14 Mar 2023 00:06:13 GMT

How much is this going to cost?

G uardianship and conservatorship cases can be financially daunting, especially when dealing with individuals who have severe mental disabilities or have undergone elder abuse. These individuals may have drained their bank accounts and lost their assets, leaving them with little or nothing when a conservator is appointed. Choosing between continuing their incapacitation or risking bankruptcy due to conservatorship costs can be challenging. While the cost of each case varies depending on the individual’s circumstances, this article discusses the basic fees one should be aware of and ways to reduce them.

Fees involved in filing a conservatorship case include the

initial filing fee, which depends on the case's value according to the state

probate code.

The law classifies conservatorships as probate cases, and the specific fees are printed in local county and the state of California’s online fee schedules.

Initial Filing

The costs you pay initially for filing a conservatorship case depend on how much your future case is worth according to the probate code. For example, unlimited civil cases, or local cases with over $25,000 in dispute, have their own fees, while limited civil cases (less than $25,000 in dispute) have different prices.

The “Probate Fees” section in the state and local court schedules outlines every cost you will pay in the conservatorship proceeding. However, these also include every legal cost for every other probate service, so ensure you note the fees that apply to conservatorships. You should note a $435 upfront fee for petitioning a conservator in California state courts.

There are also costs incurred during the case, such as fees for legal services, court investigator fees, and probate fees. After the case, the conservatee must pay for the conservator services, court fees, and any other fees related to the case.

The state of California provides fee waivers for conservatorship cases with court approval. To qualify, the conservatee must meet one of three requirements, including receiving public benefits or having an income below a specified amount. There is a specific process to follow when requesting a fee waiver, and consulting with an experienced conservatorship lawyer is recommended.

In summary, while guardianship and conservatorship cases can be financially challenging, there are ways to reduce costs and obtain fee waivers, allowing individuals to benefit from conservator services without sacrificing their financial future.

Our conservatorship and estate planning lawyer works with people like you to establish your loved one in a conservatorship.

Call our office at (310) 953-8191, so we can take care of you and your loved one.

Do Not Leave Your Minor Children’s Future to Luck

Mon, 13 Mar 2023 23:42:26 GMT

The Luck of the Irish

We associate March with St. Patrick’s Day and Irish traditions such as searching for four-leaf clovers, which are thought to bring good luck. One thing that parents shou ld never leave to luck is providing for their minor children. Young parents work hard to create a wonderful life for their children and pass on wealth to them in the future, but they also need to create a plan for their children’s care if something happens to them. If you are a parent, it is difficult for you to think about having your young children grow up without you, but you need to recognize that lack of planning for this possibility could be disastrous for your children.

Choose someone you trust to provide day-to-day care for your children. If one parent dies or becomes incapable of caring for your children, their other parent will likely continue to have physical custody of the children and responsibility for their care. However, it is crucial for you to name a guardian who will step into your shoes to provide day-to-day care for your children in the event that something happens to both of you. If you do not name a person you trust, a court will step in to appoint someone. Because the person the court chooses to be your children’s guardian may not be the person you would have chosen, it is vitally important to designate this person in advance in your will or in a separate document. Although the court will still have to appoint the guardian, it will typically defer to your wishes.

There are two types of guardians you should consider nominating in your estate plan:

● Permanent guardian. A permanent guardian is appointed by the court to care for children whose parents are both deceased or are otherwise no longer able to care for them. The permanent guardian steps into the parents’ shoes to provide for the children’s educational, religious, legal, medical, and day-to-day care until they reach the age of majority in your state (often age eighteen or twenty-one). As mentioned, to avoid leaving your children’s fate to a court with no input from you, you can name the person you want to care for your children in your will or a separate document specifically addressing guardianship.

● Temporary guardian. You can choose a person you trust to act as a caregiver for your children for a limited time period by choosing a temporary guardian in writing. That person will care for your children if you are temporarily unavailable, for example, if you become very ill and need to be hospitalized or are away for an extended trip. You can authorize the guardian to make decisions and take actions that you, as their parent, would normally handle, such as consenting to medical treatment or enrolling them in school. A temporary guardianship is usually only effective for a period of six months to a year, depending on state statute. If you would like to have it effective longer, you will need to sign a new form when the original one expires.

Make plans for your children’s inheritance. If you fail to plan ahead, the court may have to appoint a conservator (sometimes called a guardian of the estate) to manage your children’s inheritance until they reach the age of majority. This is necessary because minors legally cannot own money or property on their own.

To avoid the appointment of a conservator, sometimes a custodial account under the Uniform Transfer to Minors Act or the Uniform Gifts to Minors Act is created through the probate process to hold the money and property your minor children inherit from you. The court will choose the custodian of the account who will manage the funds for the benefit of your children. However, when your children are legally recognized as adults at the young age of eighteen or twenty-one, the account will terminate. Your children will gain full access to their inheritance and can use it in any way they choose, even if they lack the maturity to make wise financial decisions or are addicted to drugs or alcohol. In addition, any present or future creditors could try to reach your children’s inheritance to satisfy their claims.

Although a custodial account is less expensive and easier to set up, a trust is often preferred over a custodial account because it is more flexible and can be designed to protect the funds against your children’s future creditors and their own imprudent spending. You can name someone you trust who is skilled at handling money to manage and distribute the funds for the benefit of your children if you die before they reach adulthood. This could be the same person who will act as the children’s guardian, but you can name another individual as the trustee if you choose. You can determine the age at which or the circumstances under which you feel comfortable having the remaining funds distributed to your children and provide those instructions in your trust document.

Give Us a Call at (310) 953-8191.

Your children are too important for you to leave their futures to chance. Call us today to set up an appointment to create an estate plan that will safeguard their future and give you the peace of mind that comes with knowing you have done everything in your power to care for them.

March: A New Month and a New Beginning

mark@trustabell.com (Mark Abell) — Mon, 13 Mar 2023 23:34:25 GMT

You Need a Plan

In 1987, Congress passed a law recognizing March as Women’s History Month—a time to honor the contributions and achievements of women throughout American history in a va riety of fields. Women have played a vital role in building the United States into a strong and prosperous nation. Likewise, women are often the backbones of their own families, frequently focusing on meeting the needs of others rather than their own. However, it is important for women to take care of themselves through financial and estate planning designed to provide for their own future needs, which may differ from those of their male family members, as well as family members who may be dependent on them.

Planning Considerations for Women

Longer life expectancies. According to Social Security Administration data, in 2021, women had an average life expectancy of 79.5 years compared to 74.2 years for men. ^[1] As a result, it is important for women to create an estate plan that accounts for additional years of living expenses during retirement, healthcare costs, and possibly long-term care costs. As women age, there may be a greater possibility that they could become incapacitated and need someone to act on their behalf to make financial and healthcare decisions. Documents such as financial and healthcare powers of attorney and living wills authorize a person they trust to make decisions or take action for them if they are not able to act for themselves. Some women may not only own their own assets but also inherit wealth from both their parents and a spouse who dies before them, and if so, they need a financial and estate plan to optimally preserve and transfer this wealth. Because women may outlive their spouses, they also may be responsible for administering their spouse’s estate or become the sole surviving trustee of a joint trust. These duties may be difficult for a woman who is experiencing health issues that often occur at an advanced age, and this possibility should be addressed in their estate planning. For example, a woman concerned that she will be unable to handle administering her trust at an advanced age can name a co-trustee or successor trustee to administer it if she is no longer able to do so.

Lower earnings. According to U.S. Census Bureau data, women continue to earn less than men, and the pay gap widens as they age. ^[2] In addition, because some women have shorter employment histories due to time off to raise children or care for aging parents, they may have less saved for retirement. As a result, it is important for them to take steps to protect their money and property from lawsuits or creditors’ claims. For example, a woman could transfer her money and property to an irrevocable trust. Because she is no longer the legal owner of the property, a creditor cannot reach it to satisfy claims against her so long as the trust is properly drafted to include appropriate distribution standards and administrative and other provisions. The woman may be a discretionary beneficiary of the trust, and the trustee may distribute the funds she needs for living expenses. Additionally, because they have less money and property during their retirement, women need to have a solid plan in place to make sure that they are able to financially provide for their loved ones upon their death and that unnecessary costs and expenses are minimized to the extent possible.

Care for loved ones. Many women are caregivers for minor children, adult children with special needs, or aging parents. As a result, they are often concerned about who will care for their loved ones if they are no longer able to do so. If a spouse or sibling is not available to provide care, they need to make sure that another family member or trusted individual can be the caregiver (sometimes called a guardian of the person) for their loved one. The same individual—or someone else—can serve as the guardian of the loved one’s estate (sometimes called a conservator or guardian of the estate) to manage the inheritance for their benefit. In the case of a child with special needs, if no family member is able to take on the responsibility of their care, a group home or assisted living facility may be the best choice. A special needs trust may need to be established to ensure that funds are available for the child’s care but do not decrease the amount of government benefits they are eligible to receive.

We Can Help You Plan Ahead

You have accomplished a lot in your life! Celebrate your accomplishments and contributions during Women’s History Month by contacting us to set up an appointment to create an estate plan that provides for your own future needs and those of the people you love. You deserve the peace of mind that comes with knowing your future is secure.

^[1] Period Life Expectancy - 2022 OASDI Trustees Report, Soc. Sec. Admin. https://www.ssa.gov/oact/TR/2022/lr5a4.html (last visited Mar. 1, 2023).

^[2] Earlene K. P. Dowell, Women Consistently Earn Less Than Men, U.S. Census Bureau (Jan. 27, 2022), https://www.census.gov/library/stories/2022/01/gender-pay-gap-widens-as-women-age.html .

Reverse Mortgages After Death

Thu, 02 Mar 2023 20:47:40 GMT

Can my heirs keep or sell my home after I die?

Are you concerned about what will happen to a home with a reverse mortgage after you pass away? Do you want to ensure that your loved ones can inherit property without having to go through the lengthy and costly probate process?

A reverse mortgage is typically marketed as allowing one to access the equity in a home while still maintaining ownership and control. However, unlike a traditional mortgage, no monthly payments are made. So, with a reverse mortgage, heirs typically ask whether they can inherit the real property with a reverse mortgage on it, and without having to go through probate, which can be c ostly , cost money, and stress.

When a borrower who owned real property with a reverse mortgage passes away, the loan becomes due and payable. This means that the borrower's estate must either pay the loan balance from cash available in the estate, or more often, sell the property to pay off the loan. Occasionally , the e state may be able to refinance the loan and keep the real property.

If the real property is sold, any proceeds abo ve the amount owed on the reverse mortgage will go to the borrower's estate. I f the real property is sold for less than the amount owed on the reverse mortgage, the borrower's estate will not be responsible for the difference because reverse mortgages are non-recourse loans.

If, you have any questions about what happens when a homeowner with a reverse mortgage passes away, contact us today to discuss your case.

Square Footage in Commercial Leases

Tue, 03 Nov 2020 22:40:00 GMT

Entering into a commercial lease is a complex undertaking that can be fraught with danger without the right attorney advising you. Every section, paragraph, sentence, and word has legal implications.

For example, one issue that may seem clear is merely stating the square footage to be leased. However, we recently assisted a client who wanted to lease land, upon which a building was to be constructed after the lease execution. The landlord typically reserves the right to verify the floor area by measuring the premises after being built. The landlord’s architect usually does the measurement. The architect then typically certifies to both the landlord and tenant that the measurements are accurate. This measurement becomes the floor area for all purposes under the lease. In many leases, the tenant’s architect will have the right to verify the measurement. Suppose the tenant’s architect disagrees with the landlord’s architect about the size of the premises. In that case, the lease typically will provide a method to resolve the disagreement. However, bear in mind what the dispute resolution will cost, whether that method is arbitration or selecting a third independent architect.

As you can see, verifying the floor area can be a double-edged sword if the lease has already been signed. For example, all of the lease’s economic terms may be revised based on the revised floor area. If the square footage goes down, the rent and the tenant’s share of additional rent will go down. But the tenant improvement allowance would be reduced as well. On the other hand, if the square footage increases, the improvement allowance should be increased along with the rent. To control risk and allow for planning, the landlord and tenant will often negotiate limits on the amount that the square footage may be adjusted up or down due to a remeasurement.

In some negotiations, the landlord and the tenant agree on the square footage at the letter of intent stage. They agree that the rent and tenant improvement allowance (if any) will be based on the agreed-on floor area. This remains true even if it is later determined that the premises’ actual square footage is different from that in the letter of intent. This approach gives the benefit of certainty in budgeting, planning, construction, and lender approval.

Finally, the parties may agree to fix the rent and improvement allowance at the levels stated in the letter of intent. But base the tenant’s share of “triple net charges” on the premises’ square footage, as confirmed by the landlord’s architect.

As you can see, even merely stating the square footage in a commercial lease has legal consequences. Contacting an experienced lawyer can help give you the guidance you need to ensure you know what you’re getting into. We look forward to working with you.

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How do I Know if I have a Wrongful Death Claim?

Fri, 09 Oct 2020 23:54:00 GMT

The loss of a loved one is a traumatic experience in the lives of those who remain. No matter what caused the death of your loved one, your life is forever changed.

Nothing can bring your loved one back. But filing a wrongful death claim can help you heal by taking the time to mourn the loss without having to be on the hook for any of the costs associated with their death. Understanding whether you have a wrongful death claim is complex and requires the keen eye of a trusted wrongful death lawyer. A trusted law team may be able to help you move forward and remember your loved one fondly.

What is a wrongful death?

In the legal world, wrongful death is a death due to the negligence of another person. Even if the death is accidental, that doesn’t mean it was a pure accident, and no one is to blame for your present suffering.

Filing a wrongful death claim doesn’t mean you want the same fate for the person who is at fault for your loved one’s death. A wrongful death claim is intended to compensate you for your loss.

Types of wrongful death accidents:

Wrongful death accidents vary greatly but can include:

In each of these circumstances, someone else is at fault for the death of your loved one. In each of these circumstances, the death of your loved one could have been prevented. And that is tragic, which is why you deserve compensation for your loss.

Do I have a wrongful death case?

We won’t know that for sure, until we meet with you to discuss the exact situation surrounding your loved one’s death. But don’t wait too long as there is a time limit you have to bring a claim.

Remember, it’s not about bringing your loved one back. A wrongful death claim is about making sure your suffering stops now.

Damages to fight for:

Nothing can bring your loved one back. But there are certain things that you will be on the hook to pay if you don’t file a wrongful death claim, including:

It can take a great deal of time to handle all of these items after your loved one’s death. You no longer have their companionship, and you may have to take time off work to manage their affairs. Also, there are medical and funeral expenses, neither of which are cheap. As the lawyers at Cohen & Cohen can attest, all of these are the direct result of someone else’s negligence. They need to be held accountable.

You deserve to have your suffering stop.

The unexpected loss of a loved one is one of the most traumatic moments in a person’s life. The healing can take years, and the loss never goes away.

Contacting an experienced lawyer can help give you the guidance you need to ensure you have the time you need to heal, you get the financial assistance you deserve, and your loved one is remembered fondly. We look forward to working with you.

The post How do I Know if I have a Wrongful Death Claim? appeared first on Law Office of Mark Abell .

Negotiating Down Judgments for Pennies on the Dollar

Wed, 07 Oct 2020 04:17:00 GMT

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What to do with credit card accounts after a death?

Wed, 11 Jan 2017 23:59:00 GMT

If a family member dies, the executor can notify the creditors. If you’re handling the estate, gather the bills, call the credit card companies, and tell them the account holder has passed. Also send them a letter with a copy of the death certificate. Include a note with the deceased’s name and credit card account number. Keep a copy for your records.

Don’t promise to pay anything until you know what assets and bills the estate has, and what your rights are. As with everything, there’s no one-size-fits-all answer. So, call my office at (310) 953-8191 for a consultation.

The post What to do with credit card accounts after a death? appeared first on Law Office of Mark Abell .

Marital Deduction Not Allowed for Share that Cannot be Transferred to Surviving Spouse

Thu, 01 May 2014 15:37:00 GMT

On April 18, 2014, the IRS denied the estate tax marital deduction for a surviving spouse’s elective share of a decedent’s estate, to the extent that it could only be satisfied from a trust in which the surviving spouse could obtain no property interest.

The decedent created the trust in a foreign country under the laws of which the spouse, who was not otherwise a beneficiary, could not obtain an interest in the trust. This was despite the fact that the laws of the U.S. state where the decedent resided gave her rights over the trust as part of her elective share of the decedent’s estate.

The IRS stated that property passing from a decedent in trust is considered to have passed to the surviving spouse only to the extent of the surviving spouse’s beneficial interest in the trust. Estate of Turner v. Comm’r, 138 T.C. 306 (2012).

The post Marital Deduction Not Allowed for Share that Cannot be Transferred to Surviving Spouse appeared first on Law Office of Mark Abell .

Immediate Discovery Before The Responsive Pleadings Are Filed

Thu, 17 Apr 2014 00:41:00 GMT

I am often asked whether there is a benefit to beginning discovery as soon as possible. Well, as usual, the answer is: it depends. The right to discovery generally does not depend on the status of the pleadings. (i.e., the case need not be “at issue.”) But if defendant has raised jurisdictional challenges, the court may grant a protective order restricting discovery to the jurisdictional issues. Mattco Forge, Inc. v. Arthur Young & Co. (1990) 223 CA3d 1429, 1436 .

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Marital Trust Assets Valued Without Deduction for Claims Against Trustee.

Tue, 15 Apr 2014 16:08:00 GMT

The Ninth Circuit, affirmed a Tax Court ruling, by holding that the value of three marital trusts created under the will of the decedent’s husband, were calculated without consideration of claims against the decedent for breach of fiduciary duty in litigation in transactions involving loans, and also valued claims held by the decedent’s estate for malpractice against her former attorney and breach of fiduciary duty by her former trustee. Estate of Foster v. Comm’r , ___ Fed.Appx. ___, 2014 WL 1229928 (9th Cir. March 26, 2014).

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Surcharge Trustee

Wed, 09 Apr 2014 17:33:00 GMT

When a trustee breaches his or her fiduciary duty, causing financial damage to the trust, trust beneficiaries may bring an action against the trustee for “surcharge.” This means that the trustee should compensate the trust for the damage he or she caused.

A surcharge will require the trustee to repay to the trust whatever funds were lost, misallocated, or taken due to the trustee’s breach of duty. In addition, a trustee may be surcharged for fees, expenses, or other expenditures made improperly by the trustee.

If you are a beneficiary of a trust and suspect that the trustee is improperly administering the trust, it is important that you take prompt action to ensure that your interest in the trust is protected.

If you have any questions about surcharging a trustee in California call the Law Office of Mark Abell today at (310) 953-8191.

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Collecting Personal Loan After Bankruptcy

Mon, 07 Apr 2014 20:54:00 GMT

I am often asked this question: “I loaned by friend money, now he claimed bankruptcy, what can I do?” Often, the sad answer is not much. You can hope for a voluntary payment of debt after bankruptcy discharge. Sometimes, but not often, a debtor may feel some moral obligation to repay a debt discharged in bankruptcy. The Bankruptcy Code does not prevent a debtor from voluntarily repaying any debt after discharge. See 11 USC § 524(f); In re Bowling (BC SD IN 1990) 116 BR 659, 664.

Another option is a a postpetition agreement in which the debtor assumes the same obligations that existed under the first agreement, and that will be treated as a reaffirmation agreement subject to the § 524 requirements. But be careful that a postpetition agreement supported by consideration separate from the original debt that was discharged in the bankruptcy because this will be considered a separate agreement (i.e., not a reaffirmation agreement). See In re Getzoff (9th Cir. BAP 1995) 180 BR 572, 575; In re Watson (9th Cir. BAP 1996) 192 BR 739, 747–748.

If you have any questions about bankruptcy, please call the Law Office of Mark Abell today at: (310) 953-8191.

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Homeowner, As Third Party Beneficiary of Construction Contract, Entitled to Recover Attorney Fees Against Subcontractor.

Thu, 03 Apr 2014 02:48:00 GMT

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Personal Representative Liable for Distributing Estate Assets Before Paying Decedent’s Outstanding Tax Debt

Tue, 01 Apr 2014 16:49:00 GMT

In United States v. Shriner , 2014 WL 992300 (D.Md. March 13, 2014), a U.S. district court granted the government a summary judgment. The court held that the personal representative was personally liable for the decedent’s back income taxes. The personal representative distributed the estate assets before paying the outstanding tax liability. The personal representative relied on allegedly erroneous advice from the estate’s attorney. Notice given to the attorney is imputed to the personal representative, so that the personal representative was liable for the taxes for which the estate had insufficient assets to pay.

For more on the personal liability of an executor for knowingly distributing assets before the claims of the government have been satisfied, please contact the Law Office of Mark Abell today at (310) 953-8191.

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Learning from Others’ Mistakes: Update Your Estate Plan Regularly

Mon, 03 Mar 2014 20:07:00 GMT

Philip Seymour Hoffman’s Will

Philip Seymour Hoffman , a renowned actor, died earlier this year from a toxic mix of drugs. He leaves behind his long-time girlfriend, Mimi O’Donnell, as well as the three children they had together. Hoffman was only 46 years of age when he died.

According to a recent article in MSN Money, the Oscar star’s will was dubbed a “mess.” Some of the problems with his will include the following:

It Is Too Late Once You Are Gone

From an estate planning perspective, Hoffman’s tragic loss is an example of the necessity to update your will and estate plan regularly, especially after life-changing events occur.

California Estate Planning

The Law Office of Mark Abell is experienced in all estate planning aspects. We can create and customize your estate plan to suit your needs. We are also able to assist you in updating your existing estate plan. If you want to discuss or have questions regarding your personal estate plan, contact California estate planning attorney Mark Abell today at 310-489-0707, orat mark@trustabell.com .

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California Estate Planning: Preparing for the Unexpected and Expected

Mon, 24 Feb 2014 20:10:00 GMT

Recent Losses: Muppets Voice and Devo Musician

The entertainment industry recently lost two well-known members. As reported by CNN, John Henson – the son of famed puppeteer and creator of the Muppets, Jim Henson – died suddenly of a massive heart attack at the age of 48. John Henson, along with his siblings, carried on their late father’s legacy through the Jim Henson Company, which is headquartered in Los Angeles, California. John Henson was a board member of the company and also served as a shareholder. His voice could be heard as the Muppet character Sweetums.

The Los Angeles Times also recently ran a story about the passing of Bob Casale, who was the lead guitarist for the “new wave” band Devo that formed in the 1970s. Bob Casale had incurred medical issues, which sadly and unexpectedly transpired to heart failure. He was 61.

Planning Ahead Makes Living Easier

As most people already know, preparation and planning are keys to achieve goals. At an early age, we are encouraged to prepare and plan for the day – in other words, to follow a daily routine. Children’s pre-school television shows like Sesame Street – whose famous characters, such as Elmo and Big Bird, were created by the Jim Henson Company – often reinforce this notion. In our adult lives, many of us plan out the week by making grocery lists, calendaring work, and even preparing for social and school events. The aim of this preparation and planning is, to some degree, to make sure everything gets done – but it also allows for leisure or other activities to be included in our lives. By completing and preparing for some of the routine – and sometimes mundane – rituals that many of us have, we are able to open time on our busy calendars and enjoy a dinner party with family and friends, read a few chapters of a recent bestseller, or listen to our favorite music.

While it is impossible to plan out every detail in life, it is helpful to create some stability and plan out the “known.” This allows more freedom and flexibility to introduce spontaneity, or to deal with any unexpected hurdles in life.

Death is inevitable, and often death occurs unexpectedly, such as the untimely passing of both John Henson and Bob Casale. And while most people plan out their day or week, few memorialize their parting wishes. While this is not the cheeriest of topics, it is an imperative step to let your family and other loved ones know what your wishes are once you are no longer around. A solid estate plan also provides security and stability for those you leave behind.

California Estate Planning

Planning ahead is a crucial aspect in so many facets of our life. Making proper plans before it is too late is just as important when it comes to the creation of an estate plan. The Law Office of Mark Abell can assist and guide you to create an estate plan that works for you and your family. If you reside in Southern California and need estate planning assistance, contact our office today for a free consultation. Call us at 310-953-8191 or mark@trustabell.com.

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King’s Kids Quarrel Over Ownership Rights

Tue, 11 Feb 2014 20:15:00 GMT

MLK, Jr.’s Children Argue About Bible and Nobel Peace Prize

Last month, we honored the late Reverend Dr. Martin Luther King, Jr., on a day set aside for people to remember the civil rights leader and his peaceful messages. Unfortunately, as recently reported by the Associated Press, his three surviving children – Martin Luther King III, Dexter King and Bernice King – are embroiled in a legal battle over some of the late, great orator’s personal belongings.

The items the surviving King children are fighting over include King’s personal bible that he carried with him everywhere and the Nobel Peace Prize medal awarded to him in 1964. Coretta Scott King, MLK’s wife and mother of their four children, died in 2006. Yolanda King was the eldest of the four King children, she died of heart complications in 2007. Bernice King is in possession of the items and she believes her brothers want to sell them.

Keeping the Peace

Drafting a will that details the disposition of your property is a crucial piece to estate planning. A will creates clarity about your intentions. A will may also prevent potential disagreements among family members. While few are honored with a Nobel Peace Prize – there are other praiseworthy awards, mementos and heirlooms that individuals cherish and want to keep in the family or perhaps donate to another cause. Each family has its own unique dynamics – and more likely than not – it is best for you to decide what to do with your cherished treasures and other belongings after you pass, rather than have your estate go through probate and have a court decide. A well drafted last will and testament does not leave your family members and other loved ones guessing what you would want.

Everyone should have a will – there is a misnomer that only extremely rich individuals need to leave behind a will, and this is simply not true. A will is a key component to an estate plan that should be had by all, no matter the economic bracket.

Wills in California

The state of California allows for three different types of wills:

1. Lawyer prepared will – An estate planning attorney assists in drafting a will.

2. Will form – This is basically a form that has blanks to fill in.

3. Holographic will – This is a handwritten will.

No matter the type of will you decide to draft, it is best to check with an experienced estate planning attorney to confirm that your will complies with all applicable California state laws and regulations.

California Estate Planning

In order to ensure your final wishes are carried out – it is imperative to draft and frequently update your estate plan – including your will – with an experienced California estate planning attorney .

The Law Office of Mark Abell is experienced in all estate planning aspects. We create and customize your estate plan to suit your needs. We are also able to assist you in updating your existing estate plan. To discuss your personal estate plan, contact our office today at 310-489-0707 or mark@trustabell.com.

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The Bare Necessities of Estate Planning in California

Fri, 31 Jan 2014 20:16:00 GMT

The unexpected – a subtle reminder

Some of us made New Year’s resolutions this year to take our ‘dream’ vacation’ or become more fit – and one couple visiting the Pasadena area from Scotland may be able to check both those items off their list. As recently reported by the Redlands Daily Facts, a stealth black bear encountered the Scottish couple as they exited the Southern California home they were visiting on holiday. To say the least, the bear encounter scared the couple. Luckily, the pair was able to return – albeit at an Olympic speed skating pace – to the home with no serious injuries. The animal ultimately retreated to the forest.

Often, the unexpected makes us think about the inevitable. There is a Scottish saying that directly translates to, “long may your chimney smoke” – meaning “may you live long and keep well.” And while we all want to live long, the teeth of time have their bite. It follows: an estate plan is a necessity everyone should have.

What is an estate plan?

Estate planning is a legal process that allows individuals to make arrangements for the disposal of assets upon death, and can also let those you love know what your health care wishes are in the event of incapacity. An estate plan can involve different mechanisms – some of which are briefly described below.

· Will – a will includes the persons or organizations that attain your assets upon your death. An executor may also be named in the will as well as guardians for children.

· Living trust – a living trust designates a trustee that holds legal title to a beneficiary’s inheritance. You may appoint yourself the trustee in a living trust, thereby retaining control of all assets held in the trust until your death.

· Health care directive – a health care directive outlines your health care preferences in the event of an illness or accident that prevents you from conveying your desires.

· Financial directives – financial directives authorize a designated individual to manage finances in the event you become incapacitated.

These are just some of the tools available when one establishes a basic estate plan. Depending on your personal situation and needs, there are several other devices that may be available and included in your estate plan.

California Estate Planning

To ensure your final health care and financial wishes are carried out as you want – it is essential to draft and frequently update your estate plan with an experienced California estate planning attorney .

The Law Office of Mark Abell is located in Redlands, California and we are skilled in all estate planning aspects. We can help you determine what to include in your estate plan and answer any questions you have pertaining to the legal ramifications involved in the process. Our knowledgeable legal team will tailor your estate plan to suit your needs. We can also work with you to update your existing estate plan. Contact our office today at 310-489-0707 or mark@trustabell.com.

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Pets and Estate Planning

Mon, 27 Jan 2014 20:17:00 GMT

Can a pet be included in my estate plan?

For many, an estate plan creates peace of mind. A sound estate plan ensures that an individual’s assets and property will be managed and dispersed as he or she wishes after death. An estate plan can also put to rest any qualms about a person’s final health care wishes should they become incapacitated. Estate planning allows you to provide for those closest to you when you are no longer able to do so. But what about our four-legged, feathered, or other creatures that so many of us consider being part of the family – will your pets be cared for properly after you die? A recent story in the Monterey County Herald, poses the question of what happens to a pet after ‘their person’ dies.

Most states, including California, have a pet trust law on the books. Basically, this allows an individual to set up a trust for the care of his or her domestic animal or pet for the life of that animal.

Memorialize your pet bequest

Pet owners want to ensure that their pet will be well cared for by a trusted family member or friend or sometimes an organization. While informal discussions with the party that is willing to take in your pet are a good idea – formalizing the ‘agreement’ by a bequest in your will creates clarity for your bipedal loved ones.

In some instances, people may not have a family member that is willing or able to care for a pet. Pet owners instead opt to leave their animal companions with a dependable animal organization. Often times a pet bequest is coupled with a monetary bequest to the pet shelter.

Over-the-top pet trust

A notorious pet trust that made headlines in 2007 was Leona Helmsley’s 12 million dollar trust that she left to her dog, Trouble. Mrs. Helmsley snubbed some family members in her will and opted to leave a sizeable chunk of her fortune to her Maltese dog. A judge later reduced the 12 million dollar trust to 2 million dollars – this still allowed Trouble to live a not-so-troubled life. Trouble’s yearly budget for grooming was 8,000 dollars and 1,200 dollars for dog food. Because the dog received death threats – there was also a security team that protected her. The price tag for protecting Trouble was 100,000 dollars per year. The rich dog died in 2010. The remainder of the money left in the dog’s trust reverted to a charitable trust set up by Mrs. Helmsley and her late husband.

Estate planning in California

The Law Office of Mark Abell is experienced in all estate planning aspects. We create and customize your estate plan to suit your needs – including incorporating your wishes to ensure your pet is cared for in the event you no longer can. We are also able to assist you in updating your existing estate plan. If you want to discuss or have questions regarding your personal estate plan, contact California estate planning attorney , Mark Abell, today at 310-489-0707 or mark@trustabell.com.

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Contesting a Will in California

Wed, 15 Jan 2014 20:17:00 GMT

Can a will be challenged after a testator’s death?

Under California Probate Code , it is possible to challenge and ultimately void or alter a will after the testator – the person that made the will – died. It is important to note that while it is possible, it is uncommon for a will to be voided or altered after the testator’s passing. Probate courts assume a will to be valid and enforceable. Most wills go through probate unopposed, and even when challenged it is difficult to trump a testator’s last will and testament.

Who can contest a will?

In order for an individual to challenge a will, that person must have some sort of legal right – or standing – to commence a legal action that questions the validity of the final testamentary document. For example, in California, a person can contest a will if that individual is named in the will, or was named in a former version of the decedent’s last will and testament. Also, individuals that would have inherited under interstate rules may also challenge a will.

Can you contest a will for any reason?

There must be a valid legal argument for someone to contest a will – a contesting individual cannot simply be a disgruntled child or spouse that is unhappy with his or her inheritance, or lack thereof. Grounds for contesting a will include:

· Fraud or forgery;

· Not old enough – the will maker must be at least 18 years of age;

· Lacks mental capacity – the will maker must be of “sound mind”;

· Undue influence – this is when a person of trust persuades a vulnerable individual – often times senior citizens – to bequest some or all of the testator’s property to that “trustworthy” individual.

“Undue Influence” in the news

Media reports remind us that these matters do exist in the “real world.” For example, the recent Seattle Times story about the legal battle that ensued when the children of Northwest Kidney Centers’ (the world’s first out-of-hospital dialysis program) founder – the late Dr. James Haviland – contested their father’s will. When he was in his mid-80s, Dr. Haviland, was widowed and remarried a woman 50 years his junior. After his marriage to his second wife, his final will was altered on several occasions, including on his deathbed. He died at the age of 96. His final will effectively cut out his four children and left everything to his second wife. The late doctor had signs of dementia and the children questioned his testamentary capacity. The court determined that his second wife had “undue influence” over his decisions and ultimately ruled in favor of the children.

California Estate Planning

In order to ensure your final wishes are carried out as you want, it is imperative to draft and frequently update your estate plan, including your will, with an experienced California estate planning attorney . While not always feasible, in some instances letting interested parties know the contents of your last wishes avoids surprises.

The Law Office of Mark Abell is experienced in all estate planning aspects. We create and customize your estate plan to suit your needs. We are also able to assist you in updating your existing estate plan. If you want to discuss or have questions regarding your personal estate plan, contact our office today at 310-489-0707 or mark@trustabell.com.

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Everyone Needs an Estate Plan

Sun, 05 Jan 2014 20:18:00 GMT

No one lives forever

Sadly, as reported in the Los Angeles Times, the new year started with the loss of a Redwood of the music industry – Phil Everly of the Everly Brothers. Rock legends and a name like Everly – can hoodwink the mind into thinking of eternal life – but we do not live as long as hearty trees and Ponce De Leon came up empty handed. Even Keith Richards has to plan for his estate.

Excuses, excuses, excuses

Although everyone intuitively knows that some day in the future his or her life will come to an end – the reality is that most people do not like to think about ‘the end’. Thus, even though all should have estate plans – many people do not adequately prepare for death and skip this important planning step in life.

There are several reasons – really, just excuses – that people may give as to why they have not yet created an end-of-life plan. Some of the reasons for not making an estate plan include:

· Not needed – Many individuals are misguided by the belief that because their estate is small – and does not face major tax issues – there is no need for an estate plan. This could not be further from the truth. At a minimum, everyone should have a will and an advance health care directive.

· Procrastination – It is not worth putting off the inevitable – especially, if an unexpected death arises.

· Too expensive – In general, the complexity – or lack thereof – of one’s estate will dictate the cost associated with preparing an estate plan. Regardless of the price, the money is worth it – mainly because your heirs will know your desires and this also allows your beneficiaries to avoid a costly situation without an estate plan.

· Time consuming – Again, depending on the complexity of one’s estate – the time involved in the creation of an estate plan will vary. The time invested in an estate plan today will prevent any potentially lengthy probate periods for your heirs.

· Do not want to discuss familial issues – Estate planning attorneys often deal with sensitive family dynamics and are able to accommodate clients’ needs and desires.

These are just some excuses as to why individuals put off the creation of an estate plan. Instead of making excuses – it is important to focus on your loved ones and other beneficiaries so that there are no questions involved in what your final wishes are.

Once you create your estate plan – it is very important to update it periodically – especially if any major life changes (e.g., marriage, new child, death of spouse, etc.) occurred.

California Estate Planning

The Law Office of Mark Abell is experienced in all estate planning aspects. We create and customize your estate plan to suit your needs. We are also able to assist you in updating your existing estate plan. If you want to discuss or have questions regarding your personal estate plan, contact California estate planning attorney , Mark Abell, today at 310-489-0707 or mark@trustabell.com .

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Living Wills: Important Plan of Action that Most Americans Don’t Make

Sat, 28 Dec 2013 23:26:00 GMT

What is a living will?

An article recently posted in HealthDay discusses researchers’ findings that show most Americans do not prepare for end-of-life decisions. A living will – also known as an advance directive and in California referred to as an advance health care directive (AHCD) – is a document that specifies end-of-life care desires. So, in the event that you become incapacitated – your loved ones and health care providers will know exactly what your wishes are and ultimately, in most circumstances, be able to carry those decisions out on your behalf.

The most common reason that people do not have a living will is a “lack of awareness”.

Advance directives typically include:

· Whether or not you want medical devices to keep you “alive”.

· Whether or not you want to be resuscitated – if a person’s heart stops and there is a “do not resuscitate” (DNR) order on file – the medical staff will not attempt to resuscitate the individual. (A DNR may also be included as a separate document in and of itself.)

· Whether or not to conduct surgical procedures.

· Whether or not or to what extent pain medications will be given.

· Whether or not organs will be donated.

· Burial and funeral wishes.

Living wills are only implemented when there is no chance of recovery.

In California in order to create an AHCD, the individual must be an adult of sound mind. The AHCD will not be enforced unless the person is either in a terminal or vegetative state. California law dictates that two doctors must confirm that the individual is unable to make his or her own medical decisions.

Pregnancy

California law does not allow for a pregnant woman on life support to be removed from that life support – even if her advance directive states otherwise.

There is a similar law in Texas as well as most other states. As ABCNEWS.com reported, in the wake of tragedy, a Texas family discovered this caveat when doctors told them that they are unable to remove life sustaining devices from a pregnant yet brain dead woman . Marlise Munoz made it clear to her husband and family members that if the circumstance ever arose – she did not want to be on life support. However, when she suffered an apparent pulmonary embolism that left her brain dead last month she was 14 weeks pregnant. The law dictates pregnant women are not to be taken from life-extending mechanisms.

This is a rare exception to the enforceability of a living will.

Drafting an Advance Health Care Directive in California

A constructive New Year’s resolution is to review and update, as necessary, your entire estate plan to adjust for any life changes. If you do not yet have an estate plan – drafting an advance health care directive and creating an estate plan is an achievable and responsible resolution for 2014.

The experienced California estate planning attorneys at the Law Office of Mark Abell can assist you in preparing your living will. If you would like to discuss or have questions regarding an advance directive or any other estate planning matter, contact California estate planning attorney , Mark Abell, today at 310-489-0707 or mark@trustabell.com.

The post Living Wills: Important Plan of Action that Most Americans Don’t Make appeared first on Law Office of Mark Abell .

Discussing Your Estate Plan with your Children

Thu, 26 Dec 2013 23:27:00 GMT

Is ‘inheritance talk’ a taboo holiday topic?

The holidays are fast approaching and so is the end of yet another year. Family traditions and gatherings are abounding during the holidays. For many, these are times to gather with family members, enjoy each other’s company – talk about the ‘old days’ as well as catch up on current events and of course, feast on holiday cuisine. While, obviously, not the cheeriest of holiday topics – a recent Forbes article – “Seven Reasons To Tell Your Kids What They Will (Or Won’t) Inherit” – suggests that the holidays may also be a good time to discuss inheritance and your final wishes with your adult children. These discussions may prevent future family feuds or other issues from arising.

The seven reasons include:

1. Steer clear of any ‘bombshells’ – Informing family members, why, for example, you chose your daughter as executor of your estate may avoid posthumous surprises.

2. Tweak, if so desired – Although, not mandatory, by any means – sometimes these discussions may shed new light on your intentions and you are able to make changes to your estate plan accordingly. One example is opting to leave one of your children more of an inheritance for whatever reason (e.g., because he or she has more children than your other offspring) – than your other children, however that child prefers to receive the same share as his or her brothers and sisters.

3. Discuss lifetime gifts and tax issues – There may be tax advantages to leave lifetime gifts before dying rather than encountering greater estate taxes afterwards.

4. Adjust expectations – Some parents may have already left their children lifetime gifts – letting your children know whether or not there will be an additional inheritance may adjust any expectations.

5. Present your rationale – By explaining to your family your wishes and reasoning now – it may clarify any questions, which may in turn avoid any future conflict amongst siblings.

6. Identify disclaimants – Often, for tax purposes, individuals want to be “disclaimed” – meaning they want to decline an inheritance.

7. Advance peace within the family – The promotion of “family harmony” is so important to all parents. Different approaches work better with different families. For example, it may be advantageous to discuss your wishes first with your family members individually and then as a group, or have a “series” of discussions with the family instead of talking about everything at once.

It is important to note that – there is no requirement to disclose the contents of your estate plan to anyone. There is no guarantee that things will go swimmingly if you offer up information to your loved ones regarding your final gifts to them. However, the seven reasons noted above stress the importance of creating clarity with your family about your estate plan and ultimately avoiding surprises which may lead to bitterness within the family.

California Estate Planning

The Law Office of Mark Abell is experienced in all estate planning aspects. Our goal is to tailor your estate plan to suit your needs. If you want to discuss or have questions regarding your personal estate plan, contact California estate planning attorney , Mark Abell, today at 310-489-0707 or mark@trustabell.com.

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Estate Planning Dispute: Pictures Can’t Always Tell the Story

Mon, 16 Dec 2013 23:29:00 GMT

Battle Over Farrah Painting

The media is abuzz with the pending Farrah Fawcett painting dispute between actor, Ryan O’Neal, and the University of Texas. At the center of the legal battle is who owns an Andy Warhol silkscreen of the late Fawcett – Ryan O’Neal, her longtime companion and father of her son, or her alma mater, the University of Texas?

As reported in the Los Angeles Times, O’Neal claims his friend and famed artist, Warhol, created two paintings of the late Charlie’s Angels star – one for Farrah Fawcett and one for Ryan O’Neal. Reportedly, Fawcett’s last wishes were for all of her artwork to go to the University of Texas. So, that is where one of the Warhol pieces now hangs. However, the University maintains that the other painting – that currently adorns O’Neal’s Malibu home – belonged to Fawcett and thus was also bequeathed to the University at the time of her death in 2009.

Avoiding Ambiguities

If Fawcett’s living trust included a detailed list of all the artwork the late actress actually owned and thus bequeathed to her alma mater, the current court case between O’Neal and the University might have been avoided. Instead of solely looking at the “four corners” of a decedent’s will – probate courts and attorneys often must look beyond the document and introduce outside evidence to determine the actual intent of the decedent.

In order to avoid ambiguities in your final will and testament it is essential to ask questions of your attorney to ensure you are both on the same page when drafting your final wishes. It is vital that you understand what all aspects of your will actually mean.

For example, a question that frequently arises with clients is asking what the difference is between a personal representative and a trustee.

Personal Representatives oversee the final execution of the will. The personal representative operates in the overview of the court. He or she takes the will to court, puts creditors on notice, pays out any final bills and taxes and distributes the remainder of the estate according to the will.

Trustees oversee a trust. The trustee is responsible for managing the assets and/or investing the assets held in a trust. Trustees typically do not fall subject to court review – the point of a trust is to keep assets out of probate court. They basically control the money in the trust and owe a duty to adhere to the wishes laid out in the trust. When the trust ends the trustee distributes funds according to the terms of the trust.

Understanding the language included in your final will and other testamentary documents is an important step that may avoid legal battles after you pass.

If needed, it is also essential to update your will. Life circumstances often alter and thus updates and changes can be made to your existing will to accommodate life’s changes.

Legal Assistance

One of the top estate planning mistakes most people make – is not doing anything at all! If you have questions regarding creating or updating a will, contact the Law Office of Mark Abell today at 310-489-0707 or mark@trustabell.com.

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The Mistake of Dying Without a Will in California

Fri, 06 Dec 2013 23:29:00 GMT

Tragic Reminders

The untimely and tragic car crash death of 40 year-old actor, Paul Walker was all over the news last week. Across the country winter weather-related accidents and unexpected deaths are also making headlines. These misfortunes are an important reminder to understand and prepare for the unexpected – so your family does not have to at the worst possible time.

Intestacy in California

A Last Will and Testament (i.e., a “will”) – essentially, is a legal document that outlines the distribution details of one’s possessions upon death. Intestate means to die without a will. What happens to a decedent’s belongings, assets, etc. – if they die intestate?

California Probate Code dictates the distribution order of assets upon death when one dies intestate. The estate basically passes to heirs of the decedent. The division of one’s worldly goods revolves around whom the decedent left behind and what the legal relationship between the decedent and potential beneficiary is.

Intestate distribution generally follows this order:

If the decedent leaves no relatives behind – the state inherits the estate.

The aforementioned list is a simple outline to give readers a brief distribution overview when a loved one dies intestate. The actual distribution to heirs can be — and typically is — much more complex. For example, the different types of property involved must be considered. California is a community property state – thus, assuming the decedent was married with children – the decedent’s half of the property obtained during the marriage – “community property” – passes to the surviving spouse. Property such as an inheritance that the decedent brought into the marriage may be considered “separate property” and will be divided between the surviving spouse and children.

Even Celebrities Die Intestate – Two Late Musicians Left their Estate Out of Tune

Two notable individuals that died intestate include Jimi Hendrix and Bob Marley. Jimi Hendrix, the famed Seattle guitarist, died in 1970 without a will. It is reported that his family fought over his estate for more than 30 years after his death.

Bob Marley, also died intestate. The Jamaican reggae genius died in 1981. He left behind nine children – three that he had with his wife and six that had different moms. No will at the time of death caused tremendous turmoil among his heirs.

Planning for the Unexpected

While these famed musicians may be extreme examples of dying intestate – the point is that this is a hurdle that can affect anyone and it should be avoided. The wake of passing intestate is a heavy burden on loved ones. A will is a vital part of an estate plan that emotionally brings peace of mind and financially affords security to those you leave behind.

Drafting your will with an experienced attorney is an important step in estate planning. If you have questions regarding creating or updating a will, contact the Law Office of Mark Abell today at 310-489-0707 or mark@trustabell.com.

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You Need to have a “Digital Executor”

Tue, 16 Jul 2013 23:30:00 GMT

Virtually our entire lives and livelihoods are online, therefore, it is an absolute necessity that you have a digital executor. Most people don’t think about what their websites, domain names, facebook accounts, and email addresses are worth. It’s very important to inventory your digital media and make sure that someone has all the passwords and security questions so that they could log into the accounts after you pass away. Just think about how much music from iTunes or purchased ebooks you have. The average consumer has digital assets valued at $37,438, according to a 2011 global study funded by McAfee.

Not planning for these issues can have serious legal implications. In 2012, Helen and Jay Stassen sued Facebook for access to their 21-year-old son’s profile to help them find out why he committed suicide. In another case, a federal court judge in Northern California ruled that Facebook was not required to give access to surviving family members of a deceased user.

For more information, there is an article here .

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What Is a Conservatorship and Who Is It For?

Wed, 10 Jul 2013 23:31:00 GMT

There are a couple types of “conservatorships.” First, in a conservatorship over the person, a court will appoint a “conservator,” to manage the personal care of a person who cannot provide for his or her personal needs for health, medical care, food, clothing, or shelter. The conservator decides where this person lives and oftentimes must decide whether he or she should live at home or in an institution. The conservator must make sure that the care facility is the “least restrictive” alternative that is available and necessary.

Second, in a conservatorship of an estate, a court will appoint a “conservator” to manages the financial affairs of a person who is substantially unable to manage his or her own financial resources or to resist fraud or undue influence. The conservator’s main duty is to conserve, manage, and use this person’s property in California for the benefit of this person (and anyone he or she supports, like children).

Additionally, courts may appoint a conservator over the person and the estate at the same time.

If you have any questions about conservatorships, contact the Law Office of Mark Abell at (310) 498-0707 or mark@trustabell.com .

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Estate Planning Can Ensure Your Hard-Earned Money Isn’t Wasted

Mon, 08 Jul 2013 23:31:00 GMT

As noted in a recent Reuters article , a growing number of baby boomers are drafting trusts that require their heirs to wait until they are older before they can collect their inheritances. A lot of people want to get some sort of estate plan in place to avoid the problems of their heirs squandering the money.

The article states that it is not uncommon for parents to give access to funds to cover major life events like going to college or buying a first home. But the growing trend is having other family members manage the finds as trustees, and only give money outright once the children are in their 40s.

A major benefit of delayed payout from a trust that it shields assets from children’s potential creditors. Even if a child does not get full access to a money until later in life, he or she may benefit from it in the meantime. A trustee will make key decisions about how and when to distribute the money. A trustee can say, “You want a new house? No problem, let the trust buy it for you,” That is actually more powerful than receiving a check outright, because then no creditors can come after the assets.

If you want to set up a will and trust for yourself or modify an existing trust to extend the time until the first distribution is made, contact me today at (310) 498-0707 or mark@trustabell.com .

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Can I Deduct The Cost of An Estate Plan From My Taxes?

Sun, 23 Jun 2013 23:32:00 GMT

Some estate planning expenses may be tax deductible if they are related to the management of income-producing property. Please contact your CPA and ask him about Internal Revenue Code (I.R.C.) § 212(2). But these expenses are subject to the 2% floor on miscellaneous itemized deductions under I.R.C. § 67.

Once the estate plan is already in place, trustee’s fees and other trust administration expenses are deductible for income tax purposes to the extent that they are for the production of taxable income. Ask your CPA about Internal Revenue Ruling 58-53, 1958-1 and Trust of Bingham v Commissioner , 325 US 365 (1945). The deduction for trust administration expenses of a grantor trust are passed through to the settlors during the settlors’ lifetimes and are also subject to the 2% floor on miscellaneous itemized deductions under I.R.C. § 67(c).

So the bad news is, fees for pre-death services relating to non-income-producing assets do not qualify for an income tax deduction.

Disclaimer: The Law Office of Mark Abell represents clients throughout Southern California. The information contained on this website is not to be construed as legal advice. It is not intended to solicit or form an attorney-client relationship. I do not guarantee any result, and prior results do not guarantee a similar outcome. This is an attorney advertisement and this website is for informational purposes only.

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Should you get an Umbrella Insurance Policy for a Rainy Day?

Sun, 09 Jun 2013 23:32:00 GMT

In addition to primary insurance policies, I recommend that some of my clients purchase umbrella or excess policies to provide additional insurance. In case you’re interested, California Insurance Code § 676.6 defines “umbrella liability insurance policy,” “excess liability insurance policy,” and “excess property insurance policy.”

First, What is an Excess Insurance Policy?

In plain English, an excess liability typically provides the same type of coverage as an underlying insurance policy but with higher limits. And usually the first or underlying policy must be “exhausted” or all the money must be taken out of the underlying policy first. Many excess policies often are very short and have a “follow form” provision that adopts the terms and conditions of an underlying policy (except for specific provisions or endorsements). On the other hand, some excess liability policies contain their own insuring agreements, exclusions, and conditions. Be careful though, because these differences in language can create gaps in coverage or other problems when an insured seeks coverage from its excess insurers for large claims or claims spanning multiple years, such as claims alleging continuous damage over multiple years.

Second, What’s an Umbrella Policy?

Umbrella policies are directly above a primary insurance policy to provide additional coverage in one of two ways.

(1) if a primary policy is triggered, an umbrella policy functions as an excess policy, which means it provides additional coverage for that same claim after the underlying policy. For example, if the amount of liability for the underlying claim exceeds the limits of the primary policy, the umbrella policy gives additional coverage in excess of the limits of the primary policy.

(2) An umbrella policy also provides wider coverage than primary policies. The umbrella “drops down” to give coverage for occurrences or losses that the primary policy doesn’t cover. Cranford Ins. Co. v Allwest Ins. Co. (ND Cal 1986) 645 F Supp. 1440, 1447 (umbrella insurer stands in position of, and assumes defense obligations of, primary insurer); Legacy Vulcan Corp. v Superior Court (2010) 185 CA4th 677, 689, 110 CR3d 795 (“Umbrella insurance provides coverage for claims that are not covered by the underlying primary insurance. An umbrella insurer ‘drops down’ to provide primary coverage in those circumstances.”). This “drop down” coverage is subject to a deductible as stated in the policy. But umbrella policies have their own limitations on coverage. CDM Investors v Travelers Cas. & Sur. Co. (2006) 139 CA4th 1251, 43 CR3d 669 (duty to indemnify limited to court-rendered damages); Industrial Indem. Co. v Apple Computer, Inc. (1999) 79 CA4th 817, 841, 95 CR2d 528 (no coverage for trademark infringement).

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Out-of-State Property and Probate (Ancillary Probate)

Mon, 03 Jun 2013 23:34:00 GMT

What happens when a California resident owns real estate outside of California? Or what happens when a resident of another state owns real estate that is located in California? Usually, there must be two or more probates. There must be an “ancillary probate.” Sometimes, (but not all the time) a probate will also be started in the state where the person lived. This is called a “domiciliary probate.” When a person who lived outside of California (a non California resident) and owned California real estate then passes away, you need a California probate attorney to represent the out-of-state family and to work together with an attorney to administer the ancillary probate in California. Contact me at mark@trustabell.com or call me at (310) 498-0707 to schedule a free initial consultation.

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Pet Trusts: Part 2

Mon, 03 Jun 2013 23:33:00 GMT

Pets are part of the family. When planning for the distribution of your estate, make sure that the pets you love receive proper care for the rest of their lives. To do this, you can prepare and execute a Pet Trust that sets money aside to provide for your pet’s needs. Like other trusts, you can nominate someone dependable to carry out your wishes, and you can name a “trust protector” to make sure that your wishes are followed. To ensure that your Pet Trust will be upheld, it must comply with the specific requirements of the California Probate Code. You should work with a lawyer who has handled Pet Trusts, and someone who has worked with pet owners. Contact me at the Law Office of Mark Abell at mark@trustabell.com or call me at (310) 498-0707 to schedule a free initial consultation.

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Choose Your Trustees and Executors Wisely

Sat, 01 Jun 2013 23:34:00 GMT

In California, the creator of a revocable trust, called a Settlor or Trustor, usually administers the trust first. In this situation, trust administration is often so informal it’s almost nonexistent. While the Settlor is also a Trustee, no other person has a right to make any demand on the Settlor as Trustee. This includes a demand for an accounting, a demand for a disclosure of trust terms, or a demand that the trustee take or not take any action.

But, when the Settlor of the trust passes and then a third party becomes Trustee of a revocable trust (Successor Trustee), formalities of trust administration must be observed. This trustee is bound to comply with the terms of the trust. Choose this person wisely.

As recently reported here , a complaint alleges that a trustee took $4.2 million from the two trust funds. One account was put in trust to pay for the expenses of the 77-year-old widow with Alzheimer’s and a second account to grant scholarships to help high school graduates pay for college. the complaint alleges that this money was spent on a BMW, private jet rental, casino gambling, and a vacation home.

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Making Your Way Through Probate

Thu, 30 May 2013 23:35:00 GMT

Probate is a time-consuming, expensive, and complicated process. In addition, most of the information involved in a probate is public. The fees are set by statute and the laws determine how much money will be paid for an attorney and an executor. However, with proper estate planning, I help my clients to avoid probate altogether.

People almost always prefer to avoid probate. But if probate is unavoidable, I will help you through the probate from beginning to end. Throughout a probate there may be family feuds and conflicts among beneficiaries. In difficult situations, court supervision can actually be helpful to keep feuding family members in line and to protect the executor from liability. I can help clients throughout the probate process to identify assets and beneficiaries and help you complete the probate correctly.

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Probate In California

Tue, 28 May 2013 23:35:00 GMT

After a loved one passes away, there are many items that one must deal with. In addition to medical bills, funeral costs, and other debt, there may be legal costs associated with a person’s passing. Mourning is painful, and I help clients handle the legal issues so they can focus on other important matters.

At the Law Office of Mark Abell, I work with clients throughout Lo Angeles County and the Inland Empire to probate the estates of their loved ones. Whether you live in California or even if you do not live in California but must probate an estate in California, an experienced attorney can help you through the process. I can help you handle the probating an estate. Contact me at mark@trustabell.com or call me at (310) 498-0707 to schedule a free initial consultation.

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Should You Create A Trust For The Care Of Your Pet?

Mon, 27 May 2013 23:36:00 GMT

A Trust is a legal entity that can own property. Once a Pet Trust is established, you can fund it and provide instructions for the Trustees. This can be the most effective way to ensure that your family’s animals are well fed and taken care of without you.

My office will take care of everything necessary to prepare and execute a Pet Trust so that your loved animal will be taken care of. I will work with you to create a Trust that will ensure all of your pet’s needs are taken care of, so that you can sleep at night without worry.

Contact An Attorney in Los Angeles, Orange County, or the Inland Empire for Pet Estate Planning

Schedule a free initial meeting with an attorney that can create a Pet Trust for you, contact my office or call me at (310) 498-0707.

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Is California Probate Always Necessary?

Sat, 25 May 2013 23:36:00 GMT

According to the California Probate Code, generally property that passes through a Will is subject to the probate process. On the other hand, generally property that is held in a Trust is not subject to the probate process. When property is put into a Trust, the Trust owns the property. At your death, the property stays in the Trust, and the person you name as successor Trustee will distribute the property according to the instructions you put in your Trust.

In California, all estates are divided between small estates and large estates. Small Estates go through Small Estate Administration. A Small Estate has either: (1) a net value of less than $150,000 or (2) less than $20,000 in real estate. A Small Estate Administration is faster and cheaper to settle than a large estate.

Contact a Los Angeles, Orange County, or Inland Empire Small Estate Administration Lawyer. To arrange a free initial consultation with an experienced California Probate Attorney, contact my office at (310) 498-0707.

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Can You Avoid Probate in California?

Fri, 24 May 2013 23:39:00 GMT

Everyone has questions about probate because frankly, it’s complicated. But know that there are alternatives to probate. Many people ask:

If you have a question about whether you need to probate a Will or not, it’s best to speak with an experienced and knowledgeable attorney to help you. Choose someone who knows both the law and the probate process. At the Law Office of Mark Abell, I have comprehensive knowledge of the estate planning laws. My office can quickly tell you whether to submit the estate to probate or not.

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Do I need a Probate Attorney in California?

Thu, 23 May 2013 23:40:00 GMT

If one of your loved ones passed away recently, and you are a beneficiary, executor of a Will, or successor trustee of a Trust, you should be asking whether you (or more properly, the estate) should hire a probate attorney in California.

First, what if the estate is small? What if there is no real estate and only a few assets to distribute? Most people ask whether they ought to still take the time and pay for opening a probate. At the Law Office of Mark Abell, I associate with very experienced probate attorneys. My office has a comprehensive understanding of the probate process.

Keep in mind, that when someone passes away and leaves real estate or bank accounts that are titled in his or her name alone (and that are not set up to automatically transfer on death) like joint accounts or designated beneficiary accounts, then a probate may be necessary to change ownership of that property. This may be the case even if the person had a Will. It’s usually a good idea to consult with an experienced probate attorney who can help you decide if you need a probate, or if there are ways of transferring the property without the time and expense of a full court-supervised probate.

Contact the Law Office of Mark Abell to speak with a probate attorney who will work in Los Angeles County, Orange County, or the Inland Empire.

The post Do I need a Probate Attorney in California? appeared first on Law Office of Mark Abell .

How Do I Update My Trust?

Wed, 22 May 2013 23:40:00 GMT

If you already have a Trust but need to change it, contact me. Did you put a Trust in place to take care of your children in case you passed away before them, but your children now have their own lives and don’t need the protections you put in place? Did you create your Trust years ago, and now don’t know if it will still accomplish your goals? If you have a Trust that doesn’t meets your needs, the Law Office of Mark Abell can help. Effective lawyer-client relationships are built on clear communication and trust. I will take the time necessary to listen about the details of your situation, and to advise you in a way that will address your questions and concerns.

Even if you already have a Trust, I can conduct a thorough review of any trust. I can help you answer the following questions you may have about your Trust:

I can help you find out if another type of Trust will be better for your current situation. Or I can revise or replace an old Trust that no longer meets your needs. As a general rule, it is not expensive for me to review a trust. In all situations, however, I will provide you with a realistic estimate of the costs before starting.

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You Should Decide Where Your Money Will Go

Tue, 21 May 2013 23:41:00 GMT

You earned it, you should decide where your money will go upon passing. When you effectively use a Revocable Trust, you will:

I help my clients tailor a Trust to their personal needs. I also work with clients to create detailed instructions in their Trusts, stating exactly what they want to have happen with their property. I’ll discuss the big picture with my clients, talk about estate tax issues, and advise them on the benefits of each option.

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Proper Planning Using a Trust

Mon, 20 May 2013 23:43:00 GMT

After you pass away, all your property and money will be divided up and then given to your beneficiaries. Most people know that a Will can do this, however, the majority of the time, a Will by itself isn’t enough. This is especially true if you have a spouse, children, or own a house. In these situations, most people need both a Will and a Trust that work together.

At the Law Office of Mark Abell, I will personally help you to protect your money using a Trust and other estate planning tools. I work throughout Southern California, including Los Angeles, Orange County, and the Inland Empire. I will take the time to understand your situation and tailor a Trust to your needs. Please contact me to schedule a free initial consultation.

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What is Joint Tenancy?

Sat, 18 May 2013 23:44:00 GMT

California law allows an individual to own real estate as a “joint tenant” with another person. This means that when one of the individuals dies, his ownership in the property immediately passes to the surviving joint tenant. Because of this, joint tenancy can be a very effective way to pass real estate from one person to another without wasting the time and money on probate. However, to use joint tenancy as an estate-planning tool, you should work closely with an experienced lawyer. Especially someone who knows the steps you need to take to protect your interests.

I provide exceptional estate planning counsel to individuals throughout Southern California. I am more than happy to provide a free consultation to learn about your particular situation, so that I can protect your interests. I want to build a long-term relationships with you as a client based on trust and communication.

How Do I Set Up Joint Ownership of Real Estate?

To set up a joint tenancy, you may need to prepare several legal documents. If you want to speak with me about it, email me at mark@trustabell.com or call my office at (310) 498-0707.

Are There Any Downsides to Joint Tenancy?

The short answer is yes. First, you may pay more capital gains tax when (and if) you sell the property. Second, you may be taking on the liability of the other joint tenant. In joint tenancy, each person may be liable for debts of the other persons. If you add a person on title to your real estate as a joint tenant and he gets divorced or has a judgment against him, your portion of the real estate could be seized to satisfy his judgment. Third, you could unintentionally disinherit certain people. If you have a joint tenancy between spouses, problems can arise later on if there are stepchildren or a second marriage.

If you want to speak with me, email me at mark@trustabell.com or call my office at (310) 498-0707.

The post What is Joint Tenancy? appeared first on Law Office of Mark Abell .

Take Control of Your Assets

Sat, 18 May 2013 23:43:00 GMT

After you have passed away, all your property and assets will be distributed. The question is how? A Will and a Trust allow you to decide what happens to your property and your wealth. At the Law Office of Mark Abell, I help my clients throughout Los Angeles County, California to prepare Wills, Trusts, and other necessary estate-planning documents.

Dividing Your Assets

During your life, you have total control over your assets. However, when you die, your Will becomes one of the most important documents that controls your assets and how they are to be distributed. I help my clients create Wills and other estate-planning documents that carefully outline how they want their property to be divided and to which persons.

Helping Your Family Understand Your Wishes

Most people underestimate how their family will react when they are gone. Legal documents like Wills state exactly what should happen with everything in the estate. During the emotional turmoil that comes when a loved one dies, a Will and other critical documents help provide certainty about your wishes.

It can be difficult to imagine ever needing a Will, or making plans for someone else to take care of your children. However, making these wishes known before you pass is necessary.

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Failing to Plan is Planning to Fail

Fri, 17 May 2013 23:44:00 GMT

Each California resident has an estate plan either by your design or by the government’s. Without a written estate plan, your property will be disposed of according to property ownership arrangements and applicable law.

For example, real estate held in “joint tenancy” passes to the surviving joint tenant, real estate held as “community property with right of survivorship” passes to the surviving spouse or surviving registered domestic partner, and real estate subject to contractual arrangements (like death benefits under life insurance policies, annuity contracts, or retirement plans, and pay-on-death accounts pass by beneficiary designation or the provisions of the specific contract. Likewise, property held in trust passes in accordance with the trust.

However, if you have no valid will, assets are to be distributed by the court according to the “laws of intestate succession.” This means, the property will be distributed to heirs (like the decedent’s spouse or domestic partner and lineal descendants of all generations). The probate court generally administers and disposes of these assets in an estate administration proceeding. This ensures that the creditors and proper heirs have notice of the proceeding and receive an accounting of the estate administration. Small estates and property passing to a surviving spouse, however, are governed by other statutory provisions that do not require a full probate administration.

The default estate plan may be costly, time-consuming, and uncertain. Therefore, many people can benefit by executing wills, trusts, and powers of attorney, and by changing title to property and beneficiary designations in a way that gives more control and comprehensive scheme for managing and ultimately disposing of their assets.

The post Failing to Plan is Planning to Fail appeared first on Law Office of Mark Abell .

Law Office of Mark Abell

Retirement Planning Update

Preparing Your Beneficiaries to Receive Their Inheritance

When you hire an estate planning attorney . . . ﻿

Slicing Your Estate Planning Pi(e)

March 14 (3/14) is National Pi Day

What are the estimated costs to file a conservatorship?

How much is this going to cost?

Do Not Leave Your Minor Children’s Future to Luck

The Luck of the Irish

March: A New Month and a New Beginning

You Need a Plan

Reverse Mortgages After Death

Can my heirs keep or sell my home after I die?

Square Footage in Commercial Leases

How do I Know if I have a Wrongful Death Claim?

Negotiating Down Judgments for Pennies on the Dollar

What to do with credit card accounts after a death?

Marital Deduction Not Allowed for Share that Cannot be Transferred to Surviving Spouse

Immediate Discovery Before The Responsive Pleadings Are Filed

Marital Trust Assets Valued Without Deduction for Claims Against Trustee.

Surcharge Trustee

Collecting Personal Loan After Bankruptcy

Homeowner, As Third Party Beneficiary of Construction Contract, Entitled to Recover Attorney Fees Against Subcontractor.

Personal Representative Liable for Distributing Estate Assets Before Paying Decedent’s Outstanding Tax Debt

Learning from Others’ Mistakes: Update Your Estate Plan Regularly

Philip Seymour Hoffman’s Will

It Is Too Late Once You Are Gone

California Estate Planning

California Estate Planning: Preparing for the Unexpected and Expected

Recent Losses: Muppets Voice and Devo Musician

Planning Ahead Makes Living Easier

California Estate Planning

King’s Kids Quarrel Over Ownership Rights

MLK, Jr.’s Children Argue About Bible and Nobel Peace Prize

Keeping the Peace

Wills in California

California Estate Planning

The Bare Necessities of Estate Planning in California

What is an estate plan?

California Estate Planning

Pets and Estate Planning

Contesting a Will in California

Everyone Needs an Estate Plan

Living Wills: Important Plan of Action that Most Americans Don’t Make

Discussing Your Estate Plan with your Children

Estate Planning Dispute: Pictures Can’t Always Tell the Story

The Mistake of Dying Without a Will in California

You Need to have a “Digital Executor”

What Is a Conservatorship and Who Is It For?

Estate Planning Can Ensure Your Hard-Earned Money Isn’t Wasted

Can I Deduct The Cost of An Estate Plan From My Taxes?

Should you get an Umbrella Insurance Policy for a Rainy Day?

Out-of-State Property and Probate (Ancillary Probate)

Pet Trusts: Part 2

Choose Your Trustees and Executors Wisely

Making Your Way Through Probate

Probate In California

Should You Create A Trust For The Care Of Your Pet?

Is California Probate Always Necessary?

Can You Avoid Probate in California?

Do I need a Probate Attorney in California?

How Do I Update My Trust?

You Should Decide Where Your Money Will Go

Proper Planning Using a Trust

What is Joint Tenancy?

Take Control of Your Assets

Failing to Plan is Planning to Fail

When you hire an estate planning attorney . . .