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Vincent Casiano
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50 followers
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Attorneys need to constantly educate themselves in the fields of law they practice to best serve their clients. Attending the California Forum on Today's Solutions for Family Businesses. Reinforcing certain planning concepts/strategies and introduction of newer strategies for clients and not just clients with family businesses. Great presentations on different ways to analyze retirement income. Take away.... Need to plan.
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So much news about children. Do you have a child or grandchild on the way? You need to create or update your estate plan to ensure it will address the most common issues that arise if you were to become disabled or pass away so that your child will be well taken care of and avoid having the courts and the county control.

Perhaps you’re a parent expecting your first child, or you’re adopting, or maybe you’re a grandparent looking forward to another bundle to bounce on your knee. The joy of a new arrival can be all consuming. But as we all know, the anticipation must give way to action, planning everything from daycare to diapers. Of course, it’s hard not to start immediately daydreaming of the child’s future—perhaps you’ve already started a college fund. But there is one more step that is essential for protecting a child’s future: putting together (or updating) your estate plan.

As a new parent, your estate plan may seem like the last thing you want to think about. But the reality is that you’ve likely already begun the process, considering who you’d want to be godparents or guardians for your children. However, what you may not realize is that—whether you had a naming ceremony, baptism or simply everyone knows this person would care for your child—none of that matters in the eyes of the law. It bears repeating: None of that holds any legal force.

The only way to legally designate a guardian for your child, is to do so in writing. Without it, your child would become a ward of the state, and it would be up to a judge to decide guardianship. Sure, the judge may take your ceremonies into account as evidence, or the judge may not. Would you want to risk it?

And then a second concern: the child’s financial well-being. A child under the age of 18 will not be allowed to directly inherit property. If you do nothing, it may be managed by a costly court proceeding called conservatorship. And once again, a judge is involved, making usage of the money challenging, needlessly complex, and expensive. What do you think an 18 year old will do with an inheritance of upwards of several hundred thousand to millions of dollars?

But a properly prepared estate plan will address all of these concerns and fully protect the new addition to your family. In a well-designed estate plan, you can designate someone to care for your child and appointee a trustee to manage the child’s inheritance.

If you already have an estate plan and are expecting another child, don’t forget to update the plan as soon as possible. Although some plans are flexible enough to account for new children, some are not, and it’s not worth the risk. Additionally, the birth of a new child is always a great time to verify who you want to care for your children (and update the paperwork).

And if you’re a-soon-to-be grandparent, consider passing this letter onto your kids. But before you do, consider how you yourself might want to provide for your grandchildren. Should you create a trust that is dedicated to a grandchild’s education, giving them a home, helping them start a business, or some other kind of benefit? What legacy do you want for this new, next generation?

Let me help you make sure that your estate plan is properly designed to avoid the most common short comings. I am here to guide you every step of the way through creating and maintaining a timely, robust, and strategic estate plan.

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You have done everything right. Created an estate plan with your beloved, put away money for retirement, and have taken care of yourself from a health perspective. But then your marriage falls apart! California has automatic temporary restraining orders that go into place the moment either spouse files for a divorce or legal separation. There are certain things you can do before the divorce is final and there are definitely things you MUST do once it is final. Consulting with an experienced estate and elder law attorney is prudent both during and following your dissolution.
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Own a home! Is it in a trust? If it is and you are married, did you originally take title as joint tenants? If so this could end up costing you hundreds of dollars in taxes when the first spouse dies!
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Do you want your agent to be able to authorize experimental treatments if you are terminally ill and unable to consent to such treatments yourself? This is why a well drafted advance health care directive is essential.

California passed the Right to Try Act which allows an eligible patient with an "immediately life-threatening disease or condition" to try an "investigational drug, biological product, or device" with the recommendation of her primary
physician and a consulting physician. The law specifically allows an authorized representative to give consent for an eligible patient to try an investigational drug, biological product or device if the patient is unable to give consent.

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Any person who is going to receive any inheritance whether that be through a loved one's estate or trust or even as a beneficiary of any life insurance or annuity policy and is on or is likely to need any government benefits that is means tested (meaning eligibility is based on their income and savings i.e. Medi-Cal (Medicaid), SSI, low cost or subsidized housing etc. ) needs to have such inheritance placed in a special needs trust!

https://lnkd.in/ed-gZkC
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Keeping the Peace After You Are Gone
Planning With an Aim Towards Building Unity

As an estate planner and elder law attorney, I have run across many situations of families fighting over a loved one’s estate as well as control of an older parent’s health care and finances before they pass. There is no better way to minimize the potential for such family discord than by proper advance planning. I am not talking about getting an estate plan from a mill that churns out plan after plan with little to no discussion about key issues that will affect a person’s objectives from being honored. Most of all that their family members will not fight over them or their money! The following newsletter has some solid advice.
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6/5/18
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Nobody I know ever wants to consider being placed in a nursing home! Having said that sometimes it is the only alternative for the safety of a disabled individual regardless of their age. Many seniors are discharged from a hospital to a nursing home for rehabilitation. What most people don't know is that they do not have to accept a facility just because the discharge planner at the hospital says it is their only choice. Knowing your rights in these situations is essential to getting the care that your loved one needs.

https://attorney.elderlawanswers.com/newsletter/actions/view-article-new/c/20273/id/9007
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I have been involved with several estate plan as well as probate proceedings here in California and trust administrations where the person who died owned property in another state. States tent to be very protective over property that is held in their state most especially real property. Failure to plan for this can end up costing thousands of dollars in legal fees and months to years wasted in the beneficiaries obtaining an inheritance!
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