Durable Power of Attorney | Estate Plan Pros
Three Reasons Not To Put Your Child on Your Bank Account

Three Reasons Not To Put Your Child on Your Bank Account

If you’re like most people, adding your child to your bank account seems like the easiest thing to do, rather than relying on legal documents like a power of attorney.  There are at least three reasons why this estate planning “shortcut” is a bad idea. Your child may have to pay gift taxes if they do the “right thing” for their siblingsWhen you add your child to a bank account, they become a...

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Next in line to be a successor trustee?

What To Do When The Current Trustees Become Disabled

Are you next in line to be a trustee for a family member?  Or, your spouse, who has taken care of everything, is suddenly unable to carry on as before.  With proper planning, you should be equipped to take over immediate medical and financial affairs.  This checklist is for you– what you need to do when neither parent is able to continue caring for themselves or each other. First a...

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Guard Against Legal Risk

Guard Against Legal Risk With Two Legal Documents Every Adult Should Have

You know you shouldn’t leave home without your wallet.  You also shouldn’t leave home without two key legal documents. Just like wearing a bike helmet or putting on a seatbelt, these two documents are designed for your legal safety.  Every adult needs them.  What are they?  In California, they’re called the Advance Health Care Directive, and a Durable Power of Attorney....

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Couples still need incapacity protection

No children? 3 Reasons to have an Estate Plan

Two big estate planning myths are that you only need an estate plan if you’re old, and you only need an estate plan if you care about your kids.  You actually need an estate plan if you care about yourself.  There are two other reasons you should have an estate plan even if you don’t have children.  Self-ProtectionIf you can’t make important decisions, who will?  Many people...

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The Great Springing Power Debate

If you can’t make financial decisions, who should make them for you?  That’s the simple premise behind creating a Power of Attorney.  But that simplicity hides a very important question: when should that person be able to make decisions?  The options are now, or later, when something specific happens.  Something “specific” usually means being declared incompetent.  The...

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Are You Sidelining Your Family In Favor Of A Judge?

If you had a stroke tomorrow, will the judge suddenly be in charge?  If you haven’t properly planned your family may find themselves appealing to a judge to make important medical and financial decisions when you can’t. Picture Kevin – he is approaching retirement when he has his stroke.  Besides the medical decisions his family now faces, he has some important retirement decisions to make –...

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I’m A Single Guy With a Truck – Do I Need An Estate Plan?

Short answer: Yes, but it may not be what you think.  Most of the time when we talk about estate planning we’re talking about avoiding probate, and providing for your beneficiaries.  When you don’t have kids or much property, those aren’t really a big concern, but something else is. Staying in Control The biggest estate planning concern you have as a single person is: who will take care of things...

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What Is an Estate Plan?

Having a tank doesn’t mean you have a battle plan.  Having a trust doesn’t mean you have an estate plan.  A trust is only one of the tools we use in creating a comprehensive estate plan. What an Estate Plan Does: An estate plan is more than its individual components, the pieces work together to accomplish four purposes. It Avoids Probate Probate is a time consuming and expensive...

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Failing To Plan For Disability

Many people, including some estate planners unfortunately, fall into the trap of thinking that estate planning is for after you pass away. The reality is that becoming disabled can be more expensive than all the probate fees and estate taxes combined. Depending on where you go for your statistics, your odds of becoming disabled could be as high as 50%. But whatever number it is, the financial...

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Five Key Things To Do After You Finish Your Estate Plan

Congratulations, you have a shiny new trust. There is definitely a sense of relief to have that done and accomplished, knowing that the people you care about are going to be protected, and prepared. Here are five things that you, and not your attorney, need to do going forward after completing your estate plan. 1. Keep the right things under the trusts “umbrella” Your attorney should have...

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