Seasons Estate Planning, APC

Seeing that the pandemic currently seems to be getting worse, there’s no telling how long it will be before these social distancing restrictions will be lifted. With no end in sight, it’s important for grandparents and grandkids to find ways of staying connected during this period and not miss out on the beneficial effects a close relationship can engender. With this in mind, this week we give a few tips for helping seniors maintain a connection with their grandchildren during the pandemic. http://www.seasonsestateplanning.com/5-tips-for-keeping-ki/

With people living longer than ever before, more and more seniors require long-term healthcare services in nursing homes and assisted living facilities. However, such care is extremely expensive, especially when it’s needed for extended periods of time. Traditional healthcare insurance doesn’t cover such services, and though Medicare does pay for some long-term care, it’s quite limited, difficult to qualify for, and requires you to deplete nearly all of our assets before bein...g eligible (or do proactive planning to shield your assets, which we can support you with). To address this gap in coverage, long-term care insurance was created. This week we discuss what you need to know about long-term care insurance. http://www.seasonsestateplanning.com/what-you-should-know-/

We continue with Part 2 in our series on Former Zappos CEO, Tony Hsieh's tragic and unfortunate death a few months ago. The saddest part of this whole situation is that virtually all of the time, money, and stress Hsieh’s family is now forced to endure could have been easily prevented with proper planning. And given his immense wealth, it’s virtually unthinkable that Hsieh didn’t have a team of experienced lawyers and financial advisors pushing him to create at least a minima...l level of planning. Using living trusts, for example, Hsieh could have ensured that all of his assets would pass immediately to the beneficiaries of his choosing upon his death, without the need for probate. At the same time, trusts could also have been set up to mitigate some of Hsieh potential estate tax liability, as well as ensure that some of his wealth went to the numerous charitable and philanthropic causes that were near and dear to Hsieh’s heart. Check out our blog to read more on this week's article. http://www.seasonsestateplanning.com/former-zappos-ceo-ton/

Legacy is not what I did for myself, it’s what I’m doing for the next generation #inspirationalquotes #estateplanningattorney #legacy #losangeles #lakeshrine

With COVID-19 still raging, your 2020 holiday season may not feature the big family get-togethers of years past, but you’ll still likely be visiting with loved ones in some fashion, whether via video chat or in smaller groups. And though the holidays are always a good time to bring up estate planning, given the ongoing pandemic, talking about these issues is particularly urgent this time around. That said, asking your dad about his end-of-life wishes while he’s watching football isn’t the best way to broach the subject. In order to make the talk as productive as possible, consider the following four tips. http://www.seasonsestateplanning.com/4-tips-for-talking-ab/

Since you’ll be discussing topics like death, incapacity, and other frightening life events, hiring an estate planning lawyer may feel intimidating or morbid. But it definitely doesn’t have to be that way. Instead, it can be the most empowering decision you ever make for yourself and your loved ones. The key to transforming the experience of hiring a lawyer from one that you dread into one that empowers you is to educate yourself first. This is the person who is going to be t...here for your family when you can’t be, so you want to really understand who the lawyer is as a human, not just an attorney. Of course, you’ll also want to find out the kind of services the lawyer offers and how they run their business. To gather this information and get a better feel for who the individual is at the human level, we suggest you ask the prospective lawyer five key questions. Last week in part one, we listed the first two of these questions, and here, we cover the final three. http://www.seasonsestateplanning.com/5-questions-to-ask-be/

On November 27th, nine days after being pulled unconscious from a house fire in a beachfront home in New London, Connecticut, Tony Hsieh, the former CEO of the online shoe retailer Zappos, died due to complications of smoke inhalation. Hsieh, who was single and had no children, was just 46. Although the cause of the fire is still under investigation, law enforcement ruled his death accidental. At the time of his death, Hsieh was worth an estimated $840 million, but in spite o...f his immense wealth, it seems he did not have a will. While it’s not uncommon for the rich and famous to die without a will, and many iconic figuresPrince, Aretha Franklin, and most recently, Chadwick Bosemanalso died without creating this basic planning document, Hsieh’s case is particularly puzzling given his altruistic nature. The unfortunate passing of Mr. Hsieh highlights the importance of getting your estate planning documents done now. http://www.seasonsestateplanning.com/former-zappos-ceo-ton/

If you are getting remarried make sure to read this week's article so that you don't accidentally disinherit your loves ones. http://www.seasonsestateplanning.com/remarrying-in-midlife/

When it comes to putting off or refusing to create an estate plan, your mind can concoct all sorts of rationalizations: I won’t care because I’ll be dead, I’m too young, That won’t happen to me, or My family will know what to do. But these thoughts all come from a mix of pride, denial, and above all, a lack of real education about estate planning and the consequences to your family of not planning. Once you understand exactly how planning is designed to work and what ...it protects against, you’ll realize there is no acceptable excuse for not having a plan. Indeed, the first step in creating a proper plan is to thoroughly understand the potential consequences of going without one. In the event of your death or incapacity, not having a plan could be incredibly traumatic and costly for both you and your family, who will be forced to deal with the mess you’ve left behind. Check out this week's article to learn 4 reasons why you can't afford to go without an estate plan http://www.seasonsestateplanning.com/4-reasons-why-you-can/

Being asked by a loved one to serve as trustee for their trust upon their death can be quite an honor, but it’s also a major responsibilityand the role is definitely not for everyone. Indeed, serving as a trustee entails a broad array of duties, and you are both ethically and legally required to properly execute those duties or face potential liability. In the end, your responsibility as a trustee will vary greatly depending on the size of the estate, the type of assets cove...red by the trust, the type of trust, how many beneficiaries there are, and the document’s terms. In light of this, you should carefully review the specifics of the trust you would be managing before making your decision to serve. In this week's article, we discuss what you should know before agreeing to serve as a trustee. http://www.seasonsestateplanning.com/what-you-should-know-/

Although you may have just filed your 2019 income taxes in July, now is the time to start thinking about your 2020 return due next April. While it’s always a good idea to be proactive when it comes to tax planning, it’s particularly important this year. In addition to annual updates for inflation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides individual taxpayers with several new tax breaks, most of which will only be available this year. The sooner ...you learn about the different forms of tax-savings available, the more time you will have to take advantage of them. Click the link below to read about the 6 changes to watch out for in your 2020 taxes. http://www.seasonsestateplanning.com/6-changes-to-watch-fo/

While estate planning is probably one of the last things your teenage kids are thinking about, given the dire threat coronavirus represents, when they turn 18, it should be their (and your) number-one priority. Here’s why: At 18, they become legal adults in the eyes of the law, so you no longer have the authority to make decisions regarding their healthcare, nor will you have access to their financial accounts if something happens to them. With you no longer in charge, your y...oung adult would be extremely vulnerable in the event they become incapacitated by COVID-19 or another malady and lose their ability to make decisions about their own medical care. Seeing that putting a plan in place could literally save their lives, if your kids are already 18 or about to hit that milestone, it’s crucial that you discuss and have them sign the following documents. Read this week's article to learn what documents your adult child needs. http://www.seasonsestateplanning.com/once-your-kids-are-18/

Since people change jobs so frequently, it is easy to see you might lose track of an old 401(k) or retirement account, especially if you only worked in a position for a short time. In fact, forgetting plans is quite common: it’s estimated that roughly 900,000 workers lose track of their 401(k) plans each year. And when you forget to cash out your 401(k) upon leaving a job, your former employer might no longer have control of your account. Even if the company you worked for is... still up and running, businesses terminate 401(k) plans all the time, especially during economic downturns. The company is required by law to contact you if they terminate the plan, but if they can’t locate you, the money can be transferred to a bank, rolled into an IRA, or even sent to the state’s unclaimed property fund. If you’re looking to increase your retirement savings, one way to start is to make sure you haven’t lost or forgotten about any old accounts. Read this week's article to learn 6 tips for tracking down a missing 401(k). http://www.seasonsestateplanning.com/lost-an-old-401k-here/

In light of the increased dangers posed by the pandemic, we decided to update previous go-bag recommendations. Although most of the items you should have in your go-bag remain the same, here we’ll cover the supplies and documents you should pack to deal with COVID-19. Whether you are forced to temporarily relocate somewhere other than your home, require hospitalization, or are subject to quarantine, the pandemic comes with unique risks that call for additional preparation. Read more in this week's article to find out what items you should have in your bag. http://www.seasonsestateplanning.com/the-need-for-a-go-bag/

This week we continue to part 2 in our series on the hit Netflix documentary Tiger King: Murder, Mayhem, and Madness and how the show highlights how estate planning can go wrong when not done properly. We discuss how improperly handling estate planning without a lawyer, while maybe cheaper, will actually cost you and potentially your family in the long-run. http://www.seasonsestateplanning.com/what-the-netflix-seri/

In this week's article, we discuss how the hit Netflix documentary Tiger King: Murder, Mayhem, and Madness sheds light on a number of critical estate planning issues that are pertinent for practically everyone. http://www.seasonsestateplanning.com/what-the-netflix-seri/

Even bringing up a prenup can be a romance killer that creates friction and distrust before the marriage even begins. And if it’s not properly created and executed, a divorce court can invalidate the asset protections offered by a prenup, so such agreements don’t exactly provide airtight protection. Plus, a prenup would do nothing to keep your family out of court and out of conflict should you become incapacitated or when you die, which is something everyone who gets married ...needs to consider. That said, prenups aren’t your only option. http://www.seasonsestateplanning.com/how-to-avoid-the-need/

If you’re counting down the days to your wedding, divorce is probably the last thing you and your fiancé want to be thinking about, and yet you might be rightfully concerned about what would happen to your assets in the event of a divorceor your death. You may also be worried that suggesting a prenuptial agreement could hurt your future spouse by making him or her feel as if you don’t trust them, thereby creating friction before the marriage even begins. While such concerns are valid, you should know that prenups aren’t your only option for shielding your assets from these scenarios. http://www.seasonsestateplanning.com/how-to-avoid-the-need/

The most crucial planning tools for this purpose are medical power of attorney and a living will, advance healthcare directives that work together to help describe your wishes for medical treatment and end-of-life care should you become unable to express your own wishes. While all adults over age 18 should put these documents in place as soon as possible, if you are over age 60 or have a chronic underlying health condition, the urgency is paramount. http://www.seasonsestateplanning.com/covid-19-highlights-c/

One thing we have learned from the COVID-19 pandemic is the need for an advance healthcare directive. You want to make sure you have the people you choose making medical decisions for you if you are unable to make them for yourself. http://www.seasonsestateplanning.com/covid-19-highlights-c/

Since Kobe's tragic death, court filings made by Kobe’s widow have shed light on both the successes and failures of Kobe’s estate planning efforts. This week's article talks about what was missing from Kobe's estate plan. http://www.seasonsestateplanning.com/a-tragic-oversight-ko/