Law Office of Christopher A. Poulos

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Another unnecessary Probate.

https://states.aarp.org/aarplive/

Mistake #3 Ignoring the Need for Changes to your Plan Many times families who do prepare a comprehensive Estate Plan put the plan away once it is completed and forget about it. Your plan should always reflect what you would want to happen if you became incapacitated today. One thing every Estate Planner knows is that life changes. When you experience changes in your assets, family situation and/or there are changes to the law, your plan will need to be updated. I recommend that your plan be reviewed every five to ten years, but I believe you will know when you need to change it based on life events, like divorce , deaths, births, and inheritances.

Mistake #2 The Complete Plan Although every estate plan is going to look different based on each families individual needs, there are a few basics that should be included to maximize the benefit to your family and to avoid the headaches and expenses of court. 1. A Living Trust is a document that allows you to retain control of your assets while you are alive and have capacity, but also stipulates what happens is you are incapacitated and when you pass away. The Living Trust... is more difficult to contest and therefore can help avoid family conflicts after you are gone. They allow you to decide what will be given to whom (including personal property, real property and all other assets). The Living Trust also allows you to determine when a person will inherit or to pay of expenses (like college) for your beneficiaries prior to receiving the money. You can determine what happens to your home, whether you want to have it sold or to have someone remain in the home to live in. Living Trusts avoid Medi-Cal liens, so if you are like one in three Americans and end up in a long term care facility, your assets can be protected. The Living Trust can include safeguards to help avoid undue influence and fraud like when someone re-writes the plan to receive the assets of the estate. Some of these safeguards include requiring a doctor’s letter to Amendments, or you can add a Co-Trustee that you trust. In the event that you do not have family you can rely on, there is always the option of Private Professional Fiduciaries. 2. Health Care Power of Attorneys allow you to assign an agent to make medical decisions for you in the event that you are incapacitated. Without a Power of Attorney, your family would have to get a court order in order to have the right to your medical records and the ability to discuss your care and treatment with your doctors. 3. A Medical Directive allows you to decide what medical decisions you would want in different situations. This is a great way to guide your doctors and to let you agents now what treatments you do or do not want. 4. Your plan should include Guardianship nominations for any of your minor children or a Conservatorship nomination for any disabled dependent. This allows you to tell the court who you trust to take care of your loved ones in the event that you are no longer able to. You are also able to include instructions with the nomination for things such as visitation. See more

Mistake #1 Your will is not a plan Remember the old saying, failing to plan is planning to fail. Although your will is a key aspect to your estate plan, it is not the entire plan and leave your heirs with issues that could have been avoided, such as: 1. Wills do not avoid probate and your family will be required to go through a time consuming, expensive and public court proceeding. 2. Wills do not protect your assets from court proceedings (conservatorship), fraud or abuse... if you become incapacitated and can not make decisions concerning your finances or health. 3. Wills do not protect your assets from your creditors or from the creditors of your heirs. 4. Wills do not give you the opportunity to provide protection or guidance for when and how your heirs take control of their inheritance. If you are relying solely on a will for your estate plan, then you are missing out on many valuable safeguards for your assets, as well as guaranteeing your family will have to go to court when you pass away.

Common Estate Planning Errors Estate planning is an important aspect for your family that should be an important part of your adult life once you acquire your first asset or have a child. Still many of us cringe at the thought of planning for what happens once we are gone. Estate planning gets put it off for far too long, leaving ourselves and our families at risk of getting stuck in the court system in the event of an unexpected accident, illness, or injury. Planning for y...our incapacity and death can be scary. But it’s even more frightening to think of the potential tragedies that can arise if you and your family don’t have the right planning in place. This becomes even more of a tragedy when you have a child with special needs, who will inherit if no plan is in place, causing a devastating loss of benefits, including SSI, Medi-Cal and IHSS, or a court ordered trust, with restrictions. Some of the most common mistakes I have seen people make (and how to fix them) will be posted soon.

All about IHSS and Special Needs Trusts. What’s there not to like?

Come one come all! I’m excited to be speaking at the 2018 Homeownership Expo about the advantages of having a Living Trust. It will be on Saturday March 10th from 9:30 to 1:00 on the second floor of the West Covina mall near Macy’s.

Come one, come all! I will speaking at the expo about the advantages of putting your home into a living trust.

Come see me speak in Walnut.

This is great news!

Come out to learn about conservatorship in Walnut. Call as space is limited!