You may recognize some of the benefits of leaving your estate to heirs by means of a trust rather than simply executing a will. It is a great way to avoid having your funds tied up in probate battles. However, you need to understand the different types of trust.
An Irrevocable Life Insurance Trust
When you are leaving a life insurance policy to a beneficiary, you want to protect the funds from creditors. You can also add other funds to the trust besides the life insurance money. You can even designate funds in the trust to be used for paying the policy premiums while you are alive, ensuring that there is never a delayed or missed payment that could result in the policy being withheld from your family. The trust is considered irrevocable because only you can modify the trust while you are alive or your beneficiary after you pass on.
A Revocable Living Trust
This is a great way to set aside funds for loved ones while still being able to adjust the trust at any time while you are alive. You can establish a successor trustee to ensure that your beneficiaries receive the funds as directed by the trust. You can even make the trust your life insurance beneficiary. Since the trust is revocable, you can take trust distributions while you are still alive. When you die, it automatically transfers to your beneficiaries and becomes irrevocable.
Help Establishing Trust Funds in California
The estate planning attorneys at Petrov Law Firm will be happy to help you determine what sort of trust is best for you and your heirs. To learn more, you can call our San Diego office at 619-344-0360.Read More
If you are a resident of the state of California, one of the things that you have to think of when it comes to estate planning is how you want medical matters to be cared for should you ever become incapacitated. This makes decision making easier on the family because they know your wishes, so there is no fighting.
In order to ensure your wishes are carried out, you will want to execute an Advance Healthcare Directive. Not only can you outline your medical wishes, but you can also designate a representative to carry out your wishes or make decisions for you if you are unconscious or otherwise unable to speak for yourself.
Another document that you may want to consider is a living will. This allows you to make end of life decisions in advance. That can remove the burden from family members should you ever be in a situation where all that is keeping you alive is a machine at the hospital.
Finally, you will want to provide the proper HIPPA authorization documents so that your doctors can share your medical information with the person you have designated as a healthcare agent. Being able to speak directly with the doctor or facility you are in will make it easier to ensure your wishes are carried out.
Comprehensive Estate Planning in California
Petrov Law Firm in San Diego can help you to plan properly for your future healthcare. To learn more, contact us today at 619-344-0360 and schedule a consultation with our experienced estate planning attorneys.Read More
In one recent year, bicycle accidents cost the US economy $222 million dollars in lost work and medical bills. Do you regularly ride a bike for recreation or for your work commute? If so, follow these simple tips to reduce the risk of accident and injury.
- Assume drivers don’t see you – Sadly, most drivers are too distracted to notice a cyclist. Whether it is a smartphone or just their own thoughts that are getting in the way, you need to ride defensively and assume drivers haven’t noticed you.
- Signal when turning – This is a bit of a two-edged sword. You need to use hand signals to let drivers know when you are making a turn, but you also have to ride like drivers won’t understand your hand signals. So use the signals, but don’t rely on them. Even better – get actual signal lights for your bike.
- Wear something reflective – This is especially important if you ride at night. Reflective clothes make drivers more likely to see you. Head and tail lights for your bike help even more.
Hopefully, these tips can help keep you safe. However, if you become the victim of a bike accident injury, we’re here to help.
Bike Accident Injury Attorneys in San Diego
Petrov Law Firm has the caring personal injury attorneys that you want on your side when you have been the victim of an accident. Contact us today by calling 619-344-0360 to learn how we can help you to receive compensation for your medical bills and lost wages.Read More
If you have been injured and are seeking compensation, there are a few things that your personal injury attorney will need to know in order to assist you. Here are the most important things to keep in mind.
- How were you injured? – There are a number of ways that you could have suffered your injury. Everything from a car accident or a dog attack to a slip and fall or medical malpractice may call for compensation, but the rules regarding each type of case vary.
- How long ago were you injured? – Unfortunately, some victims wait months or even years before seeking legal Since the statute of limitations is different for various causes of injury, you don’t want to seek a settlement after it is too late.
- Who is the responsible party? – Obviously, you can’t seek compensation if you hurt yourself, but in many cases, there is another party that is to blame for the injury. Whether it is a driver on a cell phone or a company that sold a product they knew was defective, you don’t want to go into a settlement alone or you are sure to receive a minimal offer.
The Personal Injury Attorneys You Can Trust
For trustworthy personal injury attorneys, contact Petrov Law Firm in San Diego. Our experience in helping clients receive settlements in personal injury cases can help you to maximize the compensation you receive. Before you sign anything from the offending party, call 619-344-0360 to schedule a consultation.Read More
Mental illness is increasingly common in the world today. If a relative has an illness, it doesn’t make you love them any less or want to take care of them any less. Therefore, your estate plan needs to be able to help you provide the support you want your loved one to have while compensating for the fact that he or she may not be able to manage the money alone. Here are a few tips to help guide you.
- A loyal and compassionate trustee. By appointing the right trustee over any trust that you leave to your loved one, you can ensure that the funds will be used for your loved one at the right times and in the proper amount.
- Controlling what funds can be dispensed for. Perhaps your loved one doesn’t need someone to care for him or her, but is still concerned about things like impulse spending or squandering the inheritance in other ways? Structuring the inheritance so that funds are only released for certain types of expenses is a good way to protect your loved one.
- Covering voluntary treatment costs. You can structure the trust so that your loved one receives a dispensation when he or she seeks medical care relating to the condition. This may move your loved one to see the high value of proper treatment and may provide the funds necessary to get the right care without the guilt of how expensive medical treatment can be in the US.
Discretionary Trusts and Other Estate Planning Methods in California
At Petrov Law Firm in San Diego, our estate planning attorneys will be happy to help you plan for the future needs of your loved ones. To see what types of estate planning are best for your family, contact us today at 619-344-0360.Read More
Usually, people are encouraged not to waste their time worrying about things that may never happen, but when you are working on an estate plan, you do have to think about certain scenarios that may be unlikely but that would seriously affect your plans. Here are three “what ifs” that your estate plan should account for.
- What if there is a family conflict after I die? A big inheritance can bring out the worst, even in families that are very close-knit. The best way to protect your loved ones is to be very explicit about who gets what. You may even choose a non-family member as your executor.
- What if my mate and I die together? If a tragedy should occur such as an accident or a disaster, this is a possible scenario. Plan ahead by outlining succession in your estate plan and be certain to include plans for the care of minor children should they lose both parents at once.
- What if I die in another country? If you regularly travel or live in another country for part of the year, be sure that dying in another country will not affect your estate plan. You may need the assistance of a lawyer from the country you spend a lot of time in along with your local estate planning attorney.
Crossing the T’s and Dotting the I’s in California
For California estate planning, contact the attorneys at Petrov Law Firm. Our experienced and compassionate lawyers can help you to plan ahead for all of the “what ifs” so that you can have the peace of mind you deserve. Call 619-344-0360 to get started today.Read More
Fault in California car accidents is how the courts determine which driver’s insurance covers medical bills and other expenses. Here are some of the mistakes drivers make that can lead to serious car accidents that are completely their fault.
- Driving under the influence – Whether it is alcohol, drugs, or even some forms of prescription medication, it is always illegal to be under the influence while driving. This is particularly important to remember for drivers who were happy to see marijuana legalized in the state. Remember: it is still illegal to use marijuana while driving, to have marijuana open and accessible in the vehicle, or to be under the influence of this drug while driving.
- Speeding – This the leading cause of car accidents, including fatal accidents. Always obey the posted speed limit, especially in road construction areas.
- Distracted driving – While smartphones are the number one distraction in our technological era, there are many other ways to be distracted while driving. Everything from lighting up a cigarette to putting the finishing touches on makeup can be what takes a driver’s eyes off the road long enough for an accident to occur.
Car Accident Injury Attorneys in Southern California
If you have been injured in a car accident, the personal injury attorneys at Petrov Law Firm can help. Insurance companies always want to settle for the lowest amount possible to protect their profits, so you want an experienced lawyer in your corner to help maximize your settlement. Before you agree to anything, call 619-344-0360 to learn how we can help.Read More
If you have children, it is important to teach them safety around dogs, even if your family has a docile pet in the home. According to Canine Journal, Americans are twice as likely to be killed by a bee as a dog, and 20 times more likely to be killed by a gun, but that doesn’t mean you should be unprepared. Here are some facts about dog bites that can help you teach your children.
- In 25% of fatal dog attacks, the dog is chained up. That makes it vital to instruct your children not to approach chained dogs. The chain is there for a reason.
- While pit bulls have a terrible reputation as being the most dangerous breed, there are other dog breeds that are known to bite. Another common breed is German shepherds, which can be very protective.
- Most dogs that bite have not been neutered or spayed, so always have the family pet fixed to reduce the risks.
- Insurance companies paid out over half a billion dollars in claims due to dog bites in 2017 alone, so if you suffer an injury from someone else’s dog, you may be able to seek compensation.
If You or a Family Member Has Been Injured in a Dog Attack
If you or a loved one have been injured by a dog, you need the help of the personal injury attorneys at Petrov Law Firm. Medical bills can really add up after a dog bite, and the owner’s insurance may compensate you depending on the circumstances. To see if you should pursue a settlement, contact us today at 619-344-0360.Read More
You cannot just assume that the right people will benefit from your assets when you pass on. Estate planning is required in order to ensure that your wishes are carried out. Unfortunately, many people make the mistake of thinking they can do nothing and that their mate and children will automatically get everything. Here’s the issue with that mentality:
The traditional family structure is becoming less common in the US.
If you and your mate have only ever been married to each other and all of your kids are naturally born to the two of you, you may actually be correct in thinking that your loved ones will inherit everything. But how many families are like that?
If you are raising grandkids, have children from multiple spouses, have adopted children, or have been married more than once, you may have no idea what the line of succession will be for your family. On top of that, family members may have different ideas as to how to care for you medically if you become incapacitated later in life. There can also be fights over funeral arrangements.
Lovingly Caring for the Future of Your Family
The loving way to care for the future of your family is to have an estate plan in place. Petrov Law Firm is your source for estate planning attorneys in southern California. Get in touch with our San Diego and Chula Vista lawyers today by calling 619-344-0360. We can help you plan for your future.Read More
The Internet is filled with generic wills that you can download and just add your information to. However, if you want your estate plan to be personalized, you may require the assistance of an estate planning attorney. Here are a few tips for customizing your estate plan, so that your heirs gain the most benefit.
- Leave something to charity – What is really important to you? By leaving some of your estate to charity, you can show future generations the causes that meant the most to you. Plus, you have the peace of mind of knowing that some of your estate is going to a good cause that can really create a legacy for your family.
- Pass on heirlooms – Rather than just combining all of your physical possessions to leave to a relative in one lump sum, determine some of the things that have the most sentimental value to you and turn them into family heirlooms.
- Create a narrative – By using everything from letters to video recordings, you can tell your story to the next generation. Passing on money is one thing but passing on your knowledge and experience can help the next generation to use the things that you have amassed in a wise manner.
Estate Planning Attorneys in San Diego
To help you customize an estate plan that will meet your needs and benefit future generations, contact Petrov Law Firm today. Our estate planning lawyers can help you to understand how federal and California laws affect your planning efforts. Get started today by calling 619-344-0360.Read More