If you have young children, you are probably still fairly young yourself. As a result, you may not have given a lot of thought to what might happen to your family should you pass away. However, if you have minor children, you have to do your estate planning now. Here are two ways you can protect your kids with a good estate plan.
- Plan ahead for guardianship – Don’t leave it up to the state to determine who gets your kids if something happens to you and your spouse at the same time. Planning ahead shows love for your children and will give them the best situation possible if they have to deal with the trial of suddenly becoming orphans.
- Have a trust fund prepared – This will ensure that your kids will have the funds they need when they turn 18. It can also provide funds for the guardians. Or you can specify dispensations such as for college or for a wedding. This will make things easier for the trustee and will help your child to avoid squandering his or her inheritance.
Estate Planning Is a Must for Parents
You don’t have to be a millionaire to want your children to be cared for. No one can take care of your kids like you can, but with a little planning, you can make it easier on them should tragedy strike your family. Contact Petrov Law Firm today at 619-344-0360 to get your estate plan started, and let our experienced attorneys help you get things in order.Read More
Mental illness is a disease. If your beneficiary had multiple sclerosis or some other chronic ailment, you would no doubt take steps to ensure their comfort after you pass. The same is true when your beneficiaries deal with depression, anxiety, or even something like schizophrenia. Here are a few tips:
- Be careful when selecting a trustee – You need someone who is going to be genuinely understanding of your loved one’s health condition and who will handle the funds appropriately.
- Provide instructions for dispensation – Help your trustee to know when and how much to dispense from the trust by leaving detailed instructions. This can help your beneficiary to avoid squandering the money when the illness is acting up.
- Cover costs of voluntary treatment – It can be both embarrassing and expensive to have to get therapy, seek psychiatric help, or even check into a medical facility. Make it easier for your loved one by including coverage for voluntary treatment as a part of the trust.
This isn’t to embarrass your loved one or make them feel less competent. You are trying to protect your dear family member from the effects of a chronic illness, and that is a loving thing to do.
Estate Planning Assistance in San Diego, North County, and Chula Vista
Petrov Law Firm offers you assistance in all sorts of estate planning from our convenient locations in San Diego, North County, and Chula Vista. To learn more, call us today at 619-344-0360 to schedule a consultation.Read More
You want your estate plan to cover all of the possibilities. However, there are some things that are extremely unlikely unless you have specific circumstances. For example, we are going to look at two aspects of estate planning that will be especially important to you if you and your mate travel out of the country on a regular basis.
- What happens if you die while you are out of the country? – This is important to address if you regularly travel outside of the US. The expenses to repatriate your body can be extremely costly, depending on where you are when you die. Leaving instructions to your heirs can be very important.
- What happens if you and your mate die together? – If you always travel alone, you may not worry about this, but if you usually travel as a couple, making arrangements for this possibility is essential. After all, it was just in the past year that two brand new planes from what is arguably the most reputable aircraft manufacturer dropped out of the sky without warning. Now is the time to make the proper arrangements for the sake of your family should tragedy strike.
Helping You Plan for Any Eventuality in Southern California
It can be challenging to think about this sort of thing but think of how much harder it will be on your family if you don’t. Petrov Law Firm can help. Get in touch with our compassionate estate planning attorneys by calling 619-344-0360 today.Read More
Millions of dog bites occur every year across America. While there are many other more present dangers, you still want to remind your family of how to act around dogs to avert disaster. Here are a few important tips.
- Avoid dogs that are chained up – The owner has the dog chained for a reason. It is probably a watchdog and is very dangerous. In fact, 25% of dog attacks that turn fatal occur when a chained dog is provoked.
- Watch out for dangerous breeds – Pit bulls are the most well-known biters. However other breeds can also be very protective, especially German shepherds.
- Always neuter or spay family pets – It is far more common for animals that have not been neutered or spayed to bite.
- Compensation may be available – If a family member receives an injury from someone else’s dog, you may be able to receive compensation for medical bills. Insurance companies paid out more than $500,000,000 in 2017 for dog bite claims. You just need help in order to receive the maximum settlement that you deserve.
Dog Bite Lawyers in Southern California
If you or a member of your family has been injured by some else’s dog, give the dog bite lawyers at Petrov Law Firm a call at 619.344.0360. We can help keep the insurance company honest and make sure that they are offering everything that you deserve. From medical bills and missed wages to pain and suffering, we can help you calculate the right settlement.Read More
One mistake that many people make when estate planning is either leaving it up to the state to pass an inheritance on to the right people or preparing a will and then never looking at it again while going through many life changes in the meantime. Here are a few things to consider to ensure that your possessions will reach the beneficiaries you have in mind.
- Don’t leave it up to the state – The best way to avoid conflict and make things easier on your family is you have documents prepared in advance to explain who will receive your assets.
- Check your beneficiaries regularly – Once a year, you should go over all of your beneficiaries, from wills and trusts to retirement plans, POD bank accounts, and insurance policies. Make sure that all the names are spelled correctly and that the individuals listed as your beneficiaries are the ones you want to be named.
- Consider life changes that have taken place – The traditional family structure in the US has changed dramatically. If you are married to your first spouse, and all your kids are from your marriage, you are in the minority. If you have multiple spouses and kids from different relationships, you have to plan ahead in order to ensure everything doesn’t just go to your current spouse and the children the two of you have together.
Estate Planning Support in Southern California
It doesn’t have to take a lot of time to get your affairs in order. Contact Petrov Law Firm at 619-344-0360 to schedule a consultation with one of our experienced estate planning attorneys. We can help you to ensure that your possessions pass on to the right people.Read More
You can have a generic will drafted and insert the names of your beneficiaries. At least you are planning ahead and not leaving things up to chance for your family. But what if you really want to put your own stamp on your estate plan and make it personal? Here are a few ideas:
- Name heirs to receive particular heirlooms – You may not think that your family has any heirlooms because nothing sentimental was left to you. However, you can start an heirloom that gets passed on for generations to come. Leave your favorite piece of jewelry or other type of valuable to a specific family member who will cherish it.
- Donate to charity – You can make your favorite charitable organization a beneficiary of some of your estate. This can allow you to make a reputable name for your family and do good for the community.
- Share your experience – From photos and handwritten letters to digital pictures, videos, and audio files, you can leave a wealth of knowledge and experience to the next generation. Share how you were able to become such a success, and maybe future generations will follow.
Develop a Personal Estate Plan in Southern California
The experienced attorneys at Petrov Law Firm can help you to develop an estate plan that you are proud of and that will provide joy to your family during their time of loss. To schedule a consultation, give us a call today at 619-344-0360. We’re the estate planning attorneys that San Diego residents trust.Read More
Most people think about two things when it comes to estate planning: (1) Leaving your assets to the next generation, and (2) Making sure that you have your medical wishes in order regarding end of life decisions and things of that nature. However, there is another important element to estate planning, and that is leaving a legacy behind. Here are a few tips:
- Photos and Letters – Leaving behind old family photos and handwritten or typed letters can allow you to pass on some of the family’s history to the next generation.
- Audiovisual media – By leaving recorded messages and videos for your family to watch, you ensure that future generations will not only remember you but will continue to benefit from your wealth of wisdom.
- Conditional trusts – Rather than just leaving funds directly to heirs, you can set up conditional trusts. Your successor trustee will then distribute funds when the conditions you require are met. For example, you can set funds aside for the grandchildren that will only be released for college tuition and other educational costs. Or you can encourage young entrepreneurs in your family by leaving funds to be distributed when they finally open that business they’ve been talking about for years.
Create a Family Legacy, Not Just an Estate Plan
The estate planning attorneys at Petrov Law Firm can help you in your endeavor. If you live in the state of California, give us a call at 619-344-0360 to get your estate plan started today.Read More
Sometimes people make estate planning even more complicated than it really is. At other times, people fail to understand the nuances and make errors that could easily have been avoided. Either way, there are a few key elements to making sure that your estate plan is prepared properly.
- Get it done now – The worst thing you can do with estate planning is to wait. If an emergency arises, you become incapacitated, or you pass away suddenly, it’s too late to go back and have your estate planning done in time.
- Remember to plan for medical care – Preparing your financials is one thing, but preparing an advance medical directive is another key component of estate planning.
- Review your plan on a regular basis – Not only should you review your estate plan every year, but you should also review it right away if you have a life-changing event such as a marriage, divorce, birth, adoption, etc.
If you get going on your estate plan now, remember to include medical decisions, and review your plan regularly from here on out, everything should be in order when your family needs it most.
Planning for Your Future in the San Diego Area
Petrov Law Firm is helping families with estate planning in the San Diego, Chula Vista, and North County areas. Call us today at 619-344-0360 to schedule a consultation, and make sure that your plan for the future is in place today. Our expert estate planning attorneys are ready to help you get started.Read More
Last year we reported on the fact that the estate tax exemption limit doubled between 2017 and 2018. This was a sharp divergence from the usual uptick, which has been gradual for many years. As a result, the number of estates subject to taxation is even less than before. Did the trend continue in 2019? And what about tax exclusions on gifts?
Estate Tax Exemption Regulations
In 2018, any estate with a total value of under $11,180,000 was exempt from taxation under the law. That number has once again increased. While the change was back to a normal increase rather than doubling, the figure for 2019 is $11,400,000. What can you do if your estate is larger than $11.4 million and you want to avoid taxes for your heirs? One option is to distribute some of your estate while you are still alive.
Gift Exclusions in 2019
Gift exclusions have remained the same this year at $15,000 per person per year. What does that mean? You can distribute $15,000 to each person you want to give a gift to this year, and they won’t have to pay taxes on that gift. And remember that this is per person, so you can gift a couple (make sure both names are on the check) $30,000 per year tax-free.
Assistance in Avoiding Tax Penalties on Gifts and Estates
The laws are making it easier than ever to avoid taxes for heirs and the recipients of large gifts. Learn more about how to make sure your estate goes to the people you love rather than on taxes by calling 619-344-0360 to speak with the estate planning professionals at Petrov Law Firm.Read More
Sometimes our clients mistakenly believe that their spouse automatically has power of attorney. The answer to the question in our title is no, but it is important to understand why this is the case and how to correct the problem.
What Is Power of Attorney?
Power of attorney refers to a legal document that allows someone else to make decisions or sign legal documents on your behalf. For example, you may execute a power of attorney to allow someone else to sell your home without you present, to give a person access to your brokerage accounts while you are traveling abroad, or to make medical decisions for you in a situation where you are unconscious or otherwise unable to make your own choices.
When a power of attorney is executed, you determine the extent of responsibility given to the person. For example, in the scenarios noted above, you may decide that a different person will be responsible for making financial decisions than the person who is designated to make medical decisions.
Why the Confusion?
In short, people think their mate has power of attorney since many documents may already be in the names of both individuals. For example, you may both be able to write checks and make deposits on your bank account, but that is because both of you are named to the account. Your home may automatically pass to your mate if you die, but that may be because both names are on the deed.
Executing a Power of Attorney in San Diego
If you need to execute a document to give power of attorney to an individual, regardless of the scope or the timeframe, Petrov Law Firm can help. Our San Diego, Chula Vista, and North County offices are conveniently located for our southern California clients. Call 619-344-0360 to schedule an appointment.Read More