Most people don’t think about how long they may spend in assisted living or a nursing home before they pass away. However, if you are planning on leaving an estate to your heirs, you need to think about these things. Here are three reasons that you need to think about long-term care when you plan for the future of your family.
- It’s really expensive – Most assisted living or rest home facilities are going to cost your estate upwards of $40,000 per year, and some may be in the six figures range depending on the services you want access to.
- Your insurance won’t cover it – Things like Medicare don’t cover long-term care. Even most private insurance doesn’t cover this type of care. There are lifecare plans, but they are also expensive, so you need to be sure you don’t go through your savings paying in advance for long-term care you may not even need.
- You may be surprised by how many people require care – 40% of people are going to end up in some sort of care facility, even if it is not for very long. A mere year or two can be costly. If you are in the 10% who spend upwards of three years in a nursing home, that can eliminate the life savings of many people.
Planning Ahead for Long-Term Care in San Diego
Let Petrov Law Firm help you to plan your estate so that it goes to your family and not a long-term care facility. Call us today at 619.344.0360 to learn how we can help.Read More
It is possible to make your retirement funds work hand in hand with your trusts and other estate planning. Making your trust the beneficiary of your retirement plan is one of the main ways to do this.
At first, the reason may seem obvious. You want to put everything you can into your trust so it doesn’t go through probate. But this is not the reason for making your trust the beneficiary of your retirement account. After all, your retirement account passes directly to the named beneficiary, so it will never go through probate. So what is the reason for making your trust the beneficiary? Here are two good reasons:
- Keeps your beneficiaries from removing the funds prematurely – If you pass away while your spouse is still under the retirement age, you don’t want them making a mistake that could cost a lot of money by removing the funds from the account too early and receiving a penalty.
- Keeps your beneficiaries from removing too much from the fund at once – Taking retirement funds in a lump sum can result in huge amounts of taxation. Your successor trustee can help your beneficiary to understand the consequences and to make better decisions.
Planning Ahead for Your Family’s Needs
The estate planning attorneys at Petrov Law Firm can help you to make things easier for your family. Call us today at 619-344-0360 to set up an estate plan that really works for your needs.Read More
You may seem to have two goals that are at odds. You want to set aside a nice nest egg for your future heirs to enjoy. However, you also want to build up funds so that you are comfortable after retirement, even if you live to a very old age. How can you make your estate planning and retirement planning work together? The secret may be to make your trust the beneficiary of your retirement fund.
Mistakes Heirs Make with a Retirement Fund
It may seem to make sense just to leave your retirement fund directly to a beneficiary. After all, the funds won’t go through probate. However, there are some mistakes that a grieving heir may make which could seriously affect a retirement fund. For example:
- Taking the funds too soon – Your beneficiary may not realize there are large penalties for taking the retirement money too soon.
- Taking the funds all at once – Taking the fund in such a lump sum could result in half of what you saved going to Uncle Sam instead of your beneficiary.
Leaving the funds to a trust means that you can appoint a successor trustee to help dispense the funds at the right times. This allows you to leave the fund to your loved ones but not the responsibility of knowing when best to withdraw the money.
Wise Planning for Your Family’s Future
If you have assets, including a retirement account, to leave to your heirs, contact Petrov Law Firm today by calling 619-344-0360. We can help you to settle your affairs today so that your family can enjoy a comfortable future.Read More
In our years of estate planning expertise, we’ve just about seen it all. This allows us to help our clients avoid the common pitfalls that affect many estate plans. Here are a few things to watch out for.
- Not Doing It – No one wants to think about his or her own mortality, but you are only hurting your loved ones by not having a plan in place. You don’t have to wait until you are a senior citizen to plan ahead for your future. And should some tragedy cut your life short, having an estate plan in place can make things a lot easier on the people you care about most.
- Neglecting Medical Planning – Estate planning is not all about assets. You also want to make advanced medical decisions. This gives you the opportunity to appoint an agent to champion your medical decisions or to make decisions for you should you become incapacitated for a time.
- Never Reviewing Your Plan – Our lives can change in an instant. A birth, a marriage, an adoption, a divorce, a financial reversal – these are all things that can have a profound effect on an estate plan. Be sure to review your plan every year to make sure it still accurately reflects your wishes and review it immediately when you experience a major life event like those listed above.
Plan for Your Future the Right Way
Petrov Law Firm offers the experienced California estate planning attorneys that you need in order to plan ahead for your future and protect your assets and rights. To learn more, contact us for a consultation at 619-344-0360 today.Read More
Probate is the process that determines how a person’s assets and properties are distributed after he or she passes away. When a person dies without an estate plan, California probate court makes the decisions regarding what happens with a person’s belongings.
A last will and testament allows you to designate an executor who acts as a go-between for your beneficiaries and the court system. This can help to speed up the process and may save some of the estate from going on legal fees. It also gives you more control over who your estate is assigned to and how it is distributed.
However, if you want to avoid the time and expense of the probate process altogether and give your beneficiaries a larger cut in a more expedient way, you can set up a revocable living trust. While you are alive, you can control what goes into the trust and who it is left to. You can also designate a successor trustee who takes control of the trust and the proper distribution of it when you die. This is often the preferred way to leave a larger estate to heirs.
Planning for Your Estate in Southern California
To plan ahead successfully for your future, be sure to enlist the help of the estate planning attorneys at Petrov Law Firm. We have the knowledge and experience to help California residents meet their estate planning goals. To learn more, call 619-344-0360 today!Read More
Estate planning is about being as prepared for the future as you possibly can be. With that in mind, we’re going to tell you about three of the mistakes people commonly make, so you can avoid them.
Mistake #1 – Not Planning at All
The biggest mistake you can make is deciding estate planning is not for you. People make all sorts of excuses – I’m too young, I’m in good health, I don’t have that much money – but the fact is that it hurts the ones you leave behind if you don’t have a plan in place.
Mistake #2 – Not Keeping the Estate Plan Up to Date
There are certain events that should always trigger a review of your estate plan. These would include life-changing events such as a marriage, divorce, birth, adoption, the death of a successor, and the like. It would also include major financial events like suddenly receiving or losing a large asset or sum of money.
Mistake #3 – Not Preparing for Incapacitation
Many people only make plans for death and not for temporary incapacitation during life. Should you be affected by mental illness, become unconscious due to an injury or accident, or even suffer from dementia later in life, you want plans in place for the sake of both your finances and your medical care. That means appointing individuals to implement your wishes for you.
Getting Your Affairs in Order in Southern California
If you live in San Diego or any of the surrounding communities, the Petrov Law Firm would be happy to help you plan effectively for your future. Talk to our estate planning attorneys now by calling 619-344-0360. We can help you to avoid the pitfalls of trying to plan for your estate on your own.Read More
Even once you have an estate plan in place, your job isn’t over. You need to regularly maintain and review your estate plan to make sure it accurately conveys your present wishes. We’re going to give you five tips to help you review your plans successfully without making it a burden.
- Scan the Plan Annually – Every year you should at least look over your estate plan to make sure you don’t need to change beneficiaries, power of attorney, or other vital things such as these.
- 3 to 5 Year Review – Every few years, you should do a more thorough review to go over your financials. Make sure you haven’t taken on any new assets that have not found their way into the plan somehow.
- Review Income Changes – If you have a sudden influx of income or suddenly have significantly fewer assets, you will want to review your plans to make sure they still make sense.
- Major Life Changes – Marriage, the birth of a child, the death of a successor or beneficiary, or any other major life event will require changes to your estate plan.
- Change of Mind – Any time you change your mind about anything related to your estate plan (who gets what, funeral arrangements, medical wishes, etc.), you will want to look over your estate plan again.
Help in Making Estate Plan Adjustments in California
If, after careful review, you discover that you need to make adjustments to your estate plan, contact Petrov Law Firm in San Diego. Our estate planning attorneys can provide you the assistance you need to keep your future plans up to date with your current wishes. Call 619-344-0360 today to schedule an appointment.Read More
The jury is out on probate court for some since there are occasional circumstances where it can be beneficial. However, in most situations, it’s just an unnecessary drain. Here are three primary reasons you should try to keep your estate from going into probate.
- It Costs a Lot of Money – You want to leave your estate to your family, not the court system. However, a drawn-out probate battle can drain the funds from your estate rapidly. Don’t let your beneficiaries get stuck with a mere fraction of what you worked hard to amass during your lifetime.
- It Can Take a Long Time – Another issue is that your loved ones may have to wait months or years before they see any of the money that you want them to enjoy. Bypassing probate altogether is the best way to get your estate to your heirs quickly and intact.
- It Is a Matter of Public Record – You don’t want everyone knowing what you had and who you left it to. That could be dangerous for family members who suddenly have a lot of money for the first time and could become the victims of scammers. It could also cause hurt feelings among those who received a smaller portion of the estate. It is no one’s business what you decide to give or to whom you choose to give it.
Assistance to Legally Keep Your Estate Out of Probate
If you are looking for an experienced estate planning attorney in Southern California who can keep your estate assets out of probate court and get it into the hands of your loved ones, contact Petrov Law Firm today at 619-344-0360.Read More
Estate planning is about more than just deciding what kind of funeral you will have or who will receive what from your personal belongings. Long-term care, which is often necessary at the end of a person’s life, is a vital consideration. Why is this the case? Here are three reasons:
- It Happens to a Lot of People – While only about 1 in 10 people will spend over three years in a nursing home, over 40% of people will be there for at least some time. Whether you end up in a nursing home or an assisted living facility, failure to factor it into your estate plan can be devastating to your benefactors.
- It Costs a Fortune – An assisted living facility can cost upwards of $3,500 per month. As you can imagine, that can drain the estate of most seniors rather rapidly. A one year stay in such a facility can take over $40,000 from your estate. Even if you have millions, you didn’t earn it to give it to a private care facility, and estate planning is the right way to minimize costs.
- Your Health Benefits Probably Won’t Cover It – Many older ones make the mistake of thinking it doesn’t matter how much extended care facilities cost because they have Medicare, Medicaid, or some form of private insurance. You can choose to protect yourself with a long-term care insurance policy. Just be sure you don’t end up paying for the care in advance by means of exorbitant premiums.
Helping You to Prepare for the Future in Southern California
At Petrov Law Firm, we want all of our clients to enjoy their golden years and still have something to pass on to their family. Contact our experienced estate planning attorneys today by calling 619-344-0360 to get started on an estate plan that will meet your needs.Read More