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
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
When someone is injured, you may wonder who should be held responsible for the medical bills and other losses the injured person may have experienced. Let’s see how this question applies to some of the more common ways in which individuals are injured in Southern California.
- Car Accidents – Automotive accident injuries are extremely common and often lead to major medical expenses. However, California is a fault state, so liability is determined by the percent of fault the various parties share.
- Slip and Fall Injuries – Whether you slip on wet tile or trip over a run in the carpet, what needs to be determined is whether the property owner caused the issue, knew about the issue, and had enough time to respond to the issue.
- Dog Attacks – Dog bites are probably more common than you think. Children are the most likely to be bitten, so it is vital to monitor the interactions between children and animals. If a dog bite occurs, the owner may be culpable depending on the circumstances.
Personal Injury Lawyers in Southern California
If you have been injured in any of the ways mentioned in this article, the personal injury lawyers at Petrov Law Firm can help. We have experience in helping the victims of car accidents, slip and fall accidents, and dog bites receive a proper settlement. To learn more, schedule a consultation with our conveniently located San Diego and Chula Vista offices today. Just call 619-344-0360 to get started.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
Estate planning is about more than leaving money to your heirs. This is an opportunity to create or pass on a real family legacy. Here are a few ways to ensure that your name will live on long after you are gone.
- Trusts – You can create trusts that are dispensed when certain conditions are met. For example, you can create an education trust so that your grand kids can attend the university of their choice. You can even create trusts that provide incentives to reach goals, such as a trust that becomes available to your niece when she opens the new business she has been talking about venturing into. Knowing that the capital is there to get the business off the ground may be just what she needs to decide to give it a try.
- Letters and Old Photographs – While many modern personal documents and photos all exist in the cloud and are easy to pass on, your family may still have a treasure trove of old letters and printed photos. From pictures of your parents and grandparents to love letters that passed between relatives back in the 19th century, you can leave a wealth of family history to the next generation.
- Video and Audio Files – Your knowledge and experience can prove beneficial to future generations. But what if you are worried that the modern generation won’t care about your handwritten or typed letters? Why not try creating digital recordings of your advice or, better yet, video recordings. These can be preserved for years to come, allowing generations of the family to benefit and to see your face and hear your voice even if they never got to meet you in person.
Let Us Help You Establish Your Family Legacy
At Petrov Law Firm, we specialize in estate planning and can help you to leave behind a legacy for future generations. To learn more, contact us today at 619-344-0360. We look forward to helping you ensure that your future is well taken care of.Read More
If you were worried that your beneficiaries would have to pay a lot of your estate in taxes should you pass away during 2018, you just got a lot more breathing room. While the estate tax exemption limit seems to go up a little bit each year, from 2017 to 2018 it doubled! What does that mean for you and your beneficiaries?
Do You Need to File an Estate Tax Return?
In 2018, an estate tax return is not required unless the total value of the estate exceeds $11,180,000. That means most estates are exempt from any taxation at all and beneficiaries will get to enjoy the full use of the funds being left to them. But what can you do if your estate exceeds the exemption limit?
Avoid the Estate Tax
There are a number of ways to ensure that your beneficiaries will experience the least taxation on the assets they receive when you pass on. To get help in planning your estate to leave the funds to your heirs rather than to the government, we encourage you to execute an estate plan and keep it updated by reviewing it annually.
The estate planning attorneys at Petrov Law Firm would be happy to help you execute or review your California estate plan. To schedule a consultation, contact our offices in southern California today by calling 619-344-0360. We look forward to helping you get your future plans down in writing to ensure they will be carried out.Read More
The short answer is no, but here is the reason why. A power of attorney is a document that allows you to name an agent to take financial, legal, or medical actions on your behalf (depending on the type of document that you are executing). Here are a few things your agent may do for you:
- Sell your house
- Access your brokerage accounts
- Decide whether you will accept a medical treatment
Of course, a power of attorney may not approve your agent to do all of those things. You control how much authority the agent has when you execute a power of attorney. You may execute a document that allows an agent to care for one financial or legal matter and that is all.
Your spouse only has control of assets that you share or that you have given your spouse power of attorney over. Here are some examples:
- You may give your spouse the judgment call of when to take you off of life support equipment.
- Your spouse can access a bank account that is in both of your names.
- You can make your spouse a trustee, beneficiary, executor of your will, or appoint him or her to any other number of positions.
Executing a Power of Attorney in California
So being married to you or even having a power of attorney document signed doesn’t give any one person control over all aspects of your life. You want your estate plan to clearly outline who gets control of what in the event that you are incapacitated or unable to make your own decisions for a time. Petrov Law Firm can help you to assign agents to care for necessary matters while giving you the ability to regain control should you change your mind about an agent or recover from an incapacitating ailment. Call 619-344-0360 today to get started.Read More