We hope that your children get to enjoy your loving care for many years to come. But what if an unforeseen accident should occur in your life? You can use your estate planning to protect your minor children. There is no substitute for you, but there are ways to look after your kids, even if you pass away unexpectedly. Here are a few important tips:
- Appoint a legal guardian – The children need to have somewhere to go if left without parents. A good family friend whom the children like and that is up to the responsibility is important.
- Set up a trust fund – A trust fund can allow you to provide financially for your children. While the bulk of the funds may not become available until the children come of age, you can allow dispensations for certain events such as if your child graduates early and needs money for college before he or she turns 18.
Don’t Leave Your Child’s Future to Chance
Sure, it will be better if your estate planning doesn’t take effect for many years because you live to see your children grow up, get married, and have kids of their own. But you can’t leave things to chance. Planning ahead will protect your child in case you are tragically taken from their life by an accident or illness.
The compassionate estate planning attorneys at Petrov Law Firm will be happy to help walk you through the process of setting up an estate plan in California. To learn more, call our offices today at 619-344-0360.Read More
When it comes to estate planning, there are some common mistakes that people make. Here are some of the big ones, and why you don’t want to make the same errors.
- Leaving it for later – An accident can happen to anyone. Don’t leave your legacy up to chance simply because you don’t like thinking about your own mortality.
- Never doing it – Some people have the mistaken impression that estate planning is only for people who have millions of dollars. Regardless of the size of your estate, you should be planning ahead for the future. Estate planning is about more than just money.
- Not planning for medical emergencies – Sure, you have plans for when you die, but what about if you live? Whether you are in a coma or are just temporarily incapacitated, you want a plan in place so that someone can look after your material possessions until you regain the ability to do so or you leave them to your beneficiaries. It is this in-between gap that many people fail to plan for.
Planning for Your Future the Smart Way
If you want to plan ahead for your future in southern California, then enlist the help of the qualified estate planning attorneys at Petrov Law Firm. We can help you to avoid the pitfalls of estate planning so that things go as you plan, even if you are not there to see the plan through yourself. To get started, call 619-344-360 and schedule a consultation today.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
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
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
You may have heard of the term irrevocable living trust, but the irrevocable part doesn’t necessarily come into play until later. Here are the elements of California law that you need to know regarding this popular form of estate planning.
- You are usually the trustee of your own living will. You select a successor trustee to care for the trust if you die or become incapacitated.
- You can designate the trust as irrevocable, even while you are alive. However, most people do not do this because they want to maintain full control over the trust while still alive.
- When you die, the trust becomes irrevocable. Your successor trustee cannot revoke the trust on your behalf.
An irrevocable living trust gives you control and benefits while alive and creates a good environment for your beneficiaries when you pass away since the trust does not have to go through probate. These are the primary reasons that people choose this method of estate planning.
San Diego Estate Planning Attorneys
If you are planning for your future in the state of California, please contact the experienced estate planning attorneys at Petrov Law Firm by calling 619-344-0360 today. We can help you to take control of your estate and dispense it according to your wishes. Planning for the future is important, and we want to help you ensure that your wishes are carried out properly. Whether you are starting your first estate plan or revising an existing one, contact Petrov Law Firm for the legal advice you need.Read More
Any time you have a major change in your life circumstances, you should review your estate plan, and a divorce certainly counts. Here are a few things to consider regarding your estate plan if you recently or currently are going through a divorce.
- Don’t forget the kids if you remarry – If you get remarried there is a risk of all of your estate going to the new mate and children, so don’t forget to include any kids from the previous marriage when you plan your estate.
- Changing beneficiaries – Not everything goes through probate, so if you have retirement accounts, a life insurance policy, or trusts with a named beneficiary, you want to be sure you change the primary beneficiary to reflect your new situation.
- Settling quickly – If a divorce settlement is still in progress when you pass away, this can tie up your estate indefinitely in probate court, so be sure to clear up and potential legal conflicts with a finalized settlement as soon as possible.
Help in Developing or Updating Your California Estate Plan
The experienced estate planning attorneys at Petrov Law Firm can help you to plan for your future with a comprehensive estate plan that takes good care of your beneficiaries. We can also help you to update an existing estate plan whether due to a change in circumstances, like a divorce, or even something simple such as being a recent move-in into the state of California. Call 619-344-0360 today to schedule an appointment and get your affairs in order.Read More