When it comes to couples, you have estate planning options that are unique to your legal relationship. Here are some things that a couple should know about when planning a future together.
- A/B Trusts – While rare, this is a type of tax shelter that you may want to take advantage of if you have a huge estate. Most estates will not need something of this nature due to the current estate tax laws.
- Marital Disclaimer Trust – This is for couples who want to give the surviving mate a Bypass Trust option. Don’t try to set up this kind of trust on your own. You will want the help of an estate planning attorney to ensure this is the best option for you financially.
- Survivor’s Trust – This is a simple way to leave your mate everything that you own. Just remember that if the survivor remarries, it may affect whether your kids get anything in the future when the survivor eventually passes away.
- Survivor’s Trust w/ QTIP – Qualified terminable interest property (QTIP) can be of benefit if you are dealing with a smaller estate or have a blended family. The surviving spouse receives the maximum asset distribution, but you also get the best deductions while you are both alive.
Estate Planning for Couples in San Diego, CA
If you live in San Diego or the surrounding areas, Petrov Law Firm is your source for Southern California’s top estate planning attorneys. To get your estate plan started, give us a call today at 619-344-0360 and schedule a consultation.Read More
It is important to make advance decisions regarding your estate and your beneficiaries. However, it is advisable to have the assistance of an estate planning attorney. What are some of the risks of trying to write a will on your own?
- Estate taxes – While current estate tax laws allow for quite a large estate to pass on to heirs tax-free, you want to be sure that you keep up to date with current estate tax legislation so that most of your money doesn’t end up going to the government instead of your family.
- Missed details – It doesn’t matter how many times you double check your work if there is something you are unaware of that should be written in advance. Boilerplate wills that are available online don’t fit every situation, so you may be omitting important information.
- Legal loopholes – Every state is different when it comes to succession, so you want to be sure that you are working with an attorney who knows the legal language to use for the state that you presently live in.
California’s Premier Estate Planning Attorneys
If you live in the San Diego area, contact the Petrov Law Firm today to get the best legal help in planning your will, executing advance medical directives, setting up trusts, and more. Our assistance can allow you to have peace of mind, knowing that your wishes will be carried out. To get started on your estate plan, or to update an existing plan, call us today at 619-344-0360.Read More
Millennials are currently in your 20s and 30s, so estate planning may be the last thing you are thinking about. You are busy raising your kids, taking care of aging parents, and trying to make ends meet in a difficult job market. However, being busy is no excuse for failing to plan for the future. Here are three reasons that Millennials need to execute a will.
- You’re not invincible – It may feel like it right now, but there will come a time when you will wish that you had taken care of your estate planning earlier when you had more energy.
- You need to make advance medical decisions – If you become incapacitated or unable to speak for yourself, advanced medical decisions that are made as a part of your estate plan will allow you to have a voice and to appoint someone who can make decisions for you.
- An accident can happen to anyone – If an accident does occur and something happens to you prematurely, some still has to take care of your spouse, kids, parents, etc. Estate planning is how you provide ongoing care even if you pass away tragically.
Estate Planning Is a Sign of Love
Take care of your family, even if something happens to you. Estate planning helps carry out your wishes and can help your family to cope with the trauma of losing you. The Petrov Law Firm can help you to plan ahead for the future. Call 619-344-036 today to learn more about how we help California families.Read More
You may have always thought of it in terms of end of life decisions, but estate planning is really all about planning for the future. Many of your advance plans may still be enacted while you are alive. Here are a few mistakes to avoid when you plan for the future.
- Not making advance medical decisions – Are you willing to be revived or to have your life prolonged by machines? Are there certain treatments that are unwilling to accept for ethical or religious reasons? Making these decisions in advance and appointing someone to speak for you medically if you are unconscious are important when it comes to having your medical wishes carried out.
- Failing to update your existing estate plans – Maybe you created an estate plan several years ago but have not checked it since. Have you had any major changes in your assets since then? Did you get married, divorced, have a child, or change your family in some other way? Looking over your estate plan every few years and after any major life event is important to ensure that your current wishes are reflected.
Plan for Your Future with Help from an Estate Planning Attorney
Petrov Law Firm has southern California’s estate planning attorney experts. If you need to develop an estate plan, set up an advanced health directive, or even update an existing estate plan, we’re here to help. And don’t forget that every state has their own laws regarding succession, so if you set up your estate plan before you moved to California, you need to make sure it will still carry out your wishes here. Call 619-344-0360 to schedule a consultation today!Read More
If you already have an estate plan in place, you are ahead of the curve, but that doesn’t mean you can rest on your laurels and assume everything will work out in the future. An estate plan must be revisited regularly to ensure everything still matches your wishes. Here are a few ways to know it is time to review your estate plan.
- You just experienced a life-changing event – Any time you get married, divorced, have a child, adopt a child, etc., it is time to review your estate plan to make sure the right people are included.
- You’ve changed your mind – Whether something has changed about what you want to do with your funds or how you feel about a particular beneficiary, it is time to review your plans.
- You have a sudden change in income – Whether you suddenly have a lot more or a lot less money, you need to make sure that your estate plan is still the best option for distributing your assets.
- You can’t remember the last time you reviewed it – You should be at least scanning your plan annually and giving it a closer look every 3 to 5 years. If you can’t remember the last time you checked your estate plan, then it is definitely time.
Updating Your Estate Plan in California
If you need to update your estate plan in California, the estate planning attorneys at Petrov Law Firm would be happy to help. Whether you are new to the state, need to update your existing plan, or want to get started with your first estate plan, call our San Diego office at 619-344-0360 today!Read More
Being named the executor of a will places you in a position of trust and honor. Whether you are a relative or a close friend of the deceased, how can you carry out your assignment with dignity and benefit the heirs? Here are a few tips:
- Be organized – You have a lot of things to take care of, so good organization skills are a must. Color coding tax information, bills from creditors, titles, deeds, policies, statements, and other key data is a good idea.
- Get used to being on the phone – You need to be a good communicator to be a good executor. Between the beneficiaries, the IRS, the court, and creditors, there is always going to be someone who needs information. Keep good records of your communications since people suddenly become forgetful when money is involved.
- Get legal assistance – Acquiring the help of an estate planning attorney can help you to avoid common mistakes that executors often fall prey to. If you are worried about the expense, it is a small price for the estate to pay if it helps beneficiaries to maximize their inheritance and to receive it in a timely manner.
Estate Planning Lawyers in Southern California
If you are in or near the San Diego area, the estate planning lawyers at Petrov Law Firm can provide the assistance you need. For help in fulfilling your duties as the executor of a will in a cost-efficient and timely manner, just call 619-344-0360 today, and we will get you set up with an attorney who can help you to navigate the murky waters of probate court.Read More
You probably don’t want to think about spending the last decade of your life in a nursing facility any more than you want to think about the end of your life in general. The only problem with that is: long-term care can completely drain assets you intended to leave to your loved ones. Here are three reasons you have to consider long-term care when planning for your estate.
- It’s more common than you think – Most people avoid thinking about long-term care because many people don’t need it. However, about 10% of people end up spending more than three years in a nursing home. 4 out of 10 people will at least spend some time in nursing care. And any time in a nursing facility is going to cost thousands of dollars per month.
- The costs add up fast – Depending on the facility you are in, costs can range from $40,000 a year to over $100,000 per year. That can eat away at an estate very quickly. You can minimize the costs and protect yourself against running out of funds with the right estate planning.
- It’s not covered by healthcare – It is unlikely that your health coverage is going to pay for long-term care. Medicare and Medicaid are great for doctor’s visits and prescriptions but not long-term assisted living. And yes, there are private insurance plans that cover long-term care. You just need to be sure you don’t spend your entire estate on premiums.
Planning Ahead for Long-Term Care in California
Petrov Law Firm can help you organize your estate so that long-term care doesn’t end up costing your family their inheritance. Contact us today at 619-344-0360 to speak with an experienced estate planning attorney.Read More
Probate court can be beneficial when a person dies without any estate planning in place. However, when you are planning for your estate, part of the goal is usually to keep your assets out of probate court. Here are a few of the reasons why.
- It can be a long process – You want your heirs to benefit from your estate as quickly as possible. However, probate court can tie up funds and other assets for months or even years in rare cases.
- It can get expensive – The longer things drag on, the more court costs will mount up. This can result in major court fees that can make a significant dent in your estate before your heirs even get to enjoy it.
- Everything is public record – When your estate goes through probate, it becomes public record. This may open your beneficiaries up to attacks from scammers or other criminals who now see how much you left to various family members or friends.
Protect Your Estate with Professional Estate Planning Services in California
At Petrov Law Firm in San Diego, we specialize in helping California residents to protect your estate and preserve it for future generations rather than for court fees. Our attorneys are experienced in helping clients to set up trusts and directly leave their estate to heirs in other legal ways. To schedule a consultation, call us today at 619-344-0360. We look forward to helping you plan successfully for the future of your household.Read More
There are a lot of things that can be fun to do yourself. In fact, many home projects can save you a ton of money if you learn to take care of them on your own without the help of a paid professional. However, when it comes to your estate planning, you don’t want to take any chances. Here are three reasons:
- Mistakes – Even if you go to a legal website that offers a form will and legal support, there are still mistakes that can easily be made. Whether it is something that is omitted that should have been in your will or perhaps wording that is not valid in California (since legal matters vary from state to state), you just want to be sure that your planning is valid.
- Dispute resolution – Don’t let your life’s work end up tied up in probate court for months or even years before your beneficiaries are left with what hasn’t been spent on court fees. The wording is key when it comes to estate planning. You want to be sure that things are ironclad, so no one can challenge your decisions.
- Confidence – Hiring an attorney can give you peace of mind because you won’t have to worry if your DIY will is good enough to get your wishes carried out.
Southern California’s Premier Estate Planning Attorneys
If you are ready to prepare your estate plan with confidence, then it is time to call the pros at Petrov Law Firm. Dial 619-344-0360 today to get the help you need in being prepared for the future.Read More
Being a successor trustee is a weighty responsibility. You want to be sure that person you select will do what is best for the trust and ensure a good financial future for your beneficiaries. However, there are some common pitfalls that a successor trustee could fall into. Here are a few ways to provide help that may prevent the most common pitfalls.
- Bookkeeping errors – Is your trustee level-headed but not the best with numbers? An accountant can help ensure that no mistakes are made. Plus, a second set of eyes keeps everyone on the straight and narrow.
- Crossing the line – A successor trustee can fall into think that he or she plays a larger role in how the assets are preserved than you intended. Leaving precise instructions will help your trustee to remember what his or her proper function is.
- Envy – Your trustee sees what you are leaving to your beneficiaries and is the one doing all the work. In order to avoid feelings of envy or jealousy from clouding the trustee’s judgment, it is a good idea to provide adequate compensation.
It is also important to be objective when selecting your successor trustee. The best way to avoid problems is to select the best person for the job rather than allowing sentiment to get in the way.
California Estate Planning Experts
For more assistance with trusts, contact the estate planning attorneys at Petrov Law Firm by calling 619-344-0360. We are happy to help California residents plan for the future with confidence.Read More