What to Bring to a Meeting With an Estate Planning Attorney

Important Items to Bring to an Estate Planning Lawyer Consultation

• Personal identification and relevant documents:

Bring a valid form of identification, such as your driver’s license or passport, to establish your identity and facilitate the legal process. In addition, bring copies of any pertinent legal documents related to your estate, such as:

• Financial and Asset Details:

Estate Planning requires a comprehensive overview of your financial situation. Bring the following documents to help your attorney understand your assets, liabilities, and financial objectives:

• Family and Beneficiary Details:

Planning your estate involves making decisions about your loved ones and beneficiaries. Bring their full names, birth dates, and contact information. In addition, consider providing pertinent documents.

• Questions and Concerns:

Before meeting, jot down any estate planning-related concerns or questions you have. This may include questions regarding particular legal documents, tax implications, or the distribution of assets. Having these questions prepared will allow you to maximize your time with the lawyer and obtain clarity on crucial matters.

• Your Objectives:

Clarify your personal estate planning goals and objectives. Do you have specific distribution preferences for your assets? Which charitable causes would you like to support? By clearly articulating your intentions, your estate planning attorney will be able to construct a plan that aligns with your preferences and assists in achieving your goals.

Meeting with a lawyer who specializes in estate planning is essential to securing your future and ensuring that your wishes are carried out. By bringing necessary documents, information, and questions to your meeting, you can maximize its efficiency and help your attorney create a customized estate plan that reflects your goals. Remember that estate planning is a dynamic process, and regular evaluations with your attorney are necessary to account for changes in your life. With a well-considered estate plan in place, you can rest assured that your loved ones and assets are safeguarded in accordance with your wishes.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin, California. Prepare for your future and work with the best estate planning attorneys today.

Essential Legal Documents You Need When Your Child Turns 18

Turning 18 is a big milestone for a young person and their parents. It signifies the commencement of adulthood, new responsibilities and rights. As parents, you must ensure that your child is prepared for the legal and financial responsibilities that lie ahead in their adult lives. This preparation is also essential for you, the parent, because without these documents, you will not be able to make any legal decisions on their behalf. You will lose all access to their health, financial, and educational records. At Filippi Law Firm, P.C., our team of attorneys has developed a Young Adult Estate Plan Package at a cost-effective price of $700 that handles these vital documents. 

As your child approaches adulthood, it is crucial that you guide them through the process of establishing these necessary legal documents for both of you. The last will and testament, power of attorney, and advanced healthcare directive provide invaluable protection. They will ensure that their wishes regarding healthcare, finances, and end-of-life preferences are respected.

Encourage your child to consult a qualified attorney to create an estate plan. By doing so, you and they will be able to confidently embrace the responsibilities and independence that accompany adulthood.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.

Top 10 Assets Your Estate Planning Attorney Should Include in Your Estate Plan

1. Real Estate: This typically includes any property you own, including your primary residence, vacation home, and investment properties. Your estate plan should specify who will inherit your property and how it will be administered after your passing.

2. Bank Accounts: This includes all of your checking, savings, and money market accounts. You can specify who will inherit these accounts as well as how the funds will be distributed.

3. Investment Accounts: These include brokerage accounts, retirement accounts, and other investment vehicles.

4. Life insurance policies: They can provide financial support for your loved ones in the event of your passing.

5. Business Interests: If you own a business, it is essential to include it in your estate plan. You can determine who will inherit the business and how it will be run after your passing.

6. Personal Property: This includes valuable items such as artwork, jewelry, antiquities, and collectibles.

7. Intellectual Property: You can include intellectual property in your estate plan if you own patents, trademarks, copyrights, or any other intellectual property. You can specify who will inherit these assets and how they will be managed following your passing.

8. Digital Assets: encompass all online accounts and digital property, including email accounts, social media profiles, and online storage accounts. Your estate plan should specify who will have access to these accounts.

9. Vehicles: This includes any automobiles, yachts, or other vehicles you own.

10. Firearms: Transferring firearms is no easy task, so making sure your trust is the owner will allow our trustee to transfer them with few issues. 

The purpose of including these assets in your estate plan is to ensure that your wishes are carried out and that your loved ones are cared for in accordance with your wishes. You should specify in your will who will inherit these items and how they will be distributed.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Call Filippi Law Firm, P.C. or fill out the form below to schedule a free consultation. Our experienced attorneys are here to guide you through the estate planning process, ensuring that your family’s future is secure and that your wishes are carried out. 

Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.

What is the best age to create an estate plan?

The best age to create an estate plan is at eighteen, but what is the second best time? However old you are right now. The sooner, the better, because an estate plan is essential if you have many or few financial assets.

Here is why:

• It establishes beneficiaries for your long-term benefits, such as pensions and life insurance. 
• You can provide your end-of-life decisions. Whether it is deciding treatment options for health problems or choosing a loved one who can make those decisions for you.
• You can prevent hard decisions from being thrust upon someone unexpectedly.
• You can ensure that your most beloved assets go to those you want.

Estate planning is a crucial tool that allows people to prepare for the future and protect their assets in the event of unforeseen circumstances. Estate planning allows people to guarantee that their wishes for the distribution of their estate, which includes money and property, will be carried out after their passing. Additionally, it provides them with a way to prepare for any future financial or medical needs they may have. Estate plans can protect heirs from creditors and lower the tax obligations they must pay, in addition to giving them peace of mind. An estate plan includes wills, trusts, power of attorney, living wills, and healthcare directives that specify how certain issues should be handled when it comes to your estate after you pass away. You can read about these documents and more here.

Is it possible to be too young for an estate plan?

Simply put, no.

In the event that you become incapacitated or pass away, it may be challenging for family members or other loved ones to access your accounts and property without an estate plan.

An estate plan assures that the people who depend on you will receive the necessary support.

Everyone should think about making an estate plan to prepare for any potential future medical requirements. This includes establishing a health care proxy so that a trusted individual can make healthcare decisions on your behalf.

Additionally, estate planning enables individuals to establish a guardian for minor children in the event that both parents are unable to care for them due to illness, injury, or death.

There isn’t a one-size-fits-all solution when it comes to estate planning because everyone’s circumstances are unique.

Factors such as:

• Marital status
• Having dependents
• Owning property
• Operating a business

These factors influence how a person should approach their estate plan. It is essential to consider not only what could occur today but also anticipate potential changes down the road. You may wish to consult with legal professionals who can advise you on your options based on your unique circumstances and goals. From our experience, it is best to create an estate plan, or at the very least a will, as soon as you become a legal adult.

Choosing the Right Attorney

Finding a professional who can assist you in drafting a plan that meets your goals and objectives is one of the most crucial steps in estate planning. The estate planner should have experience creating wills, trusts, and other documents related to end-of-life issues. Additionally, it’s crucial that you feel at ease working with this person because there will be some difficult topics discussed during the process.

Finding an experienced attorney who is knowledgeable about all facets of estate planning can help ensure that your wishes are carried out after your passing and give you peace of mind knowing that, should the unexpected occur during your life’s journey, your loved ones will receive the proper financial support regardless of your age.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.

What is power of attorney?

A power of attorney (POA) is a legal document that grants someone else the power to act in another person’s name. It can be used in a variety of circumstances, such as when a person is unable to handle their affairs or make decisions because they are incapacitated or out of town. A power of attorney usually designates an “agent,” who will subsequently be given the right and responsibility to make decisions on behalf of the principal. Powers of attorney often fall into one of two categories: general POAs or specific POAs. General POAs grant a person broad control over all facets of their personal affairs. Specific POAs, however, are restricted to the specific acts listed in the agreement itself (such as managing investments). You may need one type of power of attorney document or both types, depending on your circumstances.

Creating a Power of Attorney

In the event that you become unable to make decisions for yourself or your family, establishing a power of attorney is essential to safeguarding your interests and those of your loved ones. Consulting with a knowledgeable estate planning attorney like Filippi Law Firm is the first step in establishing an effective power of attorney agreement. They can accurately identify your needs and offer you personalized advice.

A legal power of attorney must fulfill a number of conditions, including being written on sturdy paper, signed by the principal and the agent in the presence of witnesses, being duly notarized, and accurately stating the powers granted to the agent. This guarantees that the agreement is enforceable in court and has legal force.

It’s crucial to appropriately identify the principal (the person granting authority) and the agent (the person receiving authority) when drafting a power of attorney document. The principal should give great thought to who they pick as their agent; this person should be someone dependable who has their best interests at heart. Before signing anything, it’s also recommended for both parties to research any pertinent state regulations surrounding POAs; these may change depending on where you live.

Terminating a Power of Attorney

A power of attorney can be terminated in order to end a contract between two parties. A decision may be made by the principal, who initially gave authority to the agent, that they no longer want someone else to make decisions on their behalf. In this instance, it’s critical that the primary understands how ending a power of attorney will impact them and what needs to be done to ensure its legal validity.

The outcome of a power of attorney transfer depends on whether a new document assigning authority to a different individual has been created. All authority previously provided under an old POA is automatically cancelled and cannot be used going forward without the creation of a new one if there is no new POA in place when the old one expires. Additionally, if local laws allow it, some powers—such as those relating to healthcare decisions—may continue to be in effect after the POA is terminated.

Both parties must be notified of the decision to revoke the power of attorney’s provisions, and witnesses must attest to this agreement. This can take many forms, depending on local legislation, such as signing paperwork or appearing before a witness or court official at least two days before the cancellation goes into effect (in some states). Since cancellation nullifies all prior POA-granted powers and lays responsibility directly on the principal rather than on a third party acting on their behalf, cancellation should only be done in extreme cases.

When a power of attorney is revoked, all rights that an agent may have over specific tasks that fall under its purview are completely eliminated; however, all facets of the power (such as debts incurred while exercising the power) are not necessarily eliminated. Revocation always has to adhere to the procedures set forth by state law; otherwise, legal action may be taken against either person engaged in the creation or revoking of the revoked document(s). Agents should be aware that revocation does not provide complete liability protection.

Powers and Limitations

The scope of a power of attorney document describes the range of actions the agent is authorized to perform on behalf of the principal. In general, it will cover both financial and legal facets of managing affairs, including paying bills, submitting taxes, opening bank accounts, making transfers or investments, managing real estate deals, and even advocating for them in court. However, by specifying specific actions that are prohibited by the terms of the POA (such as selling property), the power can be restricted.

To maintain an agent’s authority under state law, powers of attorney must contain specific limitations. Limitations may include requirements that you obtain consent from a third party before making any significant decisions (this could be your spouse or another family member), that you only have partial decision-making authority over all matters listed in the scope section of the document (e.g., financial decisions), and/or that you can only take certain actions within a certain time frame (e.g., no more than three transfers per month). Additionally, some states need particular precautions for matters like guardianship and end-of-life care when drafting a POA form, so it’s crucial for all parties to be clear on their rights and obligations before signing anything.

Alternatives to a Power of Attorney

A living trust is a legal document that allows an individual to manage their assets and designate how they will be distributed upon their death. A living trust functions after one’s death and can help ensure that property goes straight to selected beneficiaries without going through probate, unlike a power of attorney, which gives authority to another person while the principal is still alive. Additionally, a living trust gives you more control over who has access to certain assets and when; for instance, if you wish to give your children certain pieces of property at particular ages or stages in their lives.

In order to prevent people with disabilities or chronic diseases from losing access to crucial benefits related to these ailments, special needs trusts were created specifically for them. This kind of trust often specifies who receives payments (such as family members or caregivers) as well as how money should be utilized (for medical care/education rather than luxury items). By guaranteeing that any funds set aside are used for services exclusively relevant to the beneficiary’s condition, such as medical costs not covered by insurance policies or government programs, special needs trusts protect against resource depletion.

Finally, it’s critical to comprehend the distinctions between wills and powers of attorney. Both papers give people power over their financial affairs when they pass away, but wills specify how one’s inheritance should be distributed among heirs after death, while POAs largely focus on allowing someone else to act while the person is still alive. Anyone thinking about either document should be aware of what each one entails in order to make an informed choice regarding their future planning. 

POAs are Valuable

Powers of attorney are a useful tool for giving someone control over your affairs while you’re still alive. If a person becomes incapacitated due to illness or injury, a POA can help safeguard their assets and financial interests. To make sure that everything is legally enforceable, it is crucial to comprehend the agreement’s parameters and any usage restrictions before drafting the power of attorney paperwork. In addition, there are other legal documents that offer various sorts of protection in estate planning, such as living trusts and special needs trusts. Last but not least, it should be emphasized that powers of attorney are different from wills in that they normally only take effect after death, whereas POAs provide someone with temporary control over their affairs while they are still alive.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.

Owning property jointly with your spouse is fairly universal and there are estate planning benefits to doing so, including tax savings and post death transfers. However, when it comes to a divorce, there are some issues with joint ownership of which you may not be aware. This article will discuss the issue that arises with owning property in joint tenancy when you begin a marriage dissolution.

We are not divorce attorneys, but there is a fair amount of overlap when it comes to post death administration of someone’s estate. If you are currently in a divorce proceeding, you should discuss the issues raised here with your family law attorney. For our purposes, we want you to be aware of the issues raised here so they can be properly handled in the estate planning context.

Joint Tenancy

First, let’s discuss what it means to own property as joint tenants with your spouse. While this is not the best method for most married couples to hold title, it seems to be very common. Primarily because this is often advice given by real estate agents in the home buying process. While the agent likely has your best intentions in mind, advice on how to vest title can be very complex. Which is why you should discuss this with your attorney instead.

Joint tenancy is a form of joint ownership which is created at the same time through the same transferring document (typically a deed). The special feature of joint tenancy is the right of survivorship that is attached to it. This means that when one of the joint tenants dies, their interest is extinguished and the property interest is instead vested with the surviving joint tenant(s).

Joint tenancy allows for property to be transferred without the need of a court proceeding. It is a great tool for estate planning in certain situations. However, don’t chose this option just because it is cheap or easy. As I mentioned, title vesting is complicated, so it is best that your options are reviewed with an attorney, so you can make the right choice for you and your family.

Estate Planning Effects of Joint Tenancy After Death

Since Joint Tenancy has the right of survivorship feature, your interest in that property is not subject to the instructions you give in your will or trust on how that property is to be disbursed. This is because your will or trust can only distribute property you own at the time you die. Since the property interest you have in property that is owned in joint tenancy is completely extinguished on your death, there is nothing to pass along through your will or trust.

This is the bad side of a joint tenancy form of ownership. You do not have the ability to distribute your interest in a will or trust. The interest simply vests in those with whom you hold a joint tenancy ownership interest.

Severance of a Joint Tenancy

When you take title to a property interest in joint tenancy, you are not necessarily locked into that form of ownership forever. And in the same token, neither are your fellow joint tenants. You all can “sever” the joint tenancy through your own actions.

Meaning, you can remove your property interest from joint tenancy and own it jointly in another form of joint ownership; typically, tenants in common. Assuming this new form of ownership is in fact one that lacks the right of survivorship provision, your property interest can then be distributed according to your instructions in your will or trust.

The method of properly severing the joint tenancy is outside the scope of this article, but if you choose to explorer this option, you should talk to an attorney prior to doing so as it could result in some grave consequences if not done properly.

From an estate planning perspective, joint tenancy can present a liability for you. Since your fellow joint tenants can sever the joint tenancy on their own accord, the property interest you thought you would receive when they die may not happen. Therefore, you should protect yourself and instead explorer other options, such as a living trust.

Severing a Joint Tenancy During a Divorce

While you are typically allowed to sever a joint tenancy on your own accord, there are some situations which prevent you from exercising this right. The initiation of divorce proceedings institutes an automatic stay on the transfer of marital assets. The purpose for this is obvious, we don’t want spouses to serendipitously transfer all the marital assets out of the community estate unfairly. So, the law protects that from happening.

This means that when a divorce is filed with the court, you can no longer unilaterally sever the joint tenancy of property you own with your spouse. Instead, there is a procedure in place that requires you to sever the joint tenancy in a manner prescribed by law. Your family law attorney will help you with this and if you are in the midst of a divorce now, you should have this conversation immediately.

Effects of the Automatic Stay on Estate Planning

It is likely that you will want your ownership interest in the jointly owned property to go to someone other than your soon-to-be-ex spouse. However, unless you sever the joint tenancy, that may not happen.

This is especially true if you are wanting to either update your estate plan or create a new plan because of the divorce. There are steps that must be done in order to ensure your wishes are able to be carried out when you die, especially if you die before the divorce is completed.

Simply establishing or amending a will or trust alone may not be sufficient. Remember you can only distribute property you own at your death through a will or trust. So, if you have not severed the joint tenancy, the property you owned with your spouse may go entirely to that spouse if you were to die before the divorce is finalized.

While you may be focused on the divorce proceedings and dealing with the complex issues that presents, you need to also consider the possibility that you could die before the divorce is completed. This is why consulting with an estate planning attorney when you begin your divorce is vital to protecting your property interests.

The Filippi Law Firm, P.C. can help you navigate those uncertain times and will work hand in hand with your family law attorney to make sure your property interests are fully protected.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.