Estate Planning | The Best Way to Say ‘I Love You!’

There are obvious ways to say I love you, but what if you show your love in a different way this season—with an estate plan?

Most people choose to buy chocolates and flowers and go out on a nice date to show their Valentine they care. While that is a wonderful expression of your affection, making sure your loved ones will be well cared for when you are not around is the greatest way to show your true love. Creating an estate plan is a selfless act of love that benefits you when you are alive as well as those you leave behind.

Ways to show your love

Estate Planning is truly about love

We plan for the future while we are here and for when we are not. We spend time thinking about who and what we love. Who is important to you? Who will miss you the most? Who do you take care of? Who takes care of you? Who will take care of your children or grandchildren? What about your pets? What will happen to the family farm or business? Who will get grandmas jewelry? How will I be remembered?

Most people fear or avoid discussions about death or disability; let’s instead talk about the people you love and how you will continue to care for them. This month, we celebrate Valentine’s Day and love. It’s the perfect time to take a few moments to think about the people and things around us that enrich our lives.

There are many ways to say ‘I love you,’ and thoughtful estate planning is definitely one of them.

Let’s work on your estate plan this Valentine’s Day. Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, and trust litigation in the greater Sacramento area and Placer County, 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.

Our estate planning legal services

Unmarried couples often encounter unique challenges and misconceptions when it comes to estate planning. The law generally defaults in favor of married couples or biological family members. Thus, unmarried couples must take affirmative action to ensure they provide, protect, and plan for each other’s peace of mind.

It’s important to understand that unmarried couples do not have the same automatic inheritance rights as married couples. If one partner passes away without a will, their possessions can be given to their closest blood relatives, regardless of their personal relationship, possibly leaving the surviving partner with nothing.

A comprehensive estate plan is a great tool for unmarried couples to ensure their assets are allocated in accordance with their wishes. Work with an estate planning attorney to ensure these documents clearly outline which assets go to the surviving partner. In the absence of a will or trust, California laws will allocate assets to blood relatives and exclude those in non-traditional relationships.

You may want to specifically name your spouse as the beneficiary of assets such as life insurance policies and retirement accounts. Updating these designations is essential because they typically take precedence over any directives in a will or trust. Before determining whether or not pay-on-death designations are best for your circumstances, you should consider the pros and cons of each and discuss the best options with an estate planning attorney.

When properties, such as real estate or bank accounts, are held as joint tenants with survivorship rights, the surviving partner inherits the asset immediately upon the death of the other partner. This arrangement avoids probate, which can be a long and expensive legal process. However, there are drawbacks to joint ownership options, including tax and liability exposures, which you should consider with an expert and knowledgeable estate planning attorney before determining if they are appropriate for your circumstances.

It’s a misconception that partners can make medical or financial decisions for each other in times of crisis. As part of your comprehensive estate plan, establish a power of attorney so that your partner can handle matters on your behalf in the event that you become incapacitated.

This document specifies your medical preferences in the event that you are unable to communicate them and appoints a medical decision-maker. This guarantees that your partner can support and understand your wishes if you are not married.

A cohabitation agreement is similar to a prenuptial agreement and outlines the financial rights and responsibilities of each partner. It can safeguard both parties by clarifying matters like asset division, property rights, and financial responsibilities.

Even though estate planning may appear complicated for unmarried couples, it is essential because California laws do not favor nonbiological and nonmarital relationships. Understand your legal rights and make deliberate decisions to protect your life and future. Our experienced estate planning attorneys in Rocklin, California, can guide you through the process and ensure that you and your partner are taken care of, regardless of what the future holds.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, and trust litigation in the greater Sacramento area and Placer County, 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.

Blended families are becoming more prevalent in a world of contemporary family dynamics. Because of its distinct legal system, California offers special opportunities as well as obstacles for estate planning in these kinds of family structures. This blog post aims to emphasize the significance of thorough estate planning for blended families in California. By doing so, you can make sure that your assets are distributed in accordance with your wishes and that your loved ones are sufficiently protected. You can also prevent a surviving spouse from purposefully or inadvertently losing stepchildren to their estate.

Typically, a blended family consists of married couples who bring their former partnerships’ children into their new one. Because of this dynamic, estate planning may present special difficulties because children from past and present relationships may have distinct goals that need to be taken into account.

The Importance of Separate Assets in Blended Families

It’s typical for spouses in blended families to bring separate property or assets into the union. These could include personal belongings, investments, real estate, savings accounts, and company interests. Making the distinction between separate and community property is essential for estate planning in the community property state of California.

Separate property is any property acquired prior to marriage and any property received during marriage that are gifts or inheritances. To make sure these assets are disbursed in accordance with your preferences, it is crucial to properly identify and record them. Additionally, separate property can be recharacterized as jointly owned community property by agreement with your spouse, or by your actions, such as commingling the separate property with your community property.

Inadequate documentation and preparation may allow separate property to become entangled with communal property, making it more difficult to distribute following your death. This is especially crucial for blended families, since you may want to make sure that your children from a previous relationship inherit specific assets.

Instruments like postnuptial and prenuptial agreements, as well as specific estate planning clauses found in trusts, can help protect particular assets. With the use of trusts, you can allocate certain assets to beneficiaries, such as your children from previous partnerships, with great effectiveness.

Why Estate Planning is Important for Blended Families in California

In the absence of a clear estate plan, your assets will be disbursed in accordance with California’s intestate succession laws, which might not be in line with your desires for your current spouse and any children from past marriages.

A well-organized estate plan can guarantee that your desires are expressed clearly and are enforceable by law, helping to avert possible conflicts between family members.

You can strike a balance between your current spouse’s needs and your children from past marriages by using effective estate planning. Careful planning is necessary to prevent a situation where a surviving spouse might unintentionally, or purposefully, disinherit stepchildren; this risk is particularly important in mixed-family households.

It’s important for people with young children to name guardians in case of an unexpected death; this is a decision that may be more difficult in blended families.

Important Strategies for Estate Planning

Having clarity and control over the distribution of your assets can be obtained by creating or revising your will and trust. When it comes to supporting your spouse, protecting your children’s inheritance, and preventing stepchildren from being disinherited, trusts can be extremely helpful.

These can be especially helpful in blended families since they make it clear what happens to your assets in the event of a divorce or death.

These can guarantee that the family’s needs are met for every member. Policies that particularly address commitments to former partners or children may be something to think about.

Your estate plan should evolve as your life does. Reviews should be done on a regular basis, particularly following significant life events like getting married again, having more children, or a significant change in assets.

In California, estate planning for blended families calls for considerable thought and, often, a personalized strategy. It’s important to safeguard your loved ones and your relationships, in addition to your possessions. It can really make a difference to speak with an attorney who is knowledgeable about blended families and California’s estate planning laws. Create your estate plan now for peace of mind.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, and trust litigation in the greater Sacramento area and Placer County, 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.

Dealing with the legal aspects of an individual’s estate after their passing can be a difficult and emotionally challenging process. A probate attorney serves a crucial role in navigating the complexities of probate law so that you don’t have to. In this article, we will examine the role and vital functions of a probate lawyer.

What is Probate?

Probate is the legal process that is typically supervised by a court to decide if a will exists and is valid, to figure out who the beneficiaries or heirs are and transfer property to them, to figure out how much assets are worth, and to handle the decedent’s financial responsibilities, including the payment of creditors. Court supervision ensures that the decedent’s wishes are followed if they had a will or state laws if they didn’t.

What is a Probate Attorney?

A probate lawyer is a legal professional who handles the legal proceedings associated with the distribution of a person’s estate after their passing. These attorneys are well versed in probate laws, estate planning, and the intricacies of wills and trusts.

Roles and Responsibilities of a probate lawyer

  1. Validating the will: This involves confirming the legitimacy of the will and ensuring it meets all legal requirements. When there is no will (intestate), the attorney guides the distribution of assets according to state intestacy laws.
  2. Drafting the Probate Petition: The laws of probate require exacting detail for the petitioner and any minor mistake or omission can result in the delay of the petition or outright dismissal by the court. The probate attorney will ensure the petition is drafted properly, giving it the best opportunity to be granted at the first court hearing.
  3. Court Representation: Probate attorneys represent the administrator or executor of the estate in court. Throughout the probate process, they file necessary documents, attend hearings, and handle any legal challenges.
  4. Asset Inventory and Appraisal: Probate attorneys assist in identifying and determining the worth of an estate’s assets. This includes bank accounts, investments, personal property, real estate, and more. Accurate valuation is essential for the fair distribution of assets among heirs and beneficiaries.
  5. Debt Settlement: The probate lawyer is also involved in settling outstanding debts and taxes owed by the estate, which can involve negotiating with creditors.
  6. Distribution of Assets: Once all debts and taxes are settled, the probate attorney oversees the distribution of the remaining assets to the designated beneficiaries and heirs according to the court’s order, which will be based on the decedent’s will or the laws of intestacy.

A probate attorney’s expertise can be invaluable during a time of loss. These legal professionals guide families through the intricacies of the probate process, ensure the deceased person’s final wishes are respected, and ensure their estate is disbursed properly. Their role is critical to providing legal clarity during a challenging time. 

You might find this article helpful: https://filippilaw.com/california-probate-frequently-asked-questions/ 

Filippi Law Firm probate attorneys are here to help you through this challenging time. Call (916) 333-7910 or fill out our contact form to get in touch with our office. Our initial consultations are free and can be done over the phone, via Zoom, or in person at our office in Rocklin, California.

Creating a comprehensive estate plan is very important to ensure that your assets are disbursed in accordance with your preferences and that your loved ones are taken care of after your death. Here is a comprehensive estate planning checklist to help you through the process.

  1. Define your objectives and goals:
  1. Gather important documents, such as:
  1. List your assets:
  1. Determine beneficiaries:
  1. Elect executor and trustees:
  1. Designate a living will and healthcare proxy:
  1. Plan for taxes:
  1. Arrange digital assets:
  1. Set funeral and burial arrangements:
  1. Consult with estate planning attorneys
  1. Share your plan:
  1. Protect and store documents:
  1. Review and update:
  1. Emergency preparedness:

Estate planning is a complex process that involves many documents, extensive knowledge of the law and is highly customizable. Consult with our estate planning lawyers to ensure your legacy is protected. This checklist is a starting point and you may require additional considerations.

You might find this article helpful: 10 Reasons You Need An Estate Plan Now

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area and Placer County, 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.

An estate plan is a crucial legal document that states your wishes for how your assets will be managed and who will inherit them after your death. Other matters, such as healthcare decisions and guardianship of minor children, are also important in estate planning. Updating an estate plan is essential to ensure that it reflects any changes in living circumstances or financial goals and to make sure that all beneficiaries are up-to-date. If an estate plan is not updated, it can cause disputes between family members over assets, or they could have difficulty accessing funds when they need them. In order to ensure that your desires are carried out, it is critical to periodically review and update your estate plan.

Understand Your Current Estate Plan

The first step is to examine the beneficiaries listed in your current estate plan. Verify all individuals named are up-to-date and accurate, as well as any modifications you would like to make, such as adding or removing a beneficiary or altering their share of assets. Furthermore, assure that each asset title and trust provision is listed in your estate plan to ensure they reflect the most recent transfer information and accurately name ownership rights.

It’s also crucial to take into account any recent life changes, like death, marriage, or divorce, that can require amending your estate plan. In addition, if you’ve had children since creating your original estate plan, then it’s essential to add them to the plan properly and set guardianship and inheritance distributions. Finally, depending on any changes made, it may require amending other legal documents such as wills, powers of attorney, or living trusts. All of this makes understanding an existing estate plan even more crucial for the successful management of financial affairs.

Gather information for your estate plan update

When updating an estate plan, it is important to consult with a knowledgeable estate planning attorney in Rocklin, California. An estate planning law firm can help ensure that your assets are distributed in accordance with updated laws and provide advice on any potential tax implications. In addition, they have the ability to examine current legal documents and offer recommendations for changes or modifications, including living trusts, powers of attorney, and other financial documents. They can also help review beneficiary designations and advise on potential gift taxes or inheritance taxes that may be due upon death, depending on state laws.

When amending an estate plan, it’s also important to take potential tax ramifications into account. This involves knowing the distinction between gifts that are exempt from taxation, such as transfers between spouses or educational costs for minor children, and those that are taxable and may require filing a gift tax return. A CPA knowledgeable in estate taxation is suggested. This helps to avoid paying excessive taxes or inadvertently lowering inheritance wealth. Finally, keep all documentation pertaining to updates well organized so you are aware of exactly who made changes and when; this will be useful if there are any disputes regarding the proper application of the estate and distribution of assets.

Update your estate plan

Your estate plan should evolve as your life evolves, as well as the evolution of tax and trust law.  First and foremost, make sure that the beneficiary names on your life insurance and retirement accounts are current. Next, consider whether an existing trust should be modified or replaced with a new one, depending on the severity of the changes in goals or financial circumstances. This could include creating a special needs trust for individuals with disabilities or amending provisions within an existing trust, such as who gets access to funds and how much they can withdraw at once. Depending on state law requirements, certain trusts must also provide tax records annually, which may need to be filed alongside regular estate planning documents when submitting taxes each year.

It is strongly advised that all parties involved seek legal advice before signing off on anything legally binding when making any significant changes. This guarantees that everyone is aware of their responsibilities and rights under the amended estate plan and offers further security against future family disputes.

Seek expert assistance for updating your estate plan

It’s critical to take into account any recent life events that can have an impact on how assets are distributed at death. These events could include marriage or divorce, as well as family additions made through adoption or birth after the creation of your initial estate plan. If so, get legal advice before making any modifications to ensure that everyone impacted receives what they are legally entitled to in terms of guardianship agreements and inheritance distribution under state law. Last but not least, be sure to keep accurate records of all revisions so you can pinpoint who and when made changes. This will be helpful in the event that disagreements arise regarding the distribution of assets after the death and that due process has been correctly applied.

Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area and Placer County, 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.

Satisfied Client Stories

Icon

Walking into the Filippi Law Firm you are greeted by a friendly and welcoming receptionist. Any concerns regarding picking the right law firm are quickly erased. Jim Filippi and his staff are friendly, knowledgeable, and professional. They are extremely knowledgeable in Estate Planning, the reason for my need of an attorney. After obtaining my estate information they quickly got to work on updating my Revocable Living Trust and associated documents. Their fees were extremely reasonable for the time and effort they put forth. I highly recommend the Filippi Law Firm.

Andrew G. | Granite Bay, CA
Icon

I had a very good experience with this law firm. Bryan Walters is very knowledgeable and responsive. I’m sure he is an excellent representation of everyone at the Filippi Law.

Marina D.
Icon

No nonsense, fair billing, got the job completed quickly.

Elizabeth B. | Newcastle, CA
Icon

Jen Prioriello was very professional and easy to work with. She explained everything as we went so I would understand the process. I will definitely use them again.

Richard A. | Roseville, CA
Icon

The team at Filippi Law Firm handled the settlement of my cousin’s estate flawlessly. A difficult time for me as the executor and trustee was made a lot easier having this law firm handle all of the legal details of the settlement. I highly recommend this law firm!

Virginia Y. | Roseville, CA
Icon

Our Attorney Jen was extremely helpful navigating us throughout our legal matters. She truly is outstanding! It was a pleasure working with her & her associates at Filippi Law Firm!

Nancy S. | Antelope, CA