Choosing a legal caregiver for your child is an important consideration for
every parent or guardian. In the possibility that something happens to you,
your ward or kid is one of the most important individuals in your life;
establishing legal guardianship is the only way to ensure that he or she is
protected in the event of your death. In addition, presently designated
legal guardians must frequently navigate a tangle of convoluted regulations
in order to assist secure the well-being of the child they care for, as
well as defend against challenges to that protection from other,
less-qualified guardians and conservators of minors. It is extremely brutal
to navigate this area of law without the assistance of an experienced
guardianship attorney. While you should always seek the advice of a
guardianship attorney if at all feasible, becoming familiar with the
fundamentals of legal caretaking can only benefit you in the future. Please
keep in mind that this post is not meant to give particular advice, but
rather to provide general observations. If you seek legal guidance, you
should consult with an experienced guardianship attorney as soon as
possible.
Parents who are currently raising their children
If you are currently the parent of a minor kid, the most typical engagement
you will have with a guardianship lawyer will be in the context of
preparing your will or estate plan. When it comes to estate planning, Los
Angeles Estate Planning Lawyers can answer questions and explain in detail
how to effectively draft your testament in order to ensure that your kid is
secured. Your most crucial duty is to clearly define a legal obligation for
your kid in the case of your death, which is your most significant
responsibility. Always make your language as plain and straightforward as
possible, and be sure to review it with the people who may be affected by
it before sending it out to them. You want to prevent being caught off
guard if the worst case scenario occurs, and you also want to avoid the
need to engage litigation attorneys in the future.
For the time being, Guardians
As a current guardian of a minor child, you have no doubt met some of the
challenges that have resulted in the proliferation of litigation attorneys
in this area of the law. The possibility of being assigned to a ward exists
in numerous forms. First and foremost, you may be appointed as a caretaker
by the state. In the possibility that a biological parent is deemed
unsuitable, you may also choose to take up the role willingly. As an
alternative, you might agree to take on the obligation if friends or family
members ask you to do so on the advice of their Los Angeles Estate Planning
Lawyers as part of a will or trust. In any case, you maintain legal duty
for your ward until he or she reaches the age of legal maturity, or until
such time as the court orders a re-assignment of responsibility for him or
her. The second circumstance, which is more typical, need the use of
litigation attorneys to address and may be a lengthy and difficult
struggle. It is highly recommended that you pursue the advice of an
experienced legal expert, such as Los Angeles Estate Planning Lawyers or
guardianship attorneys, if you currently have a ward in the second
circumstance.
To File a Petition to Overturn Guardianship
There are several scenarios in which a kid may have been taken away from
his or her parents for a number of reasons and placed with a foster career
who then becomes the child's legal guardian. If your child has been make
away from you, it will take more than just Los Angeles Estate Planning
Lawyers to bring him or her back to your side. You should consult with
litigation attorneys as soon as possible in order to begin pursuing your
case in court.
Understanding the precedent and sophisticated regulations related with
legal protection is a very tough process that should be left to the
professionals. Please get legal advice as soon as possible if you find
yourself in any of the circumstances outlined below. Please do not
represent yourself; instead, retain an experienced attorney to help you
through this arduous procedure.
McKenzie Legal & Financial provides a wide range of services to help
you move forward with confidence. Our financial and estate planning
services assist you in making the most of your life's work and increasing
your retirement nest egg. Thomas L. McKenzie, a registered Financial
Consultant and a trusted Los Angeles Los Angeles Estate Planning Lawyer,
works in a variety of areas to ensure that your final wishes are carried
out in the manner that you desire.
However, while there are solutions that may be employed in an emergency
situation, the majority of specialists urge that you start Medi-Cal
planning as soon as possible in life. People can find themselves in need of
long-term care far earlier than they would have imagined feasible due to
the reality that none of us can predict what the future contains in terms
of health.
Because of the 30-month look-back provision and other issues that might
develop if you wait until you are in imminent need of care, it is generally
advisable to begin your preparation as soon as you are aware that you will
require care. Transfers can be completed without danger of being penalized
during this time period. Using the services of an expert Medi cal Planning
Attorney Los Angeles, you may ensure that your future benefits are safe
while simultaneously preserving your assets from nursing facility charges.
A Medi cal Planning Attorney Los Angeles in California Can Assist Me.
For many seniors, obtaining the Medi-Cal benefits they require may be a
challenging task, which is why we at McKenzie Legal & Financial, understand. Because of this, our team collaborates
closely with you to assess your circumstances and design the best approach
to safeguard your assets while also assisting you in meeting those
stringent income and asset limits. It is imperative that you begin
preparing for Medi-Cal eligibility as soon as possible since nursing home
prices are on the rise.
CHECKLIST FOR MEDI-CAL STRATEGY
Your complete estate plan should contain a number of components that work
together to help you reach the interconnected goals you set for yourself in
the plan. Medi-Cal planning should be included in this list for the
majority of folks. For the simple fact that you or your spouse will most
likely require long-term care (LTC) at some point throughout your lifetime,
it is prudent to plan ahead of time.
Become familiar with the basics of Medi-Cal enrollment.
Medi-Cal planning has a number of objectives, one of which is to guarantee
that you are eligible for Medi-Cal assistance whenever the time comes that
you need it for LTC expenditures. Because of this, you should evolve
acquainted with certain fundamental qualifying criteria.
The applicant must be a resident of California.
Be a citizen of the United States or lawfully present in the nation
Depending on the program and household size, there is a maximum
income restriction that increases every year.
As well as program and family size, the "countable resource" limit is
determined. When determining the worth of your resources, some assets are
exempt, which means that they are not included in the calculation.
Plan ahead of time — the Medi-Cal "look-back" period is five years.
Asset transfers when a person recognizes a need to qualify for Medi-Cal
will not be successful.
Medi-Cal has a five-year "look-back" criterion, which examines an
applicant's financial situation during the five-year period before his or
her application for eligibility.
The value of any asset transfers done for less than fair market value
during the 5-year "look-back" period may be reduced and the value of the
item may be included back into your resources for the purpose of
determining your eligibility.
Identifying assets that are free from taxation and those that are not
They are not in peril since they do not count toward your "countable
resource" limit and are therefore exempt.
$2,000 for an individual, and $3,000 for a married pair is the general
resource limit.
In addition, the following assets are free from taxes:
There is no restriction on the principal dwelling.
Equity in real estate other than one's primary house of a small
amount ($6,000, but subject to change).
Using real estate for a trade or company has no upper or lower
bounds.
The use of a single automobile
Jewels and personal effects having a net worth of less than $100, such as
clothes, heirlooms, wedding and engagement rings, and other jewelry
Aspects of everyday life
Individual retirement accounts (IRAs), key employee benefit plans (KEGPs),
and other work-related pension plans are used sometimes.
Trusts for interment or prepaid burial contracts that are not
revocable.
One revocable burial fund or one revocable prepaid burial contract
— up to $1,500 plus accumulated interest per individual — may be
established in their name only.
Items destined for the graveyard.
Instruments of music.
TVs, VCRs, laptops, weapons, and other recreational equipment,
among other things
Animals, poultry, or crops are all examples of farm products.
Advantage paid under a long-term care insurance policy that has been
certified by the state are considered taxable property for tax purposes.
Individual life insurance contracts with a total face value of $1,500 or
less, including interest and dividends.
Recognizing the importance of protecting non-exempt property.
If you make to qualify for Medi-Cal and your non-exempt assets are worth
more than the authorized resources limit, your non-exempt assets will be at
risk of being forfeited to the government.
The Medi-Cal program will place a waiting period on your benefits if your
assets exceed the allowed amount.
It is established how long the waiting period will be by dividing the worth
of your "excess" support by the average monthly cost of long-term care in
your location. Consider the following scenario: if you hold non-exempt
assets worth $150,000 and are applying as an individual, you will have
$148,000 in "excess" assets. The waiting period is 16 months when divided
by $9,000 (the average monthly cost of LTC).
During the waiting time, Medi-Cal will expect you to rely on those assets.
Without immediate action to safeguard those non-exempt assets, your
retirement savings might be exhausted in a matter of months.
Medi-Cal Preparation Techniques
Despite the truth that every plan is unique, there are certain typical
Medi-Cal planning tactics that you may want to consider using after
speaking with your Medi cal Planning Attorney Los Angeles or other
qualified advisor.
Gifting support to adult children or other beneficiaries during your
lifetime can be a great strategy to remove non-exempt assets from your
estate, as long as you begin before you reach the five-year "look-back"
period.
The transfer of non-exempt assets into an irrevocable Medi-Cal living trust
removes those assets from your legal estate; nevertheless, you can continue
reap the benefits of those assets by earning interest on the assets held in
the trust.
Transforming non-exempt assets into exempt assets can be effective in
certain situations. Example: If you have cash (non-exempt) sitting in a
savings account, you might use it to pay down the mortgage on your primary
property because the equity in your primary residence is free from federal
income taxes.
Consider the following scenario: A circumstance outside your control causes
you to fall behind on your loan payments. The money you owe is then
collected through legal action by a creditor. This leaves you without a
car, home, etc.
This is not a decent photo with asset protection, you don't have to fear
this change becoming a reality. Protecting your assets is something you can
do on your own, but it's a difficult and convoluted procedure.
The best course of effort is to work with an asset-protection attorney who
is dedicated to protecting your rights. Read on to see more about asset
protection.
What Is an Asset Protection Attorney Los Angeles?
An Asset Protection Attorney Los Angeles has experience in helping people
find legal strategies to protect creditor claims, liabilities, lawsuits,
and bankruptcy.
You may expect to make the most out of asset protection when you engage a
lawyer and keep within the law. This type of lawyer is often known as a
trust or estate lawyer.
Here are five ways you can profit from engaging an asset protection lawyer.
1. They are familiar with the rules governing asset protection.
You should engage an Asset Protection Attorney Los Angeles since they will
have all of the knowledge essential to safeguard your assets and
properties. Their knowledge of the law extends to topics such as wills,
probate, property rights, trusts, and taxation, amongst other things.
The process of safeguarding one's assets is trickier than it first appears.
You may have a concept of the laws surrounding it but not grasp it
entirely.
A lawyer who can go over the essentials with you can help you protect your
assets from lawsuits.
Remember that not every lawyer is familiar with these rules. That's why it
is vital to employ an asset protection lawyer particularly.
2. They Can Create an Asset Protection Plan
If you want asset protection, you need to employ an attorney who is ready
to construct a plan. A strategy can help you ensure buildings and valuables
are safe without the added hassle.
Depending on your short-term and long-term objectives, a lawyer can design
a strategy to help you achieve them. They can also assist you if you run
across any problems or worries along the way.
It is possible for them to implement effective security measures.
An asset protection lawyer is well-versed not only in the rules and
regulations of your state but also in practical methods. Before entering
into the tactics, they will analyze your financial condition because it may
alter the status of your assets.
Once your financial situation has stood thoroughly examined, your lawyer
will determine which of your assets should be protected, transferred, or
sued for. Always be honest about lawsuits that could come about in the
future.
Without the necessary information about your existing and potential future
situations, an asset lawyer cannot apply the right protection methods.
An attorney may advise you to employ the following tactics:
Limited Liability Company
A lawyer may recommend that you create a limited liability corporation
(LLC) if you are a business owner. This can insulate personal assets from
expensive lawsuits or creditors that may take advantage of your business.
Due to the truth that it establishes a distinct corporate identity for the
business and its owners, an LLC has some restrictions. Your company's
debts, even a bankruptcy, will remain your responsibility.
However, these debts won't damage your personal account or family home.
Even if your company is sued, your personal assets will be safeguarded as
well.
Liability Insurance
An Asset Protection Attorney Los Angeles may advocate employing liability
insurance as the first line of defense. Litigation liability insurance
shields the purchaser against financial ruin.
An asset protection lawyer will suggest it if you don't already have it.
Liability insurance can be utilized for households and companies.
Contributions to retirement accounts
Maximizing your contributions to retirement accounts, pension plans, etc.,
is a sensible step to insulate your assets from prospective lawsuits and
creditors. Money deposited within these accounts is not exposed to lawsuits
or court judgments under federal ERISA legislation.
Legal Procedures and Agreements
Without formal contracts and processes, you'll risk losing your assets to
creditors. A licensed professional may write these agreements for you and
ensure you are following processes correctly to keep assets safe.
4. They Help Before a Lawsuit
Even if you've been sued and want to protect your assets, employing an
attorney for asset protection will make the process go much more smoothly.
Asset protection legislation, as we've seen, is a complicated area of the
law. It is hard to prohibit creditors from collecting your assets during a
lawsuit. In order to safeguard your assets, you must consult with an
attorney as soon as an issue arises.
It's based on what you need, not theirs.
An attorney's work should be based on your requirements, regardless of
whether you require asset protection for yourself or your organization. The
plan a lawyer makes, and the techniques they employ should differ depending
on your situation.
How to Pick the Most Useful One for Your Needs
Before you employ an attorney, you should ask them a number of questions
while deciding which one to hire. For example, how much knowledge do they
have? How long have they been conducting asset protection, and is that what
they specialize in? Are there any free consultations offered prior to
making a purchase? Do they have a thorough understanding of both asset
protection and taxes? Do they work with folks out of state, and are they
aware of your state laws?
These are just a few queries you should examine when choosing an Asset
Protection Attorney Los Angeles. Before you hire a candidate, request a
free consultation from them after you've narrowed your search. This will
give you a decent idea of what is needed for your circumstance and how much
it will cost to create a thorough asset protection plan.
One more key point to know about is that you should be employing an
attorney and not an "asset protection consultant." You need to choose
someone who is presently licensed to exercise law and not some average Joe
who read a book about asset protection onetime. Hiring an lawyer also
grants you rights that an asset protection professional cannot, such as the
secrecy between client and attorney.
You Have Our Promise: Top-notch services at fair pricing
Thomas L. McKenzie, Attorney at Law, gives each of his clients his
undivided attention.
There is a frequent misperception that estate planning is for the über
rich. That is not true. It is a given that if you earn and spend, you'll
accumulate some material goods. If you pass away without making a will,
your assets will be dispersed in accordance with the laws of your state. In
addition, any young children you may have are included in this, not just
your material things. You need to engage a Los Angeles Estate Planning
Lawyer to deal with the situation.
It is, thus, necessary to plan about what would happen to your possessions
in event of your death. Statistics reveal that only roughly 30-35 percent
of Americans possess a will. You require to think about estate planning to
safeguard the security of your loved ones when you are not there to take
care of them.
Whose wishes must be carried out by a will?
Listed below is a fast
reference guide.
1. Your complete name and date of birth
2. Information on the individuals who will receive the assets, such as their
full names, dates of birth, and addresses
3. How much funds you have in the bank and what you owe
4. The details of who receives what
5. The name of the executor/administrator of the will.
The next item to evaluate is what comes under the category of your assets.
A person's will determines how they will distribute all of their material
holdings. Real land, vehicles, money, bank accounts, safe deposit boxes,
jewelry, furniture, and other heirlooms are all included. Whatever looks
worthy is proper to be included in your will.
An added advantage of making a will is that you can safeguard the future of
your young children with its help. Nothing more complicated than naming the
person who will step in to care for your minor child in the event that you
are no longer around to do so. You could even leave some percentage of your
property towards the child's upbringing.
Another prevalent misunderstanding is why hire a Los Angeles Estate
Planning Lawyer when you can do it yourself. Your will can be drafted in
any way you like. However, without the support of a skilled legal
professional it may contain defects like inaccuracies and omissions. In the
eyes of the state, a will like that is unconscionable and would never
accomplish its stated goals.
You can distribute all you possess as per your wishes with the use of a
will. This is something that would be permitted in the vast majority of
states. However, the state authorities would not permit giving effect to
something like destruction of your property in case something occurs to
you. In order to draft an effective will, you should consult a Los Angeles
Estate Planning Lawyer.
If you need assistance with the procedure, you can turn to any of the
skilled Los Angeles Estate Planning Lawyers. To ensure that the will was
correctly drafted, checked for mistakes and omissions, and then legally
filed, he or she would be the best person to handle the task of drafting
it.
With a wide range of services, McKenzie Legal & Financial can assist you in making informed decisions and moving forward. Our financial and estate planning services can assist you in making the most of your life's work while also increasing your retirement savings. Thomas L. McKenzie, a licensed Financial Consultant and a renowned Los Angeles Estate Planning Attorney, works across a broad range of topics to ensure that your ultimate wishes are carried out in the manner in which you desire them to be carried out.
Elder law is not taught as a specific subject in schools. Elder law is a
relatively new field that developed out of a need for professional
services. As the average life expectancy rises, more people are living far
into their golden years, and society has discovered that they have certain
legal requirements that must be addressed.
If you live in California, you have even additional aspects to take into
account, such as Medi-Cal eligibility. A skilled professional is required
to guarantee that senior health insurance is properly set up and that all
of the necessary documents are in place. That's why it's critical that you
consult with an elder law attorney in Los Angeles as soon as possible.
In this article, we will discuss the benefits of hiring an elder law
attorney to assist you with Medi-Cal and long-term care difficulties.
What do Elder Law Attorneys do on a daily basis?
As a senior citizen, elder law attorneys are focused on safeguarding your
rights, ensuring that you have control over your end-of-life care, and
ensuring that your assets are transferred seamlessly to your designated
beneficiaries.
While there are some difficulties that can be resolved by any normal
lawyer, Los Angeles elder law attorneys have specialized training and
understanding in areas that have a greater influence on the elderly. One of
these challenges is navigating health insurance, specifically Medi-Cal.
A Look at the Basics of Medical Insurance
In the United States, when we talk about health insurance, we frequently
refer to Medicare and Medicaid. These are two different health insurance
plans that are both supported by the government. Despite the fact that they
sound similar and are often misunderstood, the two are vastly distinct from
one another.
Medicare
Medicare is a government health insurance program for anyone over the age
of 65 who have not yet reached the retirement age. It is broken down into
four sections:
Part A of the policy covers hospitalizations, nursing homes, and hospice
care.
Part B functions in the same way as normal insurance. Physician visits,
outpatient care and preventative services are all included under this plan.
Part C, often known as Medicare Advantage Plus, is a private insurance plan
that works in conjunction with Medicare that you can purchase from a
private firm. This curriculum will meet all of your Part A and Part B
requirements.
The final option is Medicare Part D, which is a prescription drug coverage
program.
Because of the extensive coverage provided by Medicare, as well as the
large number of people seeking for free healthcare, insurance claims are
frequently denied. A Los Angeles elder law attorney can assist you in
resolving issues and ensuring that you are properly covered.
Medicaid
Medicaid is a federal health-care program that provides coverage for
low-income adults and children, as well as their families. Your capacity to
get Medicaid benefits is based on your income level. In the case of health
insurance premiums, out of pocket payments, and long-term care, it can be
extremely beneficial.
In order to use this program to pay for nursing home care, you must
complete complicated applications and adhere to stringent criteria. An
elder law attorney can assist you in developing an appropriate strategy to
maximize your benefits while also ensuring that all of your documentation
is completed appropriately.
What exactly is Medi-Cal?
Medi-Cal is a state-funded variant of Medicaid that is available only to
residents of California. It gives financial assistance to persons with
insufficient financial resources to cover their healthcare expenses. When
compared to other health insurance plans, Medi-Cal has one significant
advantage: it covers nursing home expenses. As a result, it is also one of
the most important sources of aid for senior citizens in California. More
information on medical planning can be found here.
What role do elder law attorneys play in the Medi-Cal system?
With Medicaid, as well as Medi-Cal, the problem is that there are income
and resource limits for this program, which might exclude people who have
worked hard for many years and have accumulated a substantial amount of
savings. Learn more about medical planning in Orange County by reading this
article.
Consider the following strategies for navigating the Medi-Cal maze with the
assistance of an elder law attorney in Los Angeles, CA:
You may be eligible for Medi-Cal.
If you are denied Medi-Cal coverage, you may be forced to pay for all of
your medical expenditures out of your own money. When you apply for nursing
home coverage, the biggest challenge is that insurance companies can look
at your income for the previous five years and determine that you are
financially secure enough to not require Medi-Cal assistance. Unless you
plan ahead of time, you may be excluded from receiving benefits purely on
the basis of when you apply.
In light of the complicated nature of the Medi-Cal application, as well as
the numerous criteria and standards that must be met in order to qualify,
it is critical to have someone on your side who is familiar with how to get
around these road blocks.
For example, one method of qualifying for Medi-Cal is to "spend down," or
diminish your assets, in order to become eligible for benefits. In order to
accomplish this, seniors can give away their assets, but they do so at
their own risk. For example, they may be taken advantage of by a family
member, or they may be subject to inheritance taxes if they give away
significant sums of their estate.
An elder law attorney can assist you in establishing a trust that moves
some or all of your assets away from you in order for you to qualify for
Medi-Cal while also maintaining your capacity to use those resources in the
future.
Make a Long-Term Care Plan.
Because of the nature of long-term care planning, many people are reluctant
to engage in it. Instead of depleting your assets or placing your loved
ones in a terrible situation, you should develop a long-term care strategy
in advance of needing assistance. A hefty price tag is attached to the
services provided by hospitals, nursing homes, assisted living facilities,
and rehabilitation facilities when they are paid for out of pocket.
The use of Medi-Cal and long-term care is subject to a number of
timeframes, laws, and rules, all of which affect when and how money can be
spent. When it comes to assisted living facilities, Medicare will pay a
portion of the cost, but only for a limited period of time.
Many people believe that Medi-Cal will take over when Medicare is no longer
available, but this is only true if the program is set up appropriately.
Fortunately, an experienced elder law attorney in Los Angeles will be
familiar with the ins and outs of the system, ensuring that you obtain the
appropriate type of Medi-Cal support when you require it the most.
Claims Disputes Should Be Settled
Qualifying for Medi-Cal is a difficult endeavor in and of itself, and yet
qualifying is the easy part when contrasted to the real process of filing
claims. Some of the most typical denial reasons are failure to properly
complete the documentation and failure to meet critical deadlines. You may
also encounter problems if the medical codes that were used to generate
your bills are not covered by your plan, if you utilize an out-of-network
physician, or if you have used up all of your coverage for the year.
It's a certain way to deplete your finances if you pay for these
desperately required services out of your own pocket. As a result, your
estate will be worth significantly less, and you will have far less to
offer to your family and friends.
An elder law attorney understands how to present a claim in the most
effective manner so that it is accepted the first time. If your claim is
denied by Medi-Cal, Medicare, or your own insurance carrier, your attorney
can represent you by filing the required appeals with the appropriate
agencies. Even if employing a lawyer first appears to be an unnecessary
investment, it will end up saving you and your estate a significant amount
of money in the long run.
Schedule an appointment with a Los Angeles elder law attorney today.
A consultation with an elder law expert is essential before you begin the
process of submitting an application for Medi-Cal benefits. At the very
least, you can take advantage of a free consultation to ensure that you
understand the process before proceeding. Your attorney can ensure that you
submit your Medi-Cal application at the appropriate time and in the proper
manner.
By enlisting the assistance of someone who is familiar with the system to
assist you with your application, claims, and appeals, you are increasing
your chances of being approved. You have worked hard to accumulate your
assets, and you have contributed to these programs; consulting with a Los
Angeles estate planning attorney is the best approach to protect your
possessions while maximizing the benefits of Medi-Cal and other government
assistance programs.
Many people find it quite difficult to make decisions about what will
happen to their property and possessions when they pass away. This is
understandable because contemplating one's own death might be a difficult
thing to comprehend. In order to be fully prepared for death, it is
necessary to make a will and to take additional precautions in advance. A
person's property can be used to deter or even eliminate the need for
litigation over that person's property. Because this is such a involved
topic, and because there are numerous possibilities for disposing of one's
property, an Los Angeles estate planning lawyer can be quite beneficial in guiding a
person of any age decide how their property should be divided and
distributed. An estate planning attorney can assist with a variety of
tasks, including but not limited to the drafting of a will.
A will is a legal document in which the writer, or testator, names a person
to administer his or her estate after his or her death and specifies how
his or her property will be split after his or her death. It is necessary
to meet certain conditions while writing a will and ensuring that it is
genuine. Due to the fact that only valid wills have legal effect, failing
to observe a required formality or meet a requirement will result in the
will having no legal effect and the property being distributed in
accordance with the norms of distribution for persons who have died without
leaving a will. This can frequently produce effects that are diametrically
opposed to what the testator intended.
Everyone who wishes to make a will in any state must have the necessary
mental capacity to do so. The need for this is that you be of the age of
majority and have the necessary mental capacity to comprehend the
implications of making a will. Although there will be enough of evidence
available confirming a testator's age, establishing a testator's mental
capacity is more difficult to establish. In some cases, talking about the
writing of one's will and the disposal of one's property with an Los Angeles estate planning lawyer may reveal significant details of a testator's mental
state and his or her understanding of what he or she was doing at the time
of the writing of the will.
Other requirements differ from jurisdiction to jurisdiction, and an Los Angeles estate planning lawyer can assist in determining which requirements a testator
must follow in order to draft a legal will in the state in which they
currently reside. For example, some states require a declaration that the
document is the testator's last will and testament, while others require a
declaration that the testament revokes all previous wills. Other states
require specific language regarding how clearly the property and
beneficiaries must be identified.
Additionally, there are certain formal requirements that must be met in
order for the will to be legally binding, such as the testator's signature
and the date on which the will is made. Additionally, each jurisdiction has
its own regulations regarding who can and cannot be a witness to a will in
addition to the formal criteria. This may include standards for legal age
and mental capacity, as well as laws governing whether or not property can
be bequeathed to a person who saw the will's execution. The location of
where the witnesses must sign the will and whether or not they must sign
the will in the presence of the testator are also governed by the law. They
may even sign the will at a later period.
Families going through probate can save endless hours, expenses, and
frustration by retaining the services of an asset protection attorney in
Los Angeles. In a perfect world, an estate plan would have been put in
place before to the death of a loved one, allowing for the avoidance of
probate.
The truth is, however, that is not always the case. If you are going via or
are about to enter the probate procedure in California, you should consult
with an estate planning attorney. This is a complicated process that you do
not want to be forced to go through alone.
Let's take a peek at why having an attorney on your side is so vital during
the probate procedure.
What Exactly Is Probate?
Simply put, probate is a court-supervised method that transfers ownership
of property from the decedent, or the person who has died, to the
beneficiaries named in the will.
While there are various steps a person can take to avoid going through this
court-supervised process, if they have not taken these steps before to
their death, probate will almost always be required after they die away.
It is unfortunate that the procedure can be expensive, time-consuming, and
complex. There are a variety of possibilities that could play out, any of
which could result in increased costs as well as family turmoil. Obtaining
the services of a probate attorney in Los Angeles and Orange County can
help to decrease this conflict as well as the stress that comes with it.
Whenever possible, it is important to consult with a Los Angeles living
trust attorney before submitting your petition to start the probate process
to determine whether there is an alternative to probate that may be
available.
In some accounts and for some assets, the decedent may have specified
payable or transfer-on-death (TOP) beneficiaries, even if he or she did not
create a living trust. Additionally, joint ownership and joint tenancy may
be used to keep some assets out of the hands of the probate court system.
At McKenzie Legal & Financial, our knowledgeable estate planning
attorney will analyze your deeds, accounts, and any existing estate plans
before advising you on the best course of action.
What Does the Process of Probate Involve?
Making a decision on who will be the estate representative
The first stage is to select who will be acting as the estate's
representative in the future. If the decedent left a will, he or she most
likely appointed an executor, who serves as the decedent's representative
in the estate. In the want of a will, the court will appoint a personal
representative. This is typically the surviving spouse, legal domestic
partner, or children, depending on the circumstances.
It is not uncommon for families to reach to a point in the probate process
where they disagree over something. It is not always evident who should
serve as the representative, and heirs may have differing opinions on who
would be the most appropriate and entitled to the post. This could be due
to a conflict of interest or a long-standing disagreement between the two
parties.
If you see yourself in this situation, having an asset protection attorney
Los Angeles on your side is essential. The representative is charged with
enormous obligations, and he or she should be picked with the greatest
care.
The following are the responsibilities of an estate representative:
Having a clear understanding of and following through on their obligations
This necessitates understanding of probate law as well as being
well-organized, responsible, and trustworthy in one's conduct.
Keeping track of all of one's assets and liabilities is essential.
Taking care of the assets until they are transferred to the
intended beneficiaries.
Failure to fulfill their fiduciary responsibilities may result in a
loss in the worth of the estate, for which the representative may
be held accountable.
Initial Responsibilities of the Representative
After a representative has been appointed, he or she must take charge of
the assets and keep them safe until the assets have been dispersed to the
beneficiaries and the debts have been satisfied.
This may involve ensuring that the house is secure, that the mortgage and
other obligations are paid on time, that the property is well-maintained,
and that all other important possessions are kept in a safe place.
They must investigate account balances, life insurance policies, and other
benefits to establish whether beneficiaries have been designated for these
accounts or whether they would be subject to probate. If the individual was
receiving Social Security payments, the Social Security Administration must
be notified immediately in order to avoid overpayment and possible fraud
charges against the individual.
Credit card cancellations, inspecting safe deposit boxes for valuables and
essential papers, collecting the mail, and managing digital assets such as
online accounts are all additional responsibilities of the position. Many
of these necessitate the use of usernames and passwords that, hopefully,
the decedent has stored in a safe place.
The Franchise Tax Board (FTB) will need to be notified, and the final tax
returns will need to be completed.
As you can see, an executor or estate representative has a wide range of
tasks and duties to fulfill. An estate planning attorney can assist you in
navigating the procedure and resolving any disagreements that may emerge
along the way. In the event that a disagreement results in litigation, a
probate attorney can represent your interests.
