Living Trust or a will? Rene talks about some of the differences and what sets one apart from the other to help you make the best decision for your needs. Call Rene or Tammy at 707-428-9871 with any questions you may have, and see their website at http://www.bythepeopleca.com
Saturday, February 29, 2020
Living Trust and Wills - By the People
Living Trust or a will? Rene talks about some of the differences and what sets one apart from the other to help you make the best decision for your needs. Call Rene or Tammy at 707-428-9871 with any questions you may have, and see their website at http://www.bythepeopleca.com
Friday, February 28, 2020
4 Things You Need To Know About Advanced Directives
It is a sad truth that death is an inevitable part of life. And, even though many of us are reluctant to face this fact, it is no excuse to fail to plan for your end-of-life healthcare, particularly if you are past retirement age. Although it may be scary to think about your end-of-life decisions, it can greatly improve the quality of life for your family after you are gone, and will reduce the chance your passing is a burden on your family. Advanced directives offer you the assurance that your last wishes will be fulfilled. Here are four things to know about them.
1. What is an Advanced Health Care Directive?
An advanced directive is a generic term for a legal document that describes to and instructs others about your medical care, in the event you are unable to make your decisions known. A directive only becomes effective under circumstances described in the document, but in general, allow you to do two things. The first is to appoint a health care agent or power of attorney. This person will make decisions on your behalf. Secondly, the directive will provide instructions about exactly what forms of health care you want and do not want.
2. Why Are Advanced Directives Important?
According to recent surveys, the majority of people would prefer to die in their own homes. However, many terminally-ill patients meet the end of their life while in the hospital, typically while receiving ineffective treatments that they may or may not really want. Occasionally, this confusion can cause conflict between the surviving members of the family, leading to fights and arguments. Meanwhile, the dying person's thoughts and wishes remain unexpressed. An advanced care directive prevents all of this. From documenting the treatments you want to describing your wishes for your remains and personal effects, advanced care planning is highly beneficial.
3. Creating an Advanced Care Directive
An advanced care directive and living will do not have to be complicated, however, the content may be complex and should be considered carefully. In general, it will consist of short, simple statements about what types of treatments you would accept or deny, given particular circumstances where you are unable to speak for yourself. It is important to create this document with the help and guidance of your family, legal, health, and financial professionals for maximum effectiveness.
4. Talking With Your Loved Ones About Your Choices
A vital step in advanced care planning is to clearly communicate your wishes to your loved ones and family about your decisions, and why you are making them. For most of us, this conversation can seem like a daunting task. You may be uncomfortable bringing up your own death with your loved ones, or it may seem like poor timing to have that conversation, but it is much better to have this conversation now, before there's a problem, so that everyone can remain calm and relaxed.
1. What is an Advanced Health Care Directive?
An advanced directive is a generic term for a legal document that describes to and instructs others about your medical care, in the event you are unable to make your decisions known. A directive only becomes effective under circumstances described in the document, but in general, allow you to do two things. The first is to appoint a health care agent or power of attorney. This person will make decisions on your behalf. Secondly, the directive will provide instructions about exactly what forms of health care you want and do not want.
2. Why Are Advanced Directives Important?
According to recent surveys, the majority of people would prefer to die in their own homes. However, many terminally-ill patients meet the end of their life while in the hospital, typically while receiving ineffective treatments that they may or may not really want. Occasionally, this confusion can cause conflict between the surviving members of the family, leading to fights and arguments. Meanwhile, the dying person's thoughts and wishes remain unexpressed. An advanced care directive prevents all of this. From documenting the treatments you want to describing your wishes for your remains and personal effects, advanced care planning is highly beneficial.
3. Creating an Advanced Care Directive
An advanced care directive and living will do not have to be complicated, however, the content may be complex and should be considered carefully. In general, it will consist of short, simple statements about what types of treatments you would accept or deny, given particular circumstances where you are unable to speak for yourself. It is important to create this document with the help and guidance of your family, legal, health, and financial professionals for maximum effectiveness.
4. Talking With Your Loved Ones About Your Choices
A vital step in advanced care planning is to clearly communicate your wishes to your loved ones and family about your decisions, and why you are making them. For most of us, this conversation can seem like a daunting task. You may be uncomfortable bringing up your own death with your loved ones, or it may seem like poor timing to have that conversation, but it is much better to have this conversation now, before there's a problem, so that everyone can remain calm and relaxed.
Thursday, February 27, 2020
Documents to Consider When Doing Estate Planning
There's nothing that can prevent someone from dying, since
physical death is an absolute certainty that no one can escape. The fear
for some people, though, is not what's going to happen to them after
they pass on, but more on who's going to take care of their loved ones,
especially if the people he'll be leaving behind are either very young
children or are incapacitated, or both.
You can't have control of what's going to happen to you after death, but you sure can decide what's going to happen to your assets once that event transpires. It's called estate planning. This is the process by which a person (or even a family) arranges the transfer of his assets in anticipation of his death. And in estate planning, there are several documents to consider. Here are some of them:
Last will and testament - This document takes front and center in all the planning. This is the document that legally provides for the transfers of assets after one's death. It names a person to settle the estate, a trustee who will administer any trust established, and a guardian if there minor children. For those who die without having executed a will, they are considered to be 'intestate.' Under certain laws, if one is intestate, property goes first (or in major part) to a spouse, and then to children and their descendants.
Trust - Persons preparing a will and testament can execute either 'inter vivos' or testamentary trusts (trusts established through a will). The difference between the two is that with the former, assets are transferred into the living during the trust creator's lifetime, as opposed to testamentary trusts, where the transfer becomes operative at the time of death.
Durable powers of attorney - A power of attorney is the document that authorizes a designated agent to carry out financial and business transactions for the person that's establishing the document. This grants such agent to access bank accounts (and even brokerage accounts), deal with insurance companies, and even sell property. This effectively allows the agent to step into the shoes of the person he is assisting.
Healthcare power of attorney - This document is a form of a living will that is designed, among other things, to: provide instructions for the conditions should life-sustaining procedures be utilized, authorize who will make healthcare decisions, and ensure that the person chosen to make these decisions is given access to the executor's medical records during incapacity.
These are the important documents to take into account so a person can have the opportunity to make personal and financial decisions, both in life and after death, without the need for court orders.
You can't have control of what's going to happen to you after death, but you sure can decide what's going to happen to your assets once that event transpires. It's called estate planning. This is the process by which a person (or even a family) arranges the transfer of his assets in anticipation of his death. And in estate planning, there are several documents to consider. Here are some of them:
Last will and testament - This document takes front and center in all the planning. This is the document that legally provides for the transfers of assets after one's death. It names a person to settle the estate, a trustee who will administer any trust established, and a guardian if there minor children. For those who die without having executed a will, they are considered to be 'intestate.' Under certain laws, if one is intestate, property goes first (or in major part) to a spouse, and then to children and their descendants.
Trust - Persons preparing a will and testament can execute either 'inter vivos' or testamentary trusts (trusts established through a will). The difference between the two is that with the former, assets are transferred into the living during the trust creator's lifetime, as opposed to testamentary trusts, where the transfer becomes operative at the time of death.
Durable powers of attorney - A power of attorney is the document that authorizes a designated agent to carry out financial and business transactions for the person that's establishing the document. This grants such agent to access bank accounts (and even brokerage accounts), deal with insurance companies, and even sell property. This effectively allows the agent to step into the shoes of the person he is assisting.
Healthcare power of attorney - This document is a form of a living will that is designed, among other things, to: provide instructions for the conditions should life-sustaining procedures be utilized, authorize who will make healthcare decisions, and ensure that the person chosen to make these decisions is given access to the executor's medical records during incapacity.
These are the important documents to take into account so a person can have the opportunity to make personal and financial decisions, both in life and after death, without the need for court orders.
Wednesday, February 26, 2020
Do I Need a Will?
You can't take it with you. Unless you plan on living forever, there will eventually be a need to divide your property amongst the relatives and loved ones you leave behind. By having a will, you determine who gets what. Without one, the law will do it for you by the operation of statutes. Many people believe that they are not wealthy enough to need a Will. But if you own property that is titled (a car or house), after your death, those items cannot be transferred without opening an estate. If you don't have a Will, the cost of processing your estate goes up significantly.
When a person dies and leaves property behind, that property is known as an estate. In order to transfer ownership of the property in the estate from the deceased to surviving heirs, the estate must go through the probate process. A Will not only identifies who will inherit the property but names an executor to administer the estate. Without a Will, not only will statutes determine who gets your property, but the court will have to appoint an administrator to handle the estate. This is a costly process.
The most obvious benefit to having a Will is controlling what property passes to which heir. This is important if there are pieces of personal property that you want to go to a specific loved one for sentimental or other reasons. A Will also allows you to place conditions on the bequest, such as that the heir completes higher education or attain a certain age, before receiving his or her inheritance.
If these benefits of having a Will are not enough to convince you to take action, then consider those who you are leaving behind. A Will invariably makes the probate process smoother and easier for the survivors. In addition to controlling exactly where the property goes, a Will names the person or persons who will "execute" the estate, meaning the person who will gather the property and distribute it to the named heirs. This is often no small undertaking - it can involve selling stock, closing and consolidating bank accounts, liquidating assets, and more. In drafting a will, you should be sure to select an executor who has knowledge of the property in your estate and the competence and willingness to perform the job, all of which makes for a more efficient probate process. Without a Will, the court must appoint an administrator (obviously not of your choosing) to perform these tasks. Unfortunately, this is more costly and can lead to disagreements amongst family members.
When a person dies and leaves property behind, that property is known as an estate. In order to transfer ownership of the property in the estate from the deceased to surviving heirs, the estate must go through the probate process. A Will not only identifies who will inherit the property but names an executor to administer the estate. Without a Will, not only will statutes determine who gets your property, but the court will have to appoint an administrator to handle the estate. This is a costly process.
The most obvious benefit to having a Will is controlling what property passes to which heir. This is important if there are pieces of personal property that you want to go to a specific loved one for sentimental or other reasons. A Will also allows you to place conditions on the bequest, such as that the heir completes higher education or attain a certain age, before receiving his or her inheritance.
If these benefits of having a Will are not enough to convince you to take action, then consider those who you are leaving behind. A Will invariably makes the probate process smoother and easier for the survivors. In addition to controlling exactly where the property goes, a Will names the person or persons who will "execute" the estate, meaning the person who will gather the property and distribute it to the named heirs. This is often no small undertaking - it can involve selling stock, closing and consolidating bank accounts, liquidating assets, and more. In drafting a will, you should be sure to select an executor who has knowledge of the property in your estate and the competence and willingness to perform the job, all of which makes for a more efficient probate process. Without a Will, the court must appoint an administrator (obviously not of your choosing) to perform these tasks. Unfortunately, this is more costly and can lead to disagreements amongst family members.
Tuesday, February 25, 2020
Which Is Best, A Will Or A Living Trust?
You don't have to be wealthy to need a will in regards to your personal property. After you're gone, legal wrangling can become time-consuming for family members left behind and often creates indecision and fighting amongst potential beneficiaries as your wishes may not be
clear. A will is usually straightforward and simply put is a legal document that specifies how your property will be dispersed at the time
of your death. It can be revoked or amended at any point in your
lifetime, and can be used to appoint a guardian for any children that
are not yet of legal age.
Another option to be considered is a living trust. A living trust handles property management of all assets and all of these assets are transferred to the trust. Typically, you will act as your own trustee while specifying who will act as trustee upon your death. A living trust has the added benefit of avoiding probate after you die and preventing public disclosure of all your private financial matters. A living trust does have some drawbacks. It must be maintained and any new property acquired must be transferred to the trust or it will not be under the protection of the trust. A living trust is also more expensive to initiate and must be managed. Generally a living trust is recommended if your estate exceeds a specific dollar amount, you have minor children, you're willing to manage the trust, and if you want control of when your beneficiaries receive any assets.
A simple will might be a better option if there is informal probate available where you live. Informal probate is a greatly expedited form of probate and is generally available to those whose estate is under a certain dollar amount. If you are single without children, and you don't own a business, it probably isn't necessary to set up a living trust and a simple will is sufficient. Upon your death, the executor of your estate will submit your will along with a petition to the probate court. The petition requests that the will be accepted as legal and valid and request that the executor named in the will be legally appointed. Any heirs, beneficiaries, or creditors must be notified of the submission of the will and have a specific amount of time to challenge it or submit claims against the estate.
This process does not apply to living trusts, which is why many people opt for a living trust versus a will. Each person's situation is unique and should be evaluated by an attorney who is familiar with estate law. Talk to your family and determine who will handle your affairs after your death. With everyone understanding who will handle which aspects of the estate and what to expect, the loss of a family member is a less stressful one.
Another option to be considered is a living trust. A living trust handles property management of all assets and all of these assets are transferred to the trust. Typically, you will act as your own trustee while specifying who will act as trustee upon your death. A living trust has the added benefit of avoiding probate after you die and preventing public disclosure of all your private financial matters. A living trust does have some drawbacks. It must be maintained and any new property acquired must be transferred to the trust or it will not be under the protection of the trust. A living trust is also more expensive to initiate and must be managed. Generally a living trust is recommended if your estate exceeds a specific dollar amount, you have minor children, you're willing to manage the trust, and if you want control of when your beneficiaries receive any assets.
A simple will might be a better option if there is informal probate available where you live. Informal probate is a greatly expedited form of probate and is generally available to those whose estate is under a certain dollar amount. If you are single without children, and you don't own a business, it probably isn't necessary to set up a living trust and a simple will is sufficient. Upon your death, the executor of your estate will submit your will along with a petition to the probate court. The petition requests that the will be accepted as legal and valid and request that the executor named in the will be legally appointed. Any heirs, beneficiaries, or creditors must be notified of the submission of the will and have a specific amount of time to challenge it or submit claims against the estate.
This process does not apply to living trusts, which is why many people opt for a living trust versus a will. Each person's situation is unique and should be evaluated by an attorney who is familiar with estate law. Talk to your family and determine who will handle your affairs after your death. With everyone understanding who will handle which aspects of the estate and what to expect, the loss of a family member is a less stressful one.
Monday, February 24, 2020
Why Forming an LLC is a Good Idea
If you are experienced in running your business, you understand the importance of getting the correct corporate form in place. You should seek to have a structure that will not only aid long term expansion but also protect your assets. The good news - there are a lot of potential forms your business can take.
You should consider, if you have a small business, forming an LLC. Think about setting up an LLC if you have a small business. Fortunately, they are simple to create. There is little paperwork with them. Further, in many states, you won't need to file an annual report.
Also, LLC forms a business structure that can protect your personal assets. Just keep you LLC compliant and your personal property is protected.
With an LLC, you can safeguard your business name. Also, LLCs allow unlimited owners. This will help give your business growth room. Also, owners don't need to have US citizenship.
In addition, an LLC doesn't require meetings. It also needs little paperwork. And you can flow your profit and loss to your personal taxes.
Keep in mind that setting up an LLC has fees and paperwork. Also, you need to make sure you are following all city and state laws. Thus, only consider an LLC if you have a clear business plan.
Overall, an LLC is great for small business. So you should at least consider one if you are serious about your business. Remember, it can save you time and money, both of which you can invest in your business!
Sunday, February 23, 2020
Estate Planning : Family Estate Trust or Revocable Living Trust?
Most people who ask for family estate trusts really want a revocable living trust to reduce estate taxes and manage finances.
Saturday, February 22, 2020
Who is Entitled to a Copy of a Will?
When a person dies and leaves a will, who gets a copy of that will? Watch this video and learn more about who is entitled to a copy of a will.
Thursday, February 20, 2020
Understanding of Probate - The Process of Assets Transfer After a Person's Death
When someone dies, his or her assets should go through probate.
The probate process includes collecting the deceased's assets, paying
off liabilities and necessary taxes, and administering property to heirs
as per the will.
Probate of decedent's Will
During this process, authenticity of the deceased's will is to be proved in the court of law. Will of a deceased must be probated soon after his or her death. Nobody has a right to hold it back at any cost.
The decedent's attorney or the person possessing the will of decreased, will need to produce it immediately, or within the specified time. There are penalties for destroying or concealing the will.
Probate Proceedings
The procedure starts only when there is the involvement of an official executor. If you are well versed with the different kinds of laws that are involved, then you can submit your application to be the executor on behalf of the friends or relatives.
Probate of decedent's Will
During this process, authenticity of the deceased's will is to be proved in the court of law. Will of a deceased must be probated soon after his or her death. Nobody has a right to hold it back at any cost.
The decedent's attorney or the person possessing the will of decreased, will need to produce it immediately, or within the specified time. There are penalties for destroying or concealing the will.
Probate Proceedings
The procedure starts only when there is the involvement of an official executor. If you are well versed with the different kinds of laws that are involved, then you can submit your application to be the executor on behalf of the friends or relatives.
- The first thing to do here is to file a formal request. The applications should be submitted in the local court of the same country, where the deceased lived the last days of his or her life. Along with filing the probation documents, you should also produce the original death certificate of the deceased.
- After filing the documents in the court, it the next step is to inform the creditors of the deceased. You can advertise about the probate in the newspapers, or on any other such local media.
- You can let the heirs and beneficiaries of the departed know about the probate process, by mailing the court notice to their respective mailing address or by emailing it to them. You will need to document every notification sent to the successors who are in the line, and submit them to the court before the probate process commences.
- The distribution of property among the beneficiaries will take place only after clearing off the debts taken by the diseased from different sources.
- The entire process will be completed with transferring of the deceased's possessions to the rightful beneficiaries.
Wednesday, February 19, 2020
Living Wills and Advance Directives for Medical Decisions
Living wills and other advance directives are written, legal instructions regarding your preferences for medical care if you are unable to make decisions for yourself. Advance directives guide choices for doctors and caregivers if you're terminally ill, seriously injured, in a coma, in the late stages of dementia or near the end of life.
Advance directives aren't just for older adults. Unexpected end-of-life situations can happen at any age, so it's important for all adults to prepare these documents.
By planning ahead, you can get the medical care you want, avoid unnecessary suffering and relieve caregivers of decision-making burdens during moments of crisis or grief. You also help reduce confusion or disagreement about the choices you would want people to make on your behalf.
Power of attorney
A medical or health care power of attorney is a type of advance directive in which you name a person to make decisions for you when you are unable to do so. In some states this directive may also be called a durable power of attorney for health care or a health care proxy.
Depending on where you live, the person you choose to make decisions on your behalf may be called one of the following:
- Health care agent
- Health care proxy
- Health care surrogate
- Health care representative
- Health care attorney-in-fact
- Patient advocate
Choosing a person to act as your health care agent is important. Even if you have other legal documents regarding your care, not all situations can be anticipated and some situations will require someone to make a judgment about your likely care wishes. You should choose a person who meets the following criteria:
- Meets your state's requirements for a health care agent
- Is not your doctor or a part of your medical care team
- Is willing and able to discuss medical care and end-of-life issues with you
- Can be trusted to make decisions that adhere to your wishes and values
- Can be trusted to be your advocate if there are disagreements about your care
The person you name may be a spouse, other family member, friend or member of a faith community. You may also choose one or more alternates in case the person you chose is unable to fulfill the role.
Living will
A living will is a written, legal document that spells out medical treatments you would and would not want to be used to keep you alive, as well as your preferences for other medical decisions, such as pain management or organ donation.
In determining your wishes, think about your values. Consider how important it is to you to be independent and self-sufficient, and identify what circumstances might make you feel like your life is not worth living. Would you want treatment to extend your life in any situation? All situations? Would you want treatment only if a cure is possible?
You should address a number of possible end-of-life care decisions in your living will. Talk to your doctor if you have questions about any of the following medical decisions:
- Cardiopulmonary resuscitation (CPR) restarts the heart when it has stopped beating. Determine if and when you would want to be resuscitated by CPR or by a device that delivers an electric shock to stimulate the heart.
- Mechanical ventilation takes over your breathing if you're unable to breathe on your own. Consider if, when and for how long you would want to be placed on a mechanical ventilator.
- Tube feeding supplies the body with nutrients and fluids intravenously or via a tube in the stomach. Decide if, when and for how long you would want to be fed in this manner.
- Dialysis removes waste from your blood and manages fluid levels if your kidneys no longer function. Determine if, when and for how long you would want to receive this treatment.
- Antibiotics or antiviral medications can be used to treat many infections. If you were near the end of life, would you want infections to be treated aggressively or would you rather let infections run their course?
- Comfort care (palliative care) includes any number of interventions that may be used to keep you comfortable and manage pain while abiding by your other treatment wishes. This may include being allowed to die at home, getting pain medications, being fed ice chips to soothe mouth dryness, and avoiding invasive tests or treatments.
- Organ and tissue donations for transplantation can be specified in your living will. If your organs are removed for donation, you will be kept on life-sustaining treatment temporarily until the procedure is complete. To help your health care agent avoid any confusion, you may want to state in your living will that you understand the need for this temporary intervention.
- Donating your body for scientific study also can be specified. Contact a local medical school, university or donation program for information on how to register for a planned donation for research.
Do not resuscitate and do not intubate orders
You don't need to have an advance directive or living will to have do not resuscitate (DNR) and do not intubate (DNI) orders. To establish DNR or DNI orders, tell your doctor about your preferences. He or she will write the orders and put them in your medical record.
Even if you already have a living will that includes your preferences regarding resuscitation and intubation, it is still a good idea to establish DNR or DNI orders each time you are admitted to a new hospital or health care facility.
Creating advance directives
Advance directives need to be in writing. Each state has different forms and requirements for creating legal documents. Depending on where you live, a form may need to be signed by a witness or notarized. You can ask a lawyer to help you with the process, but it is generally not necessary.
Links to state-specific forms can be found on the websites of various organizations such as the American Bar Association, AARP and the National Hospice and Palliative Care Organization.
Review your advance directives with your doctor and your health care agent to be sure you have filled out forms correctly. When you have completed your documents, you need to do the following:
- Keep the originals in a safe but easily accessible place.
- Give a copy to your doctor.
- Give a copy to your health care agent and any alternate agents.
- Keep a record of who has your advance directives.
- Talk to family members and other important people in your life about your advance directives and your health care wishes. By having these conversations now, you help ensure that your family members clearly understand your wishes. Having a clear understanding of your preferences can help your family members avoid conflict and feelings of guilt.
- Carry a wallet-sized card that indicates you have advance directives, identifies your health care agent and states where a copy of your directives can be found.
- Keep a copy with you when you are traveling.
Reviewing and changing advance directives
You can change your directives at any time. If you want to make changes, you must create a new form, distribute new copies and destroy all old copies. Specific requirements for changing directives may vary by state.
You should discuss changes with your primary care doctor and make sure a new directive replaces an old directive in your medical file. New directives must also be added to medical charts in a hospital or nursing home. Also, talk to your health care agent, family and friends about changes you have made.
Consider reviewing your directives and creating new ones in the following situations:
- New diagnosis. A diagnosis of a disease that is terminal or that significantly alters your life may lead you to make changes in your living will. Discuss with your doctor the kind of treatment and care decisions that might be made during the expected course of the disease.
- Change of marital status. When you marry, divorce, become separated or are widowed, you may need to select a new health care agent.
- About every 10 years. Over time your thoughts about end-of-life care may change. Review your directives from time to time to be sure they reflect your current values and wishes.
Physician orders for life-sustaining treatment (POLST)
In some states, advance health care planning includes a document called physician orders for life-sustaining treatment (POLST). The document may also be called provider orders for life-sustaining treatment (POLST) or medical orders for life-sustaining treatment (MOLST).
A POLST is intended for people who have already been diagnosed with a serious illness. This form does not replace your other directives. Instead, it serves as doctor-ordered instructions — not unlike a prescription — to ensure that, in case of an emergency, you receive the treatment you prefer. Your doctor will fill out the form based on the contents of your advance directives, the discussions you have with your doctor about the likely course of your illness and your treatment preferences.
A POLST stays with you. If you are in a hospital or nursing home, the document is posted near your bed. If you are living at home or in a hospice care facility, the document is prominently displayed where emergency personnel or other medical team members can easily find it.
Forms vary by state, but essentially a POLST enables your doctor to include details about what treatments not to use, under what conditions certain treatments can be used, how long treatments may be used and when treatments should be withdrawn. Issues covered in a POLST may include:
- Resuscitation
- Mechanical ventilation
- Tube feeding
- Use of antibiotics
- Requests not to transfer to an emergency room
- Requests not to be admitted to the hospital
- Pain management
A POLST also indicates what advance directives you have created and who serves as your health care agent. Like advance directives, POLSTs can be canceled or updated.
Article Source: https://www.mayoclinic.org/healthy-lifestyle/consumer-health/in-depth/living-wills/art-20046303
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