The Latest from Susan Katzen

We are pleased to announce that our law firm has been named a 2022 Law Firm 500 Honoree awarded to the Fastest Growing Law Firms in the US. Although this recognition is calculated on growth, it could not be possible without the continued operational excellence and commitment to client service exhibited by our team each and every day. 

You worked hard to provide for your spouse throughout your marriage, and you want to continue to do so well into your retirement years. When the need for nursing home care or assisted living is on the horizon, the cost of such care can weigh heavily. The good news is that asset protection planning can help alleviate this anxiety before it fully sets in.

A recent survey counted over 18.2 million American Veterans over age 65. Many of these Veterans include those who served in World War II, the Korean War, the Vietnam War, and the Persian Gulf War. Suppose you are caring for an elderly Veteran. In that case, you should know about the benefits and services available for the various health and financial challenges Veterans may face. 

After you’ve rung in the New Year, it’s time to start getting down to business and thinking about tax season. While it’s not the merriest time of the year, tax season is a great time to review your finances and the changes that may impact how you file.

Creating an estate plan feels like something you check off a to-do list. Once the task is complete, you can move on and forget about it. However, that is not the mentality you should take when drafting your final wishes. An estate plan should reflect your current circumstances and should be periodically reviewed and amended as your life changes.

An essential part of estate planning is designating beneficiaries for your life insurance policy, 401(k), and other financial accounts. A beneficiary is a person who receives someone's assets upon their death.

Service dogs are specially trained to provide assistance to children with disabilities. They can be taught to support kids in a variety of unique ways that help with daily living and even help in an emergency situation. For families with disabled children, service dogs can be a lifeline.

Business plans often address marketing, growth, and product development issues. However, business owners fail to create an exit strategy, succession plan, or acquisition plan. Although you’re not ready to sell your business or retire now, preparing for the future of your business is crucial. You should decide who to leave your business to when you retire or if you unexpectedly die. You can also include contingencies for an injury, illness, or incapacitation.

You can donate retirement accounts, such as an IRA, by distributing the proceeds to charity. However, the tax benefits for donating this way are minimal. A tax-efficient donation strategy is to contribute your retirement fund directly to a charitable organization as part of your estate plan.

When most people think about estate planning tools such as power of attorney, they imagine that they are solely for people who already have children, who have significant assets, or who are nearing the end of their lives. However, you may be surprised to know that many will lawyers also recommend that college students have powers of attorney in place for both their healthcare and their finances. While your college-aged child may not require other aspects of a full estate plan, these power of attorney documents could nevertheless be vital.

Your named beneficiaries will likely have to go through probate to receive your real property after your death if it is only in your name and not held in trust. Although transferring property into trust can ensure your family does not have to wait for a judge to validate your will before distributing your assets, it might not make sense for your situation. Another beneficial method is a transfer-on-death (TOD) deed. A TOD deed transfers a person’s real property to named beneficiaries upon the transferor’s death. It is similar to a transfer-on-death registration for an investment account or a payable-on-death designation for a bank account.

Federal estate tax law includes a provision called portability. This provision only applies to married couples. It allows the surviving spouse to use any part of their deceased spouse’s unused estate and gift tax exemption. Including portability in an estate plan protects the surviving spouse from significant estate tax bills if the deceased spouse’s estate didn’t exceed exemption thresholds. With the deceased spouse’s unused exclusion (DSUE), the surviving spouse can transfer their spouse’s unused federal gift or estate tax exemption upon death.

Some seniors don’t expect to remarry after a divorce or the death of a spouse. However, life is full of surprises. You could meet someone at any age, even during your retirement years. Many older adults bring various assets and debts into a new relationship. They might also have children from a previous marriage, one or multiple businesses, and collections they’ve worked hard to accumulate. Without adequate estate planning, you or your spouse could encounter significant problems if one of you dies or suffers a debilitating medical condition.

When creating a trust with a Newport Beach trust lawyer, it is important to understand the specific roles involved. The grantor is the person who establishes a trust. The designated beneficiary is the person who receives the assets held in trust when the grantor dies. Probate is unnecessary because trust property passes outside the last will and testament or intestacy law.

Whether you’re a single senior who lives alone or one who lives with a partner, establishing a new estate plan or modifying an existing one is essential. You might wish to leave assets to your partner that they could not get through intestate succession, or maybe you have children you want to leave your assets to. Perhaps there are organizations you want to receive a charitable donation upon your death. Whatever your final wishes, you should create a legally enforceable estate plan now.

When you’re inheriting either cash or stocks, one isn’t better or worse than the other. Each offers benefits. Having money in hand upon a family member's death means the ability to use it immediately for any purpose. However, there’s also the risk of quickly running out of the entire inheritance. A stock inheritance allows someone to start or add to their investment portfolio. However, it can also lead to tax liabilities.

Newport Beach elder law attorneys know that making the decision to move an elderly loved one into an assisted living facility is never easy. However, when your elderly parent or grandparent is struggling with Alzheimer’s or another form of dementia, the situation can be particularly challenging.

If you have suffered the loss of your life partner, my heart goes out to you: few things in this world are quite as devastating. As an Newport Beach probate lawyer, I know grief can debilitate, and the ‘to-do’ list in the immediate aftermath can seem impossible to manage. 

Estate planning is an emotionally challenging task at every step of the process. Whether you are writing your own will, helping an older relative plan their estate, or serving as the executor of the estate of a deceased loved one, you must deal with all the feelings you have about your own death or that of someone close to you.

Due to advances in medical technology, more Americans are living longer. In many ways, this is great news. However, this situation has brought about some significant challenges that all aging people now have to face. One of the most pressing concerns is the rising cost of long-term care. Understanding how to cope with the increase of this financial burden can make life easier both for you and your family.

If you are serving as the executor of someone’s will, one of the most important tasks you will need to do is to complete an inventory of the decedent’s estate. This could feel like an overwhelming process, especially if the deceased person had a lot of assets. However, knowing more about the process you are about to embark on can help you feel a lot more prepared. Here is everything you need to know about an estate inventory.

It can be difficult to say goodbye to the things we own. Older adults might have an even harder time doing so because many of their possessions may hold decades of meaning or sentimental value, and the thought of parting with these mementos can bring up a lot of unexpected emotions. At some point, however, it will become necessary to let many of those things go. Decluttering and downsizing can make life much more manageable for your elderly relative. If you are about to start clearing out unneeded items from your loved one’s home, here are a few tips to help the process go as smoothly as possible for everyone.

While estate planning for single parents is similar to estate planning for two-parent families, there are certain factors that require an added amount of attention when only one parent is involved. If you are a single parent, here are some important things you should consider about your estate plan.

In the early part of 2022, many young families spent a lot of time watching Disney’s award-winning animated film Encanto. Repeatedly. While the movie is obviously a great source of entertainment for kids, Newport Beach estate planning attorneys have also noticed that it contains a lot of valuable lessons that can help people prepare for their family’s future.

A living will is not a last will and testament used to pass your assets and property after you die. Instead, it is a mechanism to communicate to your family and doctors how you want medical care conducted when you aren't able. Your living will is an essential part of an estate plan to help you and your family in an emergency. No one will have to guess your choices, which may even prevent quarrels over treatment options to employ during a heightened emotional time.