The Latest from Susan Katzen

Are you a senior who is contemplating adding an adult child to your bank account to help manage your finances? It may seem like an easy solution for getting assistance with bill payments, but it's crucial to weigh the pros and cons before taking action. Our Newport Beach elder law attorneys are here to guide you through this decision.

A trust is a valuable estate planning tool that offers flexibility and control over the distribution of your assets. One essential aspect of managing a trust is opening a bank account in its name. This article will explore the key factors to consider when opening a trust bank account, including the required documentation, account types, and potential tax implications.

Are you worried about the safety of an older loved one on the road? If so, you are not alone. Countless families face this issue every year, and it can be devastating for both the senior and their loved ones to deal with. The senior is often forced to confront the reality of losing their independence, while the adult child may need to cope with conflicting emotions such as fear of retribution from the parent, anxiety about assuming responsibility for their transportation, and concern for their safety and that of others on the road.

Estate planning is an essential process for anyone looking to secure their assets and protect their loved ones. One often overlooked aspect of estate planning is the prenuptial agreement, which is an invaluable tool for protecting individual assets and ensuring a smooth distribution of assets in the event of a divorce or separation. In this blog post, we will discuss the importance of incorporating a prenuptial agreement into your comprehensive estate plan and how it can benefit you and your family. Remember, our Newport Beach prenuptial lawyers are always here to help you navigate this process.

In the event of a medical emergency, it's crucial to have your healthcare documents readily accessible and ensure that your treatment preferences are known to emergency personnel. Our estate lawyers have put together this article to discuss the benefits of carrying your directives with you and offer tips on effectively communicating your wishes to emergency responders.

In recent years, there has been a growing trend of people tattooing their medical wishes on their bodies, including "Do Not Resuscitate" (DNR) directives. While it might seem like a creative and potentially effective way to express one's wishes, relying on a tattoo as a legally binding document is risky and could lead to confusion and misinterpretation. As a Newport Beach estate planning attorney, I want to address the potential dangers of this trend and emphasize the importance of a properly drafted estate plan.

Estate planning often revolves around leaving assets to family members, but what if you want to leave your estate to someone who isn't related to you? Many people have close friends, caretakers, or even charitable organizations that hold a special place in their hearts. In this blog post, our Newport Beach will and trust attorneys will explore the essential considerations and steps to take when leaving your estate to non-family members to ensure that your wishes are respected and your legacy is preserved.

As a Newport Beach will lawyer, I've seen firsthand how substance abuse can impact families, leaving parents heartbroken and unsure of how to protect their loved ones while preserving their legacy. In my experience, many parents want to leave an equal inheritance to all their children, but when one child is struggling with addiction, it can significantly complicate matters.

If you have a parent in a nursing home, you're likely facing a lot of difficult decisions and stressful situations. It's natural to feel overwhelmed, but it's important to remember that you have options and resources available to you. One question that often comes up is whether the nursing home can take a loved one’s life insurance policy. Let's dive into this issue and provide some empowering advice.

If you have a child with special needs, you may be tempted to assume that if something happens to you or your partner, your other children will take care of their sibling. However, it's important to take the time now to create a legal plan for your child so that they are always protected no matter what happens. This includes creating a Special Needs Trust, naming backup guardians/conservators, and considering housing scenarios in the event that their siblings can’t care for them.

As our family members age, taking care of their financial and medical needs becomes increasingly important. Having conversations about the realities of aging early on can help ease the emotional stress that comes with it - providing a cushion for both you and your loved ones in case any conditions like dementia set in quickly down the line. With proactive planning and by utilizing the strategies listed below, families can ensure that their older loved ones are well-supported through this stage of life.

As our loved ones age, it's not uncommon for them to experience a decline in mental abilities that can make it difficult for them to manage their finances effectively. If you have an older loved one, it's important to be aware of the signs of diminished capacity so that you can take action to help protect their financial well-being. In this blog post, we'll discuss some of the signs of diminished capacity, and what you can do if you're concerned about your loved one's financial situation.

When it comes to estate planning, many people wonder if they can simply write their wishes down in an email and have it be considered a legal Last Will and Testament. While it's true that technology has made it easier than ever to communicate our wishes and desires, an email is not typically sufficient to create a legally binding will.

Just because you can do something yourself doesn't always mean you should. Special Needs Planning is an example of something that may seem easy to take care of by yourself or by using an online program, but in most cases, legal planning is one area where you should resist the urge to D-I-Y. Much like botching a DIY kitchen remodel, mistakes in special needs planning can be expensive to fix. Ultimately, do-it-yourself legal planning could end up costing you or your family more than if you had just hired a professional from the start.

When a loved one enters hospice care, it can be a difficult and overwhelming experience. One of the most important things to consider is estate planning—which can help ensure that your loved one’s wishes are honored and surviving family members are financially cared for. The following steps can help caregivers more smoothly navigate legal issues that arise during the end-of-life process.

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.