last will and testament – Experience a Richer Way to Wealth

Posted on May 2, 2024 by admin

As we continue to embrace the digital world, the increase in online scams and cyber threats is an unfortunate reality. These risks impact everyone, including legal professionals who handle sensitive client information. However, with the right precautions, you can protect yourself from these digital dangers. It’s equally important to understand how lawyers safeguard client data against these threats. Let’s explore effective strategies for personal security online and the protective measures legal professionals implement for their clients.

In the spirit of “Star Wars Day” (May the Fourth), let’s call these cyber threats the “Dark Side” for a bit of thematic fun.

Seven Essential Tips to Shield Yourself from the Dark Side

Confirm Identities: Always verify the identity of anyone requesting your personal details online. Scammers frequently pose as reputable companies. If a message seems suspicious, reach out directly to the company through official channels.
Strengthen Your Passwords: Use long, unique passwords combining letters, numbers, and symbols. Avoid predictable patterns and consider using a password manager to keep track of your different passwords securely.
Be Wary of Links and Attachments: Don’t click on links or download attachments from unfamiliar sources. These can redirect to fraudulent websites or download malware onto your device. If uncertain, it’s safer to avoid engaging.
Update Regularly: Keep your operating systems and applications up to date to protect against vulnerabilities. Use reputable antivirus software to further safeguard your devices.
Educate Yourself on Scams: Familiarize yourself with common scams like phishing. Awareness is your primary defense.
Verify Unsolicited Calls: If contacted by someone claiming to be from a bank or a government agency, or even a relative in crisis, hang up and call back using a number you trust. Establish a family emergency code phrase to confirm identities in urgent situations.
Never Allow Remote Access: Do not grant remote access to your computer unless you initiated contact with a legitimate tech support team yourself. Scammers often impersonate credible businesses to gain access.

What to Do if You Fall Victim to the Dark Side

Despite your best efforts, if you find yourself scammed, act swiftly. Notify your bank or service provider to secure your account if sensitive information was compromised. Change your passwords immediately, ensuring they are robust and unique. Report the incident to help prevent further fraud, whether it’s through local authorities, consumer protection agencies, or online platforms.

In the spirit of “Star Wars Day” (May the Fourth), let’s call these cyber threats the “Dark Side” for a bit of thematic fun.

Rest Assured, Your Legal Guardians are on Watch

At Peaceful Warrior Law, we go beyond merely dispensing legal advice; we serve as lifelong, trusted advisors. If you’ve been impacted by a scam, we’re prepared to help fortify your defenses against future incidents. We specialize in creating robust estate plans that not only secure your data but also safeguard your legacy. If your elderly relatives are without an up-to-date estate plan, we can assist in protecting their assets and information too.

We Can Help

Interested in learning more about how we can help you and your family establish a secure Life & Legacy estate plan? Schedule a complimentary 15-minute consultation with us today.

This blog serves as an educational resource from our Personal Family Lawyer® Firm, ensuring you’re well-informed about crucial decisions for your life and your loved ones. To start organizing your estate or to discuss further how to protect your legacy, please contact our office to arrange a Family Wealth Planning Session.

Note: This content, sourced for educational and informational purposes, should not replace specific legal advice tailored to your circumstances.

Posted on October 2, 2023 by admin

Introduction:

When crafting an estate plan in California, it’s crucial to address the multifaceted aspect of real estate ownership to ensure a seamless transition of assets. Real estate can often be the most significant component of an individual’s estate, and adequately addressing it is essential for comprehensive estate planning. Depending on when you purchased or acquired California real estate, there is a good chance that the property has appreciated in value, or is likely to appreciate in value. for this reason, when crafting your estate plan, your real estate portfolio requires additional thought that should not be overlooked. Sometimes it’s not always as straightforward as simply choosing a beneficiary to receive the property following your passing.

Fortunately, an experienced San Diego estate planning lawyer can assist you through this process.

When drafting your estate plan, here are ten pivotal questions to consider.

1. What Real Estate Do You Own and Who Do You Want to Receive Your Real Estate?

Evaluation:

Begin by taking stock of all your real estate assets. List each property, including primary residences, rental properties, vacation homes, and any undeveloped land. This foundational step is crucial for the subsequent planning stages.

Then list who your potential beneficiaries are and the relationship you have with them. How old are your beneficiaries? Are they related to you?

2. How is My Real Estate Titled?

Ownership Structures:

Identify how each property is titled – whether individually, jointly, or through a business or trust. The title structure profoundly influences how the property is handled in estate planning and taxation.

Common ways to hold title in real estate can be:

Tenants in Common
Joint Tenants
Husband and Wife, as Community Property with Rights of Survivorship
Individual as sole and separate property
In a Trust
LLC

3. What is the Value of My Properties?

Appraisal:

Obtain current appraisals to know the market value. This valuation will play a significant role in tax planning and distribution to heirs.

4. What Are the Tax Implications?

Tax Liability:

Understand the potential tax liabilities, including property, capital gains, and estate taxes. California’s Proposition 19 has nuanced tax implications that should be understood and planned for.

5. How Should I Distribute My Real Estate?

Beneficiaries:

Decide how you wish to distribute each property. Consider the beneficiaries’ individual needs, preferences, and their ability to manage real estate.

Will my beneficiaries use the real property as their primary residence in the future?
Should I distribute the real estate into the names of my beneficiaries where there names will be on the deed upon my death?
Should I distribute the real estate in an Asset Protection Trust to my beneficiaries?

These questions are all incredibly important to consider for purposes of Prop 19 and transfer tax reassessment purposes.

6. Is there a mortgage on the property?

Who will assume your mortgage?:

Under the Garn-St Germain Depository Institutions Act of 1982, lenders cannot enforce the due-on-sale clause in certain situations, such as property transfers between family members upon death, during a divorce, or into a living trust.

7. How Can I Protect My Real Estate from Creditors?

Asset Protection:

Explore strategies to protect your properties from potential creditors’ claims, lawsuits, or other liabilities. Legal tools like LLCs or trusts can offer enhanced protection.

8. Is My Real Estate Suitable for a Trust?

Trust Incorporation:

Consider incorporating trusts to avoid probate, provide for privacy, manage tax implications, and ensure a structured distribution of assets.

Revocable Living Trusts are best for probate avoidance and privacy. You can build in estate tax and capital gains tax planning strategies within your Revocable Living Trust.

Who will be responsible for the expenses of the property, including taxes and upkeep, during the administration process?

9. How Does California Law Affect My Estate Plan?

Legal Landscape:

California has specific laws regarding real estate and estate planning. How do these laws impact your properties and your overall estate?

10. Should I Consult with a Professional?

Expert Guidance:

Consider seeking advice from an estate planning attorney, especially one well-versed in California’s complex legal and tax landscape, to ensure your estate plan is robust, compliant, and optimized for your specific circumstances.

Conclusion:

The intertwining of real estate and estate planning is intricate, necessitating thorough scrutiny and strategic planning. By addressing these ten questions, you embark on a journey of crafting an estate plan that not only stands the test of legal and financial scrutiny but also honors your legacy and provides for your heirs with foresight and diligence.

Call to Action:

Embarking on estate planning, especially where real estate is involved, requires nuanced insight. Reach out to our team of seasoned estate planning professionals at Peaceful Warrior Law in San Diego, California, to guide you through each step, ensuring peace of mind and a legacy preserved. Contact us today for a personalized consultation.

Posted on January 16, 2023 by admin

When it comes to estate planning and wills, you have a variety of options for legal documents. The most common of these options is a “last will and testament,” which is also known simply as a “will.” But you may have also heard people talk about a “living will” and wonder what that is, and whether you need a living will in addition to a regular last will and testament.

Both terms describe important legal documents used in estate planning, but their purpose and function differ significantly. In this article, we’ll review some of the most critical things you need to know about living wills and why having a living will is essential to every adult’s estate plan. And it may be that a living will is even more important than a last will and testament.

What Is A Living Will?

A living will, also called an advance healthcare directive, is a legal document that tells your loved ones and doctors how you would want your medical care handled if you become incapacitated and cannot make such decisions yourself, particularly at the end of life. Specifically, a living will outlines the procedures, medications, and treatments you would want and would not want to prolong your life if you cannot make such decisions yourself.

For example, within the terms of your living will, you can articulate certain decisions, such as if and when you would want life support removed should you ever require it and whether you would want hydration and nutrition supplied to prolong your life.

Beyond instructions about your medical care, a living will can even describe what type of food you want and who can visit you in the hospital. These are critical considerations for your well-being at a time of greatest need for you. And if you haven’t provided any specific instructions, decisions will be made on your behalf that you likely won’t want.

Living Will vs. Last Will And Testament

Upon death, a last will and testament ensure your assets are distributed as you choose. Note that your last will only deals with your assets and only operates upon your death. In contrast, a living will is about you, not your assets. And it operates in the event of your incapacity, not your death.

In other words, a last will tells others what you want to happen to your wealth and property after you die, while a living will tells others how you want your medical treatment managed while you’re still alive. And that’s really important for you and your care!

Living Will vs. Medical Power of Attorney

Medical power of attorney is the part of an advance healthcare directive that allows you to name a person, known as your “agent,” to make healthcare decisions for you if you’re incapacitated and unable to make those decisions yourself.

Simply put, medical power of attorney names those who can make medical decisions in the event of your incapacity, while a living will explains how you would want your medical care handled during your incapacity.

Why Having A Living Will Is So Important

A living will is a vital part of every adult’s estate plan, as it can ensure your medical treatment is handled exactly the way you want if you cannot communicate your needs and wishes. Additionally, a living will can prevent your family from undergoing needless trauma and conflict during an already trying time.

Without a living will, your family would have to guess what treatments you might want, and your loved ones are likely to experience stress and guilt over the decisions they make on your behalf. In worst cases, your family members could even end up battling one another in court over who should manage your medical care and how.

Should You Rely On A Living Will Created Online?

While there’s a wide selection of living wills, medical power of attorney, and other advance directive documents online, you likely want more guidance and peace of mind than is available through an online service to support you to address such critical decisions adequately. Regarding your medical treatment and end-of-life care, you have unique needs and wishes that cannot be anticipated or adequately addressed by generic documents or without the counseling and guidance we can provide through your decision-making process.

To ensure your directives are tailored to suit your unique situation, work with us to create and/or review your living will.

How We Can Help

Even if you have a professionally prepared and well-thought-out living will, it won’t be worth the paper it’s printed on if nobody knows about it. A living will comes into effect the second you sign it, so you should immediately deliver copies to your agent, alternate agents, primary care physician, and other medical specialists.

Additionally, don’t forget to give those folks new versions whenever you update those documents and have them destroy the old documents. Delivering the latest copies of your living will and other estate planning documents is a standard part of our Life & Legacy Planning Process. We ensure that everyone who needs your documents always has the latest version.

Since unforeseen illness or injury could strike at any time, don’t wait to plan your will. Contact us to get this critical document in place. Call us today to schedule an appointment.

This article is a service of Brittany Cohen, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

[email protected]

858-427-0539