For example, many parents leave their children with a trusted friend or family member when going on a business trip or vacation or even when the parent must spend time in the hospital or recovery.  There are also cases where a child leaves the home to live with a family member or friend for various reasons.

In these circumstances, it makes sense to give that person the legal ability to do things such as seek medical care, consent to school field trips, etc.  If you are planning to leave your children in someone else’s care for much time, then filling out and signing a temporary power of attorney can make things much smoother should there be any question while you’re gone.  For example, the temporary guardian could take your child to the doctor without having to have you make multiple phone calls to attempt to give your consent.

One area in which you might want to get your estate planning lawyer involved is when it comes to emergency situations.  It is possible to assign a temporary guardian in situations where an emergency has arisen.  A useful example is if you happen to be injured and hospitalized while your children are in the care of a babysitter.  When you don’t arrive home, the sitter will generally call the police who will have to get protective services involved because there is no legal documentation allowing the children to stay with the sitter.  To avoid this, you can create a temporary guardianship document that allows your children to be with someone you trust until you are able to return to them or until their more long-term guardians can take over.

The rights you choose to delegate to the temporary guardian can vary, and it’s a good idea to work with an Fair Oaks attorney to ensure that you’re following the letter of the law.  In most cases, you can choose to give the temporary guardian only specific rights or to delegate all of the rights of a parent to the adult in question, with only a few exceptions.  In addition to signatures of involved parties, you will likely need to have the document notarized

It’s the very rare person in California who doesn’t need to do any estate planning at all.  You may think that because you don’t have a massive estate that the distribution process would be simple and straightforward.  Unfortunately, that is not often the case.  Instead, your estate, no matter how large or small, will have to go through the probate process and will be distributed according to CA state law.

Generally speaking, your assets will go to your nearest living relative, which could be a spouse, parent, or child.  This is, of course, after the probate process has taken place, and any number of court and attorney’s fees have been deducted.  If no living relatives can be found, it’s likely that all of your assets will become property of the state to do with as it pleases.

Consideration for a Will

If you’re trying to determine the benefits of wills vs trusts, here are some good things to keep in mind.

• Wills are often sufficient for those leaving behind less than $150,000 in assets
• If you want to leave something to a friend, non-registered domestic partner, or organization you support, a will gives you this opportunity
• A will allows you to choose who will carry out your wishes regarding your estate (the executor of the will)
• If you have dependent children, a will can provide you the opportunity to name their guardians in the event  of your death, rather than leaving that choice solely to the courts
• Keep in mind that a will doesn’t keep your estate out of probate, so those costs and the time involved will still apply
• When your estate goes through probate, all the matters become part of the public record

Considerations for a Trust

• Those who own a home should generally consider a trust, as should those whose assets are worth more than $150,000
• Like a will, the trust can usually be revoked or modified while you are still living
• Unlike a will, however, a trust allows your beneficiaries to skip the probate process
• Trusts are held private and the details of them are not made part of the public record

Working with a Fair Oaks Estate Planning Lawyer for Best Results

It’s highly recommended that individuals utilize the expertise of a Sacramento estate planning attorney when considering the wills vs trusts debate.  This skilled professional will be able to steer you in the right direction, not to mention he or she will have experience using wills and trusts to reduce estate taxes, set up funds for surviving family members, and conduct charitable giving in a way that fits your values.  By choosing an estate planning lawyer in Fair Oaks, you ensure you are working with someone who is familiar with state and local laws for even better protection.

According to probate law, when a person dies without a will, it is up to the courts to determine how to distribute his or her assets.  One of the first things to be done is to get an accurate accounting of the estate.  Once taxes had been deducted, Amy Winehouse’s estate was worth about $4.6 million U.S.  This amount was awarded in its entirety to her parents.

Any Sacramento probate attorney can tell you that throughout the U.S., as well as in the U.K., the estate of someone without a will is dispersed to his or her nearest relatives.  First choice would generally be a spouse and/or living children.  Amy Winehouse was unmarried and had no children.  As in the U.S., this means that the nearest relatives would be her parents.

Passing away without a will is called dying “intestate,” and it’s not uncommon at all.  It’s why the Sacramento County probate courts are continually busy.  An unwed, childless decedent whose parents are not living will typically have the estate given in equal parts to any siblings.  The probate laws are set up to determine yet more relationships if these are not fulfilled.  Ultimately, if no relatives are found, the estate will often revert to the state of California.

What Were Amy Winehouse’s Wishes?

Since she died intestate, there are no legal documents that outline Winehouse’s wishes for her estate.  It’s possible that she may have wished for money or other assets to go to her friends, her brother, or certain business associates; but these types of possibilities are not likely to be entertained by the probate court.  Instead, they followed the laid-out guidelines for this particular scenario.

The Lesson

The example of Amy Winehouse’s estate highlights the importance for each of us to take the time to consider at least the basics of estate planning.  Creating a will, for example, allows you to determine who will be the beneficiaries of your assets, although it will not circumvent the probate process altogether.  For an estate the size of Amy Winehouse’s, a Sacramento County estate planning attorney would likely work with the individual to put together trusts that meet his or her wishes while decreasing the amount of taxes due and keeping the entire estate out of probate court.  Don’t be fooled into thinking that only rich people set up trusts, either; anyone wishing to avoid the probate process should consider them as a valuable tool.

These days, the phrase “intangible asset” seems to have multiple meanings.  In the estate planning world, Sacramento attorneys refer to intangible assets as memories and mementos that are left behind for loved ones.  These are things that extend beyond money and material things in order to share your story and your family history.  Your Fair Oaks will and trust attorney can incorporate such assets into your estate plan for the benefit of your family after you are gone.

What kinds of things can be included in your intangible legacy?  Consider the following:

• Handwritten letters to individual friends and family members that express your feeling for them
• A written family history and important genealogies
• A DVD recording of you sharing memories, encouraging your loved ones or telling stories of your childhood
• Letters or recordings to be delivered at predetermined times, such as birthdays, wedding days, upon the birth of a child, etc.

The Value of Intangible Assets

A Fair Oaks lawyer can’t really place a monetary value on these types of intangible assets and the legacy they leave behind (although they should definitely be listed among the assets of an estate).  It’s just not possible to put a price on family history or your ability to continue to have an influence on your children and grandchildren after you are no longer able to be with them physically.

Creating these letters and recordings gives you an ongoing opportunity to offer your support, to share your pride, and to instill your values on those whom you love the most.  It may also help to ease the grief of those loved ones, as they still feel your guidance and encouragement in their lives.  You can share with them your own hopes and dreams for their futures or even just offer an annual birthday greeting.  Some parents or grandparents have even recorded themselves reading bedtime stories in order to remain a part of their children’s upbringing.

Video Wills

Related to this intangible legacy is the idea of a video will.  Generally speaking, a will in California must be written down, not to mention signed and witnessed.   Some people choose to also create a video will, usually just of the testator reading the will, in order to show that he or she was competent at the time that the will was created in order to avoid challenges later.

Keep in mind, though, that the video should be made in addition to the written will, not as a substitute.  Because the video will is not sufficient in and of itself, the best approach is to work with a Sacramento estate planning lawyer to draft a legal document before committing it to video.

Leaving an Intangible Legacy For Your Loved Ones

If you’re ready to create a comprehensive estate plan that includes passing down priceless memories and keepsakes to your loved ones, give our Fair Oaks trusts and estates law firm a call at (916) 241-9661 and ask to schedule a complimentary Peace of Mind Planning Session with the mention of this article (limited to first 10 callers per month).

I’m so honored to be listed among the recommended resources this wonderful article by Sally Dunbar– an excellent realtor in Fair Oaks. With her permission, I’ve reprinted her entire article and great advice below.

I have learned a lot about the services available for your dying parent, as I watched my dad passed away in March, 2012. I wanted to share my best tips and favorite services when your parent is dying – especially in the Fair Oaks area.

Cremation services. We felt blessed to be referred to Simple Traditions

Cremations, a women-owned cremation service in Carmichael that handled my dad with such compassion. With a phone call at 9 at night, they sent two of the sweetest men to take my Dad.  They were so caring. Later in their office, I never felt I was being up-sold to buy satin-lined gizmos instead of the generic plastic we chose for my dad’s “cremains”.  I found my own antique Hershey’s Chocolate tin for my dad, to be included in a larger checkers game box which held mementos of his life – drum sticks, a model Mustang car, poker chips, cards, a “Love Songs from WWII” CD, pictures from his wallet, child’s baseball mitt, an ice cream scooper, and a copy of the birthday book of love letters we all made for his 90th birthday, only one week before. Simple Traditions also created the Certified copy of the Death Certificate, and arranged the burial permit from the County. I loved the rep we had, Irina, who very emotionally told me she couldn’t wait to come to work each day, helping families in such a loving environment.  She said it was hard to break into this field as a woman, and that Simple Traditions was a rarity.  They were awesome, and I loved supporting a woman-owned business.

1. Determine the level of care that will be needed.  This is going to affect many of your other decisions.  For example, are you or your loved one dealing with a specific ailment?  If so, it may be preferable to choose a provider or agency with experience in that field.  Additionally, do you need round-the-clock care, someone to come a few hours a day, or something else entirely?  There are even adult daycare programs that can provide an outlet for social activities and certain therapies, and these can be used on their own or in conjunction with a home healthcare provider.  You may wish to ask your elder lawyer for a list of possible facilities in the greater Sacramento area.
2. Decide if you want to hire someone on your own or if you want to go through an agency.  There are advantages and disadvantages to both options.  If you choose to do it on your own, you will likely have more say in who will be providing the direct care, as well as what services he or she will provide.  On the other hand, an agency will be able to screen applicants thoroughly and can handle payroll and other paperwork for you.
3. Ascertain how you will pay for the home healthcare services.  An experienced elder attorney can point you toward a variety of resources, depending upon what your needs are.  You or your loved one may have long-term care insurance set up for just this situation, or you may be looking to Medicare and/or Medicaid to assist with the costs.

Choosing a home healthcare provider is a big job.  Breaking it down into more manageable objectives can help keep you moving forward without getting too bogged down over what to do next.  At any point in the process, an experienced estate planning and elder lawyer in Sacramento will be able to offer practical advice and suggestions.

Probate Tip #1:  Hire an Experienced Probate Attorney in Sacramento County

It may be tempting to navigate probate alone, but a good probate lawyer will be able to make the entire process more efficient.  The attorney’s expertise will guide you steadily in the right direction and keep you on track for closing probate as quickly as possible.

Probate Tip #2:  Notify Creditors Quickly

Part of the probate process is making creditors aware of the death.  As long as the probate is open, creditors can come looking for payment, which can significantly slow down process.  Instead, it is better to get everything lined up as quickly as possible to be able to move on to the next phase.

Probate Tip #3:  Get an Appraised Inventory

As the executor works with the estate, he or she should be creating an inventory of its assets and getting appraisals when appropriate, whether on personal effects, real estate, or other assets.  The courts may need to be involved with the process, so discuss it with your probate lawyer.

Probate Tip #4:  Don’t Miss Deadlines

There are specific deadlines set for when documents need to be filed.  Missing these deadlines will lead to the need for more court appearances (time, hassle, money), as well as keeping probate open—and the estate vulnerable—for that much longer.

Probate Tip #5:  Keep Accurate Records

The creditor claim period can vary from state to state, which another excellent reason to work with a local probate lawyer in Sacramento County.  Once this period has ended, the trustee will file the final report and accounting.  Having these numbers ready to go and double checking them for accuracy helps get the estate closed faster.

There’s no doubt that seeing an estate through probate offers some stress and potential confusion.  A good probate lawyer will minimize this stress, and utilizing these simple probate tips can get the estate and all those connected to it through the process that much faster.

For example, some Sacramento area residents are interested in the idea of a charitable trust because it can reduce the tax burden on the overall estate.  In other cases, of course, the individual is simply looking to do good with his or her money.  No matter what your reason, your trust lawyer will be responsible for outlining for you the applicable rules and regulations for bequeathing your money or property in this way.

Estate planning laws differ from state to state, and possibly even from county to county.  That’s why, if you live in California, it’s in your best interest to hire a trust attorney from the same area. An experienced trust attorney in the greater Sacramento area will be well-versed in the requirements for right here where we work and practice.

Requirements for Setting Up a Charitable Trust

One of the first requirements of a charitable trust is blatantly obvious: you must have something to put in the trust, whether it is money, real estate, or some other form of property.  Also pretty self-evident is the fact that the trust must demonstrate a charitable purpose.

Additionally, a trustee must be named as the person who will oversee and administer the trust, and beneficiaries must also be named.  The beneficiaries are those who will benefit from the trust.  The beneficiaries must meet certain criteria in order for the trust to be considered “charitable.”  Your trust lawyer will work with you to ensure you are fulfilling this obligation by making sure you don’t name a for-profit business as the beneficiary, for example.  Likewise, it is improper for a charitable trust to benefit a private individual.

To ensure you are setting up your charitable trust within the confines of the law, work with a Sacramento attorney to create a plan that’s right for you.  To get started, please call our law firm at (916) 241-9661 and ask if you qualify for a Peace of Mind Planning Session with the mention of this article ($750 value).

One aspect of business planning that is easily overlooked, however, is what happens to the business after you are gone.  You may have thought about who will take over in the event of retirement, but have you thought about what would happen if you became incapacitated or unexpectedly pass away?

For a lot of people, their business is their biggest asset. Certainly, you want to make sure it’s protected in the event of your incapacity or death. By doing a little planning now, you can help ensure that your business will go on to survive without you instead of falling apart because you’re no longer at the helm.

Here are four easy steps that will help you get started creating a plan that’s right for your organization:

Step One:  Choose a Successor for Your Business

Again, you’ll need a successor for retirement, but other unexpected situations can arise, too.  By having someone you trust lined up who is prepared to take the reins should it become necessary, you can ensure your business stays running during an otherwise chaotic time.

Step Two:  Share the Knowledge

All too often, the business owner is the only person who is privy to the information and details necessary to make your business run.  If you’re keeping everything “in your head,” then how can your employees keep things running in your absence?

It’s time to gather up all this information and put it into a format that others can use should they need to step in and fulfill your role.  This doesn’t mean you need to share trade secrets with every employee; it just means that you should create a good outline of how things work and make that accessible to someone you trust.

If your business requires a licensed professional to run it, such as accounting, real estate or law, make sure you have a backup if your employees don’t have the required license.

Step Three:  Know Your Assets

It’s a good idea to understand the overall value of your business.  Creating an inventory of assets is a good start in this process.  In today’s age, many assets are not even tangible items but are digital in nature—such as web properties, online accounts, and more.  Talk to a professional if you need help assessing your assets.

Step Four:  Work with an Attorney

To solidify your ideas and ensure that you are planning within the confines of the law, you’ll want to sit down with a business planning attorney here in Sacramento or El Dorado County who is familiar with local laws and regulations.

Your business attorney will help you draw up legal documentation that provide direction for your business when you are no longer able to retain control.  It also helps to establish your true intentions and limit the amount of challenges others may face later on down the road.

If you’re ready to get started creating such a plan for your business, please feel free to call our Fair Oaks business planning law firm at (916) 241-9661 and ask to schedule a complimentary planning session with the mention of this article ($750 value).

The Letter of Intent is structured as a personal letter, rather than being a more formal legal document.  It is used to supplement the special needs plan in order to provide additional important non-legal information to your child’s trustee and caregivers.

Uses for the Letter of Intent

• Parents often use it to address wishes that they have which don’t really fall under the purview of legal requirements.
• This document is also useful for addressing information about your child that is subject to change.  While various other special needs planning documents tend to be more static, the Letter of Intent can be changed out as the information in it needs to be updated.
• Finally, a Letter of Intent is used to discuss topics that are just too lengthy to include in the special needs trust.

The letter is typically addressed to the people who will be caring for your child once you are unable to fulfill that role.  When the time comes, your attorney will share the Letter of Intent with the child’s caregivers, as well as with the trustee.  They can use the letter to help interpret your desires and to help follow through on the wishes you have for your child.

Where to Get the Letter

Your special needs attorney in Sacramento can help you draw up your Letter of Intent as a supplemental piece of your special needs trust.  You may also wish to download a template for organizing your thoughts.  A nice one is available at http://www.specialneedsanswers.com/moi_order.asp.  As with any online resource, be sure to have your attorney review the document and offer advice and recommendations.