Most parents’ primary goal is to protect their children. Yet so many parents have not appointed a guardian. Don’t leave this decision up to the court.
Make a tremendous difference in your child’s life by planning ahead with these simple steps:
1.) Make a list of people you feel would do a good job parenting your children. Parents often choose family members and close friends that have a similar philosophy about child rearing.
2.) Start narrowing your list of guardian candidates by considering characteristics that are most important to you. Consider their interest, ability to meet the demands, presence of free time, social and moral values and integrity.
3.) Make a good match and nominate a guardian, successor guardian, temporary guardian and potentially execute an anti-nomination of guardians.
Nominating a guardian to care for your children is the hardest part of estate planning, but once you complete the process you will enjoy peace of mind. Call Anderson Law Group at 949.715.4303. We are happy to answer your questions.
Attorney Nicole Anderson of Anderson Law Group sets herself apart with Wealth Counsel’s continuing education Being involved in the best professional affiliations and continuing my education is of utmost importance for me. While I am involved in many organizations, here is a brief look into my affiliation with Wealth Counsel and my current continuing education efforts this month to make me a great attorney. For over the past two years, I have been a member of WealthCounsel, LLC – a nationwide collaboration of trusts and estates attorneys and other legal, tax and business professionals. I joined WealthCounsel in order to offer my clients the most up-to-date estate planning strategies. I believe that through collaborative efforts with my colleagues, I am able to deliver the most technically up-to-date and peer-reviewed documents, advice and counsel for my clients. This week I am spending my time in Atlanta with Wealth Counsel increasing my technical knowledge so I can better assist my clients. Here I am spending my valuable time on comprehensive training for attorneys in drafting Asset Protection Trusts and related documents for clients with asset protection planning objectives and needs. Additionally, I am receiving training on irrevocable life insurance trusts (“ILIT”), intentionally-defective” irrevocable trusts and the significance of qualifying transfers to irrevocable trusts as gifts of present interest and the significance of “Crummey Gift” methods. Continuing education is critical to continued excellent service to my clients. Not only do I annually attend Wealth Counsel continuing education courses nationally, but I am also working on my masters in taxation from Chapman University School of Law. Call me at 949.715.4303 or email me at info@andersonlawgroupinc.com to talk about the technical details of these advanced planning tools. Also, please visit www. andersonlawgroupinc.com for more information on Anderson Law Group, Inc.
Anderson Law Group is located in Laguna Beach, Orange County California. Attorney Nicole Anderson of Anderson Law Group can also meet clients in Irvine, California and Newport Beach, California. Please email info@andersonlawgroupinc.com and we will promptly call you. Principal and Attorney Nicole Anderson of Anderson Law Group is an experienced estate planning attorney, trust attorney, probate attorney, asset protection attorney, business succession planning, business law and corporate attorney. Please feel free to contact our office at 949.715.4303 if you or a family member is in need of legal assistance with California Probate and Estates, Orange County California Estate Planning and Asset Protection, Orange County California Business and Corporate Law, Orange County California Business Entity formation, Orange County California Business Succession Planning and Buy-Sell Agreements, Orange County California Business Contracts, Employment Agreements, Orange County California Art Law, Orange County California Wills and Trusts and Estates, Elder law, California Medical Assistance Planning and Eligibility (Medicaid), Nursing Home Planning, Guardianships or Conservatorships, or Real Estate transactions for second homes, rental property, or family vacation homes. Cities served within Orange County, San Diego County, Los Angeles County, Riverside County and San Bernardino County. For client convenience, Attorney Nicole Anderson also offers flexible scheduling. In addition to day appointments, evening and weekend Probate, Estate Planning, Living Trust Planning, Wealth Planning, Asset Protection Planning, Business Planning, Corporate Planning, and Business Succession Planning appointments are available upon request. Home, Nursing Home, and Hospital consultations are also available. The California Law Firm of Anderson Law Group focuses on California and Orange County estate planning, wills, trusts, estates, probate administration, asset protection, medical assistance planning, medical planning & eligibility, elder law, business succession planning, corporate law, family limited partnerships, real estate and transactional law. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, call Anderson Law Group at 949.715.4303, ask us to send you free written information about our qualifications and experience or look at the “About Us” tab on www.andersonlawgroupinc.com.
Nicole Anderson is the principal and attorney at Anderson Law Group, Inc. She can be reached at info@andersonlawgroupinc.com or 949.715.4303. Visit our website at www.andersonlawgroupinc.com for more information.
Dear Valued Clients,
You and your family’s financial security and level of asset protection are always on my mind. I recently read an article in a Financial Planning publication that reminded me to ask you if you have talked to your insurance agent lately.
In sum, the article discussed a family that transferred their home by deed to their newly established revocable living trust. The trustee was not the husband and wife, but a family member. This family had previously purchased a home owners and umbrella policy in their individual names. They did not consult their insurance broker about whether they would be insured if title of their home was held in the trustees’ name. Their house burnt down and the insurance company would not honor their insurance because of a specific clause in their contract excluding other trustees.
If you have not already done so, I think it would be smart to contact your insurance agent and ask the question of what happens to you in your specific situation. You should be able to make your trust an insured on your policy without any change in premium. If your agent cannot make this simple change, please call me and I will find you someone else that can help you. You can always refer to your wallet size trust ID cards for proper titling of your home in trust for your policy.
As always, if you have any questions please contact me at 949.715.4303 or email me at andersonlawgroup@me.com.
You would do anything for your children. Thus, deciding who would be the guardian to raise and care for your children if the unthinkable happens to you and your spouse should be the most important estate planning decision you make.
One of the most common things young parents do not know is that if you do not appoint a guardian the court will choose a person for you and it may not be the person you would have chosen.
In California, we name the guardian in the parents will. Here are some thoughts to consider when choosing the right guardian to care for your children.
· Choose a person or a couple who are willing to take on the responsibility. If they are not economically able to raise your children in a manner you desire, make sure that your estate has left sufficient funds to support your children.
· Have a detailed conversation with them about your expectations for your children.
· Let them know your parenting style and values. If they are significantly different than yours you may want to consider another person.
· Prepare a family mission statement to give to your guardian.
· Make sure you name an alternative guardian.
· If there is a person that you want to prevent from raising your children make sure you state that in writing.
· In general, try to find a guardian(s) that is willing to take all of your children. You would not want your children to also have to go through the trauma of not living with their siblings.
Come talk to us if you have more questions. Contact Anderson Law Group, Inc by phone or email at 949.715.4303 or AndersonLawGroup@me.com
What Every Young Parent Should Know to Protect Their Family
Plan before it is too late
Have you considered the painful question of what would happen to your children if you or your spouse died unexpectedly? This article considers some basic estate planning tools that every young family should implement to protect their children.
Establish who you want to be your child’s guardian if the unthinkable happens
A guardianship provision allows you to appoint a person or persons to take care of your child if you and your spouse become incapacitated or die. If you have a trust based estate plan, the guardianship appointment usually takes place in your pour-over will.
There are a number of factors to consider. When deciding who to appoint as your guardian think of who you would want to raise your child. Also, consider what your appointed person would have to do to be able to take over your job. We recommend that you have a serious conversation with them before making the appointment. Moreover, consider whether the person you appointed as the guardian of your children lives close enough that they could get to your children in a time of emergency. If not consider appointing a temporary guardian.
Finally, you have to make sure that in the case of emergency the medical team knows that you have minor children and home and where to find your guardian information. This is why I give clients a card to carry with them in their wallets. A sticker on your drivers license informs emergency medical providers that you have a child at home. This way your guardian and not Child Protective Services can go get and take care of your children at home. The medical providers access your information on an internet database using your membership number on the card.
Appointing a guardian now gives you peace of mind that your children are protected. It allows you to decide who is going to care for your children and it allows you to set guidelines of what you want for your children in your family mission statement. Not having a guardianship is a scary thought. Your children could be taken away by Child Protective Services until a temporary guardian comes forward or is appointed by the court. Also, if you become incapacitated or die and do not have a guardianship in place, the court decides who the legal guardian is in a court ordered, expensive and time consuming guardianship proceeding.
Create a Revocable Living Trust
A trust also protects your children if you are your spouse become incapacitated or die. There are many tax, probate avoidance and family legacy planning reasons to create a trust as well. However, for the young family, having a living trust can also be invaluable. It can provide money management security for your child and protect that child’s assets from creditors and predators. You can set a trust for your children that will not only provide them principal to your children for their health, education, maintenance and support, but you can also decide when, by what distribution standards and how much of their legacy they are to have.
Life Insurance to Protect Surviving Family Members
An irrevocable life insurance trust (ILIT) holds your life insurance policy outside of your estate taxable estate. When you purchase life insurance, make sure you are receiving adequate coverage to protect your surviving family members allowing them to live comfortably.
Plan and Protect Now!
As your estate grows and your family’s lifestyle changes, regularly review your estate plan with your professional advisors. Creating an estate plan now will ensure your children’s financial well-being if the inevitable or unthinkable happens to you and your spouse. To begin planning your estate, please give us a call at 949.715.4303 or email us at AndersonLawGroup@me.com. We would be happy to help get you started.
Nicole Anderson of Anderson Law Group, Inc. will blog on “A Short Guide to Business Entity Planning” throughout 2009. Kindly contact us if you would like further information by visiting our website at www.andersonlawoc.com.
Business Entity Options:
Sole Proprietorship
Partnership
Limited Partnership
Limited Liability Partnership
Limited Liability Company
The Corporation options (C or S Corp)
Topic 1: Sole Proprietorship
Overview: A Sole Proprietorship is the legal default entity. If you file nothing at all with the Secretary of State, the state considers you a sole proprietor. If you are a sole proprietor, your personal assets and your business assets and liabilities are one in the same. You have little business formation and planning formality. You personally own all the assets of your business. It is a pass through taxation entity, so you avoid double taxation on your business assets and only personal taxes on your earnings. However, you have to be willing to risk personal assets as you and your business are one entity.
The Advantages: Because your business does not exist as a separate legal entity, the secretary of state requires little formality to form, manage or keep your business legally current. Because there is only one owner, management is centralized. You as the sole proprietor make all the decisions regarding your business. Also, you are entitled to freely transfer your interest in the business. Finally, a sole proprietor is a pass through tax entity because you personally own the business. Thus, you avoid double taxation.
The Disadvantages: A major downside of operating your business as a sole proprietor is exposure to liability. Since your business is not a separate legal entity, you, the owner, are personally liable for the business’s obligations and wrongdoings. For example, if your business is sued and a judgment is required, creditors can go after your personal assets to cover payment owed. Another downside is that the business entity cannot continue beyond the life of the owner.
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