Estate Planning

A Few Estate Planning Tips for Couples

The novel coronavirus has a lot of people thinking about the future of their family and estate. The good news is that couples have a lot of great estate planning options available to them in California. Here are a few situations that call for specific types of trusts.

• You have a very large estate – An A/B trust can help to protect your estate when it is large enough to be impacted by the estate tax. Obviously, this is rare, but the option exists for those fortunate enough to be in this category.
• You want to leave everything to the one and only mate you have ever had – A survivor’s trust is perfect if you want to leave your spouse everything, and you have not been previously married to anyone else.
• You have a blended family or a smaller estate – A survivor’s trust with QTIP is good for remarried individuals and those who don’t have as much to leave to their family.

There are also additional options for people who fall into very specific categories, such as the marital disclaimer trust. Hiring an experienced estate planning attorney will help you to understand which estate planning documents are the best for you and your loved ones.

Southern California’s Estate Planning Attorneys

If you are planning for an estate in or near the San Diego area, contact Petrov Law Firm at 619.344.0360. We can help you to customize an estate plan to meet your family’s unique situation.

Leaving Your Estate to Beneficiaries Through Trusts

Trusts can help your estate to bypass probate court. This allows your beneficiaries to receive the full amount you leave to them without having to wait or pay court fees. What are a few types of trusts that you may not know about?

• QPRT – A qualified personal residence trust allows you to transfer ownership of a property that you own to a family member without them having to pay the current value. This protects your assets while you are still alive, and it offers tax benefits for you now.
• IDGT – An intentionally defective grantor trust is the way to pass a family business to a beneficiary. It also offers some protection against creditors for the family. So if you have a business and want to keep business and personal assets separate, this is an important trust to know.
• CRT – A charitable remainder trust is one to know if you want to leave some of your estate to charity. Additionally, your beneficiaries may receive tax benefits if you leave part of your estate to a charity in this way, so it benefits your family while doing a good deed for the community.

Gifting Through Trusts to Protect Your Assets

Petrov Law Firm wants to help you ensure that the maximum amount of your estate goes to your beneficiaries rather than being wasted on court fees, high taxes, and other things that can cut into an inheritance. Call 619.344.0360 to discuss options for working on your estate now.

Why Millennials and Even Gen-Z Need an Estate Plan

Whether you are in your 30s or even 20s, it is still a good idea to have an estate plan, especially now. Why should you have a will and medical directive at the very least? Here are a few important reasons.

• Accidents can happen – Tragic accidents don’t care about your age. It is important to have an estate plan in place, even if you have not had time to save up a lot of money yet. This will benefit your family if anything should ever happen to you.
• You need to make healthcare decisions – Estate planning is about more than just money. Having an advance medical directive in place can allow you to make healthcare decisions in advance. It also lets you choose an advocate to speak for you should you ever become incapacitated.
• COVID-19 can impact any family – The new coronavirus has brought the importance of estate planning to the fore. After all, a person can go from healthy to on a ventilator in a matter of days. Will the hospital know who to contact, who is authorized to make medical decisions for you, or what decisions you have already made in advance?

Planning for the Future in an Ever-Changing World

Regardless of your age, the modern world dictates planning for the unknown. Petrov Law Firm can help. To speak with an experienced estate planning attorney, call 619.344.0360 today. Remember that estate planning is about more than just money. Take control of your future today!

Planning for Your Estate During the Coronavirus Pandemic

At the time of the writing of this article, California already has more than 4,000 cases of coronavirus. With nearly 25,000 deaths globally due to this pandemic, you can’t afford to leave the future of your family to chance. Here are two important steps to take regarding your estate plan (or lack thereof) in California.

• Get started today – If you don’t already have an estate plan in place, now is the time to jump into action. Don’t assume you are too young to be affected either. Parents especially need to take care to protect their mate or minor children by means of a competent estate plan.
• Review your existing plan – If you already have an estate plan, now is the time to review it to ensure that your current wishes are stated clearly. Now is not the time to accidentally have an ex as your retirement fund beneficiary or to have an estate plan that never changed when you moved from one state to another (each state has its own laws regarding estate planning). You always want to be certain that your medical wishes are up to date.

Planning Ahead Is Not Alarmist – It’s Smart

We hope that you and your family enjoy your time at home together during this pandemic without incident, but the course of wisdom is to be prepared. If you need to begin or update an estate plan in southern California, Petrov Law Firm can help. Call 619.344.0360 to get in touch with an estate planning attorney today.

Make Sure Your California Advance Healthcare Directive is Up to Date

With the coronavirus pandemic sweeping the world, now is not the time to have an outdated advance healthcare directive. Since regulations regarding a living will are different from state to state, if you have moved to California, your existing living will may not even be legally binding. Here are a few reasons to update your existing health care directive today.

• Make decisions in advance – If you end up incapacitated by coronavirus or any other disease, your family may face difficult decisions. You can make things easier by having your own decisions down in writing in advance.
• Choose a healthcare agent – Your directive allows you to select an agent in advance who will make decisions for you if you become medically incapacitated. When you combine this with leaving specific instructions, you create the circumstances under which your wishes are the most likely to be carried out, even if you cannot advocate for yourself.
• Inform your family – An advance directive is also a good way to let your family know what your wishes are so that no one is shocked if the situation arises and your agent makes the call for you.

Prepare or Update Your Advance Healthcare Directive Today

This is something that everyone in the state should have in place – now more than ever. To prepare or update your advance medical directive in southern California, you can call the professional estate planning attorneys at Petrov Law Firm. Just dial 619.344.0360 to get the legal help you need to execute this document properly.

Three Reasons to Keep Your Estate Out of Probate

If all you have is a last will and testament (or worse – nothing at all), then when you pass on, your estate will have to go through probate court. Of course, probate is there for a reason. It’s not all bad. However, there are some excellent reasons to try and pass as much as possible to your heirs without this provision. Here are a few reasons:

• It can affect how much your beneficiaries receive – Probate court isn’t free. The longer the money stays tied up, the more court costs will consume, leaving less for your loved ones.
• It is a matter of public record – Sadly, we have to worry about scams and thieves. That is the world we live in today. If it is on public record what you left to your family members, it could result in criminals targeting your heirs.
• It can result in delayed receipt of assets – Your beneficiaries may not even receive their inheritance for months or years after you pass away. This is especially true if there is no will or if the will was poorly written, and it ends up contested in court.

Estate Planning Attorneys in San Diego

You can keep much of your estate out of probate court by having your estate planning handled professionally. Call the experienced attorneys of Petrov Law Firm today at 619.344.0360 to learn more. Whether you need to start your estate plan from scratch or update an existing plan, we’re here to help residents of southern California.

Be Certain Your Estate Plan Includes Long-Term Care

Long-term care relates to the medical attention you may require in the final years of your life. While this is something we don’t often think about (mostly because we don’t want to), it can be something that seriously affects the estate that you leave to your family. Here are three reasons to be sure that long-term care is factored into your estate planning.

• You may be more likely to need care than you think – In fact, about 40% of Americans end up in a care facility at the end of their life. 1 in 10 people spends three years or more in a nursing home.
• Long-term care is expensive – Depending on the facility you end up in, long-term care can cost anywhere from $40,000 per year up to well into the six-figure range. For most people, that can go through an estate pretty quickly.
• Insurance doesn’t cover long-term care – Medicare doesn’t cover an expense like this. If you do have coverage for long-term care, you may be paying out just as much in premiums as you eventually would have in care. In order to leave something for your family, you have to find a better way to plan ahead.

Long-Term Care as a Part of Your Estate Planning

If you live in the San Diego area, contact the estate planning attorneys at Petrov Law Firm by calling 619.344.0360 today. We can help you to develop an estate plan that leaves your assets to your family rather than to a long-term care facility.

How to Estate Plan the Right Way

Estate planning is a necessity, but it can also be something we have a tendency to put off. Whether it is a lack of interest in thinking about mortality or you just don’t know where to begin, procrastination can set in. However, you don’t want your family to suffer due to a lack of planning, so here are a few tips for estate planning the right way.

• Hire an estate planning attorney – If you don’t have a huge estate, you may think of this as a waste of money. However, hiring an attorney can help you to maximize the benefits for your family. That’s worth a small fee because your family may lose out on even more of their inheritance in probate court without the right documents in order.
• Don’t just think about material assets – What happens if you get sick and become incapacitated? Have you made plans for your future medical wishes and care? If you have minor children, you need to think about what will happen to them if you and your spouse were to pass away simultaneously.
• Start today – Don’t put it off any longer. If you don’t know where to begin, make calling a trustworthy attorney your first step.

San Diego’s Estate Planning Attorneys

Petrov Law Firm can help you to plan ahead without the hassle. Give us a call today at 619.344.0360 and schedule a consultation so we can learn about your unique circumstances and help you to plan your estate in a way that meets your personal needs.

How to Be a Good Successor Trustee

If you are a successor trustee, you may feel like the weight of the world is on your shoulders. You need to carry out the assignment you have been entrusted with in a conscientious way. How can ensure that the beneficiaries of the trust receive what they deserve and are treated fairly? Here are a few tips.

• Hire an accountant – The trustor wouldn’t have chosen you for this job if you weren’t honest. However, if you are not an accountant, you could still make a mistake that costs the family money. Therefore, the smart thing to do is to use a small portion of the trust fund to hire someone to help out on the financial side.
• Just do your job – As a successor trustee, you really just have one job – carry out the wishes of the trustor. Stick to the instructions you have been provided. When in doubt, think about what the person who trusted you with this assignment would have wanted. This isn’t the time to go rogue.
• Be happy for the beneficiaries – Hopefully, the trustor left you something in compensation for your role. If not, or if the task becomes arduous and drawn out, don’t give in to envy. This can result in bad decisions.

Estate Planning Help in San Diego

Petrov Law Firm has the expert attorneys that you want on your side when estate planning. Give us a call today at 619.344.0360 to get started on your plan or to update an existing one.

Two Ways to Integrate Estate Planning and Your Retirement Funds

There are many ways to save for your own future as well as to put money aside for your family. If you want to incorporate your retirement planning into your estate, then there are a number of ways to do so. One way is to make your trust the beneficiary of your estate plans. Why is this a smart idea? Here are a couple of reasons:

• You never have to change your beneficiary – Your trust is static, so there is no need ever to change your retirement fund beneficiary. However, if you chose your mate as the beneficiary of your retirement fund, then you have to remember to change the beneficiary if your mate passes away before you or if you get divorced. It just simplifies the process.
• You protect your loved ones from financial mistakes – Removing funds from a retirement account too soon or in large increments can cause major taxation issues. To protect your loved ones from making such a mistake during the grieving process, you can appoint a successor trustee to help them make better financial decisions. Of course, the retirement fund has to go into the trust when you pass away in order for the successor trustee to be able to provide this kind of advice and assistance.

California Estate Planning to Meet the Needs of Your Family

Petrov Law Firm wants to help you plan ahead so that your family has a secure future without your own retirement fund being affected. Call 619.344.0360 to get started on your California estate plan today.