Los Angeles Estate Planning Attorneys

What Does a Will Do?

Estate Planning Attorney Los Angeles — Wed, 09 May 2012 18:38:05 +0000

Wills can be of various degrees of complexity and can be utilized to achieve a wide variety of family and tax objectives:

If a will provides for the outright distribution of assets, it is often characterized as a simple will.
If a will establishes one or more trusts, it is often characterized as a testamentary trust will.

Alternatively, the will may leave probate assets to a preexisting living trust, where it is characterized as a pour-over will. Aside from providing for the intended disposition of your property, there are a number of other important objectives that may be accomplished, such as:

Designating a guardian for minor children
Eliminating the requirement for bond
Designating future custodians for minors

For specific questions about drafting a will, please contact our will attorney in Los Angeles today at (818) 501-5800.

How Does Setting Up a Trust Avoid Probate?

Estate Planning Attorney Los Angeles — Mon, 16 Apr 2012 17:52:50 +0000

If you do not have a trust there will undoubtedly be a probate proceeding upon your death. Probate is a court supervised proceeding necessary to transfer your assets to your heirs. The probate proceeding is costly in terms of both time and money. Furthermore, all probate proceedings are public record.

Having a trust in place insures a less costly and smoother transition of assets to their designated heirs.

For more information about setting up a trust, please contact our trust attorney in Woodland Hills.

What is a Living Trust?

Estate Planning Attorney Los Angeles — Mon, 12 Mar 2012 22:20:05 +0000

A revocable living trust is a legal document that designates what you own and who you want it to go to and when. Because this document is revocable, it may be modified during your lifetime.

The revocable living trust avoids the need for probate and/or conservatorship proceedings. Additionally, it can allow you to reduce or even eliminate taxes.

Most importantly, the revocable living trust allows you to see your compete financial picture which may help you better prepare for the future.

For additional questions about setting up a living trust, please contact our Trust Attorney in Los Angeles today.

What is HIPAA?

Estate Planning Attorney Los Angeles — Mon, 27 Feb 2012 22:04:35 +0000

H.I.P.A.A. stands for the Health Insurance Portability and Accountability Act. The original purpose of this Act (established in 1996) was to limit access of insurance companies to your medical records, however it actually limits everyone’s access to your medical records , including:

Spouses
Parents
Children

The HIPAA Authorization allows you to designate certain individuals to receive your protected medical information.

For more information about the HIPAA Authorization, please contact our estate planning attorney in Woodland Hills.

What is an Advance Health Care Directive?

Estate Planning Attorney Los Angeles — Tue, 14 Feb 2012 23:21:40 +0000

Formerly called a “Living Will” or “Durable Power of Attorney for Health Care”, an Advance Health Care Directive allows us to deal with the situation where decisions regarding our healthcare need to be made and we are unable to communicate at that time.

The Advance Health Care Directive names an “Agent” (any person(s) of your choosing) to manage your medical and health care affairs in the event you are unable to express your preferences. The medical professionals will make this determination.

This document, like the Durable Power of Attorney is fully revocable and amendable.

For additional advice and information about an Advance Health Care Directive, please contact our estate panning attorney in Los Angeles today.

What is a Durable Power of Attorney?

Estate Planning Attorney Los Angeles — Wed, 25 Jan 2012 17:43:10 +0000

A Power of Attorney is a written document in which a competent adult (a.k.a) the “principal”) appoints another competent adult (a.k.a. the “attorney-in-fact”) to act on the principal’s behalf.

In general, an attorney-in-fact may perform any legal function or task which the principal has a right to do. The powers may be:

Very broad
Very narrow
Effective immediately
Effective upon capacity

The term “durable” means that the power remains in force for the lifetime of the principal, even during incapacity of the principal.

For more information about a durable power of attorney and other estate planning matters, please contact our experienced Estate Planning Attorney in Los Angeles today.

5 Tips for Trustees (Featured in California Lawyer Magazine)

Estate Planning Attorney Los Angeles — Wed, 11 Jan 2012 22:59:09 +0000

Trusts have become popular estate planning tools, but they are traps for the unwary, and especially for an uninformed trustee. Whether it is designed to provide for family members, endow a charity, or manage real estate, the person who creates the trust (called the “trustor” or “settlor”) usually has specific wishes and demands and expects that they will be closely adhered to. It is the trustee’s duty to make sure that happens.

Being a trustee can be a thankless job; it can even thrust a person with good intentions into the crosshairs of litigation. If you are asked to serve, weigh your decision carefully – a trustee’s work may become both complicated and contentious. These tips may be helpful.

Read the Trust
Provide Annual Accountings
Track Inventory
Remain Neutral
Get Insurance

Read the full article (written by Estate Planning Attorney Rob Cohen of Anker Reed HSC) featured in the January issue of California Lawyer Magazine - http://www.callawyer.com/clstory.cfm?eid=919808

Estate Planning: What You Should Know

Estate Planning Attorney Los Angeles — Mon, 19 Dec 2011 23:31:16 +0000

What is an Estate Plan?

An estate plan is a complete set of instructions that convey your wishes upon your incapacity and/or death.

Why Should I Create My Own Estate Plan?

Without a personalized estate plan the State will decide who gets what and when. The State’s idea of what your heirs should receive may not be the same as your own. With an estate plan, you can avoid the time and cost of having the State decide your affairs. It is essential that you take an active part in preparing your estate plan.

When Should I Start to Prepare My Estate Plan?

AS SOON AS POSSIBLE! Unfortunately no one can predict when they will become incapacitated or worse. With a completed estate plan you can have the peace of mind of knowing your intentions are in writing and complete. The Durable Power of Attorney, Advance Health Care Directive and HIPAA Authorization are essential for anyone over the age of 18. The Will and Trust is essential for anyone who has children, real property or other significant assets.

How Should I Start Preparing My Estate Plan?

First you should make an appointment with the Los Angeles Estate Planning Attorney at Anker Reed HSC for a consultation. We will go over confidential information to aid us in preparing your estate plan. This way we can customize your documents to fit your specific needs and desires. Once your documents are completed you will have one more meeting to sign everything.