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Estate Planning

By Ron Greenwald

Estate Planning For Seniors: Q&A Part 2

On 28, Jan 2014 | No Comments | In Blog, Education, Estate Planning | By Ron Greenwald

What’s in Your Glove Compartment? – Part 2


What are documents that comprise Your estate plan?

  1. Advanced Health Care Directive…Is that threatening? Think of it as your roadmap for physician, nurse and others working to save your life. When you buy a new car, what is in the glove compartment? A complete guide for the car’s health, security, and maintenance. Your advanced health care directive is that guide for you.
  2. Durable Powers of Attorney for Financial Decisions…Going through your daily routine, you make conscious decision about what you buy, pay your debts, pay your obligations, and make sure your financial house is running as smooth as possible. It is not a stretch to believe that if you were not physically and/or mentally able to pay those bills and invest you money wisely, that you would not want your “spend-thrift” brother or your 85 year old parent with memory loss in charge of your assets?
  3. Will/Trust – You have three choices where your assets can end up – with the Government; Charity; or family and friends. For those you love and trust to handle your estate, it is highly advisable to avoid the probate process. In California, probate process is time consuming and costly process. I have heard the argument – ” I do not want to spend the money now and if the kids get less due to the cost of probate – so be it.” This is from the same person who screams about attorney fees. One solution is, if your resources are an issue, ask the kids to pay for the trust preparation. If is it going to be their money, eventually, ask them – “do you want to spend money today to fund the trust document and avoid probate or do you want to wait until I die and have the estate go through the probate process and cost you 10x, 20x the cost of a trust? Fair question. The other issue that a trust will help with is the smoother and timelier transition of assets from one party to the next.
    (There is discussion amongst professionals, both licensed private fiduciary’s and attorneys, that every CONTENTIOUS estate should go through probate. The estate has 100% supervision from the beginning. The executor to be bonded and a full accounting made before any distributions are allowed.)


What is this all about?

It is about You being in charge of You. Whether totally fit and healthy enjoying watching each sunrise and sunset, in at state of suffering from incapacity, or having left this earthly world, your pro-actions of having an estate plan — a life’s action plan -for yourself will allow you to insure a legacy during life and beyond. Take action and call me today for an attorney referral – (858) 776-5863.

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