Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When your spouse, child, or other loved one inherits your retirement account, creditors have the power to seize it and use the funds to satisfy their claims. This means one lawsuit […]
Archives for August 2021
A Power of Attorney Changes when a Person Turns 18
Once your young child turns 18, they are considered an adult. Now your child is free to vote, marry, apply for a credit card, make medical and financial decisions, sign contracts, and live independently. No wonder the law calls this coming of age “emancipation.” But if your adult child is hurt in an accident and […]
What You Need to Know About the Limits of a Will
There is no doubt that having a will as part of your estate plan is important. Having a will allows you to appoint a legal representative or executor to carry out your bequests and name a guardian for your children and avoid the state doing so via state law that may be at odds with […]
Estate Planning Considerations for Special Needs Children in California
When you have a child with special needs, it is crucial to plan their future with the utmost care as they will meet additional challenges to care for themselves and their lives. According to the US Census Bureau, between the years 2008 to 2019, the biggest increase in special needs was the experience of cognitive […]
Pick a Trustworthy Person to Act as Your Power of Attorney
While Michael was waiting for his home in Texas to sell, he was vacationing with friends in California. Unfortunately, he took a bad fall and ended up in a California hospital. He had his Texas power of attorney, but the problem was that they were “springing” powers. They were only effective if Michael lost capacity. […]