Palm Springs Law Blog

Life is expensive. Money is necessary to help us in our daily lives. That’s why if you become disabled or pass away, your loved one may need to be able to access funds to continue to pay for necessities. But what can you do if all of the money is in your name or in your trust? That’s why cash availability planning is so important.

What Are Your Options?

Cash availability planning is the process of ensuring that your loved one has access to cash when you are disabled or deceased.
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When most people think about creating an estate plan, they are focused on the distribution of their assets when they pass away. But when you are unmarried and have no children – or even no surviving family members – you may be wondering about the importance of still having a comprehensive estate plan. It’s important to understand that estate planning is as important for single Californians as it is for those who are not single. But how should it be different?

Differences to Consider

There are many differences between single and non-single people when it comes to creating a comprehensive estate plan. One of the most prevalent things is the need for a power of attorney.
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For most people, debt is an unfortunate part of life. But is it also a part of death? You may be wondering what happens to your debt after you pass away and whether it will impact your family. Here’s what you should know.

When you die, all of your assets become a part of your estate and your estate becomes responsible for your debts. The amount of time that creditors have to make a claim against the estate in California is about a year.

When you’ve worked for years to build your business, it’d be difficult to imagine it ceasing once you retire or pass away. That’s why many business owners consider leaving their businesses to their families, namely their children. A successful business can provide an abundance of financial security for your loved ones. However, since proper estate planning is so important for business owners, it’s best to establish a Read more . . .

Creating a trust is a great way to find peace of mind for both you and your loved ones, ensuring that they are taken care of. However, in order for the trust that you’ve established to be able to help in the way you’ve intended, it’s really important that it’s funded.

When a trust isn’t funded it often requires probate court if you become incapacitated or pass away.
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Minors in California (those under 18) may not directly own assets. However, they can own them through a guardian. For example, a minor’s name can be on a bank account so long as it is also opened in the joint name of their adult guardian.

Another way in which minors can indirectly own assets is by being the beneficiary of a Trust. In fact, most people create Read more . . .

Divorce and remarriage are common and can certainly be for the best. However, blended families can make estate planning a bit more difficult. That’s why it’s so important to talk to your loved ones if you are thinking about getting married again.
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There are a lot of things to consider when it comes to estate planning. While many people consider creating a will or a trust, they don’t often know of the possibility to create a Letter of Last Instruction.

A will and a trust are legal documents that discuss how and to whom an individual wants their assets to be distributed after they pass.
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While sometimes a bit tough to think about, it’s really important to understand Advance Health Care Directives and end-of-life decisions. After all, everyone should be entitled to live their life as they choose, right down to the very end. There are two options when it comes to end-of-life decisions: to prolong life or not to prolong life.
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When a loved one has special needs, it's important to ensure that they are protected even after you are gone. Many parents, wanting to care for their children with special needs, will leave their children with disabilities a large inheritance.

However, while ensuring that a loved one who has special needs receives enough financial resources to meet their long-term care needs, it’s also important not to risk losing the eligibility for them to receive governmental aid, such as California’s Supplemental Security Income (SSI) or Medicaid program, Medi-Cal.
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When a loved one passes away and you find that you are a beneficiary of his or her estate, you may not know whether you need an attorney or not. While there may already be an attorney involved, he or she is likely acting in the interest of either the executor (if there is a will) or the trustee (if there is a trust). So when should you consider hiring an estate planning attorney to represent you personally? Here are 5 reasons.
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