Quality estate planning attorneys Orange County, California by Darren Veracruz Law: If you want to leave money or property to a loved one with a disability, you must plan carefully. Otherwise, you could jeopardize your loved one’s ability to receive Supplemental Security Income (SSI) and Medicaid benefits. A “special needs trust” can avoid some of these problems. Business Succession Planning provides a mechanism for an orderly business succession should an owner decide to transfer his interest due to a voluntarily event, such as retirement, or an involuntary event, such as death, disability, insanity, or bankruptcy. It also affords the co-owners or the business entity the ability to maintain the option or mandatory obligation to purchase the interest from an existing owner in order to restrict outsiders or undesirable business partners from becoming owners. This is often a useful provision for family businesses. Read more details at Darren Veracruz.
If you have a minor child and no will, or a will that has no age restrictions, in most states that child will receive their entire inheritance at age 18. Although this is the legal age, not many 18-year-olds are mature enough to responsibly manage a large inheritance. There have been many heartbreaking tales of parents who have failed to plan for their own death, resulting in a child receiving all of their inheritance at age 18 and spending it all in a few short years.
Top estate planning law firm Orange County by Darren Veracruz Law: Share any designations and make sure all parties are willing and able to take on the associated responsibilities. It’s also important that your loved ones understand and are willing to accept any role for which you have selected them. If you have named your sister and brother-in-law as guardians of your minor children, for example, you’ll likely want to sit down and discuss with them what that means to you, and understand what that means to them.
Lutheran Social Services of Southern California (LSSSC) was founded in 1944 and has dedicated the last 78 years to providing comprehensive emergency, transitional, and preventative services to at-risk communities. Over the years, LSSSC has expanded its service to eight area centers throughout six counties across Southern California- all aimed to address barriers to access in the areas of homelessness, food insecurity, health inequity, socioeconomic disparity, and education for the underserved. To adequately address these needs, we utilize evidence-based practices to design holistic services that contribute to long-term transformation.
Do-It-Yourself has its place and time and can even provide comic relief like when Han and Chewie were forced to make repairs while the Rebels were hiding out on Hoth. Unfortunately, most people don’t realize what they are getting themselves into because the business model of these online services do not stress the importance and significance of these documents. Instead, they make commercials and ads showing how easy, simple, and cheap it is to put together an estate plan. A good estate planning professional takes the understand to find the complexity and nuances in an individual’s life. Online products are not able to ask you the non obvious questions and address difficult choices. Even if validly executed, they are difficult to customize to plan for a special needs individual, who could be forced to choose between an inheritance or eligibility to Social Security Disability Insurance or other government services. Discover more information on Darren Veracruz Attorney.
Gun ownership is a serious matter and responsible gun owners should proactively plan for their transfer upon death. Laws and procedures for transferring ownership and possession differ greatly depending on the type of firearms involved and the state. In California, you may be required to register the transfer of ownership or even dispose of it depending on the firearm. Here is a California checklist to help your trustees and personal representatives to transfer your firearms.