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Life Stages and Life Changes that Affect Your Estate Plan: Estate Planning in Los Angeles

Life stages and life changes affect your estate plan and your family's inheritance.  When there are changes in a person's life, a preexisting estate plan needs to be reviewed in light of the changes.

It is wise to have your will, trust and power of attorney reviewed when some or all of these changes have occurred:

a.  You went through a divorce.

b.  Your spouse is ill.

c.  You are ill or have a diagnosis of a chronic disease.

d.  You are about to end a business relationship, or partnership.

e.  You are thinking of retiring and need to find a successor to your business.

f.   You have a child or a grandchild who is disabled, or on Medi-Cal or has a serious medical condition.

g.  You have a child who spends too much, or has a drug or alcohol problem.

There are many other changes which require a visit to your estate planning attorney.   A review can save your estate from unintended consequences.   Call us for an effective and efficient review, if you have life a life stage change, or something in your life has changed.   Don't think that your old estate plan is enough.   Just as you review your health, you should review your estate plan.

Mina Sirkin is an expert in estate planning and estate litigation in Los Angeles County, California. With our legal offices in Woodland Hills, Glendale, and West L.A., we can help you determine what is best for your circumstances.  818.340.4479 or Email:  [email protected]

Mina N. Sirkin

Probate Specialist Attorney

Los Angeles & Woodland Hills California

Learn about Life Stages and Changes that Affect Your Estate Plan, and in Planning your Estate.

Managing your older parents' affairs

I made a checklist of estate planning items for my parents and I am sharing it with you. This helped me track lots of items which needed care as my parents were well in their 70s. Use it with care, add to it, and go over it once a year. 1. Do they each have the following documents: a) Power of Attorney for Healtcare or Advance Directive? b) Power of Attorney for Asset Management? Who is named as the agent? Where do they keep the originals? 2. Do they have a Financial Notebook? If not, create a paper ledger for them to list all of their assets. I bought a ledger from Staples and set it up for them to use. One of my sisters keeps the notebook and updates it with them every six months. 3. What are their monthly mortgage, insurance, and other expenses? Automate payment of all of these. Create a Google Spreadsheet and track these expenses with them. 4. Do they have a Medicare Supplement policy? If not, call their insurance agent and arrange this. 5. Do they have an Accountant? Who is it? Name, Address and Tel. Number. 6. What is their monthly income amount and its source? Put this information on the Financial Ledgers. When one parent dies, will the income be sufficient for the survivor? 7. Do they have a Long Term Care plan for when and if they can no longer live on their own? What can they afford in terms of in-home and out-of-home care and housing? 8. Have they done any estate planning? Name, address and Tel. Number of their attorney. When was the last time they reviewed the plan? 9. Where do they keep the originals of their wills and trust documents? 10. Have they done any financial planning? If yes, name, address, and telephone number of their financial advisor. 11. Do they have an irrevocable insurance trust? Who is the trustee? How are the premiums being paid? What insurance policy funded this trust? Name, Address and Tel. Number of Trustee., and policy information including, Name, Address and Policy Number for the insurance company. Were tax returns filed for this type of trust? 12. Do they have a private banker? If yes, Name, Address, and telephone number of their private banker. 13. What can be done to ease collaboration among myself and my siblings regarding my parents' affairs? Mina N. Sirkin is a Family Wealth Lawyer in Los Angeles, California. Ms. Sirkin is a Board Certified Specialist in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California. Los Angeles Probate Attorney. [email protected]. http://www.SirkinLaw.com. Copyright 2008 Mina Sirkin.

Power of Attorney Los Angeles

Creating a power of attorney can be a fairly easy task if you keep a few items in mind:

1.  The Power of Attorney has to be created while you have the capacity to do so.  Do not wait until you are ill to create this document.

2.  The power may be specific or general.   You can limit what your agent can do.

3.  You must specify whether it needs to go into effect immediately, or (springing) upon your incapacity.

4.  You can require an accounting from your agent under the power of attorney. 

5.  You can make the power durable so that it remains in effect in the event of your incapacity.

6.  Never give power of attorney to someone you have known for a short period of time.

7.  Leave specific instructions and communicate with your agent to let them know how to handle things when you are unable to do so.

Power of attorney law in California is governed by the California Probate Code.  The person who receives a power and acts as an attorney-in-fact (agent) owes fiduciary duties to the creator of the power (principal).

Los Angeles Probate Attorney, Mina N. Sirkin handles probate, trust, conservatorship litigation and non-litigation maters in Los Angeles, California.  Ms. Sirkin is a Board Certified Specialist Attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California.  [email protected].  http://www.SirkinLaw.com

Los Angeles Probate Lawyer

The Right Power of Attorney for you

There are many types of Power of Attorney documents.  How do you know which type of power of attorney to use depends on the goals you are trying to achieve with the power of attorney.

1.  General Power of Attorney:   This type gives general powers usually described in the Probate Code.  It can be durable or non-durable.

2.  Durable General Power of Attorney:   This type of power is unaffected by the incapacity of the principal and continues regardless of a subsequent incapacity.

3.  Springing Power of Attorney:   This power does not become effective until the principal is incapacitated.

4.  Immediate Power of Attorney:  This power of attorney becomes effective immidiately upon siging the document.

5.  Special Power of Attorney:  This power can be just to do a few things.  It can be immediate or springing.

Mina N. Sirkin is a Family Wealth Lawyer in Los Angeles County, California.   Ms. Sirkin is a Board Certified Specialist attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California.  [email protected].  http://www.SirkinLaw.com.