Things you need to know about estate planning and preparing for your minor child and special need child
50% OF AMERICANS MAKE NO PLANS FOR DEATH OR INCAPACITATION
You Do Not Have To Be Sick To Die Or Become Incapacitated
THINGS TO BE CONSIDERED!
- Should you die and you own a home and you do not have a Living Trust, your heirs may have to sell the property to pay for probate and attorney fees if there are no liquid funds available. What if your child gave up his/her house to move in with you to become your caregiver, he/she will be left without provision if you die without a Living Trust with provision for him/her to be able to live in the home for a specified time before the property can be sold and dividing proceeds from the sell of the property.
- Prepare a Living Trust. Do not take the short cut such as putting your child on your deed as joint tenant with right of survivorship. Here is an example: A mother put her son’s name on her deed as joint tenant, the son had an IRS lien from his business taxes for $40,000.00, when the deed was recorded with the son’s name on it, the tax lien was placed on the property. There are many horror stories from putting someone’s name on people’s deeds.
- CHOOSING A POWER OF ATTORNEY IS A MUST!
It is important for you to choose the person who you want to make health-care and financial decisions for you should you become unable to do so. If you do not make the choice, in many instances, the very person who you would not want to be in charge of your affairs—becomes the actual one handling your business on your behalf.
- A NOTE TO SINGLE PARENTS
If you are single, and you die, leaving behind minor children, their father most times by law would have guardianship over their children. If you have money or property that will pass to them, who would you want to be legal guardian over their inheritance, their father or someone else? Don’t leave it to the state to make decisions about what happens to your children upon your death or if you become incapacitated.
- Advance Healthcare Directive (Power of attorney for health care) Your doctor has no obligations to discuss the medical conditions of your adult loved one—even your child. So, have your adult children to prepare a HealthCare Directive and Durable Power of Attorney for Financial decision should they become unable to make their own decisions. If a person fail to makes these decisions while in their right mind and it becomes necessary for someone to act on their behalf, that person will have to go to court to become a conservator—this could cost up to $4,000,00 or more.
- What you will need to have a document notarized. You will need a valid driver’s license, or California state identification or a passport.
- Have a beneficiary on your accounts such as: Savings, IRAs, CDs, stocks, insurance, etc… If your beneficiary dies, make a change of beneficiary as soon as possible. (The person who is names as beneficiary on these account do have not have access to your money while you are living—only upon your death.
- A person who suffers Dementia, Alzheimer’s disease are considered incompetent in decision making. A savvy notary will not notarize documents under these circumstances.
Come on family, start taking care of your business, you worked to hard for what you have to let it fall into the hands of the wrong family member or to have lawyers and others getting a piece of what you have labored for. Call for free consultation or attend our free workshop.
Our Address is 1425 W. Manchester Ave. #B, Los Angeles, CA 90047 Ask for Dr. Rosie Milligan 323 753-3592