Family Estate Planning – Global Gals

Sept 13, 2017

Presenter:  Heidi Klippel, Attorney

Handouts from Heidi: heidi klippel

Attendes: Jennifer, Debbie, Sandra, Jen, Orchidea, Megan, Kirsten, Susan, Julie

Estate planning is State specific such as Florida vs California. Everything discussed tonight will be based on California law. If you move from California, have your estate plan reviewed in the new state.

Trust, Will, Durable POA, Advanced Health Care Directive

Health Care Directive:  Don’t need a lawyer. UCSD and Kaiser health care have forms for free. Important to have first, second, third choice. Make copies and send to those that are named. Keep Advance Directive copies with you, in your care, your neighbor, your doctors.

Who are the people making your health care decisions. Lower capacity threshold. Power of Attorney for Health. Specify where/how you want to be buried, specify donation preference. For donation, specify how you want organs and tissues to be used such as cosmetic, save a life, scientific research.

Share document with people named on form. Discuss with people named.

Destroy outdated documents, tell lawyer to destroy revoked documents.

DPOA for Financial- document to have once you turn 18. If you lose capacity, court process called a Conservatorship for loved ones to make financial decisions. DPOA for Finance is about $150-$300.

Trusts: If you own real property, put it in a trust.  If its not in a trust and owned by an individual then the property will go through probate if you die. Fees determined by total value of asset. I.e. $150,000 condo has probate fees of $15,000. “Time share” is considered real property. Time Share Exit Team is a company that helps people get out of “time shares.” Real property is real estate.

Going through probate has nothing to do with the Will. Probate has to do with the assets you own and their value.

Different choices for trusts when you are married. What happens after the death of the first spouse.

Trust names a “successor trustee” to be in charge of the assets, finances. Can include pet clause to take care of your pets.

Will: Pour Over Will is used with a trust. Second type of will is Testamentary. Avoiding probate means documents don’t become public record, for example, protecting children’s personal info from becoming public records.

IRA is not in the trust. Tax deferred assets don’t go into a trust. Always have 2-3 tiers of beneficiary.

Life Insurance: put trust as beneficiary.

Update estate plan: review the old, every 8-10 years. Estate Planning laws barely change. Income tax law tends to change more often. Change guardians, change power of attorney.  Update if you go through a life change: birth, death, divorce.

Homework for Heidi’s clients: where is the insurance? Passwords? How are bills paid?

Name the Trust as the  “pay on death” beneficiary.

Heidi’s firm is a flat fee: $2,500

Use State law in which you permanently reside.

Not a good idea to publish obituary.

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