If you become incapacitated and cannot handle your own financial decisions and transactions, today’s banks and financial institutions will require legal paperwork for someone to be assigned as your Personal Agent to help with financial matters... this is called a Power of Attorney. Without this document and lose of capacity on your part will make the financial institutions insist on getting a court appointed Conservator before they will
At LA Law Center, in Burbank California we see many disabled persons that come to us after parents die and find that the estate will go directly to them. This means they may lose their Public Benefits that they disperately need. It is important to know what can be done to give assets to a special needs person and not disrupt their Public Benefits. We are passionate about helping families get their affairs in order (estate planning) as well
“Failing to plan is planning to FAIL.” - Ben Franklin Arnold Palmer, known as "the King" for his personal grand legacy in golf, has died at the age of 87. He died Sunday evening at a Pittsburgh hospital while awaiting cardiac surgery, according to a statement from a spokesperson form his company. We will miss this great golfer! What a lucky man to have worked in a sport for so many years he loved so much! Every time a legends passes
I am a student at University of California, Los Angeles interning at LA Law Center, PC for the summer of 2016, and in my tenure here, this is what I’ve learned. One’s twilight years should be a time of peace and security, not one of financial discord and stress. However, many senior citizens in the Southern California and Los Angeles area are tremendously burdened by the cost of long-term medical care and nursing homes, which currently
If you or a loved one is a senior and may be in need in care assistance, you should click on the below link to see what may be available to you. Also find out if there is a senior center in your area (generally near a park & recreation area). The senior centers can give the seniors some well needed activities and the caregiver a break! Senior caregivers need support as well as rest from the daily ordeal of caring for a loved one. This
Many seniors are thinking they can avoid probate, reduce their estate and directly gifting their home to their children with a quick claim deed or just add their name to the deed. This can be done, BUT!!... giving away your residence can have major tax consequences, among other possible estate problems if it is not transferred properly! Transferring property with a value over $14,000 in any one year requires you to pay a gift tax. However,
If you are over the age of 18, there are MUST HAVE documents in case of emergency or incapacity. You must have an Advanced Medical Directive and HIPAA Release Form in case of medical emergencies! The Federal government waived the HIPAA laws in Orlando, so family members could speak with Orlando Hospital staff to find out if the victims of the Pulse nightclub shooting were in the care of hospital staff. In most cases the Feds will not waive
No one wants to think about what happens if they should suddenly die! But one of the things every person over 18 and especially if they have an estate should definitely get their affairs in order just in case! An estate does not mean millions of dollars of assets, like Prince had, but if you have a house and retirement account you need to talk to an estate attorney that can help you avoid probate, and assign who will help manage your affairs
Understanding the pitfalls associated with special needs planning is a must for all who assist families with loved ones with special needs. At LA Law Center, PC we want to make sure any family with these concerns know what they need to know to protect their loved ones.There are many misconceptions that may become very costly in the future as fiscal pressures cause state and federal governments to cut back benefits for people with disabilities.
Some people make resolutions, some begin some spring cleaning and organizing, and others just strive to do things better than last year! What many people are not thinking about, and probably should be, is setting up a plan to protect his or her family with an estate plan, will or trust. Do not wait for a new year... do it now while you are thinking about it...or at least determine what you want to happen with your assets if you are no longer