Our office gets very busy just before and through the winter holiday! It may be warm and sunny in LA, but WINTER IS COMING! This means there is a lot of auto and airplanes trips planned. We love the fun of holiday planning, but want to make sure you have some very important documents in place in case of a tragic accident or health problem.
LA LAW CENTER stays open through holidays because we get many adult kids come in Los Angeles to see their parents and realize their parents are getting older and need to get estate planning documents created or updated… we take a few days (the actual Holiday) off but the rest of the time we are taking appointments to help you get your affairs in order. This means:
1. Power of Attorney (POA)- After the age 18, children are now adults and if they lose mental capacity for a short term or long term, the courts will treat him/her as a person that needs to be protected by having a Conservatorship established UNLESS they have a Durable Power of Attorney. MOMMY can no longer go to financial institutions and take over unless she is listed on all accounts or is named as agent on the POA.
2. Advance Health Care Directive- Today’s doctors and hospitals will require medical decisions to be made by an appointed health care agent or court appointed Conservator before they will act, especially if there is a conflict among family members. Some will accept a spouse, but again parents or close friends can not make these decisions. If you are in a coma it is too late!!
3. Trust and Will- In California, anyone with an estate valued over $150,000 in liquid assets or $40,000 in real estate (which means if you own a house in California!), you should consider setting up a Living Trust for your assets. This helps your estate avoid costly and time-consuming PROBATE proceedings and makes sure who get your assets after you are gone.
Then you can read other LA Law blogs that discuss special needs and Medi-Cal planning.
We will be here to help if you need it over the holidays… we book up fast so try to act earlier than a day before you plan to leave town!
Happy Holidays!
For free consultation call 818.241.4238 or go to www.la-lawcenter.com
