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Newport Beach Estate Law Blog

How can I make sure my pet is provided for when I'm gone?

You probably weren't thinking about your last moments on earth when you adopted your pet, but time marches on and we may not always be available to care for our furry little friends. In the event you die before Fido, do you have a plan for his care?

You might want your sister to care for your pet dog if you die or become incapacitated, but being the caretaker of an animal can represent a significant financial burden -- especially if you want Fido to continue getting good medical care. This where a pet trust can help.

Do you want to form a special needs trust for your child?

In many ways, Newport Beach parents raising special needs children are like any other parents. They're raising beautiful children who bring joy and love into their homes, and they love their children more than the world. In other ways, however, they could have a dramatically different lifestyle than average Newport Beach parents.

Special needs children require different routines, special care, different discipline styles and parents of special needs children also need to plan carefully for the day when they're no longer available to provide the special kind of love and assistance their children need. They can make these future preparations via a special needs trust.

When a physician with a private practice passes away

If you have a business that you built up yourself -- like a medical practice -- you must face the fact that the business was built on your name, and without you around, it may not have the same value. This can create a little bit of stress for any sole business owner who is trying to plan his or her estate in a way that is most beneficial to the loved one's who will be left behind.

One of the biggest challenges for physicians is the fact that they can only pass along their practice to another doctor. The fact that younger doctors tend to gravitate toward working in large health care facilities -- rather than going into private practice -- certainly doesn't make the process of selling your business to a doctor any easier.

An overview of irrevocable trusts

Irrevocable trusts are popular options for people when they are going through the estate planning process for various reasons. These are not uncommon options, but most people tend to put regular trusts in place. When the option exists to create an irrevocable trust, you should educate yourself as to what it entails and how it can be beneficial for you.

In short, an irrevocable trust is a trust that cannot be terminated or amended without permission from the beneficiary of the trust. This means that even though the grantor had the trust created, he or she relinquishes all of his or her rights to the property and assets added to the trust upon its creation.

Document missteps could compromise an estate plan

The future is full of uncertainties. Given this, there are a variety of protections a person may want to put in place. This includes mechanisms for protecting their assets, children and family in the event the worst happens. Estate planning can provide individuals with a way of putting such protections in place.

Many things can impact how effective a given estate plan will end up being at providing the protections a person wants it to. This includes documentation matters.

Top reasons why estate planning is so important

Estate planning is one of the most important aspects of life that many people tend to overlook. Reasons for overlooking this issue include people believing they won't need an estate plan until later in life, that they don't have enough assets, that nothing will happen to them at a young age and more. Here are the top reasons why estate planning is so important.

One of the most important reasons you should take the time to put together an estate plan is that it will protect your family. An estate plan outlines how you want your money, other assets and property handled after your death. This includes making sure the right people in your family are the recipients of these items.

Real estate issues in estate planning

There are many things a person may have a great desire to make sure get passed on to the next generation of their family. This includes key family properties. Examples include a family home, a vacation home, a property the family business is located on or valuable investment properties.

As with other types of assets, estate planning can be done regarding the passing on of real estate. When addressing real estate in one’s estate planning, having the assistance of a lawyer knowledgeable on real estate transfer matters can be critical.

Entering retirement without close relatives

Some individuals enter retirement without a spouse, children or other close family members. While estate planning is something some people might normally associate with the protection of family, having an estate plan and keeping it updated can be just as important for retirees without close relatives as it is for those with such relatives.

There are many important things a well-tailored estate plan can do for a person without close family members who is entering retirement.

Contact

The Soto Law Group
1101 Dove Street,
Suite 200
Newport Beach, CA 92660

Phone: 949-945-0415
Fax: 949-945-0197
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