Showing posts from July, 2017

Estate Planning: Choose an Executor with Time and a Wide Range of Skills

When it comes to estate planning, choosing an Executor should be an important part of the process, not an afterthought. Depending on the complexity of the estate, it can be a time-consuming, demanding responsibility, and the person who assumes this role should have a broad range of skills and be comfortable working with lawyers, accountants and investment professionals. The Executor’s role  Executors are responsible for settling estates. Families most often name one of their children to act as Executor, but it can be the family’s attorney or a fiduciary. A financial institution, trust company or bank may also serve as co-Executors with an individual, such as the decedent’s spouse, child, advisor or other person. An Executor performs five basic functions:  Locates, collects and has responsibility for the estate’s assets until they are distributed to the beneficiaries. Determines and raises the cash needs for the estate. Pays the decedent’s funeral expenses, debts and estat

Guardianship Case Study: An Intervention for the Best Interests of the Child

These days, it’s not unusual for grandparents to end up raising their grandchildren. They take on this responsibility for a number of reasons—but in many cases it means that their sons or daughters are, at least temporarily, unable to care for their own children. An intervention: Daughter unable to provide a stable home for child Several months ago one such couple, Joe and Sarah, came in to our office seeking more information about getting a Guardianship for their ten-year old granddaughter, Zoe. As their only grandchild, they’d always been very close to Zoe, and now they were concerned about her wellbeing. Zoe lived with her single mother, Sandra, our clients’ daughter, who had been in and out of rehab facilities but was never able to remain clean and sober or hold a job for an extended period of time. Joe and Sarah were concerned about the lack of stability and consistency for Zoe; they were also concerned about the constant exposure to drugs, alcohol and Sandra’s friends.

Divorcing A Spouse Who Lives Outside the Country

Given the diverse population of the Bay Area, it’s not unusual that couples get married, then one spouse decides to return to his/her country of origin or another country altogether. It can be for the same reasons that any couples get divorced, including a job opportunity abroad, and the other spouse does not want to accompany his/her mate. It’s not unusual that one spouse loves living in the US while the foreign-born spouse never adjusts to the American lifestyle. The divorce process itself is the same as for divorce within the US; however, the rules to serve your spouse with notice of the divorce proceedings are different, generally determined by the laws of individual countries. There are also a few caveats, including residency requirements and military service Active-duty service members are generally protected from divorce proceedings in most cases. Under the Servicemembers Civil Relief Act (SCRA), U.S. service men and women cannot be sued or begin divorce proceedings wh

Trust Administration: Give Careful Thought to Selecting a Successor Trustee

When creating a  Living Trust , we encourage our clients to give careful consideration to choosing a Successor Trustee. Depending on the complexity of the estate, Trust Administration can take months, and it can require a significant time commitment. It also requires dealing with financial accounts, so it’s important to identify someone who is comfortable working with numbers. If someone has been named as the Power of Attorney and Agent for the Advance Healthcare Directive, it may make sense to name the same person as Successor Trustee—there’s a good chance by the time of death, he/she will already have some familiarity with the estate, which will help streamline the Trust Administration. Successor Trustee oversees the disbursement of the Trust The Successor Trustee will be in charge of overseeing the disbursement of the  Trust –essentially taking care of the assets for those who have been named as the Trust’s beneficiaries. The estate may include savings and other brokerage ac