Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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Estate Planning and Probate Archives

Understanding elder financial abuse

California residents who have loved ones approaching their later years have good reason to be concerned not only about their physical care and well-being but also about their financial protection. Elder abuse can come in many forms beyond physical abuse, sexual assault or neglect and lack of proper health care. Financial abuse is a serious problem for elderly people and their family members and understanding it is important.

Prenups as estate planning tools

For many residents in California, when they think about estate planning tools they think about things like wills, revocable living trusts, irrevocable trusts, credit shelter trusts and more. Certainly these things can be vital ways of helping people control the future of their estates and provide for their family members after they die. However, there is another tool that might also be an asset when it comes to estate planning - the prenuptial agreement.

The importance of updating your estate plan

California residents who have taken the leap and created a will or a trust should feel very good about this. It can be a relief to know that such plans are in place. However, it is equally important to know that this should not be considered a one-time endeavor. 

Detailing the responsibilities of a personal representative

Being asked to serve as the personal representative of the estate for a family member or friend in Oceanside is an awesome responsibility. Like many of those that we here at Palmer Rodak and Associates have assisted over the years, you may not feel up to the task. Your loved one is placing a great deal of trust in you by asking you to assume the role, and he or she obviously feels confident in your ability to complete it. Yet before you make a decision one way or the other, you should understand the responsibilities that come with it. 

What are beneficiary designations?

When it comes to your financial accounts, ensuring that beneficiary designations are accurate and up-to-date is hugely important. To this end, residents of California must know the facts when designating beneficiaries for their accounts to ensure their estate plans reflect their final wishes.

What is a probate referee?

Several responsibilities come with being named the personal representative or the executor of an estate on Oceanside, many of which you are likely not familiar with. One of these may be to appraise the value of all of the estate’s non-monetary assets. Fortunately, the probate court has resources in place to help with this process. All estates that go through probate in California must be valued by a probate referee.

Estate planning for second marriages

If you have been divorced or widowed before in California and have met a new partner that you plan to get married to, you should pay special attention to your estate plan. Remarried couples may have very unique needs and situations to address when they make their long-term estate plans, especially if either or both partners has children from prior marriages or relationships.

Irrevocable trusts, taxes and control

Many people in California do not always stop to consider the benefit of creating a solid estate plan. If you are one of those people who has committed to taking the time to put a plan in place, good for you. You and your family will have peace of mind knowing that your affairs are in order and in alignment with your wishes.

Understanding estate tax portability

People in Oceanside have likely heard for years that there are only two inevitabilities in life: death and taxes. Oddly enough, these two topics are often related. People work their entire lives to accumulate assets to pass on to their children, yet then have to face the potential of paying Uncle Sam one last time through an estate tax. Yet a lot of incorrect information exists regarding the estate tax. For example, many may not know that according to the Tax Policy Center, as recently as 2011, only one of every 500 people who died in the U.S. that year had estates that were taxable.

Reviewing the rules for intestate succession in California

Despite recommendations from experts, many in Oceanside and throughout the rest of the U.S. still avoid estate planning. The common reason that most may share for doing this is the assumption that there will always be time later in their lives to address it. However, that prevailing attitude may be the reason why Gallup reports that only 44 percent of American adults actually have a will. Those who die without a will make their estates subject to intestate succession. In this scenario, the state decides how one’s assets will be divided up amongst his or her potential heirs.

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

Del Mar Office
445 Marine View Ave Ste 300
Del Mar, CA 92014

Phone: 858-356-4568
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Oceanside Office
301 Mission Avenue Suite 205
Oceanside, CA 92054

Phone: 760-712-3889
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