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Archive for January, 2012

Why Proper Estate Planning is a Gift in and of Itself | Newport Beach Wills and Trusts

Tuesday, January 31st, 2012

Far too many people view estate planning as a way to bequeath “gifts” to future generations. There are properties and trusts and various types of accounts to be managed, and it’s up to you to determine how and what you what to gift to whom. What many people don’t necessarily consider, however, is that the very act of planning for the financial future of your family is its own gift.

Consider this article from Forbes.com (“What My Father’s Death Taught Me About Estate Planning”) in which an adult child of a hard-working man describes the financial lessons taught both before and after the father’s death. The father was a planner, and he decided to involve his daughter as much as possible, since she would be the executor of the estate. There were several “gifts” he provided his daughter in the form of education and preparation:

The executor was already on his bank accounts. Dad gave her access and had her name included on the checks. That meant that it was easy for her to take over bill paying as he became sicker, and even after he passed away, she felt that it was “absolutely seamless” to take care of expenses. Being a true planner, Dad even placed enough money in the account to cover the bills for two years, just in case the home didn’t sell right away and needed to be maintained.
She met the right people. The father discovered he was dying of cancer and had only a short time to live. In that time, he made sure that his executor had the opportunity to meet those who would play important roles in the dispersal of funds and property upon his death. In addition to the estate attorney, it makes sense for the executor to get to know insurance representatives, bankers, accountants, etc. When the time comes, the executor will be miles ahead of the game in knowing who to contact and what to expect from them.
Dad anticipated legal fees. It’s quite common for attorney’s fees on an estate to run between three and five percent. This particular dad was savvy enough to negotiate a fee with his attorneys up front and then placed the amount into a separate account. When the executor needed to pay the attorney, she simply withdrew the funds rather than having to scramble around to try and make the situation work.
The funeral and costs were planned in advance. Dad put together a master binder that included all of his funeral plans, right down to his obituary and photos. Many people are unaware that it costs money to place an obituary in the paper, and there were other unforeseen expenses. Fortunately, he recognized that this might be the case, and he left some extra money in a checking account precisely for that purpose.

Working with an estate planning attorney now can offer so much solace and support for your family and friends later. While this may be an extreme example of planning ahead, it is possible to do what will work for your situation. It truly is a gift that you can give your family that goes far beyond financial rewards.

Tags: newport beach wills and trusts
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Estate Planning Mistakes to Avoid in Southern California

Thursday, January 26th, 2012

Estate planning attorneys see a lot, whether on a small scale here in Southern California or by looking at the national and international media. Fortunately, the lessons learned from these observations can be applied to our own clients. There are some common estate planning mistakes that seem to be made over and over again, and a good attorney will help steer you clear of these pitfalls.

Making a Poor Choice for Executor – The executor of your will or estate is the person who will be in charge of seeing your wishes are met and may need to stay in charge all the way through the probate process. It’s very common for a spouse or oldest child to be named as the executor, which can certainly be a great choice. Keep in mind, however, that this isn’t just about making someone feel good. The executor has real work to do and must be able to make wise decisions regarding your estate, including the hiring of companies and institutions to manage funds when required. Not only does the executor need to have some business sense, but your estate planning attorney will also tell you that he or she needs to be highly trustworthy. The executor holds a lot of power, and you want to ensure that it’s not being used either to advance one agenda or to exact revenge on others.

Forgetting to Change Documents after a Divorce – When a couple divorces for irreconcilable differences, it’s generally safe to assume that neither ex wants the other to inherit his or her estate. Unfortunately, this can be precisely what happens if you don’t change your wills, trusts, insurance policies, retirement plans, etc. after a divorce has happened. Many, many people have been shocked to learn that their parent’s estate has passed to a former spouse who then has the power to do anything at all with it…including cutting out those who it would seem have a more legitimate claim.

Not Planning for Unmarried Partners – In this day and age, it’s quite common for unmarried couples to live together, whether due to personal preference, legal issues, or even a desire not to lose survivor benefits from another spouse. When one of the partners in this type of situation passes away, the other partner does not have the automatic protections that a married spouse would have. For example, even if the couple lived together in the same house for decades, if it isn’t in the surviving partner’s name, it becomes part of the estate to be passed on to heirs. These heirs can then force the surviving partner out, which estate planning attorneys see happen quite frequently when the deceased’s children didn’t approve of the relationship in the first place.

Of course, these are just a few of the major estate planning mistakes that one should take into consideration when setting up wills, trusts, and other legal documentation of his or her wishes. Working with an attorney here in Southern California will help you ensure that you are meeting all applicable laws and taking advantage of legislation that works in your favor.

Need help getting started? Please feel free to give our Newport Beach wills and estates law firm a call at (949) 260-1400 and ask if you qualify for a free Family Wealth Planning Session ($750 value) with the mention of this article.

Tags: southern california estate planning
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New Estate Planning Law in California is Good News for those with Smaller Estates

Wednesday, January 25th, 2012

Generally speaking, it makes sense for just about everyone to spend some time with a California estate planning lawyer to look over their assets and plan for the future. Even those who don’t have large estates, for example, really need to consider who they want in charge of them should they become incapacitated. Living wills, powers of attorney, and advance directives for medical care are all incredibly important in ensuring that your wishes are met in a variety of situations.

When it comes to estate planning, however, many people with smaller estates don’t see the sense in hiring an attorney and drawing up paperwork. Things like “trusts” are often thought to only be needed by the very wealthy and are therefore just overlooked by many in the lower and middle classes. Surprisingly, it takes very little to trigger the probate process, which can take a substantial chunk of money out of an already fairly small inheritance.

The state of California is working to make this situation a bit more reasonable for those with smaller estates. The 2011 California State Assembly Bill 1305 has been successful in raising the limits on the value of assets that can be passed on without going through the probate process. At this point, estates worth up to $150,000 will not automatically be placed into probate by the courts. This is an increased from the previous limit of $100,000.

Perhaps of even greater interest is the increase in the gross value of real estate that can be passed on without necessarily going through probate. The earlier limit of $20,000 has been raised to $50,000. This tends to protect those passing on property in the form of partial interests, timeshares, vacant land, etc. These types of property are eligible to be claimed by successors without having to go through the time and expense of a formal probate process. Instead, they will be eligible for summary procedures, theoretically saving considerable cost and frustration.

Of course, none of this negates the benefits of working with a good Orange County estate planning attorney. Claims cannot be made on the property for six months after your death, for example, which may not be as desirable as passing the property or assets through a will or trust. And, as mentioned above, while this new law is certainly helpful, it does not pertain at all to your need for powers of attorney (medical and financial), setting up educational opportunities and guardianships for minor children, sheltering assets from excessive taxes, or any of the other important concerns that are addressed by a skilled Orange County estate planning lawyer.

Tags: estate planning in california
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A Higher Plane of Estate Planning | Orange County Will and Trust Law Firm

Tuesday, January 24th, 2012

Most people who consider estate planning want to accomplish at least one of five specific goals. Those goals are:

The ability to maintain control of assets while alive. This includes investment and managerial control.
Access to the assets. This includes access to both the principal and the income. In short, most folks want to have the beneficial use and enjoyment of their assets.
Decision-making authority over how assets are to be distributed to family members and other loved ones.
Protection from creditors, regardless of whether the creditor is after you or the people to whom you leave your wealth.
Reduction of taxes upon the transfer of your wealth.

Cold, Hard Trust . . . I Mean “Truth”

The long and short of it is that it’s incredibly difficult (and very, very expensive) to accomplish all five of those objectives. The good news is that most people don’t need all five. Most people really only need three out of the five. The three most important elements of any estate plan are control, access, and decision-making over distributions after your death. All of those goals can be accomplished with relative ease, so long as you’re working with an estate planning attorney who “knows the ropes.” In short, to retain control, access, and decision-making authority, you will need a revocable trust and a will, both of which must be drafted to meet your individual needs and fit your unique circumstances. There is no “one size fits all” in estate planning.

What They Do

Revocable trusts are designed to hold assets. Because they are revocable, the creators of the trusts retain complete control over the assets in trust, and they have complete discretion to use those assets however they see fit. No exceptions.

What the trust does is designate certain people as beneficiaries. That simply means that when the last trust creator dies, the trust document itself states who is to receive what. We all know that a will can do that as well. The trust goes one step further. Trusts are not probated, which means that when the last trust creator dies, the trust itself becomes the law. There is no need to involve the court system in any way.

Finally, when the last trust creator dies, the trust itself can become irrevocable. When a trust become irrevocable, the assets held in trust are effectively shielded from outside creditors. In other words, when you create a trust, you have the option to make sure that the assets held in the trust are protected from future claims against your loved ones.

Where The Will Fits In

When used together with trusts, wills are generally termed “pour over wills.” In essence, the will “pours over” into the trust, so that all assets in your estate are distributed according to the terms of your trust. Again, this avoids expensive and potentially lengthy and contentious court involvement, and it gives your wishes the effect of law. It’s your one chance to be both the judge and jury!

Year End Planning

The end of one year signals the beginning of something new, and this is your chance to create a new plan that will let you sleep well at night, and it will serve to protect your loved ones. Don’t wait another year. Do it now! And to help give you some incentive, we are going to meet with the first two people to call our offices and mention this article for free. Our Family Wealth Planning Sessions™ normally run $750, so this is an extraordinary value. Make 2012 your year of planning

Tags: will and trust law firm
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Estates Attorney in Orange County Offers Tips for Paying Your Grandchild’s College Tuition

Wednesday, January 18th, 2012

The increasing cost of college tuition has sent many people running to their Orange County estate planning attorneys to discover the most strategic, tax-friendly ways to meet their children or grandchildren’s future education needs.

It’s well known that Ivy League schools can cost over $50,000 a year, while state university programs can cost up to $25,000, with prices projected to climb. Add to the mix the cost of graduate degrees and its very likely today’s college student will leave school with a six-figure mess on their hands.

Prior to the Tax Relief Act of 2010, there were two big tax breaks grandparents and parents could claim to help their loved ones offset college expenses. They could (and still can) pay any amount of tuition directly to an accredited school for a grandchild’s education without a gift-tax requirement. And, at the time of this writing (2011), an individual may gift up to $13,000 per year tax-free.

Additionally, grandparents may set up custodial accounts or fund a 529 college savings plan for their grandchildren. Because of the larger tax exemption, many professionals are seeing a trend of grandparents earmarking education expenses for grandchildren who are toddlers or even unborn grandchildren. Another option is setting up one large trust for multiple grandchildren and even future generations.

There is one downside to setting up a trust, however, as students must report irrevocable trusts on their financial aid forms. Even if the trust doesn’t provide for income until after college graduation, it is counted. There are still things we can do, however, with irrevocable trusts.

That is why if you are a grandparent who doesn’t plan to pay the entire cost of college, you might consider contributing to a 529 plan instead. An experienced estate planning attorney in Newport Beach can help you weight your options regarding this matter.

If you would like to learn more about saving for college and how to best plan for your grandchildren’s educational future, let’s sit down and talk. I would be happy to discuss your financial and estate planning needs. Simply call our Newport Beach office at (949) 260-1400 and ask to schedule a Family Wealth Planning Session with the mention of this article ($750 value).

Tags: estate planning attorney in newport beach
Posted in Orange County Estate Planning | No Comments »

When Designating a Guardian | Estates Attorney in Orange County

Tuesday, January 17th, 2012

Guardianship is a topic we cover very extensively in our weekly articles and in our Kids Protection Planning™ seminars. Today we want to share some practical considerations with you–things you should consider before naming one or more people to serve as guardians for your children. The intent is to encourage you to engage in proactive planning, and also to take some pressure off of you. The latter comes from realizing that until you actually die, your planning is quite flexible and can be changed to meet your wishes.

Not Permanent Until It’s Permanent

Naming one or more people to serve as a guardian for your children in the event of your death or incapacity might seem very permanent, but again, it’s not. You can change the named guardians in your plan at will . . . right up until the time you pass away or become incapacitated. For that reason, it’s not enough that you set up a great plan initially. You must also review that plan and the continuing suitability of the people you’ve chosen. As circumstances change and people evolve, so might your choices.

That’s where our law firm is unique. We have options available whereby we conduct an annual review of your plan each year just to make sure that our planning is still appropriate. We want you to sleep well at night, but we also want your children to receive the best care possible if something happens to you. It’s very important.

Really, Really Know The Appointees

Make sure you know the person or people you’re appointing very well. That means you need to spend a lot of time with them. Ideally, choose someone who is already a parent. That way you can observe and get comfortable with their parenting style. It’s also great if your children feel close to, and a sense of support from, the person you’re going to choose. You need to know and feel comfortable with things like religious beliefs, habits, where the person lives (so your children aren’t uprooted if that’s important to you), and how equipped the person is to help your children through a very difficult time.

Practical Considerations

Does the person you’re considering have a home that is big enough to include your children? How about his or her relative health and financial stability, does that meet your standards? Financial issues can be overcome with additional planning on your part, which might include something like a term life insurance policy. But the real question is whether the person you’re appointing manages money well enough to make the inheritance last.

You do have the option to name two guardians for your children, because it just so happens that raising children and managing money requires two different skill sets! One guardian would be the caretaker (“Guardian of the Person”), and the other would manage the money (“Guardian of the Estate”). If you consider this option, make sure the two guardians get along well, and make sure that they’re on the same page with respect to your wishes and what you believe to be in the best interest of your children.

DO NOT WAIT

It’s very important that you act right away to name a guardian for your children. Remember, until you die, the decision can be “undone,” but if you die without having named a guardian, then the fate of your children will be left to the discretion of a total stranger . . . a judge. You have the ability to take control right now, and your words and planning will have the effect of law. In other words, a less than perfect choice is better than no choice at all.

If you would like to discuss setting up a guardianship plan, please call our offices and schedule a time to speak with an attorney. If you mention this article by name and say that you’re interested in a Kids Protection Plan™, we will meet with you absolutely free of charge.

Tags: estates attorney in orange county, guardianship in california
Posted in California Guardianship Attorney, Orange County Estate Planning | No Comments »

Identifying insurance “red flags”

Friday, January 13th, 2012

Guest article submitted by
SUZETTE MANN, CIC
Sullivan Curtis

Most professionals who work with trusts have plenty of “nightmare stories” about trustees chosen by clients for their irrevocable trusts. No doubt this is because trustees are often chosen without careful consideration of the qualifications required.

Your clients enjoy a lifestyle that is unique and complex. As an advisor, you play an important role in ensuring that their success is protected. The following questions can help you identify circumstances that may put your clients at risk.

1. Are your clients protected with enough personal excess liability insurance? Does their net worth exceed their liability coverage limits? If a lawsuit puts assets at risk, the last thing anyone wants to worry about is running out of insurance. Chartis can offer $100 million on a single policy to address claims of property damage and personal injury–including lawsuits filed by private staff, auto accidents with uninsured drivers and more.

2. Is their insurance program messy? Successful individuals acquire assets over time, so it’s not uncommon to insure them in different ways. A summer residence, for example, may be with a different agent and carrier than the home in the suburbs. Fine art may be insured independently from cars. Whatever the combination, the end result is fragmented, making insurance more difficult and expensive to manage. Don’t allow your clients to wait until claim time to find out what is–and is not–protected. A high net worth insurance provider is more likely to address the special circumstances that can come with success, or simply offer coverages that traditionally have been ignored in the mainstream marketplace.

3. Does the family travel frequently? Freedom to travel is one of the luxuries that come with success. Our worldwide travel protection plan provides year-long coverage, allowing your clients to plan vacations and other trips without worry. The plan responds to circumstances beyond the policyholder’s control that cause a canceled trip, an early return home or an emergency medical treatment while abroad.

4. Do they employ private staff? It’s not uncommon for nannies, housekeepers, private assistants, gardeners and others to take their employers to court. Our Employment Practices Liability Insurance (EPLI) option responds to allegations of sexual harassment, wrongful termination, discrimination and more. In addition, we offer complimentary background checks on private staff–helping ensure that only the most qualified and credible individuals are taking care of your clients’ loved ones and property.

5. Are your clients involved with charities or foundations? Not-for-profit organizations typically operate on tight budgets and carry a minimal amount of liability insurance. If your clients or their spouses sit on the board of a not-for-profit organization,1 they can add up to $1 million of protection on top of existing board coverage.

6. What sort of activities or hobbies do they enjoy? Whether it’s collecting cars, buying art or building a wine collection, we offer coverage to protect whatever passion your clients might have. As a complement to our Private Collections coverage, our art collection management experts are available to ensure that each collection is properly valued, adequately insured and protected in the event of a disaster–or even an everyday mishap.

7. What is the makeup of the family? Family members may increase exposure to unidentified risks. For example, having a youthful driver may increase the need for higher liability limits. Or, young children in the family may encourage your clients to consider kidnap and ransom coverage. Your client may need an emergency preparedness plan for members of the family who are elderly or have special needs. Our specialists can assist in preparing a plan.

8. Are your clients’ insurance policies in sync with their estate plans? Many wealthy people structure their property ownership using LLC’s, LLP’s and trusts. Not all insurance providers enable policies to reflect these alternate structures, which can result in diminished protection or complications at claim time.

9. Is the home properly insured and protected? If your clients had to rebuild their homes in today’s market, would they have enough homeowners’ insurance to sufficiently cover the expense? Many properties are insured based on values that are vastly underestimated–especially those that have undergone extensive home improvements and renovations. For those living in wildfire- or hurricane-prone areas, we provide complimentary consultations to understand preventive measures that can help prepare your clients for a catastrophe.2

10. Are any of your clients public figures? Media exposure and public awareness increase the need for comprehensive protection. We offer high limits of excess liability coverage to ensure that your clients’ assets are safeguarded against claims of personal injury or property damage, including libel and slander. Additionally, our emergency preparedness specialists can help assess whether proper security measures are in place.

Chartis is a leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.

Our Private Client Group offers complete solutions for successful individuals and families. We provide the coverage necessary to preserve high-value assets and personal liability. Protection is augmented with services to minimize property damage and bolster safety–and all of this comes in one custom-tailored package. Look to us to safeguard homes, automobiles, excess liability, fine art, collectibles, yachts and more.

Guest article submitted by
SUZETTE MANN, CIC
Sullivan Curtis
smann@sullicurt.com
Direct: (949) 852-4820

Suzette Mann manages the personal insurance needs for high net worth individuals, applying over 18 years of experience across a wide variety of insurance services. During her career, Suzette has advised clients including large Fortune 500 companies, middle market businesses and non-profit organizations. As a result, she provides a sophisticated approach to risk management solutions for high net worth clients.

Prior to joining SCM, Suzette wasan account executive for an independent agent also in Orange County, California. Previously, she managed professional liability programs for non-profits in Washington D.C. She began her insurance career at Marsh Inc. in Los Angeles in the casualty area, working with large energy accounts.

Suzette is a licensed Property/Casualty broker in the state of California and holds the professional designation of Certified Insurance Counselor (CIC) and Associate in Personal Lines (API) designation. Suzette is an active volunteer at Harbor Day School and Our Lady Queen of Angels Catholic Church, and is a member of the Junior League of Orange County. She graduated from the University of Southern California (USC) with a B.A. in International Relations and a B.A. in Political Science.

Information courtesy of the Private Client Group at Chartis. Reprinted with permission.

1. Qualifying organization is defined in the policy as any not-for-profit organization qualifying under Section 501(c) (3), (4) or (7) of the Internal Revenue Code, some exceptions apply.

2. Eligibility requirements apply; enrollment required.

Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. Private Client Group is a division of Chartis Inc. Insurance is underwritten by a member company of Chartis Inc. This is a summary only. It does not include all terms and conditions and exclusions of the policies described. All references to claim settlement information are based on the loss being covered by the policy and are subject to change without prior notice. Please refer to the actual policies for complete details of coverage and exclusions. Coverage and supplemental services may not be available in all jurisdictions and are subject to underwriting review and approval. Services provided by third parties are not part of the insurance policy, are not guaranteed by Private Client Group and may be discontinued at any time.

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Newport Beach Estate Planning: More Than Planning for Death

Friday, January 13th, 2012

Part of estate planning involves deciding how much you want to give away while you’re alive. Many, many people get a lot of joy from seeing their loved ones benefit from and even grow gifts. In some sense, that’s infinitely more gratifying than working to put an estate plan in place and letting the gifts occur after your death. You worked for your assets, and if you know they’re going to be passed on, why not enjoy the process of gifting now? It’s at least worth thinking about, for the tax benefits alone if nothing else.

The Two Easiest Ways to Gift

There two very easy ways to give gifts without incurring any gift tax, which coincidentally reduces the size of your estate and your estate tax liability, if applicable. Giving gifts, in short, is a very effective double-edged sword for fighting the tax monster. The two easiest ways to give are as follows:

You may pay an unlimited amount of tuition and medical expenses for as many people as you want, so long as such money is paid directly to the educational or healthcare institutions, and
You may give up to $13,000 annually to as many individuals as you like. If you ever give more than $13,000 worth of cash or assets to a single individual, you must file a gift-tax return, and the amount exceeding $13,000 will go against your lifetime gift tax credit.

If your gifts exceed the annual limit, you will be charged the applicable gift-tax rate. The good news is that the rate has been gradually decreasing, but Congress is set to address the lifetime gift-tax exclusion again in 2012, so what will happen is anybody’s guess.

A Reason to Give Now

Here is one very good reason (besides enjoying the process of giving) to give now: If you exceed your gift tax exclusion within three years of dying, then your estate tax exemption is reduced by the same amount. For example, if you give one person $113,000 in one gift two years before you die, then your estate tax exemption will be reduced by $100,000. That’s a very good reason to act right now, unless you happen to know exactly when you’re going to die!

Charitable Gifts

Giving to charity is another option that can help reduce estate taxes and, at the same time, allow you to make a difference in the world. You have four options in this realm.

Give directly to a charity that you believe in.
Contribute to a charitable gift fund. These are like IRA’s in that you make a contribution (which is tax-deductible), grow the money tax free, and then direct it to the charity of your choosing.
Donate to a foundation that pools donations and then allocates grant money to local charities or causes that you designate.
Set up a charitable trust. These either allocate income to a charity or cause of your choosing and the principal to your heirs or vice versa.

Speaking of Gifts . . . .

All this talk of gifts has us thinking. We can help you determine whether or not gifting is a good option for you and whether it makes sense from a tax perspective. To that end, we are offering you a gift: For a very limited time (i.e. until our calendar is full), we will meet with you and provide you with a free Family Wealth Planning Session™. We normally charge $750 for these sessions, so the free slots will go quickly. To take advantage of this offer, please call our office and mention this article by name.

Tags: newport beach estate planning
Posted in Orange County Estate Planning | No Comments »

Estate Planning is Not Just for Elderly Newport Beach Residents

Thursday, January 12th, 2012

Many people in Newport Beach have a limited understanding of what estate planning is all about. Of course, an important component of it is to determine how your affairs will be handled after your death, but there’s a lot more to it than that. Younger people should also consider “estate planning” in terms of what will happen to them and their assets in the event that they should somehow become incapacitated.

Should you become somehow incapacitated, say due to an accident or illness, your estate planning attorney can help ensure that your wishes are clearly known. That means that even if you are unable to communicate with doctors, lawyers, or other parties, you can still have a say in what takes place.

For example, how do you feel about life support? Some people are all in favor of extending life by any means are available, while others prefer not to take any extraordinary measures. This is a hot topic in estate planning, and by working with an attorney in advance, your views on the subject will be known.

In this case, an Advance Health Care Directive is incredibly important. You can use this tool to create your own health care directives to develop a plan that meets your wishes. You will likely also want to put some considerable thought into who you would like to have power of attorney, not just over your medical needs, but also over your finances. This person will be able to take care of bills, provide for family members or pets, and otherwise keep your finances in order when you are unable to do so. A trusted estate planning attorney can help you determine who would be a good fit for this role.

While these issues certainly apply to the elderly, they are also relevant to younger adults. In some cases, the need for estate planning can be even more important, as it is more likely that there will be dependent children involved. When that happens, having guardianships and even certain trusts set up in advance can help to protect the children and ensure that their needs are being met.

A Newport Beach estate planning attorney can help individuals at all stages of life to identify and prepare for a variety of situations, whether that includes long-term medical care, providing for your children’s future, or choosing a trustworthy individual to take care of your financial obligations when you are incapacitated.

Tags: advance health care directive, newport beach estate planning attorney
Posted in Orange County Estate Planning | No Comments »

Orange County Newlywed Planning and the Prenuptial Agreement

Wednesday, January 11th, 2012

Newlywed planning can be so much fun. There’s the dress, the photographer, the caterer, and the flowers. One area that can get overlooked, however, is the prenuptial agreement. Sure, it might not seem like as much fun as tasting cakes and picking your first dance song, but it is something that needs to be considered in the midst of the wedding preparations.

A skilled prenup lawyer in Orange County can help you quickly and effectively put together a prenup that fits your specific situation. We may not all come from Kardashian-type money (do you bet she’s glad she had a prenup?), but there are good reasons to create this contract with your spouse-to-be.

Some of the most common aspects of a prenup in Orange County include things like how to divide up property or whether or not there will be spousal support in the event that the marriage should break up. Some couples choose to add terms that further outline what will happen in various circumstances.

The best approach is for each partner to hire a separate marriage lawyer to ensure that both of their interests are being considered in the prenuptial agreement. This can become just one aspect of newlywed planning, adding it to the to-do list in between ordering the wine and choosing the tuxes. While there is already a lot to do during this time, making it an essential part of the wedding planning process simply turns it into one more item to be checked off as you complete it.

Your prenup lawyer will have plenty of good advice for you and will make the process as quick and easy as possible. Laws in Orange County can vary from those in other states, but some of the most likely things the prenup lawyer will advise you about are the fact that both parties must voluntarily sign the prenuptial agreement (no one can be forced into it), it must be in writing, both parties must fairly disclose their assets, etc.

If you are concerned that your prenup could take some time to negotiate, then it is important to be in touch with a prenup lawyer well in advance of the wedding day. There isn’t typically a rule regarding how long a prenup must be signed before the big event, but putting it off until the last minute can throw a stressful monkey wrench into your plans.

In some states, registered domestic partners also have the option of entering into a prenuptial agreement. This can create a few tax questions, so it is again very important to turn to an experienced prenuptial lawyer in Orange County to ensure you are following all applicable laws and provisions.

Tags: prenuptial lawyer in Orange County
Posted in California Newlywed Planning | No Comments »

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