Archive for the ‘California Newlywed Planning’ Category

Orange County Guardianship Attorney Advises Couples to Include Frozen Embryos and other Genetic Material

Friday, May 31st, 2013

Children and Estate Planning – A Natural Progression

When it comes to estate planning, children are one of the biggest reasons that couples turn to an Orange County guardianship attorney in the first place.  To be fair, though, most of the time, those children have already been born into the world.  What happens to the “assets” of couples who have embryos or other genetic material frozen?

Maybe a Bit Less “Natural”

Not only can embryos be cryogenically frozen, but so can sperm.  The whole idea is to preserve these materials for a later date.  For example, a man who is facing treatment for testicular cancer may have some of his sperm frozen so that if he chooses to have children later, he will still be able to father them genetically.  Likewise, couples that have struggled with infertility and gone the route of implantation may choose to have “extra” embryos frozen for future pregnancies.

New Estate Planning Questions are Raised

There are numerous results of these practices that should be considered with an Orange County estate planning attorney.  One of these is certainly something that hasn’t had to be considered until science advanced to the point where we are now:  What if a child is conceived after the death of one of his or her parents?  It almost seems like a surreal question, but these are things that now require consideration.

Generally speaking, an estate planning and guardianship lawyer in Orange County helps parents to determine how their assets will be distributed to those left behind.  In the case of a child conceived “postmortem,” the estate has likely already been distributed.  There’s also the question of death benefits.  Does a child who didn’t exist before the parent’s death have rights to that parent’s benefits later?  And even if the parents did look ahead and plan for these possibilities, what about the estates of grandparents or others to which the child might reasonably have a legal claim?

The Law Works to Keep Up with Technology

The truth is that not all of these issues are fully figured out yet.  In fact, the U.S. Supreme Court is expected to hear a case where the mother of a child conceived more than a year after the father’s death has applied for Social Security benefits for the child.  In many states there is a limited window in which children born after one parent’s death can be included in estate distribution.

Other states are developing laws to govern what is to become of embryos and other genetic materials that have been frozen.  How these materials are to be treated varies greatly from state to state, and there are a lot of moral, not to mention religious, implications that are being addressed by the decisions being made.  This will certainly be an interesting issue to continue to watch, but for those that already have genetic material frozen, the laws haven’t necessarily caught up to today’s technology.


Orange County Newlywed Planning for a Better Financial Future – A Few Simple Things to Do

Tuesday, March 26th, 2013

Entering the newlywed planning stage here in Orange County is incredibly exciting.  Sure, there are dresses and tuxedos, cakes and wedding registries.  But more importantly, you are starting your life with someone else.  And you want that life to be as comfortable and “successful” as possible.  That’s why finances should play a part in your newlywed planning.

When many of us get married, we’re young, and we haven’t always made the best financial choices.  We may be entering the relationship with debt and a less-than-desirable credit score.  There are a few things that can add up, and if you can take care of them during the newlywed planning stage, you will be able to reduce later stress in the marriage and put it on a good trajectory for financial security.

Take Care of Little Fines

Little fines that you might have incurred may not seem like a big deal, but they can turn into serious problems pretty quickly.  Things like library fines and parking tickets may be quite small to begin with, but if they get turned over to collections (which is happening more and more frequently), then they can suddenly become a much bigger issue.  Not only does the amount of money you owe grow considerably, but just having them go to collections can impact your credit rating by a huge amount.  Remember, your credit rating will soon be linked to your spouse, too, so protecting it now puts you both in a better position later.

Review Your Credit Reports

Speaking of credit scores, you and your future spouse should both take a look at your credit reports (ideally you should look at them together) to figure out where you are financially.  At some point, you will likely want to buy a home or vehicle or even start a business, and now is the time to identify any problems in your credit history and start fixing them.  If you’re not aware of the problem, it’s sure a lot harder to do what you need to in order to fix it.

Pay Down Credit Cards

Making minimum payments on your credit cards may seem like a good idea, especially when newlywed planning includes so many additional expenses, but now is actually a great time to start paying down balances.  If you’re paying only the minimum, it’s likely that it will take more than a decade to pay off the balance, and that’s if you’re not charging anything new.  By paying extra toward the bill each month, you are reducing the amount of debt that will be in the marriage, not to mention that you will also save you and your spouse thousands of dollars in interest over the next several years.

See An Orange County Prenuptial and Newlywed Planning Attorney

While having an attorney in the mix may not be the most romantic part of the newlywed planning experience, it can actually save your marriage later on.  This person can help direct you when it comes to financial matters and may even recommend considering a prenuptial agreement.  These documents are not just for the rich and famous.  Instead, they can help even average people to set out a clear plan for dealing with finances during the marriage, so that money doesn’t become an issue that breaks the couple apart later.


Newport Beach Prenup Lawyer Talks Newlywed Finances

Tuesday, March 6th, 2012

Whether you have a prenuptial agreement yet or not, finances are something that every newlywed or soon-to-be-married couple in Orange County should discuss in detail.  Your lives are merging, and so too are your assets and your liabilities.

You may feel like shying away from this type of conversation because it’s just not “romantic,” and there are plenty of other things to think about at this time, but the lasting implications of your new financial life will be major.  Getting on the same page now is actually a tool to strengthen your marriage and avoid potential problems down the road.

As you work through these ideas, you may find that it’s worthwhile develop a prenuptial agreement due to the peace of mind and sense of order it can establish for you.

How to Start the Newlywed Finance Conversation

Once you’ve recognized that you should be talking about your finances as a couple, it helps to have sort of a checklist to keep the conversation going.  Here are some suggestions for things to consider:

  1. How much does each of you contribute, and are you both comfortable with that?
  2. Will you be using the same accounts and credit cards, or will you each have your own?
  3. What are your most important financial goals as a couple?
  4. Will you be combining all assets or keeping some separate?
  5. What are your plans for any debt incurred by each spouse?  Will you tackle it together, or do you need an alternate plan?
  6. Who will be managing household and other expenses and how?

As you answer these questions, you will be on the road to coming up with a financial plan that works for your relationship.  In some cases, the decisions you make may not entirely gel with the typical approach outlined by California law.  This is definitely a time to consider a prenuptial agreement, as it can protect your plans down the road rather than having a different set of guidelines thrust upon you.

Of course, there are many other factors to take into consideration.  Are you planning to have children?  Go to college?  How will you fund your retirements and save for vacations and other expensive purchases?  A prenup lawyer in Newport Beach can help you lay out the groundwork for these plans, and he or she may either be skilled enough or have contacts with financial advisors who can help you create a long-term financial plan that will last well after the newlywed phase of marriage is behind you.


Prenup 101: The Basics of the Prenuptial Agreement in Orange County, CA

Wednesday, February 15th, 2012

Prenuptial agreements tend to get a lot of attention when it comes to celebrity divorces, but there are plenty of non-famous people who are opting in to this type of contract.  The reasons for doing so are pretty varied, and it rarely has to do with the parties not trusting each other.  As an Orange County prenup lawyer, it makes sense to share some basic fundamentals of prenuptial agreements that you should consider if you are planning to get married.

The Real Reason People Choose Prenuptial Agreements

One of the original uses for this type of agreement is one that prenup lawyers still see on a regular basis: people getting married for the second or subsequent time.  When entering a second or later marriage, it’s likely that the parties involved have their own assets and possibly even children that resulted from the earlier relationship.  They are often looking to make sure that those things accumulated from the first marriage will be inherited by their biological children rather than the new step-children.

For example, a widowed mother of two adult children might marry a divorced man who has a grown child of his own.  Their prenuptial agreement could state that certain assets from each of their previous marriages will rightfully pass only to their biological offspring.  Each of the partners may also come to the marriage with enough financial security that it is unnecessary to inherit the new spouse’s estate.

This idea has expanded as our culture has shifted to one where many people get married for the first time later in life.  Each spouse may already have his or her own successful career, personally owned property, and other assets that they want to ensure remain theirs.  The high divorce rate is certainly another cultural factor that comes into play, with many couples having seen well-intentioned friends end up going through painful divorces in which they lost their assets.

Will the Prenup Be Upheld?

A good prenup lawyer in Orange County is probably your best ally in creating a prenuptial agreement that holds up in court.  In fact, it is preferable for each spouse to hire a separate lawyer to represent his or her interests.  By doing this, you increase the likelihood of it being upheld later, too, as it’s less likely for one person to claim that he or she was misled.  The parties need to be honest when they disclose their assets, too.  If it appears that one was hiding assets from the other, this can definitely call the prenup into question.

Basically, it needs to be clear that both parties have entered into the prenup freely and with good intentions.  It’s recommended to meet with your Orange County prenup lawyer well in advance of the wedding date, as that helps to strengthen it in the eyes of the court.  It needs to be signed by both partners, and all involved should know that a court will possibly overlook parts of the prenuptial agreement that attempt to lay out custody or child support agreements, as these things may need to be determined by a court following standards for what is in the best interest of the child.

 


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.


Can a Newport Beach Prenup Lawyer Really Help with Estate Planning?

Tuesday, October 4th, 2011

If you’re thinking about having a prenup drawn up before you tie the knot in Orange County, you may want to find an attorney who focuses on estate planning, too. Perhaps surprisingly to some, a prenuptial agreement can be an important piece of estate planning documentation. Many couples in Newport Beach see the importance of creating a binding prenup in order to protect their assets and plan for their future.

Today, blended families are far from unusual. During the newlywed planning phase, the couple needs to consider what happens to “yours, mine, and ours” as it relates to children they each have from previous, and their current, relationships. You may each have certain items or financial support that you want designated specifically for your own biological children, and a prenup is used to make these wishes known.

This is also the case when older couples marry. They may each have their own grown children and grandchildren that they wish to provide for. Without a written prenuptial agreement, a surviving spouse will often become default heir to the other’s estate, allowing the spouse to do with it whatever he or she sees fit. It could be perfectly legal for the deceased spouse’s children to inherit nothing.

Working with a Newport Beach prenup lawyer before exchanging vows can help to clarify each partner’s wishes, as well as to provide legal documentation. Simply discussing your preferences is not enough, either. To be binding, the prenuptial agreement must be in writing, and both spouses must sign it. In fact, it is necessary for each spouse to take the appropriate amount of time to read the entire document to ensure that he or she agrees with it and is not being pressured into signing something.

A prenup that seems grossly unfair to one spouse or the other may not hold up in court, so this step is pretty important. Some states even require that each party is advised by his or her own prenup lawyer rather than sharing the same attorney. If one spouse omits information or outright lies about it in the prenup, that can also render it invalid.

While creating a prenuptial agreement may not be the most romantic way to go into a marriage, it can be important from an estate planning point of view. It allows you to plan for the future and to designate your own heirs. Some people who skipped this step are now coming to prenup lawyers to request “post-nuptial agreements.” These documents work quite similarly to the prenuptial agreement but are simply done after the wedding is over. It’s best not to wait, but if you have, a Newport Beach prenup lawyer can still get the ball rolling for you.

If you’re ready to get started with this process, we invite you to call our office at (949) 260-1400 and ask if you qualify for a free Family Wealth Planning Session ($750 value).


Getting Married Before The End of The Year? Orange County Tax Lawyer Says Think Twice Before Filing the ‘Official’ Paperwork

Thursday, December 30th, 2010

By Darlynn Morgan, Orange County Tax Lawyer

Welcome to Southern California, where winter weddings are always a popular choice for couples who don’t have to worry about the snow or freezing temperatures the way they do in other states.

However, as an Orange County tax lawyer, I will say there is one HUGE thing couples getting married in December almost always overlook, which often results in their first unnecessary bill as a married couple.

So what’s that?

Taxes!

It’s amazing how many people don’t realize that even if they are married on the last day of the year, they will still have to file a joint tax return for the ENTIRE year.   This could easily result in unwanted tax consequences and the possibility of having to send a larger check to Uncle Sam come April 15th.

Now yes, I admit that in some cases filing jointly can save a newly married couple money.  This is especially true if one spouse earns significantly more money than the other. But in most cases (especially those in which the bride and groom earn a similar salary) filing as a married couple will actually COST you money in the end.

That is why I, as an Orange County Tax Lawyer, always advise people to talk with their CPA before getting married in late November or December.

Of course your CPA (or I for that matter!) probably won’t advise you to change the wedding date (as you’ve likely had everything booked a year in advance), but perhaps, if you are going to be hit with unexpected tax consequences you might consider it –unless it were possible to wait and file the official paperwork until after the 1st of the year..

Don’t have a CPA and not sure who to talk to regarding the potential tax consequences of your winter wedding?  Please feel free to give me, your neighborhood Orange County Tax Lawyer a call and I’ll be happy to point you in the right direction.

And while you’re in the process of getting your financial ducks in a row, check out this page that explains the importance of newlywed planning.

Contrary to popular belief, newlywed planning isn’t just about creating a California premarital agreement, although that is certainly one strategy to consider.  Newlywed planning goes hand in hand with estate planning, because other strategies involve setting up a separate property trust to segregate property that a spouse enters the marriage with.  It may even provide the couple with asset protection that can give them both peace of mind.

So if you own separate assets or have children from a previous relationship, I can’t stress enough the importance of speaking with a lawyer about newlywed planning before the big day.  It is one of the smartest things you can do to make sure your children, assets and wishes are protected if something unexpectedly happens (ie. death, incapacity, divorce, lawsuits, etc).

Fortunately, we’ve made the process of meeting with an attorney easier than ever by offering 10 free Family Wealth Planning Sessions each month to readers of our blog (normally $750).  Simply call (949) 260-1400 to reserve your spot.  Your new family will thank you as you put a rock-solid hedge of protection around them that will last for generations to come.


Does California Recognize Common Law Marriage and What Are My Rights?

Friday, November 12th, 2010

I often meet with couples who assume that because they’ve lived together for a certain number of years, they will automatically receive their partner’s assets or other inheritance should one of them unexpectedly pass away.

Unfortunately, this is not the case, as California does not recognize common law relationships as some other states do.   So for someone in a non-traditional relationship living in CA, that means they could not make a claim to their partner’s assets if they pass away, or make important financial or medical decisions for their partner if he or she is incapacitated but does not die in an accident.

This is a scary situation to be in, especially if you’ve spent years believing you or your children would be taken care of if your “common law” husband or wife was suddenly killed or injured.

So what can you do to protect yourself legally and financially if tying the knot isn’t in the forecast?

At a bare minimum, you should have a will clearly expressing what each partner is entitled to should the other pass away.   Additionally, you’ll want to check the designations of real property, personal property, life insurance benefits and other assets.

The next, and arguably the most important thing you should have are medical directives and power of attorney forms.  It’s important to understand that because you are not “legally” married in the eyes of the law, you will not be permitted to make financial or life-saving decisions for your partner if they are temporarily –or even permanently incapacitated.   Without such forms you could be locked out of bank accounts, unable to manage your bills or left as a helpless bystander if your loved one requires important medical decisions to be made on his or her behalf.

Yet fortunately, all of these documents ( a will, medical directive and power of attorney) are relatively simple to draw up with the help of an experienced attorney.  I can also say that having them done is well worth the initial investment should the unthinkable happen.

So if you’re currently in what you believe to be a common law relationship or living together and you now need help getting your legal and financial life in order so you are protected should death or incapacity suddenly occur, give us a call at (949) 260-1400.   If you mention this article, we’ll waive the $750 fee for our Family Wealth Planning Session and walk you through the steps you must take to protect your family free of charge.  However, these appointments are limited to 10 per month so call today!


Before You Say “We Do”: Important Planning Tips from an Irvine Corporate Lawyer

Tuesday, July 13th, 2010

From the desk of Darlynn Morgan:  Irvine Corporate Lawyer

Every new relationship begins with starry-eyed optimism…

The world is your oyster…the sun is shining…the birds are singing…

But what happens a few months down the road when the bloom is off the rose? Believe me, as an Irvine corporate lawyer I know from experience that it will happen and it happens with business relationships as quickly as it does with personal ones.   What then?

Before you jump up and say “we do” to any business relationship, the best way to protect your interests is to have an agreement, in writing, that not only protects you and your business associates, but will serve to memorialize the responsibilities, goals and expectations of everyone involved.  The idea here is less about enforcement than about documentation and managing expectations.

An added bonus is that the very act of negotiating the agreement will give you a bird’s eye view into the mindset of the people you’re contemplating relying on for your livelihood.  There are many potential business partners out there who are wonderful people and possibly even great friends but their belief system is so skewed that they become incredibly difficult to deal with in a close relationship.  They will fight you to the figurative death over the tiniest detail simply as a matter of principle.

Is that really someone you want to tie yourself to that closely? Remember – most of us spend as much or more time with our business partners than with our families. Especially those of us who run our own businesses.

When you’re considering a new business relationship, keep these three things in mind:

  1. 1. Yes, You DO Need a Written Agreement

It’s really tempting to eschew the written agreement phase, especially if the person you’re going into business with is a friend or family member.  But these are exactly the kinds of business relationships that need documentation.  It will keep everyone honest and memorialize what you agreed to when the relationship was new.

  1. 2. Pay Attention to How Your Potential Partner Handles the Negotiation Process

The very act of negotiating an agreement will give you a new perspective on how your potential partner handles conflict, what they value and whether or not your belief systems complement each other.  If you see a problem in any of these areas, run, don’t walk, to the nearest exit.  You will save yourself a lot of heartache and potential damages in the long run.

  1. 3. Hope For the Best But Plan For the Worst

Hope truly does spring eternal and most of us are guilty of a little cock-eyed optimism at the beginning of any relationship.  But bear in mind that the agreement you sign at the beginning of a business relationship will help to govern how that relationship ends.  While you each may think the other is the greatest thing since a pocket on a shirt when you start your business, by the time one of you is leaving the enterprise you probably won’t be as happy with each other.  Make sure that your agreement covers not only how you enter into the relationship but how you leave it and, as much as possible, what comes after as well.

Once you’ve managed to negotiate a strong agreement and everyone knows what to expect and who will do what, the start up phase of your business will proceed much more smoothly.  The mere act of documentation will free you from uncertainty and allow you to  put your focus where it really belongs – on growing your business.

Call our Irvine Corporate Lawyers today at (949) 260-1400 to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit so we can identify if there are any holes in the foundation of your business, including the agreements you need to have in place before you get started.  Normally, this session is $1250, but if you mention this article and we still have room on our calendar this month, we will waive that fee.


Can You ‘Casually Agree’ On The Terms of a Newport Beach Prenup?

Monday, June 21st, 2010

From the desk of Darlynn Morgan, Newport Beach Prenup Lawyer

It’s the middle of June and the sultry summer wedding season is in full swing. Couples are running around frantically trying to finalize their plans and almost all of them will be presented with one burning question before the big day:  are you signing a prenuptial agreement?

While I realize legal matters may seem like the least of your concerns in the months and weeks leading up to the wedding, it is important, however , to give this question ample consideration before making such a binding and long-term commitment.

To that end, there are a number of rules that must be followed to ensure the court will uphold your Newport Beach prenup agreement.  You can’t just discuss the matter over coffee and then expect your “casual” agreement to hold up in a court of law.

So – what must happen for a prenup to be enforceable here in California?

1. The prenup must be written and signed by both parties.

2. Both parties need to have independent legal counsel – this is important for validation.

3. An ample amount of time is required between the time that the prenup presented to the proposed and when it is taken in to be signed.

4, There needs to be full debt and asset disclosure between both parties.

5. The prenup has to be prepared according to public policy and statut

The bottom line is that drafting an air tight Newport Beach prenup takes some time. Give yourself plenty of wiggle room to hammer out the details so you don’t feel overwhelmed or stressed.  A good rule of thumb is to have your prenup signed and filed before the wedding invitations go out.   If you haven’t already, consult with an attorney and get this process started so you can have it out of the way.

Fortunately, we’ve made the process of meeting with an attorney easier than ever with our free Family Wealth Planning Sessions ($750 value) offered to readers of our blog.  However, these free sessions are limited to 10 appointments per month, so call 949-260-1400 to secure your spot today!


Southern California Probate Attorney / Estate Planning Lawyer / Wills & Living Trusts Law Firm
Serving: Los Angeles, Orange County, Riverside, San Bernardino, San Diego & all of Southern California

The estate planning law firm of Morgan Law Group, apc serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate planning in Foothill Ravnch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, and estate planning and probate in Los Angeles, Mission Viejo, Newport Beach, and estate planning and probate law firm information in Orange, OC, Placentia, Rancho San Margarita, San Clemente, Santa Ana, Seal Beach, Tustin, Villa Park, Westminster, and Yorba Linda.