Posts Tagged ‘estate planning attorney’

OC Trust Attorney Offers Ways to Approach Estate Planning Conversations With Mom or Dad

Wednesday, July 13th, 2011

As an estate planning attorney, I often meet with people who are concerned about their parent’s end of life affairs.

They want to make sure their parent’s assets and wishes stay protected if something happens to them, but they just aren’t sure where to begin the process.

In fact, as I start to ask questions, I find that many adult children have absolutely no idea what plans their parents have in place and what to do if death or incapacity occurs.

Some of the questions I ask include, whether or not mom or dad has a will or trust and, if so, where are these and other important documents located? Should assisted living or nursing home care become necessary, what plans are in place to cover the costs? Will mom or dad even have enough money after these costs to carry them through retirement?

These are some very important questions that need to be addressed, and as a an OC trust attorney, it’s my job to steer you in the right direction.

That being said, no matter how good your relationship is with mom or dad, the subject can be a difficult one to approach and start planning for.

Perhaps the best place to start is timing.

Holidays such as Christmas, Hanukkah and Thanksgiving are known to be stressful times, so avoid these occasions.

Current events often present the perfect opening, as there is always some Hollywood legend or financial mogul who dies leaving a fortune for the heirs to squabble over.

Or, the personal experience of a friend or relative can be worked into a dialogue.  You can say something like, “So-and-So’s mother was admitted to the hospital recently and no one knew where to find her important papers.”  This naturally opens the door to talk to mom or dad about their important and any other plans they have in place.

For some families, several conversations over a longer period of time might be a better approach. No one wants to feel like they are being told what to do, and money matters are often emotionally charged to begin with.

Remember, advance preparations are in the best interests of your parents, so that their wishes can be carried out upon death.  Be sure to communicate this from the start to avoid your parents shutting down or getting defensive about the questions you are asking.

Finally, don’t forget to include the topic of long-term care in your conversations with mom or dad.   While no one likes to think about the possibility of becoming disabled or incapacitated by something like a stroke or Alzheimer’s disease, it does happen and it’s something that must be planned for as well.

If you start early enough, an attorney can help you put the right plans in place to ensure mom or dad’s wishes during incapacity are honored and that they won’t be forced to sell or give away all of their assets in order to qualify for Medi-Cal or federal assistance.

So that’s a few ways you can start the conversation with mom or dad about their estate planning.  Of course if you need some more guidance about how to get started or what plans mom or dad should have in place to protect them though the Golden Years, be sure to give our office a call at (949) 260-1400 and schedule a Family Wealth Planning Session

Orange County Wills Lawyer: “If I had a nickel for every time I’ve heard someone say – I’m not ready yet!”

Tuesday, August 31st, 2010

By Darlynn Morgan: Orange County Wills Lawyer

There are a couple of phrases that make an Orange County wills lawyer cringe at their mere utterance…. and today I would like to discuss one of them with you.  That is…

I’m not ready yet!

Truthfully, no one is really ever ready to discuss their own death or the death of a loved one.  The good news, though, is that most people see the logic in this and do ultimately understand the importance of planning so their children, spouse, or other loved ones are protected in the event that something happens to them.

Yet, I still hear it; the aforementioned phrase that can sound like fingernails on a chalk board to most estate planning attorneys.

This is because people think that they must be 100% organized and prepared before they take the first step toward creating a will or trust.   While it is true that the process of developing an estate plan will eventually help you get your affairs in order (this is one of the added perks!), you don’t have to have every “t” crossed and every “i” dotted to get started.

However, there are a few key items that you should have together (if at all possible) before your first visit with a qualified Orange County wills lawyer.  I’ve made a short list for you:

  • Names and addresses of your immediate family members and other beneficiaries, as well as people you may choose to serve in roles such as executor or guardian for your children.
  • An overall description of your income sources and major assets such as real estate.
  • Bank account information such as balances and account numbers.
  • Pension and retirement account information.
  • Life insurance policy information.
  • Copies of any legal agreements such as prenuptial or postnuptial agreements or divorce decrees.
  • Any existing estate plan documents.

With this information, a qualified estate planning attorney can go a long way in getting your will or trust together and protecting your family, assets and wishes should the unthinkable happen.

So please don’t let the fact that you are not totally organized stop you from developing a plan for your family.  Mention this article and come in for a free Family Wealth Planning Session (normally $750) where we’ll help you get started.  Simply call (949) 260-1400 to reserve 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.