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"Are There Non-Economic Reasons to Create an Estate Plan?"

 

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Estate Planning Update
July 2011
Greetings!

Are there non-economic reasons to create an estate plan?

Absolutely!

Avoid Conservatorship

 

If you become temporarily or permanently incapacitated, a conservator may need to be appointed for you and/or your estate if you have not planned ahead. The conservatorship hearing is likely to be an emotionally difficult proceeding for your family, who will already be dealing with the tragedy that has placed you in this position. Your family will need to hired an attorney who will petition the court to judge you unable to care for yourself. Furthermore, the court will have ongoing supervision over the conservator's future actions taken on your behalf. Having a conservatorship established for you is something that you want to avoid if at all possible!

Establishing a revocable living trust permits ongoing management of your trust assets by your successor trustee.

Executing an advance health care directive permits your agent to make health care decisions, including end-of-life decisions, on your behalf.

Executing a durable power of attorney permits your agent to make financial and personal decisions on your behalf.

In each of these situations, the person acting on your behalf is someone chosen by you; and this person will act according to the guidance that you have provided in your estate planning documents, without the intrusion of ongoing court supervision.

Nominate A Guardian For Your Minor Children
 
If a guardian needs to be appointed for your minor children, the court will give great deference to the person that you have nominated in your will or other document. However, if you neglect to nominate a guardian, the court will be forced to choose one without your input; and the judge could appoint someone whom you would have specifically excluded from consideration.

Please contact me at 323.654.9513 or brookspaley@paleylaw.com if you would like to discuss your current estate plan.

Brooks Paley, J.D., LL.M.
About Paley Law Corporation
Brooks 0168

Paley Law Corporation is based in Los Angeles and specializes in providing personalized, sophisticated estate planning and related legal services. Brooks Paley, J.D., LL.M., is the managing principal of Paley Law. Brooks is quoted in the June/July 2011 issue of Working Ranch Magazine ("Death Tax Tips") on the impact of the estate tax on family-owned businesses and tax planning opportunities available to them.

The above material is provided for general informational purposes only and is not intended to constitute legal advice in any particular matter. Transmission of this material does not create an attorney-client relationship. Paley Law Corporation does not warrant the content of this material and is not responsible for any errors or omissions associated with it.

To ensure compliance with requirements imposed by the Internal Revenue Service, Paley Law Corporation informs you that any U.S. tax advice contained in this communication (including any links to other websites or material) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

    

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2011 Paley Law Corporation