High quality estate planning law firm Orange County, California with Darren Veracruz: If you want to leave money or property to a loved one with a disability, you must plan carefully. Otherwise, you could jeopardize your loved one’s ability to receive Supplemental Security Income (SSI) and Medicaid benefits. A “special needs trust” can avoid some of these problems. Business Succession Planning provides a mechanism for an orderly business succession should an owner decide to transfer his interest due to a voluntarily event, such as retirement, or an involuntary event, such as death, disability, insanity, or bankruptcy. It also affords the co-owners or the business entity the ability to maintain the option or mandatory obligation to purchase the interest from an existing owner in order to restrict outsiders or undesirable business partners from becoming owners. This is often a useful provision for family businesses. See additional details at https://www.lsssc.org/who-we-are/leadership/.
You may stipulate that funds should be used for something specific — perhaps for medical care, college, or just for financial emergencies. Increasingly, parents want to keep the cash out of their childrens’ hands until they have reached a certain age and will be better able to manage these funds for their own benefit. The appropriate age depends on the beneficiary. You may want to consider how have they managed money in the past, or if there are any concerns about substance abuse or gambling. These questions and more should be considered when determining when (or if) the beneficiary should have ready access to funds from the trust you create. Of course, if your children are very young, you may not know how their money habits will develop. In this case, an older age may be most appropriate.
Awesome trust & probate legal services Orange County from Darren Veracruz Law: Share any designations and make sure all parties are willing and able to take on the associated responsibilities. It’s also important that your loved ones understand and are willing to accept any role for which you have selected them. If you have named your sister and brother-in-law as guardians of your minor children, for example, you’ll likely want to sit down and discuss with them what that means to you, and understand what that means to them.
LSSSC has been awarded fee for service contracts and grants for almost thirty years. Over this period, the agency has prudently deployed and allocated public dollars to provide vulnerable populations with vital services such as: Permanent Supportive Housing; Transitional Housing; Rapid Re-Housing; Homelessness Prevention Services; Street Outreach; Emergency Shelter; and Critical Needs for and on behalf of government agencies such as Housing and Urban Development, Department of Education, CDBG, ESG, USDA, and EFSP in Southern California.
Distribute – Depending on the decedent’s instructions, the next thing you are going to do is distribute the firearms to beneficiaries or get rid of them. The safest and simplest way to transfer a firearm from one person to another, even in distribution of an estate, is through a Federal Firearms Licensee (FFL) who also has the necessary California licenses to deal in firearms. Not only do such dealers know firearms, but they can carry out required background checks on intended recipients.
The last document that is critical for every young adult is the California Advance Health Care Directive. This is the document that allows a nominated agent to make medical decisions for the person signing the document in the event they do not have the capacity to do so. Some of the other things that the Advance Health Care Directive can do is let the person signing the document elect the choice to prolong life or the choice not to prolong life as well as whether or not they would like to be an organ donor. Many people choose to purchase online trusts to avoid probate only to realize that they didn’t get it notarized or the notary used an outdated acknowledgment language. Or they failed to fund the trust with the family residence or forgot to after refinancing or moving. Trusts are useful instruments but they need to be utilized correctly and the assistance of a professional versed in the instruments is advisable even for the brightest of us. Find more information at estate planning attorneys Orange County, California.