Current Feed Content from 10 Oct 08 07:21
San Diego and Fire Preparedness
Thu, 09 Oct 2008 10:42:06 -0800In San Diego we are familiar with Santa Ana conditions and a lengthy fire season from May through October. The communities of Rancho Bernardo, Poway, Rancho Santa Fe, Ramona, and Escondido still have not completely recovered from last year’s Witch Fire. Are you more educated now than you were a year ago about fire and fire readiness?
Here are some useful links:
1. Cal Fire (California Dept. of Forestry and Fire Prevention) has information about fire prevention and current California fires and trouble spots.
2. Firewise has interesting interactive quizzes you can take to see if your home is protected from a fire and test how firewise you are.
3. California Fire Weather is a site that shows information on a daily basis about red flag areas and fire weather watches in California.
4. FEMA (Federal Emergency Management Agency) handles fires and other kinds of emergencies and disasters. Secifically as to fires, there is information on what to do before, during, and after a fire.
In addition to getting your home as fire-safe as possible, you should be sure your estate planning documents are in a safe area. Some people put their documents in a safety deposit box at the bank or in a safe in their home. If you keep your documents in your home you may want to invest in a fireproof safe or fireproof box which are reasonably priced and will give you peace of mind.
Can Children Born After Their Parent's Death Inherit?
Wed, 08 Oct 2008 08:37:34 -0800San Diego, like many other large cities is on the cutting edge of technology and has a number of sperm banks, egg banks, and cryopreservation companies for storage of reproductive material. With the advent of techniques such as invitro fertilization and cryopreservation of sperm, eggs, and embryos, children may be born many years after the death of a parent raising a variety of legal issues.
A child that is born after the death of one or both parents is referred to as a “posthumous” child. The law in California recognizes children born posthumously by specifically providing in the California Probate Code Section 248 - 249.8 that such children have the same inheritance rights as children born before the death of their parent.
The new reproductive technologies can potentially create a number of other problems. An example is whether a child born from frozen sperm or embryos can qualify for social security benefits. A U.S. Court of Appeals for the Ninth District has said they do get social security benefits. As modern technology evolves, the law is going to have to address these and undoubtedly other issues.
If you have genetic material stored such as sperm or eggs for posthumous reproduction, you should mention this to your estate planning lawyer. The Probate Code requires that the decedent specify that his or her genetic material can be used after death for conception. Issues could also arise later as to whether some assets held in a trust for example, would have to be held back for distributions to posthumous children. If you have any questions about posthumous children or any other estate planning issue, call us or e mail us at Pinkerton, Doppelt, & Associates, LLP.
San Diego County: Bicycle Safety
Tue, 07 Oct 2008 13:07:30 -0800In San Diego, the San Diego County Bicycle Coalition has many different tips and advice to help riders. There is also a You Tube website which has information from the NHTSA on bicycle safety. At our law firm of Pinkerton, Doppelt & Associates, LLP we advocate bicycle safety. If you are injured in a bicycle accident in San Diego County, please e mail or call our firm for a complimentary consultation.
When a car or truck has a collision with a bicycle, the bicycle rider usually loses, no matter who legally had the right of way. Bicycle riders should take extra care to obey the following safety tips:
Remember: Bikes Are Vehicles, Too
Legally, bicycles traveling on a road are required to be treated in the same way as any other vehicle traveling on the road would be. This means that, as a bicyclist, you must obey the same laws as other drivers do. Do not run red lights, change lanes without signaling, or commit other infractions. If you would not do it in a car, don't do it on a bike.
Wear a Helmet
The easiest way to protect yourself is to always wear a helmet when you ride. Some jurisdictions require all riders to wear helmets, but even where it is not required, wearing an approved helmet can significantly reduce the chance of serious head injuries in the event of an accident.
Be Visible
Because bicycles are so much smaller than cars and trucks, it is important to make sure that others using the road can see you. Make sure that your bicycle has reflectors on the front and back and even on the wheels. When riding at night, wear light-colored clothing and use a light.
Be AwareThe best safety advice is to be aware of the conditions around you and be careful when riding. Always look both ways when entering a street and stay on the correct side of the street when riding. Keep a lookout for drivers who may not be looking out for you. Like other drivers, bike riders should ride defensively.
How do you hold title to Real Property?
Mon, 06 Oct 2008 08:59:55 -0800When you purchase property in San Diego County, you will have to specify how you are going to hold title. Title is the evidence that you are the owner. The form of ownership is called “vesting”. The escrow company will ask you how you want to hold title so the deed to your new property can be prepared. Here are some of the more common forms of holding title.
Sole Ownership
When you hold title as the sole owner, you own the entire interest. Usually sole ownership is for single individuals. A man or woman who has not been married may hold title as “John Doe, a single man.” A man or woman who was previously married but legally divorced might hold title as “Jane Doe, an unmarried woman.” If you are married and want to take title in your name alone, your spouse must relinquish all interest in the property since real property conveyed to a married couple in California is presumed to be community unless otherwise stated. Title in that case might read “John Doe, a married man, as his sole and separate property."Co-Ownership
Joint Tenancy
This form of ownership occurs when two or more individuals, who may or may not be married, want to own property together in equal interests. With joint tenancy with right of survivorship, when one joint tenant dies, the other joint tenant becomes the owner of the property by operation of law rather than the property passing to the deceased joint tenant’s heirs. As an example, title could read "John Doe and Jane Doe, husband and wife, as joint tenants.” Many couples who purchased property years ago may be holding their property in joint tenancy.Tenancy in Common
Tenants in common are two or more owners who own an undivided fractional interest. As an example, one owner may have a 1/3 interest and the other a 2/3 interest in the property. Two owners may each own ½. Each owner can use and enjoy the entire property and each owner may sell or give his interest away or leave it to someone else upon their death. An example is “John Doe, an unmarried man, as to an undivided 1/3 interest and Jane Doe, a single woman, as to an undivided 2/3 interest, as tenants in common.”Community Property
If you are a married couple, you may hold title as community property. In California real property conveyed to a married man or woman is presumed to be community property unless otherwise stated. Each spouse has a ½ interest in the property and may leave that interest to the other spouse or anyone else. Title would be held as “John Doe and Jane Doe, husband and wife, as community property.”How you hold title can have important legal consequences. When you create a living trust, you should put your home and any other real property in the name of the trust. If you have any questions about how to hold title in your situation, you may call us or e mail us with questions. At Pinkerton, Doppelt, & Associates, LLP we can also assist you with the preparation of a living trust package, including trust transfer deeds.
Children's Trusts for San Diego Children
Thu, 02 Oct 2008 10:06:37 -0800If you die with a will or intestate (without a will), the probate court has no discretion to withhold money from your legal heirs if they are 18. There are many 18 year olds who are not capable of managing significant amounts of money at that age. One way to insure that your children do not receive distributions from your estate at such a young age is to create a children’s trust or build one into your own revocable living trust. In either case you can be creative as to when your children receive distributions and for what purposes.
A trust can structure your child’s inheritance by making specific provisions for the use of trust assets. As an example you may provide that upon your death, a family member will be the successor trustee who will use the trust assets for the “health, education, maintenance, and welfare” of the child. Will that include money for vocational training or starting a business? Will the trustee have the discretion to buy a car for the child to go to work or school? These are some issues your trust provisions can address.
What about distributions when the child becomes an adult? You can specify in the trust that distributions be made at age 25, 30, or 35 or any other intervals you wish. You can specify that a distribution be made upon graduation from college, or that there is to be no distribution at all until the child turns 35 or 40.
You also have to decide what happens if the child dies before all distributions are made. Do the trust assets pass to their children or to the other beneficiaries or perhaps to charity? Another decision is whether the trustee of the trust should make a yearly accounting of the trust assets. Some people put spendthrift provisions into the trust ( preventing the child from borrowing from the trust) or provisions about substance abuse.
A trust for your children can put your mind at ease about the financial future of your children. If you would like a children’s trust set up or one incorporated into your own living trust, call us or e mail us at Pinkerton, Doppelt, & Associates, LLP to set up a complimentary appointment
Be Careful What You Click!
Tue, 30 Sep 2008 08:47:32 -0800It can happen in a second!. You click your mouse on a website and all sorts of things can happen. Because of the high tech nature of the internet, you can shop from your home computer in San Diego and purchase a product from anywhere in the U.S., China, Australia, or India any time of the day or night. Not only could you be downloading spyware and viruses into your computer, but you could be committing yourself to a legally binding contract.
A Texas online purchaser used her daughter-in-law's credit card to order some automobile seat covers and have them delivered to the daughter-in-law in Alabama. When they were delivered, it was discovered that the covers were the wrong color. The daughter-in-law sent them back to the company and reversed the charge on her credit card. The company claimed that it never received the seat covers, and eventually sued the purchaser and the daughter-in-law for breach of contract.
The lawsuit against the customers was bad enough but adding to the problem was the fact that the action was filed in a state court in Indiana, far from either of the defendants' homes. The defendants' attempt to avoid having to defend the suit in Indiana failed. The "clickwrap" agreement that the customer had accepted with a click of the mouse when she purchased the items included a requirement that any legal proceeding between the purchaser and seller had to be filed in Indiana and governed by Indiana law.
Most customers only skim the language in a clickwrap agreement, if they read it at all, while looking for the "I Accept" button. However, the agreement, and everything in it, is no less binding because of that. Both the customer and the owner of the card she used were bound to litigate the dispute in Indiana.
"Clickwrap agreements" have been held to be valid so be careful what you agree to online. Read the fine print before hitting the "I Accept" button.
Is Your Money Deposited in San Diego Banks Safe?
Fri, 26 Sep 2008 08:24:50 -0800With everything happening in today’s economy, people have many questions about whether their money is safe in such banks as Bank of America, Washington Mutual, Union Bank, and many other banks in San Diego. The recent failures of IndyMac, Freddie Mac, and the insurance giant AIG has caused many bank depositors to ask about the protections of an FDIC insured institution.
The FDIC (Federal Deposit Insurance Corporation) was established 75 years ago. All deposits worth $100, 000 or less are automatically insured by the FDIC if the bank in which the funds are deposited are insured with the FDIC. Many retirement accounts such as 401(k)s and IRAs are insured up to $250, 000 per person. If you have a joint account with someone else, that account is insured separately from the account you have in your name alone. In addition, trust accounts may be protected up to $100, 000 per beneficiary.
The FDIC has nearly $53 billion in funds and in the 75 years since its creation, there has never been a bank depositor lose a penny. You can learn more about bank failures at the FDIC website. How do you know that your bank is an FDIC insured bank? Look for the FDIC symbol posted at the bank or check the FDIC website for a list of insured banks.
Innovative Idea for Dividing Up Personal Property after Death
Tue, 23 Sep 2008 08:37:32 -0800Are you the Executor or the Successor Trustee of a will or trust in San Diego? Are you faced with the dilemma of how to divide up personal effects of the deceased? How to divide personal property (furniture, collectibles, jewelry, cars) upon someone’s death can be a harder problem than distributing the rest of the estate. Many wills and trusts provide for distribution to heirs in equal amounts or equal shares, but how do you determine who gets what? What if more than one heir wants a particular item? How is the property valued, especially if its real worth is more sentimental than anything else?
There is an interesting alternative being offered by an auction company called eDivvyUp. This is an online auction site which can assist executors or beneficiaries deal with distribution of personal property. This company will inventory the items of personal property, photograph them, and then the beneficiaries are invited to participate in the auction with “points” they are assigned. At the end of the auction the property is distributed to the highest bidder.
At Pinkerton, Doppelt, & Associates, LLP we can assist you with the division of personal property and any other matter relating to probate or trust administration. You may call or e mail us to set up a complimentary consultation.
Interesting Statistics on Estate Planning
Fri, 19 Sep 2008 08:24:34 -0800Do San Diegans fit the national statistics on Estate Planning?
Alhough there are no statistics specifically for San Diego County, a study done nationally in 2007 found that over half (55% ) of all adult Americans do not have a will or other estate plan. Of non-whites, the lack of a will is even more pronounced:
Only 32% of African American adults have wills
Only 25% of Hispanic American adults have wills compared to
52% of white American adults.The study also found that 41% of American adults have health care directives. This is up from several years ago perhaps because of news coverage about such cases as the Terry Schiavo case in Florida.
Reasons for not doing an estate plan:
1. Ignorance is bliss. 10% say they don’t want to think about dying or becoming incapacitated.
2. Where to begin? 9% say they don’t know who to consult about an estate plan
3. No Assets to worry about. 24% say they don’t think they have enough assets
Possible other reasons are procrastination: I know I should do it but don’t seem to get around to it.If you fall within these categories and do not have a will or a living trust, contact us at Pinkerton, Doppelt, & Associates. We offer a complimentary consultation over the phone or in the office or you can contact us by e mail.
Amending your Revocable Living Trust
Mon, 15 Sep 2008 11:46:30 -0800After your revocable living trust is prepared, there often arises the need to amend your trust. It could be that you want to change your successor trustee, change beneficiaries, or that new changes in the tax laws require some new or revised provisions. Some people think they can cross out information on their trust and make changes on the original trust document. This should never be done as the changes are not notarized and it may be difficult to prove that you were the one making the changes. An amendment to your trust should be prepared and notarized with the same formalities as your original trust.
You may also want to have an estate planning attorney review your trust to see if an amendment is appropriate. Some trusts become irrevocable after the death of the first spouse and depending on the trust language, may not be amended.
At Pinkerton, Doppelt, & Associates, LLP, we can advise you as to whether your trust may be amended and with the preparation of amendments. We offer a complimentary consultation and you may call or e mail us for an appointment.
Even Celebrities Don't Anticipate the Future!
Wed, 10 Sep 2008 15:04:25 -0800There are numerous examples of famous people who have died without a will or who had an outdated will or a poorly drafted trust. Some of these examples have resulted in disastrous consequences after an untimely death. Anna Nicole Smith died leaving everything to her son who predeceased her and apparently had no provision for later born children or for her long time partner Howard Stern. Heath Ledger died with an outdated will that left his estate to his parents and sisters with no mention of his daughter or girlfriend Michelle Williams, the mother of his daughter.
It is doubtful that these celebrities intended for these consequences to occur if they died suddenly. They certainly had the ability to retain the best estate planning attorneys in the country. While some blame has to rest with the individuals themselves for not updating their wills to provide for partners and children born after their wills were prepared, it seems apparent that the original documents which were prepared failed to anticipate future events. Since properly worded documents were not prepared to anticipate the future, these celebrities were deprived of the ability to decide such things are how their children would inherit assets, who would be in charge of the money during the time they were minors, who would invest the money, or who they would have preferred to care for their children if both parents died.
Just like these celebrities, you need an experienced estate planning attorney that will determine the appropriate estate plan for you and draft documents that will stand the test of time. Such documents need to remain effective if you have another child in years to come, if a child predeceases you, or there is a common disaster that may involve your entire family. At the law firm of Pinkerton, Doppelt, & Associates, LLP we can assist you with an estate plan that will anticipate future events in your life and remain viable for many years after its execution. Call us or e mail us to take advantage of a complimentary and personal consultation about this or any other estate planning issue.
5 Ways to Afford a Trust in This Economy
Fri, 05 Sep 2008 14:42:29 -0800You don’t have to be rich to need a trust. If you own your home in San Diego where the cost of the average home is high, you need a trust to avoid probate. Even without a home, if you have total assets over $100, 000 you need a trust to avoid probate.
You don’t have to be rich to afford a trust. Even with this economy, a trust is so important that it may warrant cutting back on other things to afford it.
1. Painless Savings Techniques: One technique for savings is to put every $5 bill you receive into a jar or tucked away in a drawer. You would be surprised how many $5 bills you receive in a month. You can easily save several hundred dollars a month if you faithfully make this a habit. Some people deposit the change they find in their pocket or wallet into a jar. Taking those jars to the bank and converting them into money to set aside for a trust is a way to save painlessly. The Keep the Change Program at Bank of America rounds up every purchase to the nearest dollar amount and transfers the difference into your savings account. The bank will even match your savings for the first 3 months.
2. Cut back on your mocha frappachino or carmel machiato you have been drinking everyday. It has been estimated that a person consuming a designer coffee drink once a day spends over $100 a month. If you can’t give up your coffee, how about bringing your lunch to work for a while. You can easily spend $10 or more on lunch eating out. These amounts may seem insignificant but they add up!
3. How much do you spend annually on Christmas presents for your family? Some families spend $50 to $100 per person. What if you bought something a little less expensive and spent the money on a trust. After all, the creation of a living trust is really a gift for your heirs. Such a gift will later be appreciated more than a video game or sweater they probably won’t like anyway.
4. Cut back on dining out or other monthly outing. A trip to your favorite sushi bar or nice restaurant can easily cost $100 - $200 per couple. A trip to the ball game for the whole family can cost more than that. What if you cut back on some of these outings for 6 months?
5. Have a garage sale and put aside the proceeds to help fund a trust. Many people have a garage full of garage sale items and once you have a sale, what do you do with the money? Earmark the proceeds for something that will last a lifetime (literally)!
A revocable living trust can be affordable for most people even if you have to get creative. At Pinkerton, Doppelt, & Associates, LLP, we can’t assist you with the garage sale but we can help you create an estate plan. Call us or e mail us for a complimentary consultation.
Life Estates in San Diego
Wed, 03 Sep 2008 12:01:36 -0800Do you have a piece of property in San Diego County that you want someone to reside in as long as they live and then pass the property to someone else? A life estate is typically an ownership interest where the owner of real property gives a “life estate” to another so that person has the right to live in a home for his or her life. It might happen in a situation where two people marry late in life. The husband sells his home and they move into the wife’s home. When the wife passes away, she wants the family home to go to her children but she also wants her husband to be able to live in the home if he outlives her. The wife can give a life estate to her husband so that the husband can live in the home until his death. Upon his death, the house goes to the wife’s children.
A life estate can be a valuable estate planning tool to keep assets in the family, such as the family home, but there can also be problems if they are not prepared correctly. The document creating a life estate needs to be drafted carefully to avoid issues later such as who is responsible for property taxes, insurance, maintenance, and repairs. What if the costs of repairing the home are high and the husband does not want to spend the money on a house that will be going to his wife’s children? Does the life estate include furniture and other household items? What if the husband remarries?
If you want to give someone a life estate in a piece of property you own, we can assist you with the proper documents to accomplish that at Pinkerton, Doppelt, & Associates, LLP. Please feel free to call us or e mail us about this or any other estate planning issue. A consultation up to 30 minutes is free.
Military Personnel - Getting your affairs in order before you deploy
Fri, 29 Aug 2008 13:44:41 -0800San Diego County is home to many members of the military stationed at Camp Pendleton, MCRD, MCAS Miramar, and the various Navy facilities such as 32nd Street Naval Station, Navy Submarine Support Facilities and Naval Base Coronado.
When a member of the military gets orders to deploy out of the area, they often need to get their estate planning and financial affairs in order. Some of the things to think about are a power of attorney for finances, a will or a trust, a designation of guardians for your minor children. If you are a single parent or both parents are deployed, you may want to execute a document naming a temporary guardian for your children. This may also include authorizations to permit the guardian to obtain medical care for your children in your absence.
JAG attorneys on the base often provide some of these documents for military personnel but if you have a unique situation, it may be worthwhile to consult a private attorney. Situations that may make this advisable are children with special needs such as autism, mental retardation, cerebral palsy, or any other physical or mental disability that would require special provisions in your estate plan. Real property in more than one state or an estate in general that is over $100, 000 may warrant a revocable living trust. Also if you have a trust prepared in California, it is valid in any other state you might subsequently live.
If you need assistance with an estate planning matter, call us or email us at Pinkerton, Doppelt, & Associates, LLP for a complimentary consultation. Also if a family member dies who is in the military and there is an estate to settle, we would be pleased to meet with you about what to do next.
Organ Donation is Successful in San Diego
Mon, 25 Aug 2008 09:38:43 -0800Donation of organs and tissues has rapidly increased over the last 5 years. Here in San Diego we have several hospitals that received awards in 2007 for their success in increasing organ donation rates at their hospitals: Kaiser Permanente, Scripps Mercy Hospital, Sharp Hospital, and Palomar Hospital. That means that San Diego citizens are remembering what a wonderful gift an organ or tissue donation can be.
Almost 100, 000 people in this country are awaiting organs. Organs that are in demand are kidneys, livers, hearts, lungs, eyes, pancreases, and intestines. Tissues that can be used are bone marrow, skin, tendons, ligaments, heart valves, and connective tissue. Some people think no one would want any of their organs or tissues after they are done with them but the fact is that corneas and other tissues can sometimes be used regardless of your age.You don't even have to die to be an organ donor. Many people have given family members and even complete strangers a kidney. To donate bone marrow you can register as a bone marrow donor and be put in a national registry. Here in San Diego the entities handling tissue and organ donation are Life Sharing, San Diego Eye Bank, and the San Diego County Medical Examiner.
To donate your organs upon your death, you can register your decision with the DMV. Your drivers license or ID card will have a pink "DONOR" dot printed on it. In addition you should state your wishes about organ donation in your Advance Health Care Directive. There you can specify the purposes for the donation such as for research, transplant, therapy, or education. For estate planning documents including Advance Health Care Directives, contact us at Pinkerton, Doppelt, & Associates for a free consultation. If you have a question about organ donation as it pertains to your estate plan, you can also e mail us.
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