People often overlook important estate planning considerations. After taking an inventory of all your assets and readying them for distribution to your loved ones,  it would be easy to overlook something that is not normally thought of as an asset, the family pet.

This is one of the reasons why it is a good idea to engage the services of an experienced and qualified estate planning attorney.  You only have one estate to plan, but an experienced estate planning lawyer prepares many estate plans for their clients.  With the professional guidance from a highly qualified estate planning attorney, you can be certain that all aspects will be considered.

People generally expect to outlive their pets and this is one of the reasons that pets are sometimes left out of estate plans. However, you never know what the future holds and it is important to make sure that your pets will be properly looked after should you predecease them.

Pet planning essenatially involves two components:  identifying a willing and able caretaker, and providing the financial resources that the caretaker will need to care for the pet. An estate planning attorney can help you make arrangements, and this endeavor could include the creation of a pet trust or a possible direct bequest to the potential future caretaker.

Our office is well-versed in pet planning, and we invite you to contact us to schedule an estate planning consultation.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.

It’s not unusual to hear stories of military or law enforcement partners forming a lifelong bond. This story is a little different than those you normally hear though because in this case the military member’s partner was her service dog.

Former Marine Cpl. Megan Leavey, 28, and her military service dog named Sgt. Rex — completed over 100 missions together during two six-month tours in Iraq. When Leavey returned home in 2007, she simply couldn’t imagine being separated from Rex. Adopting a military service dog is not an easy task, but after a high profile adoption campaign that included an online petition as well as the support of a Senator, Leavey was finally given the go ahead to adopt Rex. Leavey and Rex will soon be together again under much more peaceful circumstances.

While the story of Leavey and Sgt. Rex made headlines, people all across the country often go to the same lengths to adopt and care for a beloved pet. Serving in combat is not necessary to form a deep bond with a pet. If you have a pet that you have bonded with, talk to an experienced and qualified estate planning attorney about creating a pet trust for him or her. By creating a pet trust, you can ensure that your beloved pet will continue to be well cared for in the event that you are no longer here to do so yourself.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.

We’ve put together a collection of estate planning tips for you and your family.  If you’re like most people, there will be at least one thing on this list that you haven’t thought of yet.  Others will serve as a gentle reminder to take action.

1.  You need to name temporary guardians so that someone is authorized to care for your children in the event you are disabled (temporarily or permanently) and unable to care for them yourself.

After all, your will, appointing permanent guardians, isn’t effective until you actually die.  Alternate documents are availablt to fill the void left in most estate plans.

2.  Even your 18 year old needs an estate plan.  Everyone age 18 or older needs his or her own estate plan. It need not be complex, but incapacity and death are not reserved for the elderly.

3.  You can set up a trust for the care of your pet.  Otherwise, your pet may be put in a shelter or euthanized.

4.  You can pay medical expenses and tuition directly to a provider without incurring any gift tax or having to file a gift tax return.

5.  “Love letters” from a parent or grandparent to a child are the most treasured of inheritances.  Jot down some words of wisdom and/or love.

6.  You can protect your child’s inheritance from divorce, bankruptcy, and lawsuits by wrapping the gift in an asset protection trust or other protective planning devices.

7.  You can deduct (for federal income tax purposes) the portion of your estate planning legal fee attributable to tax planning.

8.  Estate planning is not a lone ranger sport.  With your permission, your estate planning attorney can coordinate efforts with your financial advisor, insurance professional, and CPA.

9.  You should update your estate plan if you move to another state.

10.  Even if you don’t have a federally taxable estate today, the laws may change and your assets may grow.  It may be prudent to have tax provisions in your estate plan now.

If you have questions about any of these tips, consult with an experienced and qualified estate planning attorney.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.

When beginning to think about your estate planning needs, you may decide to execute a will.  A will can allow you to achieve a number of goals.  However, it likely won’t allow you to handle all of your estate planning affairs unless you have a simple and modest estate.  Take a look at the following information, to learn more.  If you have any questions about the use of a will, contact an experienced and qualified estate planning attorney.

• You can’t control all asset distribution.  It’s important to note that you can’t control how all of your assets will be distributed with the use of a will.  If you have assets that are held in joint tenancy with another individual, they will be transferred automatically to the joint owner after your death regardless of what you will says.

 Additionally, assets in a revocable living trust follow the trust’s instructions.  Assets with beneficiary designations are also not transferred through the use of a will.

Make sure that you work with an experienced and qualified estate planning attorney, if you want to make changes to how these assets are distributed.  You can’t change your mind by outlining different terms in your will.

• You can’t plan for your pet’s future with a simple will.  If you want to include your pet in your planning, you will need to use other methods or at least specific provisions for your pet in your will.  You can’t leave asset to your pet with a simple will.

You may want to consider creating a pet trust.  A pet trust allows you to leave assets for the care of your pet, and can allow you to choose a loving and responsible caretaker to care for your pet on a daily basis.

• Your will can be contested, or challenged.  If you want to make sure that your wishes are respected, you may want to consider other planning tools.  This is an important thing to consider, if you think that your family will disagree with, and challenge, your wishes.

Make sure that you consider using a combination of estate planning tools.  This will allow you to have a full plan in place.  If you have any questions about creating a will or other estate planning documents, consult with a qualified and experienced estate planning attorney.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.

Each of these 13 disturbing estate planning facts is true; but, each situation can be avoided with a strong, individualized, comprehensive, and up-to-date estate plan.

• If you don’t name a guardian in your will, your minor children could end up with persons you either don’t like or don’t know.
• If you don’t provide for your pet in your estate plan, your pet may be euthanized when you die.
• If you put assets in joint tenancy with a second spouse, your children have a 50/50 chance of being disinherited.
• If you put the family vacation house in joint tenancy with a sibling, your children will not inherit your share of the house if you die before your sibling.
• A troubled child’s inheritance could make a drug, alcohol, or gambling addiction worse or even kill them.
• After you die, your spouse may loan or give the assets you left for the family to a new friend/spouse.
• Your gift to a family member may disqualify him or her from receiving Medi-Cal or Veterans benefits to pay for long term care expenses.
• Powers of attorneys may get “stale” and should be updated every few years.
• If your spouse gets into a serious car accident after your death, all of the assets that you left for him or her and the children can be seized in a law suit.
• Your child’s spouse could get his or her hands on all of the money you give to your child outright.
• If you put your child’s name on your house or bank account, his or her creditors may be able to seize those assets.
• If you transfer your house to your children during your lifetime, they get your original tax basis and could pay much higher capital gains taxes when they sell it than if you transferred the house to them at your death.
• Assets given outright to a special needs beneficiary are likely to disqualify him or her from receiving vital governmental assistance.  So, your money goes down the drain and causes a logistical hassle.

Indeed these 13 estate planning facts are completely avoidable with good planning.  Be sure to consult with a qualified, experienced estate planning attorney.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.

When handling your estate planning, you want to make sure that you consider all of your planning needs.  This will ensure that you have a proper plan that will protect you during all of life’s unexpected events.  The information below will explain more about your needs.  If you have any questions about the information below, or if you’d like to start your estate planning, meet with an estate planning attorney.

• Have you taken the time to make sure that your family members will always have the assets needed to survive?
• Evaluating the need for life insurance is a part of the estate planning process.  You want to make sure that your loved ones will be able to pay for past debts and future expenses, if they ever lose your source of income.  Your attorney can help you determine if insurance is indicated and an appropriate level of coverage.
• Have you considered how you plan to distribute your assets?  During the estate planning process, you will determine how your assets will be distributed after your death.  You can use different tools to do so including a will or a trust.  In these documents, you decide how each asset is distributed and your instructions will be followed in the future.  You’re also able to use beneficiary designations to decide how some assets are distributed, such as your life insurance and retirement accounts.  It’s important to make sure that you check all of your designations as well as carefully outline your wishes in your estate planning documents to make sure that all of your current wishes are met.
• Have you taken the time to include your pets in your planning?  Many people love their pets the same way that they love their family members.  If you want to make sure that your pet is always loved and cared for, you may want to set up a pet trust.  This allows you to outline care instructions for a caretaker.  You’re also able to leave assets for the care of your pet (but NOT directly to your pet.)  This is a great way to ensure that your pet will also be taken care of.

If you have any additional questions about your estate planning needs, or if you’re ready to begin your estate planning, consult with an experienced, qualified estate planning attorney.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.

Do you treat your pet like family? You may be wondering if there is a way for you to care for your pet, even when you die. The good news is you can incorporate your furry friends into your estate planning.  If you want to learn more about estate planning for your pet, read on.

1.      Choose a new pet owner.

• Make sure that you choose someone who is able to care for you pet.  Discuss this with him or her ahead of time.
• Include provisions for new pet ownership in your will or trust.
• Consider designating a no-kill animal sanctuary as either a primary or contingent caretaker for your animal in case there is no individual who is willing or able to provide care for your pet.
• If you do not choose a new owner, your pet will be given to the residuary beneficiary in your will.  (The person who is given everything that is not inherited by the rest of the will).  If you do not have a will, your next of kin will be given your pet.

2.      Leave money to the new owner.

• You may want to leave money to pay for your pet’s care.
• If your pet is no longer alive when you die, the money that you leave will pass with the residuary of your estate.

3.      Leave your pet to one person, and money for your pet’s care to another person.

• This is a good idea if the person who will care for you pet receives public assistance.  Leaving this person money may make them ineligible for public assistance.
• This is also a good idea if you do not think the new pet owner is financially responsible.

4.      Set up a pet trust

• Some states, including California, allow you to set up a “pet trust” which allows you to leave property for the benefit of your pet.
• In this situation, you name a “trustee” who is responsible for managing that money.
• Your trustee will follow your rules and instructions when spending the money.
• A benefit to a pet trust is the fact that it becomes active even if you are ill and unable to care for your pet.

If you love your pet and always want to provide for your furry friend, consider incorporating your pet into your estate planning.  If you have questions about estate planning for your pet, consult with a a qualified, experienced estate planning attorney.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.