Trust & probate attorneys Orange County by Darren Veracruz 2024: 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. Find additional info on Darren Veracruz.
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.
Estate planning law firm Orange County with Darren Veracruz 2023: What you don’t know can hurt you or rather, hurt your children. Many of my clients have children that recently graduated from high school and are now getting ready to send their children off to college. There are some things that you need to know once your child reaches the age of 18 that may not be at the forefront of your mind. Some of those things are (1) that you no longer have access to their medical records, (2) you no longer have carte blanche authority to make medical decisions for them or (3) in some cases to know what their grades are in school. Generally, there are several simple yet important documents that every 18-year-old should have as part of their estate plan. I know you’re thinking… “My child doesn’t have an estate.” Be that as it may, having the right incapacity documents on board is considered estate planning.
Lutheran Social Services of Southern California (LSSSC) was founded in 1944 and has dedicated the last 78 years to providing comprehensive emergency, transitional, and preventative services to at-risk communities. Over the years, LSSSC has expanded its service to eight area centers throughout six counties across Southern California- all aimed to address barriers to access in the areas of homelessness, food insecurity, health inequity, socioeconomic disparity, and education for the underserved. To adequately address these needs, we utilize evidence-based practices to design holistic services that contribute to long-term transformation.
Individuals and families who choose online estate planning services also seldom think about other very common scenarios that require careful consideration and planning such as family business successions; blended marriages; children with substance issues, etc. A well-designed estate plan makes sure that your resources get where you want them and that they are used in the way you instruct. When it comes to estate and financial planning, there is no way to compare online plans to professionals because they aren’t offering the same service. The good news is that we are here to help you out. We offer transparent and fixed fee pricing and can guide you to a specific plan that will work for you. Read even more information at https://veracruzlaw.com/.
If the inheritor is a resident of another state or someone who is not an immediate family member, a typical transfer of gun ownership is managed by a Federal Firearms Licensed (FFL) dealer. The process is detailed and includes: A mandatory 10-day waiting period; The completion of a Dealer’s Record of Sale; A background check with the Department of Justice in the state where the beneficiary lives; A Firearm Safety Certificate must be held before taking possession of any firearm in California.