Tag: Estate Planning Los angeles

Property Estate Planning Los Angeles

A properly trained Estate Property Planning attorney can create a Small Business Estate Plan for business owners in Los Angeles to protect legally created relationships where an adult is given the legal authority and responsibility to care for another adult’s business assets and property.   Our Los Angeles Estate & Property Planning lawyers are experts in this area, and can assist you with creating the business transition process in Los Angeles County.
Types of Small Business Estate Plans:

General Small Business Estate Plans in Los Angeles County can be three basic types:

1) Small Business Estate Plan for Transfer of Ownership of Shares or Other Interest;

2) Small Business Estate Plan of Transition of Control; and

3) Small Business Estate Plan of Transfer of Assets of the Business.

There are several other types of Small Business Estate Plans which are available, but which require that the small business owner have capacity to contract.

How can you prepare a Small Business Estate Plan in Los Angeles?

Generally, the business owner, business partners, spouse, & children, and a possible professional fiduciary can be involved in planning for transfer of the small business assets and good will.

Business Partners:   Before your partner becomes incapacitated, it is a good time to introduce the concept of Small Business Succession Planning to your partners to give it some time for thoughtful consideration.   These plans sometimes take about a year to complete, so talking about the idea of succession planning should start sooner than later.

Spouses:  If the transfer of ownership or control of the assets involves community property, the consent of the spouse is necessary to accomplish this plan.   If there are prenuptial agreements, or post-nuptial agreements which affect business assets, those documents need to be available for review during our pre-planning session.

Avoiding Conflicts:   Business Succession Estate Planning involves multiple parties.  When you ask us to represent you in business planning, we will only represent the interests of one business owner and his/her spouse.   While we are happy to converse with business partners about implementing the plan, we do not represent multiple business partners.

What happens if a business partner has become incapacitated?  If no power of attorney exists, a conservatorship is created, and the the court supervises the business ran by the conservator.  Any type of succession planning is then done with court supervision and is subject to approval of the court.

Small Business Estate Plans are time consuming and expensive.   We want the most successful out come in estate plans for our clients, so we take our time to do diligent work when you plan your estate with us.

Candidates for business estate plans are usually competent adults who are near retirement age.  If you have a family member who displays signs of Alzheimer’s disease, dementia, parkinson’s, or other diseases that affect their judgment, please let us know in advance.

BUSINESS SUCCESSION ESTATE PLANS v. CONSERVATORSHIPS

Business Successions Estate Plans in Los Angeles are similar to Guardianships.

Business Successions Estate Plans are voluntary processes which you put in place to protect you,

your family and business partners in California.  Just as Guardianships protect minors in California,

business succession estate plans protect retiring business owners.  Our Estate & Property Planning

attorneys can represent you in Estate & Property Planning in Los Angeles.

California Business Succession Process:

Business Succession planning usually starts long before a person is so incapacitated that he or she cannot manage his/her own business affairs.   There are times, however, that we have to start the process after incapacity, with a court order, but that is rare.

You an nominate a partner, or a neutral person who is the caretaker of the business, who is called the fiduciary.  You make the choice many years in advance of retirement, and visit the plan often to insure that it is exactly what you want.

The fiduciary is required to provide accountings to your designated persons, which give details of the business assets, income and expenses, showing exactly how the money was spent. Additionally, you can require that the fiduciary post a bond.

Ca Business Succession can get complicated when there are disputes but can be fairly smooth, when itis uncontested.

WHEN ARE POWER OF ATTORNEY DOCUMENTS INSUFFICIENT?

While a valid power of attorney document can authorize the power of attorney holder to accomplish certain tasks of the business owner, a power of attorney cannot prevent the ill person from contracting, conveying property or marrying. For example, a business owner with Alzheimer’s disease may become subject to fraud or undue influence by unscrupulous persons.

While he or she could have given a valid power of attorney while he or she was well, he or she may be befriended, may marry, and convey his or her property to a new spouse. In that situation, a power of attorney is not sufficient, and  the probate code provides that a conservatorship may be established, and the conservator may ask the court to set aside any business or personal contract entered into by the ill conservatee.

The advantage of the Business Estate Plan is that it can safeguard against fraud or undue influence by a third party against the ill person.   Business Succession disputes can get costly when there is litigation involved.

In California Power of Attorney cannot be used to make a will for someone, or to change his/her will.   It can be used to create or modify a trust, but not a will.

Estate Property Planning Los Angeles

Call our Elder Law experts  for a Free Business Succession Consultation with our Estate & Property Planning Attorney in Los Angeles County at 818-340-4479.  Los Angeles Business Succession, Estate & Property Planning Attorney Los Angeles.

 

 

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Where are your elder parent’s emergency documents? Los Angeles Ca

Your Elder Parent’s Emergency Documents Can Save a Life and Stress for Los Angeles Ca Residents!

When it comes to elder care, having information in an emergency folder can save a life and reduce unnecessary stress for you and your elder parent.  Getting organized means having the information regarding your parent at hand at all times.   Keep this data handy.

Here is a list of the emergency documents, data and their location which you will need, should there be an emergency involving your parent:

1.   Location of their Power of Attorney for Health Care OR Advance Health Care Directive and a HIPAA release.  You will need all of that to direct physicians, hospitals, and to get medical information on the elder.

2.  Location of their Medicare Card or their Medicare Number  (same as their Social Security Number).  If your parent is on Medi-Cal, also ask for a copy of their Medi-Cal card or number.

3.   Location of their identification. (Senior Id or Driver’s License)

4.   Was the elder in the military?  Military Service Identification Number if he or she was in the service.

5.   Location of their estate planning documents, name and telephone number of the attorney who prepared them.

6.   Information about their supplemental insurance plans such as Anthem Blue Cross, and any existing long term care plan information, including telephone numbers, policy number and the claims department information.  If your elder parent has a Long Term Care insurance policy, most long term care policies have lots of requirements.   As soon as you can, locate the actual policy, it would be helpful to you.

7.    A complete list of their medications and dosages.  Don’t forget a list of their allergies.   Update this frequently.

8.    A complete list of their doctors’ names and telephone numbers.  Update this frequently.

9.    If your parent has a caregiver, be sure to have the caregiver’s name, address and telephone number.

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Put all of the above in a folder and label it the Parent Emergency Folder in a prominent area.

Mina Sirkin is a Certified Specialist Attorney in Estate Planning, Probate and Trust Law in Los Angeles California.  We have served Los Angeles residents with elder estate planning for over 22 years.  Call our experts at 818.340.4479.

 

Copyright 2015 Mina Sirkin

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