San Diego Paralegal Association MCLE

The San Diego Paralegal Association (SDPA) is pleased to announce the following:

MCLE EVENT – 6:00 – 7:00 p.m.

“Recent Tax Legislation and Estate Planning Practices,” presented by Daniel K. Printz, Esq.

Date: Wednesday, June 3, 2009

Location: San Diego County Library – North County Branch 325 S. Melrose Drive, Suite 300 Vista, CA 92081-6697

Cost: $15.00, SDPA Members; $20.00, Non-SDPA Members

DINNER IS INCLUDED IN THE COST OF THE EVENT.

THIS IS FOR 1.0 MCLE HOURS.

The Compliance Period for California Paralegals to earn 4.0 hours of general education and 4.0 hours of ethics is from 01/01/2009 – 12/31/2010. Start earning those hours early!!! For more information and to enroll, please go to www.sdparalegals.org

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Letter of Last Instructions

Here’s a good idea: Give guidance to your heirs, expected personal representative (executor or trustee) and loved ones by creating a Letter of Last Instructions. Tell your estate planning attorney, and proposed Excecutor  or Trustee where it can be found, and leave it in that trusted place (safe deposit box or fire-proof safe – you can buy a small fire-proof safe at Staples or Office Depot for less than $60).

What should you put into your Letter? Here are some suggestions:

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Parent’s Home not in Trust?

Here’s a call I’ve started to get recently: My aging parent has a trust but she hasn’t transferred her home into it – what can I do?

Most estate planning attorneys these days prepare a grant deed or quitclaim deed and transfer their clients’ primary residence into trust as part of their flat fee performance. In the past, however, some attorneys would prepare a quitclaim deed and instruct their client to store the deed so it could be recorded on their death. The first thing you could check out is whether a deed exists that hasn’t been recorded.

You can easily confirm whether the proprety has been transferred to the trustee by checking with the County Recorder’s office or a local realtor/title company, and asking for a copy of the “vesting deed.” In San Diego, you can even order the copy online and have it mailed to you for an extra $1 charge!

If the property is definately not transferred, and you have a Power of Attorney for your parent(s) that gives you the power to transfer real property and the power to create/modify/revoke trusts, you can act on your own to transfer the property.

If you don’t, you can work with your parents to accomplish the task. Most local attorneys will prepare and record the deed for you for a minimal fee (say, $100 – $200), which includes the recording costs and the filing of a Preliminary Change of Ownership Report.

Read Full Post »

Parent's Home not in Trust?

Here’s a call I’ve started to get recently: My aging parent has a trust but she hasn’t transferred her home into it – what can I do?

Most estate planning attorneys these days prepare a grant deed or quitclaim deed and transfer their clients’ primary residence into trust as part of their flat fee performance. In the past, however, some attorneys would prepare a quitclaim deed and instruct their client to store the deed so it could be recorded on their death. The first thing you could check out is whether a deed exists that hasn’t been recorded.

You can easily confirm whether the proprety has been transferred to the trustee by checking with the County Recorder’s office or a local realtor/title company, and asking for a copy of the “vesting deed.” In San Diego, you can even order the copy online and have it mailed to you for an extra $1 charge!

If the property is definately not transferred, and you have a Power of Attorney for your parent(s) that gives you the power to transfer real property and the power to create/modify/revoke trusts, you can act on your own to transfer the property.

If you don’t, you can work with your parents to accomplish the task. Most local attorneys will prepare and record the deed for you for a minimal fee (say, $100 – $200), which includes the recording costs and the filing of a Preliminary Change of Ownership Report.

Read Full Post »

Considering a Special Needs Trust?

Concerned about a disabled child or parent? Considering a Special Needs Trust (SNT)? These can be powerful tools if drafted carefully. They can also be restrictive monsters if created by attorneys who work from pre-made templates or without thought to all contingencies.

Special Needs Trusts are often prepared for disabled adults with disabling conditions, such as: autism; paraplegia or quadriplegia; Alzheimer’s disease; mental illness; even chronic chemical dependency. The function of the SNT is to provide a pool of funds from which a trustee can distribute to the disabled person only so much money that they don’t imperil their ability to obtain government benefits such as SSDI (Social Security) or Medicare (Medical, here in California).

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When should I review or change my Trust?

You should review your estate planning documents periodically. If it is not up to date when you die, your estate may not be distributed as you wish.

Your Trust can be changed through an Amendment, a legal document that must be drafted and executed with the same procedure that applies to Trusts. Do not change your documents by writing on them or by crossing out words or sentences.

You should review your plan when:

• You get married or divorced
• There are major changes in your family (births or deaths)
• Your children come of age
• You receive a windfall or significant loss of assets
• You no longer find your choice of guardian or executor appropriate
• It has been 3 years since your last review

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