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Tuesday, April 28, 2020

Single, No Kids, No Sibs. Who Gets Their Assets?


Shelly and Doris were retired flight attendants who lived in Lafayette. They’d never met during their careers, but now that they were retired, they’d become great friends and loved to laugh and share stories over a glass of wine.
When Shelly went into the hospital for routine surgery and died from complications, it left Doris shocked and lost without her best friend. Shelly was only 64, and she’d left a handwritten Will but no Living Trust. Shelly had lost her sister and brother-in-law in a terrible skiing accident 15 years ago, but she was very close to their four children, especially her niece, Karen, and she’d named Karen the Executor in her Will. But without a Trust, the family would have to go through Probate.

Doris was shocked to learn that Shelley had more than $320,000 in a Fidelity account

Over the years, Shelly had made smart investments in Apple, Wells Fargo and Microsoft. The Fidelity account had no named beneficiaries, so it would have to go through Probate. As Executor, Karen would oversee the estate’s distribution among her designated family members.
Karen was a teacher who knew nothing about Probate, so she contacted a Probate attorney to help manage her aunt’s estate. After 18 months, when the court finally awarded the money to the family, the attorney charged nearly $10K for managing the Probate.

After this experience, Doris felt some urgency to create estate planning documents

Doris didn’t have kids or siblings. She had Social Security and a great pension, but she didn’t have family or close friends she could ask for help if she became incapacitated. Shelly’s niece Karen and her husband Kevin had moved in to Shelly’s condominium, and they’d become close, so she asked Karen for advice. Karen said she would be glad to be there for Doris, and Kevin agreed to be her backup.

Doris created a Living Trust with California Document Preparers

Doris came in to the Walnut Creek office to create her Living Trust. As part of her Living Trust package, she also created a Financial Power of Attorney, an Advance Healthcare Directive and a Will. Notary is included in the fee. Doris is leaving Karen and Kevin 20% of her estate; the balance will go to the church she has been attending for more than 20 years, Lafayette’s St. Elizabeth Seton Catholic Church.

During this health crisis, many are feeling an urgency to create Living Trusts 

Our Trust package includes a Will, Power of Attorney and an Advance Healthcare Directive and Incapacity Planning. We guide you through the process and prepare the legal documents. At California Document Preparers, for most of our services, we charge one flat fee. We’re helpful, compassionate and affordable. Schedule an appointment today at one of our three Bay Area offices in Dublin, Walnut Creek or Oakland

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy, Hayward and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

Tuesday, April 21, 2020

Carl and Mary: A Blended Family Creates Separate Living Trusts


With the coronavirus has come a new urgency to create estate planning documents. Those who are scheduling appointments don’t fit a stereotype. There are seniors, of course, but also those thinking about retirement, single adults and young families who want to provide a safety net for their children.
Many of the couples we see are blended families. For these couples, estate planning gets a little more complicated. By the time people get to their second or third marriages, there are several homes and other assets, two sets of children and grandchildren. Each partner wants to make sure their respective families receive their share of the estates.

Carl and Mary: A blended family who met over an afternoon of bridge

Carl and Mary are a good example of one of these blended families. They’re both in their 70s and met over a Rossmoor bridge table. They’ve been married for five years and continue to live at Carl’s Rossmoor home in Walnut Creek. Both of their spouses died. Carl has two adult sons and Mary has two adult daughters, and there are assorted grandchildren.

Carl and Mary are financially comfortable, healthy and thoroughly enjoying retirement

Carl and Mary are part of a generation that worked for one company for their entire careers and were rewarded with healthy pensions. Mary was an RN and Carl worked for Diablo Community College. Both also inherited their deceased spouse’s pensions. Mary owned a home in Hayward that she rented out and both received social security. Carl sold his Pleasant Hill home and downsized when he moved into Rossmoor.

They saw no reason to commingle their estates

Carl and Mary really didn’t see anything to be gained from commingling their estates. Each was comfortable financially, and both Carl and Mary wanted to leave their children their estates. California Document Preparers worked with Mary and Carl to identify a solution: Each would create a separate Living Trust for his/her own estate.
  • Carl’s Rossmoor home, in which they lived, would go into his Trust.
  • Mary’s Hayward home, that she rented out, would go into her Trust.
  • Carl and Mary would be each other’s Power of Attorney, with their sons and daughters as respective backups.
The couple’s adult children were relieved that their parents had finally completed their Trust. They’d been putting this off, but the coronavirus health crisis brought it back into focus.

During this health crisis, many are feeling an urgency to create a Living Trust 

Our Trust package includes a Will, Power of Attorney and an Advance Healthcare Directive and Incapacity Planning. We guide you through the process and prepare the legal documents. At California Document Preparers, for most of our services, we charge one flat fee. We’re helpful, compassionate and affordable. Schedule an appointment today at one of our three Bay Area offices in Dublin, Walnut Creek or Oakland

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley, Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy, Hayward and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

Tuesday, April 14, 2020

Young Family Exposed to COVID-19 Creates a Living Trust


The life-threatening coronavirus has completely upended our lives. Families with small children or elderly family members are feeling especially vulnerable. The result is more people feeling the need to create Living Trusts.
We recently created a Living Trust for “Jim” and “Monica”. They’re in their late 30s with two kids—“Ben” is four, and “Sophie” is six. Jim and Monica are typical of many of the young couples we see in our offices. They have good jobs and own their own home in Oakland. They also own a monster of a mortgage and assorted other debt.

Jim’s brother’s testing positive for the coronavirus was a wakeup call

Jim’s brother, Todd, was at their home on a Saturday afternoon. The next day, he began experiencing flu-like symptoms. His wife finally took him to the doctor on Wednesday, and he tested positive for the coronavirus. He was self-quarantining and monitoring his symptoms with his doctor. Todd’s being sick with the coronavirus was a huge wakeup call for Jim and Monica.

Creating a Living Trust became a priority

Besides getting their entire family tested for the virus, Jim and Monica made an appointment to create a Living Trust. They want to make sure that if anything happens to them, Ben and Sophie will be taken care of.

Our Living Trust package includes a Will, in which you can appoint a Guardian

In the Will, Jim and Monica can appoint a Guardian for Ben and Sophie. How this works: If both you and your spouse should die, your children will need a Guardian. If you do not leave instructions in the form of a Will, the court will not have any guidance from you, the parents of the children. In this case, the court chooses the Guardian. While it is painful to think of leaving your children, it can be reassuring to know that in the case of this unlikely eventuality, they will be properly cared for by someone you love and trust.

Jim and Monica decided to name Todd the Trust’s Successor Trustee

A San Francisco banker, Todd is the most logical person to be the Successor Trustee, responsible for managing the estate for Ben and Sophie. When they turn 25, each of them will inherit their share of the estate. Monica’s parents, Randy and Paula, will be the children’s Guardians. They have always been especially close to Ben and Sophie, and they live in Pleasant Hill, a community known for its good schools.

Providing peace of mind about your children’s future

It’s reassuring to remember that most parents of young children live long enough to see their kids safely to adulthood. But sometimes the unexpected happens. Having a Will or Living Trust in place now can provide peace of mind about your children’s future.

During this health crisis, many are feeling an urgency to create a Living Trust 

Our Trust package includes a Will, Power of Attorney, an Advance Healthcare Directive and Incapacity Planning. We guide you through the process and prepare the legal documents. At California Document Preparers, for most of our services, we charge one flat fee. We’re helpful, compassionate and affordable. Schedule an appointment today at one of our three Bay Area offices in Dublin, Walnut Creek or Oakland
Note that our offices are open and we’ve instituted stringent sanitation procedures. We can also provide our services virtually. 

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

Wednesday, April 8, 2020

We’re Open! Work Virtually or Schedule an Office Appointment


We want all of our clients to know that we remain open throughout this period

Our offices are open and we’ve instituted stringent sanitation procedures that include masks and gloves. We’re also permitting just one set of clients in our offices at a time and following the six-foot distancing guidelines.

We’re also working virtually–what does that mean for you?

Virtual means that you can stay safely at home, sheltering in place. Stay in your pajamas and pour another cup of coffee. We can work through the details of your Living Trust, Divorce, Deed or other service over the phone or using Zoom, free online collaboration software.

Online collaboration with Zoom

Zoom has become our collaboration tool of choiceIts user-friendly interface and clear audio and video make virtual collaboration easy. Even those unfamiliar with collaboration tools find this productive and a great enhancement for our virtual sessions. For other clients, we just use our telephones and the website. In a recent case, we completed the intake process for a Living Trust over the course of a phone call. It was seamless.

Working virtually was a change for CDP because of our high level of customer service

Meeting and greeting our clients and making them feel welcome have always been important parts of our culture. Yet we introduced our new virtual process in a matter of days. Our clients are surprised at how easy it is. One longtime client who felt some urgency to update their Living Trust told us, “We dialed in to Zoom for our call, and Ian walked us through the intake questions that are part of the information-gathering phase. It was so easy! CDP will prepare the legal documents and contact us when it’s time to sign and notarize them.”

Make no mistake, these are stressful times

Even as we reach out to find new ways to accommodate our clients, we know that many are worried about their loved ones. Perhaps they’ve tested positive or know someone who has. We’re all worried about the economics of this pandemic, and we want our lives back. We want a return to normal, though that may not be so easy. There well may be facing profound changes as a result of this ordeal.

We’re all feeling the effects of sheltering in place

Cabin fever gives way to panic buying. We obsess about running out of products—it’s been weeks now, and it’s impossible to find cleaning products like ammonia or bleach. Toilet paper remains the season’s hot ticket. Our cloistered spring leaves all of us anxious on many levels.

Let’s not forget the heroes of this ordeal

But my friend Susan is one of the COVID heroes. She’s an emergency room nurse who goes to work each day ready to face another day of utter chaos. She comes home from her long, punishing shifts exhausted. Her face is bruised from the protective mask and shield she hopes will keep her safe. She fights to keep her patients alive, but often it’s not enough. As their patient load increases, her team struggles to find equipment and supplies.
This is the health crisis of our lifetimes. Be careful. Be safe. Take care of those you love.

During this difficult time, many are feeling an urgency to create a Living Trust 

Our Trust package includes a Will, Power of Attorney and an Advance Healthcare Directive and Incapacity Planning. We guide you through the process and prepare the legal documents. At California Document Preparers, for most of our services, we charge one flat fee. We’re helpful, compassionate and affordable. Schedule an appointment today at one of our three Bay Area offices in Dublin, Walnut Creek or Oakland

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

Thursday, April 2, 2020

Estate Planning Includes Planning for Incapacity


We’re all uneasy as we face the biggest health challenge of our lifetimes. Despite stringent safety precautions, this remains a highly contagious disease, and we’re all feeling vulnerable. Many people are feeling the urgency to create estate planning documents.

But estate planning isn’t only about what happens after a loved one’s death

Estate planning includes making plans for incapacity—when loved ones are no longer able to care for themselves.
For my own folks, incapacity necessitated an intervention after my stepfather suffered a minor stroke while driving. He veered off the road and plowed into a police car. The good news is that we finally were able to take his keys away and get him off the road.

My brother stepped in as his Power of Attorney

As the Financial Power of Attorney for my folks, my brother was able to manage their finances. I think my stepfather was happy to be relieved of this burden, and my mother was no longer able to deal with anything substantive. Fortunately, they both still had testamentary capacity and were able to sign the necessary legal documents. My brother also became the Agent for their Advance Healthcare Directives. He now had authority to carry out their final healthcare decisions.

Mental Incapacity can be caused by an accident, injury or illness

Mental incapacity results in someone’s being incapable of making informed decisions about their finances and wellbeing.
  • Without a comprehensive incapacity plan in place, a judge can appoint someone to take control of an incapacitated person’s assets and make all personal and medical decisions on that person’s behalf under a court-supervised guardianship or conservatorship.
  • The incapacitated person and his or her loved ones can lose valuable time, money, and control until the incapacitated person either regains capacity or dies.

Holding assets in joint accounts with another family member is a poor solution

Many believe they’re protected if they hold their assets in joint names with another family member. While a joint account holder may be able to pay bills, for instance, a joint owner of real estate will not be able to sell property without the consent of the other owner.
If that owner is legally incapacitated, the owner will not have clear title to the property and will not be able to sell it. Only a comprehensive incapacity plan will protect you and your assets from a court-supervised guardianship or conservatorship.

During this health crisis, many are feeling an urgency to create a Living Trust 

Our Trust package includes a Will, Power of Attorney and an Advance Healthcare DirectiveWe guide you through the process and prepare the legal documents. At California Document Preparers, for most of our services, we charge one flat fee. We’re helpful, compassionate and affordable. Schedule an appointment today at one of our three Bay Area offices in Dublin, Walnut Creek or Oakland

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.