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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Category Archives: Executor

    Why Everyone Needs an Agent

    Everyone needs an agent – and not the Hollywood type. An agent is someone you designate to handle your estate after you’ve gone or who can make decisions for you if you cannot make them for yourself. Here are the kinds of agents everyone needs:smiling woman

    Executor – an executor is the person you designate to carry out your wishes for distributing your assets as listed in your last will and testament. You can choose a family member, a trusted friend or even a professional to fill this role.

    Guardian – if you and your spouse die before your children reach adulthood, a guardian is the person you designate to take care of your minor children as well as handle their finances. Sometimes people decide to split the roles – one guardian to raise the children and another to handle the finances.  Choosing a guardian (as well as a backup in case your first choice cannot serve) ensures your kids are taken care of by the people you know, love and trust, no matter what. One of the best ways to protect your children is to have a comprehensive Kids Protection Plan®. Without it, your children are at risk of being taken into the care of strangers if the people you’ve named as permanent guardians don’t live nearby or if your legal documents cannot be located.

    Durable Power of Attorney – this person is designated by you to make financial decisions on your behalf if you become disabled or otherwise unable to manage your financial affairs.

    Power of Attorney for Healthcare – also known as a healthcare proxy, this is the person you designate to make healthcare decisions for you if you are unable to make them for yourself and is an important decision when creating your advance medical directives. Their powers can be invoked if you become disabled and unable to make your own decisions about your health care, so your choice should be someone you know will carry out the wishes you have expressed in your advance medical directives or Living Will. They also need to be able to stand up for you if family members have different ideas than you do about your medical treatment.

    One of the main goals of our law practice is to help families like yours, plan for the protection of yourself and your family through thoughtful estate planning. Call your Newport Beach Estate Planning Attorneys today at Meier Law Firm today to schedule an Achieve Your Dreams Planning Session, where we can identify the best strategies for you and your family.

    The Inheritance Blues – Lessons Newport Beach Families Can Learn From The Whitney Houston Estate

    The chief risk is always that the money will
    impact a kids’ motivation and self-reliance. “Ideally one would set aside
    enough funds to allow our family members to do anything they could do, but not
    so much that they could do nothing.”

    You give an inheritance to your
    younger loved ones and future generations to bless them and not to curse them.
    Once again, our object lesson is another celebrity estate. This time the
    decedent is Whitney Houston.

    The inheritance left by Whitney
    Houston is chronicled by CNBC in an
    article titled “When $20 Million Is Too Much to Leave the Kids.” Without delving too much into the
    case, the passing of Whitney Houston has set her 19-year-old daughter, Bobbi
    Kristina Brown, up to receive a staggering $20 million. Recently, Houston’s
    mother and manager, who are the executors of the Houston estate, have filed a
    petition to restrict the inheritance payments on the basis that these were
    simply too large. According to the petition, such inheritance payments would
    make Bobbi too easy a target for predators, or worse, enable Bobbi to devolve
    into a bad lifestyle. Taking the petition at face value, this consequence would
    not have been Whitney’s intention.

    Regardless of Whitney’s
    intention, the article recommends an excellent alternative that she could have
    employed to protect the inheritance from Bobbi and Bobbi from the inheritance.
    This alternative is called a “discretionary trust.” The article also provides
    some practical pointers, like teaching your children financial responsibility
    at an early age and reviewing (and revising) your estate plan from time to

    Contact your Newport Beach estate planning attorneys at Meier
    Law Firm to discuss all of your estate planning needs

    Reference: CNBC
    (October 19, 2012) “When $20 Million Is Too Much to Leave the

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