Twitter Facebook Myspace

Untold Secrets

Mike Emrani is a multi-lingual insurance agent with forty-five years of experience. One of his specialties is divorce financial planning. He recently sent me this article regarding the most common errors people make buying insurance, and I’d like to share it with you as well.

Do NOT blindly trust your agent, no matter how well you trust him /her. Ask questions and ask him/her to show you in writing every single subject or promise that he/she orally represents to you; especially in your life insurance policy. A lot of flaws in insurance occurs when clients blindly trust their trusted agents and do not carefully REVIEW their policy(ies).

To read the rest of this important and informative article, click here.

January Newsletter

Dear Friends of the Law Collaborative,

It is a New Year and also a good time to review your legal affairs. Here are a few things you should think about for 2010 and beyond.

1) Review your licenses. Which ones will expire in the coming year? Mark on your new calendar the date when the license will expire and place a tickler note several weeks before the expiration date so that you have plenty of time to file for a renewal.

2) Review your life insurance. Life insurance goes directly to the beneficiary named on the policy. It does not go through your will unless you have the policy made payable to yourself. Life insurance is, however, part of your estate when it comes to paying death taxes.

3) Review your liability policies. For most people, their liability policies are their home and auto insurance policies. These policies are important because they will pay for a lawyer to defend you if you are sued.

4) Powers of Attorney: Most lawyers recommend that every adult have a durable power of attorney which will allow someone to act on their behalf if they become incapacitated. These are very dangerous documents because they give the person named total access to your assets. They are very important documents because if you become sick, they provide your family with an easy and inexpensive way of taking care of your affairs.

5) Minor Children: If you have minor children, you need to provide for their care if you get sick, are in an accident or die. Make sure your children and other responsible people in your family know where the children are supposed to go if something happens to you. Each year you should review your choice of guardian. Is that choice still a good choice?

6) Wills and trusts: Wills and trusts, when used properly, are not substitutes for each other. They are different tools used in estate planning. One very good reason to have a will is to name a guardian for your minor children. The courts will generally honor your wishes. You can also create a testamentary trust within your will to manage any money you leave for your minor children. Once your children are grown, you should change your will to reflect the change in your circumstances.

7) Elder law is a specialty. Things that elder law planners have you do are not the same as the things that tax planners will have you do. In tax planning they will tell you that you may make gifts of up to $11,000 per year to as many individuals as you want without tax consequences. That is true. Unfortunately the Medicaid rules are not the same. In many places (the rules vary slightly from state to sate) any sum of money you give away within five years of a nursing home placement will trigger a penalty.

8) Charities:  While you are reviewing your estate plan, think about supporting those charities and organizations that have been important to you. Gifts to charities are deducted from your gross estate.

9) The point is, plan ahead for yourself and your family.

We hope that this short checklist is helpful to you.  It is not all inclusive but covers the most significant points.

Visit Ron and Robert on Divorce on ITunes for additional information.  Please call us if you have any questions.  We are here to serve you.

Follow us on www.Twitter.com/TLC_Law

Add us on www.Facebook.com/TheLawCollaborative

Happy New Year,
Ron Supancic and Robert Borsky

The attorneys and staff of The Law Collaborative join with me to wish you all Joy and Peace in the New Year.

* A free phone consultation will provide you with general legal information. Legal information is not the same as legal advice – the application of law to an individuals specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, for specific advice on your situation, I will be pleased to provide legal advice after you accept and sign my retainer agreement.

For more information, please visit our website at: www.ronslaw.com and www.thelawcollaborative.com. Or click here:www.divorcemagazine.com/CA/pro/supancic.shtml

Please forward a link to this newsletter to anyone you know who might benefit from this information.  Thank you!