Protect Your Parents | Defending Your Inheritance | Sirkin Law Group 818.340.4479
Glendale Ca, Los Angeles Ca, Woodland Hills Ca, Pasadena Ca
To financially protect your parents in Los Angeles County, our attorneys use a number of successful protective strategies in law. There are three main avenues for asset protection for parents, and preservation of their children's inheritance, starting with least protective to most protective:
1.LEVEL ONE PROTECTION(LEAST BURDENSOME AND LEAST EXPENSIVE):
Durable Power of Attorney for Asset Management: This is a document that is put in place when a parent is well and is capable of understanding the consequences signing a document. By signing this document, parents can give an adult child or children, the ability to bank, make financial decisions, pay expenses and take other actions given as powers stated in the document.
Why is it least restrictive? A Power of Attorney does not prevent the parent from exercising the same rights and the powers given to the child (agent).
2. LEVEL TWO PROTECTION (MORE PROTECTIVE / MEDIUM EXPENSE):
Asset Protection Trusts: Asset protection trusts are irrevocable trusts which are set up while the parents are well. The parent essentially becomes a beneficiary of the trust, and a child becomes the trustee of the trust. This tool is very effective to protect the parents, and the inheritance of their children from falling into the hands of caregivers or, greedy neighbors and friends. it is required that the parent have capacity to execute when we prepare this type of document and plan.
This strategy requires that parents and children, or a neutral trustee to cooperate in financial care for the parents, There are two types of irrevocable trusts which are used for this particular purpose. One is trust which protects the parent's assets from Medi-Cal. The other type of trust is none which protects the parent's assets from hands of creditors. Each have different requirements and should be evaluated separately by a specialist attorney. Inheritances can be saved and protected when the trust is irrevocable and there are safeguards in how the assets are used during the life of the parent.
3. LEVEL THREE PROTECTION (MOST PROTECTIVE BUT MOST COSTLY)
Conservatorship of the Estate of the Parent: This is a court proceeding which children can initiate for the parent in several situations:
The protective documents are not in place, or
There are multiple powers of attorney some of which may be disputed by family members, or
Someone has attempted to steal the assets of the elderly parent, or
Someone has actually stolen the assets of the elderly parent; or
Parent will not cooperate with children to allow children to manage his/ her accounts and assets.
This proceeding can be used in conjunction with an Elder Abuse action on behalf of the parent against anyone against whom there are asset recovery rights.
Steps in Preparing to Protect the Estate:
Contact us a t 818.340.4479 for a free consultation appointment for asset protection strategies for parents.
Get permission from your parent and bring a list of your parent's assets with you.
WHY HIRE US?
Mina Sirkin is a nationally recognized trust and probate attorney and has served as a media expert to CNN, MSNBC, Inside Edition, NPR and KTLA regarding probate and estate matters. Ms. Sirkin is Certified as a Specialist lawyer by the Board of Legal Specialization of the State Bar of California, in Probate, Estate Planning and Trust Law. Mina Sirkin is rated 10/10 on Avvo.
Sirkin Law Group's elder law lawyers are located in Los Angeles, Woodland Hills, Glendale and Pasadena. Probate Attorney Los Angeles Call: 818.340.4479. Lawyers for Asset protection for elderly and aging parents.