Please note: The material in these articles, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the posts. The articles should not be considered, nor are they intended to constitute, legal advice. For information on your particular circumstances, please contact Chauvel & Glatt at 650-573-9500.
When considering your estate planning, don’t forget the nomination of a conservator. Nominating a conservator ahead of time can save time and money in the future. Typically, individuals consider obtaining conservatorships if a family member is diagnosed with dementia or Alzheimer’s and unable to make important health care decisions. In terms of finances, perhaps the family member may be making payments to third parties without understanding the purpose or reason for the payment.
Whether you are an employer, business owner, independent contractor or the average citizen, it is important to know your rights and obligations under your insurance policy before contacting your insurance to avoid potential pitfalls. Most people think if they or their company are involved in an accident, they can call their insurance company (i.e. their “carrier”) and the insurance company will take care of the rest. Unfortunately this type of thinking can lead to your insurance company denying your claim based on how it interprets what you tell them on that initial call. It can also cause your insurance premiums to increase. In some cases, your reporting of the accident may even lead to a lawsuit against you and criminal penalties if it is determined the accident was caused by your negligence.
Trusts are funded with real property and personal property such as bank or stock accounts. A Will may be in place which provides for a “pour-over” effect leaving the residue of the estate to the provisions of the Trust. But, as time goes on, you may increase your assets and create new stock or bank accounts. What happens if the Trustors are deceased and certain personal property like bank or stock accounts are left out of the Trust?
California Labor Code Section 2802 requires that employers “indemnify his or her employee for all necessary expenditures or losses incurred by the employee in direct consequence of the discharge of his or her duties, or of his or her obedience to the directions of the employer…” In English: an employer is required under California Law to reimburse employees for all out-of-pocket expenses incurred during the performance of their job (which includes more than just cell phones!). The purpose of this section is to prevent employers from passing their operating expenses onto their employees.
For many, having children is a driving factor in starting estate planning. However, you should never wait until you have children to do so.
At any given time, you should have a Power of Attorney in which you appoint an agent to make medical or property related decisions in the event you are incapacitated or unable to make such decisions. In addition, your health directive can indicate burial instructions, your wishes to be an organ donor, and other end of life decisions. These are decisions that you can make so that your loved ones are aware of your wishes and are not left having to make difficult choices.