Archives for September 2022

Anne Heche, Another Celebrity Estate Planning Lesson, Dies Without a Will

A recent celebrity death can provide insightful estate planning lessons. Anne Heche, who is often known for starring in the movie “Seven Days Seven Nights” along with Harrison Ford, died without a will. As reported by Fox News, the actress died in August in a car crash, leaving behind two sons, one an adult and one a minor. Homer Lafoon, the 20 year old son, has filed in the Los Angeles Superior Court to be named as administrator to her estate. News reports indicated that the crash resulted in severe anoxic brain injury before receiving medical care as she waited for the opportunity to donate her organs. The family indicated that she was “peacefully taken off life support” on Sunday August 14, 2022, after being declared brain-dead.

Estate Planning Lessons to Be Learned from this Untimely Celebrity Passing

It’s never too early to start working on your estate plan.

  • Anne was just 53 year old and likely assumed she had many years ahead.
  • Since Anne did not have a will, her son, who is only 20, has been asked to be named as administrator of her estate. This responsibility may be burdensome for him at his age. Lafoon has also requested to be named guardian ad litem over his thirteen year old half brother.

Dying without an estate plan can lead to uncertainty.

  • For Anne Heche’s estate, the lack of a will may result in an opportunity for controversy, and it may take extra time to identify an executor. Identify the heirs-at-law can also be challenging.
  • For example, Homer Lafoon, her son, has requested to be named as administrator, but it may be that another relative, such as Heche’s mother, may request to step in.

If you have a minor child, you can request a guardian.  

  • The self-help resources at courts.ca.gov provide detailed information about guardianship.
  • You can name a guardian for your children to guide the court as to your wishes, and if both parents are dead, then the court will consider what is best for your children and ask what they want.
  • If you have an incurable illness, you can ask the court to appoint a join guardian for your child, which will give you the peace of mind to know that when you die, the joint guardian will have full custody of your child without additional hearings.

Consult the Law Office of David Knecht

Celebrity deaths provide a wake-up call for all of us that we never know when our time will come. It’s rarely an easy or convenient time to consider estate planning, but making a priority of planning for the future can lead to a greater peace of mind for yourself and your loved ones.  Contact Law Office of David Knecht at 707-451-4502. We have extensive experience in estate planning and can help you make decisions that are right for your family.

Filed Under: Legal Advice, Living Trust , Living Will

What is a Survivorship Life Insurance Policy?

There are many kinds of life insurance that can be used in an estate plan. One type, survivorship life insurance, covers two people on a single policy. Another name for survivorship life insurance is second-to-die joint life insurance. It pays out a death benefit once both policyholders have died. This article will examine the benefits of this type of policy and how survivorship life insurance works.

What triggers the payout?

  • This policy pays out only after both people have passed away.

Do you have to be a married couple to purchase survivorship life insurance?

  • No, although married couples are often the ones who do purchase this type of coverage, the joint policyholders are not required to be married.

 What are some of the situations where survivorship life insurance is typically used? 

  • High net worth household – after the second spouse dies, the benefit from this policy can be used to pay estate taxes so that the heirs do not have to worry about selling assets to pay the estate taxes.
  • Business succession – this policy can be used to transfer business ownership if both partners die.
  • Special needs child – This policy can be used to fund a trust to provide care for a special needs child.
  • Leaving a legacy –  The death benefit from the policy can help any beneficiary you select, which can include a charity.

 Is survivorship life insurance different from joint life insurance? 

  • First to die vs. second to die – Joint life insurance can refer two any policy that covers two people under one policy. There are two types of joint insurance, first to die and second to die (survivorship life insurance). So, survivorship life insurance is really a subset under the general umbrella of joint life where the trigger is the second death.
  • Different goals – The main goal of the first-to-die joint life insurance policy is to cover the surviving spouse to provide that person with enough funds to replace the lost income from the spouse that passed away. The second-to-die policy has a goal to provide heirs or a charity with the benefit rather than the spouse.

CONSULT THE LAW OFFICE OF DAVID KNECHT

There are many estate planning tools to choose from, so it is vital to create a customized plan that is right for your goals, assets and loved ones. If you want to get started on an estate plan, contact the Law Office of David Knecht. Call us at 707-451-4502. We have extensive experience in estate planning.

Filed Under: Estate Planning, Estates

What are the Main Steps of a California Divorce?

This article will provide an overview of the divorce process with a summary of the information provided by the California Courts.

Getting a divorce in California takes at least six months. There are four main steps to getting divorced and they are the same whether you are married or in a domestic partnership. If you want a legal separation, the steps are the same, but there isn’t a required six month waiting period.

Start the divorce case.

  • One spouse files the papers and lets the other person know that the case has been started by serving the papers on that person.
  • Then the other spouse has a chance to file a response.

Share financial information.

  • The party that filed the papers must share financial information and the other party must also, if they are participating in the divorce process.
  • The documents are shared with the other party and then you file a form so that the judge knows you met this requirement.

Make decisions.  

  • You will need to decide how to divide property and debts, whether spousal support will be paid, and how to care for and support children (if appliable).
  • You can work together with your spouse to come to an agreement on these issues or you can ask the court to decide.

 Finalize the divorce. 

  • This last step involves filing a set of final paperwork. The court will review the forms to make sure that nothing is missing and there are not mistakes and the judge will sign the final form.
  • Visit this site for more information about finalizing a California divorce.

CONSULT THE LAW OFFICE OF DAVID KNECHT

If you need help with a divorce, contact the Law Office of David Knecht. Call us at 707-451-4502. We have extensive experience in family law and can help you feel confident and comfortable navigating a California divorce.

Filed Under: Divorce Advice, Divorce Attorney, Divorce Lawyer, Divorce Planning