MacLellan Law Firm

10/29/2019

Introducing Pickles, the office pup! Come for a visit and be sure to refer your friends.

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08/22/2018

"What Elder Financial Exploitation Looks Like"--Important! I see this on a regular basis in my practice, and it is devastating to seniors and their families. It happens so quickly and quietly, but it can be stopped. Many elders are embarrassed or ashamed by what they're going through and don't know how to ask for help or to make it stop on their own. There are resources through SJPD, the DAs office, and Superior Court and I can help if someone you konw is experiencing this. (This is not an endorsement or recommendation for Charles Schwab, but it came through them and this is not intended to serve as legal advice-- seek the advice of an experienced attorney if you suspect you or someone you know is a victim of financial abuse).

Listen for tipoffs

Take note if a senior you’re close to says something like:

“People are asking me for money.”
“I’ve been pressured to give money away or to change my will.”
“My money seems to be disappearing.”
“I think someone may be accessing my accounts.”
“Sometimes I make loans or give gifts that make me uncomfortable.”
“My bills are confusing to me.”
“I don’t feel confident making financial decisions alone.”
“I don’t understand financial decisions that someone else is making for me.”

Watch for cues

Pay attention to behavioral changes or situations such as:

Unusual or unexplained withdrawals, transfers, debits or changes in financial habits
Abrupt or unexplained changes to wills, trusts, powers of attorney or beneficiaries
Reluctance to discuss financial matters
Denied access to accounts or account statements
Frequent password or username resets
Unpaid bills or mail piling up
New friends or sweethearts, or withdrawal from existing relationships
Fearful, distressed, submissive or confused behavior
Frequent mood swings
Changes in appearance or personal hygiene
The onset or worsening of an illness or disability
Third parties who insist on participating in all financially related conversations or who take an extreme interest a senior’s finances

07/26/2017

Is this your child's worst fear?

02/01/2017

I often recommend that people write things out, even if they think everyone will know what to do and will get along. It is so important to plan, even the smallest details, in order to avoid and deal with conflict. From the article: “I ask parents to think just for a second what it would be like on Christmas morning if your children ran downstairs and there were all of these presents, bright and shining, big and small, but with no name tags on them,” he said. “Can you imagine the free-for-all that would ensue?”

https://www.nytimes.com/2016/04/16/your-money/when-dividing-assets-the-little-things-matter.html?rref=collection%2Ftimestopic%2FEstate%20Planning&action=click&contentCollection=your-money®ion=stream&module=stream_unit&version=latest&contentPlacement=6&pgtype=collection&_r=0

Personal effects may have little monetary value, but decisions about those items often cause problems in families.

03/27/2015

Good for business, bad for the client--- It's a dilemma I face all too often when my clients call or walk in. Generally, a family member has passed away, usually a parent or spouse, and my client assumed he or she would be able to collect the life insurance and annuity proceeds, pension death benefit, or retirement fund without a problem. My client contacted the manager of the asset only to discover that the asset must be paid to the decedent's estate, and that means, if it's a large enough payout, we're going to probate, or at the very least a slightly less expensive but no less annoying process, to get the money to the intended recipient. This happens because the person who owned the policy, contract, or plan didn't designate or update beneficiaries. Most of the time, it's a simple oversight, but it can be a costly one. Read on to learn more about the importance of designating beneficiaries, and if you need assistance, of course, I'm always happy to help!

http://www.investopedia.com/articles/retirement/03/031803.asp

(Disclaimer: This article is not California specific, and I am not sure how old it is, so the specifics may have changed a bit, but the overall content is valid and something worthwhile to consider. Always seek the advice of your own attorney, financial advisor, CPA or other tax professional before making changes based on an article on the found on the internet.)

02/11/2015

Food for thought this Wednesday. This is an important topic for people of any age to consider and I recommend that all of my clients have a frank discussion with family members, and specifically with their agents, about how they envision the end of their life.

Before making an advance directive, talk with your doctor and your caregiver about just how far end-of-life care should go at the cost of comfort.

06/27/2014

An important read: http://finance.yahoo.com/news/man-s-mistake-cost-his-children--400-000-of-an-ira-inheritance-152712809.html

Deborah Smith-Marez and her siblings lost $400,000 of an IRA inheritance because of her father's simple mistake on his beneficiary form.

03/03/2014

All the single ladies, and men! This one's for you...

http://www.consumerreports.org/cro/2012/05/estate-planning-for-singles/index.htm

Consumer Reports has information you need to know on estate planning and revocable living trusts for singles.

02/20/2014

This is a good time to start getting your financial house in order.

02/20/2014

From CNN Money. Some great information for everyone. As always, I'm happy to answer questions and help you set up your plan. And I always appreciate your referrals! http://money.cnn.com/magazines/moneymag/money101/lesson21/index.htm

What you need to know about estate planning, including why you may need a will and assigning a power of attorney.