Alpha to Omega: Life Cycle of an Estate Plan - Wednesday
Session I: Beyond the Wonder Years: Advising Clients at the Beginning of the Journey
We tend to think of older individuals as our typical estate planning clients, but young adults also face legal issues of their own. Often these issues are the result of comprehensive planning done for them by older members of their own families, who may still be clients themselves. The discussion will start by focusing on the legal needs of newly recognized adults who are starting out and need advice on powers of attorney, health care directives, Wills and related documents, terminating custodial accounts, and dealing with withdrawal rights and trusteeships that might be triggered at set ages. The importance of nuptial agreements and dealing with the delicate family issues that arise with them will be discussed. Ethical and client relationship challenges inherent in representing multi-generational clients, especially when the younger client is brought in by parents or grandparents will be explored.
Session II: Stay Linked with Your Younger Clients (and Your Younger Colleagues) by Forever Friending the Latest Digital and Social Media Technology
Our younger clients (and our younger colleagues) communicate in completely different ways than most Fellows do. We will explore the next generation of digital communications and social media. Correspondingly, we must assist all of our clients in estate planning for the management, security, and ultimate disposition of their digital property. Finally, we will discuss the affirmative utilization of social media in our practices, including the avoidance of ethical snares and practical traps posed by the latest and greatest technology.
Session III: Until Divorce Do Us Part
Planning for death is a given risk, but planning for divorce is a 50% or better risk. Every marriage will terminate – by death or dissolution – and so the estate plans of our clients may need attention to asset characterization and ownership for marital law purposes. The panel will also address practice issues, including the ethics of post-divorce estate planning for former spouses, disposition of and claims to non-probate assets (particularly in light of federal preemption statutes), as well as access to state approved “simple” pro se divorce packages. Emphasis will be placed on estate planning objectives and consequences in priority to family law issues, focusing on property rights and tax issues. The status of formal and informal same-gender marriages and their termination will be addressed. A primer on community property law will assist in an understanding that “all is not what it appears to be.” Use of trusts and business entities to aid in the division of assets and the on-going support of a divided family will be considered.
2014 Stand Alone Summer Meeting
June 18-19, 2014
Dana Point, CA