Is Your Financial Information in Order?

Preparing and organizing your financial information for when you are no longer capable will bring peace of mind to you today. At the same time, it may relieve your loved ones’ burden in the future. You’ll ensure proper management of your financial situation and remain in control over your end-of-life care and legacy. The goal is to make and maintain accurate financial records.

Planners and books like “My Life Directory” and “I’m Dead. Now What?” are readily available to help you understand the scope of such a project. These resources can get you started with the process of organizing all your records and personal information. Whether you are a parent, near retirement, or both, putting together informational instructions on your finances now could help spare your family a great deal of work and heartache down the road.

Keep This Information With Your Estate Planning Documents

The assumption is that you already have an estate plan with necessary documents such as a will, living will, durable power of attorney, and health care proxy.

If this is not the case, retain your estate planning attorney to create these important legal documents. They can properly outline documents that instruct your family not only on your wishes in medical emergencies, but also on how to distribute your money and property after you’re gone.

You can then focus your attention on the financial details they will need to carry out your wishes. These steps should include a list of all relevant information, such as:

• Names and contact information for bankers, lawyers, and insurance agents
• Digital and hard assets
• Bank accounts, bills, debts, credit cards
• Insurance policies, annuities, pensions
• PINs and passwords

Include a list of all companies and invoice types (monthly, quarterly, annually) that automatically debit money from your checking account. This list is about anyone and anything that is part of your financial life.

Planning Resources

The numerous books, planners, and online free worksheets available today can serve as your starting point. They may help you identify things to include in your list of financial information. There are also websites and apps designed to store your data and instructions securely for a one-time or recurring fee. These sites are typically referred to as estate planning organizers, end-of-life planners, document storage, and even death apps.

While these options may sound intriguing, a self-directed approach is generally best. Turning over consolidated personal financial data comes with some risk. Using these services may open you to the possibility of identity theft, hacking, misuse of your records, erasure, and loss.

Safely Storing Information at Home

Digitize your information in a computer document or spreadsheet and store it on a flash drive. Print hard copies of your instructions and information, and leave them with other important documents like your will or the deed to your home.

Are you low-tech? There is no shame in a binder or spiral notebook containing this information.

It’s a bit more cumbersome to update, but many people choose to leave instructions to family members in handwritten letters, lists, and notebooks. Perhaps consider purchasing a fireproof, floodproof safe for your home, where you can store this information. (Or, find a safe deposit box at a bank.)

Ensure your handwritten instructions don't vary with multiple scattered and undated papers. Stick to a standard method and throw out old documents.

Updating Your Information

Keep these records accurate with annual updates. Whenever there is a fundamental shift in how you (or someone else) manage your finances, revised your records accordingly. Be sure your executor and other relevant family members know the location of this information for future reference.

You may want your wishes to remain private. Consider sealing your information by storing them on flash drives and as hard copies in envelopes.

Preparing your financial records for your family can be time-consuming, but it’s not complicated. The true goal of this task is organization and consolidation. And it’s one of the most important financial tasks you will undertake during your life.

When you feel your project is near completion (other than annual updates), ensure you are not overlooking anything. Consult your attorney. They will not only make sure you have all the necessary legal documents in place, but they also can talk with you in further detail about your planning needs.

Contact us

Questions? Contact us at Elise Lampert, Attorney at Law

   

Elise Lampert, Esq.

Law Office of Elise Lampert

9595 Wilshire Blvd. | Suite 900 | Beverly Hills , CA 90212

Phone: (818) 905-0601 / Email: elise@elampertlaw.com

https://www.eliselampert.com

 

Mitigating the Impacts: Sunsetting the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers. So, are there ways to avoid potential tax impacts to you or your loved ones? Read on to learn more.

Gift Now and Get the Benefit of the Current Gift Exclusion

One of the most discussed effects of the TCJA sunsetting is the slashing of the federal estate and gift tax exclusion to pre-2018 levels, as adjusted for inflation. The current exemption is $12,920,000 per individual. Starting in 2026, it will go down to the 2017 exemption of $5,490,000 per individual (as adjusted for inflation). This drop is potentially a big hit for the heirs of anyone who passes away after Jan 1, 2026.

The estate and gift tax exclusion is essentially a credit applied to gifts made by a person while they are alive or a person’s total taxable estate upon their death to minimize how much will be subject to federal tax. So, for example, under current rules, if a person has a total taxable estate of $8 million and made $1 million of gifts in their lifetime, their estate can apply a $9 million exclusion or “credit,” and not owe taxes. However, if this person passes away in 2026, their estate will likely suffer tax consequences as there would not be a credit sufficient to cover an $8 million taxable estate (if the gifts were made before 2026, they may be covered, as explained below).

It is possible to mitigate this potential scenario in several ways. One of them is making large gifts before December 31, 2025, while the gift tax exclusion amount in effect is at record highs. The IRS has stated that this practice won’t harm estates after 2025. Specifically, IRS regulations have a special rule that allows an estate to take an estate tax credit using the greater of the exclusion applicable to gifts made during life, or the exclusion in effect on the date of death. The result is that if gifting makes sense in your situation, you can make large gifts up to the exclusion limits until 2025 without worrying that the temporarily higher tax benefits will be lost if you pass away after 2025.

And don’t forget that a person can gift up to $17,000 per year (or $34,000 per year for couples who file jointly) to as many people as they wish. These gifts don’t count toward their lifetime exclusion. So, for a couple with three children and six grandchildren, they can gift these individuals $153,000 per year without touching their exclusion. This can be an easy way to transfer wealth to the next generation tax-free.

Maximize Gifts to 529 Plans

Another option to get ahead of the TCJA ending is to contribute the maximum amount of money to 529 plans set up for children and grandchildren (and other selected categories of people). Current law allows up to five years of annual gifts to a 529 plan in one shot. And, starting in 2024, distributions from 529 accounts will no longer be counted as income to the student when applying for federal student aid.

So, if you want to give funds to loved ones but have concerns about how it may be spent, you can deposit $17,000 ($34,000 for a couple) into a 529 account for their benefit. Current rules also allow you to make an accelerated gift of up to five years’ worth of gifts to a 529 account in one year and spread out the gift tax liability over five years. If you gift less than the annual gift tax-free amount, there is no tax liability.

The result is that a couple could gift $170,000 now to a 529 account. They would, however, need to file a gift tax return and elect the five-year treatment. One caveat to this option is that the gift giver must survive beyond the five-year period for the gifts to be fully excluded from their taxable estate. To ensure this is done correctly, it is essential to consult with a qualified tax professional. However, if done properly, it is an effective way to reduce a person’s taxable estate.

Consider an Irrevocable Life Insurance Trust

Another potential way to leave money to loved ones and not increase your taxable estate above the impending lowered exclusion amount is to purchase a policy owned by an irrevocable life insurance trust. The benefit paid to your beneficiaries is also potentially tax-free income for them. This planning technique should not be undertaken without the counsel of an attorney, as it may have other implications for your personal situation.

Max Out ABLE Account Contributions

An ABLE account is a savings program run by the state for certain individuals with disabilities. Beneficiaries may use ABLE account funds to pay for qualified expenses tax-free. ABLE accounts are also disregarded as assets when determining if a person qualifies for Supplemental Security Income (SSI) and certain other means-tested federal benefits. If your loved one qualifies for an ABLE account, you may be able to improve their quality of life while reducing your future taxable estate. You can contribute up to the annual gift tax exclusion amount.

Furthermore, the TCJA allows an employed beneficiary who does not participate in an employer-sponsored retirement plan to contribute up to 100 percent of their earned income to their ABLE account up to the prior year’s poverty line amount for a one-person household ($14,580 as of 2023).

So, ABLE accounts can be built up quickly where a parent makes a gift contribution and the disabled child also contributes their earned income. The child, if over 18, may also be able to claim the Saver’s Credit on their tax return for up to $2,000 of contributions they made to their ABLE account. But, as with other TCJA provisions, these benefits will end on December 31, 2025.

Not all these options may be appropriate for everyone, and it is always prudent to make any financial planning decisions with the advice and counsel of a professional. However, the sooner you act, the more options you may have before the TCJA sunsets.

Contact us

Questions? Contact us at Elise Lampert, Attorney at Law

   

Elise Lampert, Esq.

Law Office of Elise Lampert

9595 Wilshire Blvd. | Suite 900 | Beverly Hills , CA 90212

Phone: (818) 905-0601 / Email: elise@elampertlaw.com

https://www.eliselampert.com

 

What Is a Gun Trust?: Estate Planning Q&A

According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms.

If you own a firearm of monetary or sentimental value, you may wonder how to transfer ownership to your loved ones after you die. In addition to creating a will, you may want to make special arrangements for your weapon.

A gun trust, also known as a firearm trust or NFA trust, is a legal entity created to hold and manage guns. Creating a gun trust can help you pass down your gun to your loved ones, shielding them from probate. It could also help you give ownership to several individuals.

Understanding Trusts

A trust is a legal arrangement where the original owner (the grantor) designates an individual (the beneficiary, or multiple beneficiaries) to receive an asset. When something is held in trust, a trustee is responsible for its management.

Trusts can shelter many types of property from probate, in which the court oversees the distribution of an estate. Property that trusts can safeguard includes real estate, bank accounts, and personal possessions such as a jewelry collection or weapons.

Some trusts are revocable, meaning the grantor can change their mind and terminate the trust. Others are irrevocable, so the person making the trust cannot unravel the arrangement. Gun trusts can be revocable or irrevocable.

The National Firearms Act

Creating a gun trust can make it easier for gun owners to comply with the National Firearms Act (NFA), particularly when multiple people want to use the weapon and when the owner intends to transfer ownership.

Congress passed the NFA in 1938 to curb the sale of firearms. The Act imposes specific requirements and regulations on firearms classified as Title II weapons, which include the following:

• Machine guns
• Short-barreled shotguns or rifles (SBSs and SBRs)
• Silencers (silencers)
• Destructive devices such as grenades
• Firearms over .50 caliber, per the Gun Control Act of 1968

The Bureau of Alcohol, Tobacco, Firearms, and Explosives requires individuals intending to own an NFA weapon to complete an application and registration. Registration includes paying a tax and obtaining a tax stamp for each NFA firearm. Those purchasing or possessing NFA firearms must undergo a background check and provide fingerprints as part of the application process. The bureau denies any applications violating federal, state, or local laws.

Benefits of Gun Trusts

Gun trusts have several benefits.

• They avoid probate. If you have a weapon you’d like to pass down to a specific person or people, the court does not have to oversee the transfer, and it is less likely someone will challenge it.
• Trusts continue beyond death. You can set up the trust so that your loved ones do not have to pay the transfer fee. This makes conveying possession easier.
• When you make a gun trust, you can choose multiple beneficiaries. More than one person can own and use the weapon.

Obligations for Trustees

Creating a gun trust does not shield trustees from complying with state, federal, and local weapons regulations.

Before 2016, only one trustee had to register, making a primary advantage of gun trusts that they allowed multiple trustees to bypass government oversight. Yet, in 2016, the legislature amended the NFA such that all beneficiaries must submit to registration, eliminating this loophole.

Per the State Bar of Wisconsin, trustees must inform their local chief law enforcement officer of the identities of all the trustees and the firearm’s location. They must also provide fingerprints and a photo and undergo a background check.

Trustees must also be eligible to own firearms. Violating the NFA is a felony. Felons, recipients of a dishonorable discharge from military service, and people who have been deemed incapacitated cannot possess a gun or be a beneficiary of a gun trust.

When trust creators fail to consider whether the intended beneficiaries may legally possess the firearm, they open the door to criminal liability for themselves and their loved ones. When creating the trust, the lawyer should consider what will happen if a beneficiary loses eligibility to possess the weapon.

Speak With Your Attorney

While some retailers and online vendors offer gun trust templates, working with your attorney is best. The consequences of a mistake can be severe, and the trust must comply with the law. Speak with your attorney today to learn more about creating a gun trust as part of your estate plan.

Contact us

Questions? Contact us at Elise Lampert, Attorney at Law

   

Elise Lampert, Esq.

Law Office of Elise Lampert

9595 Wilshire Blvd. | Suite 900 | Beverly Hills , CA 90212

Phone: (818) 905-0601 / Email: elise@elampertlaw.com

https://www.eliselampert.com

 

8 Frequently Asked Questions on Last Wills and Testaments

Starting an estate plan can be overwhelming, and you probably have many questions. You are not alone. Below are eight questions people often ask about last wills and testaments as they begin to think about estate planning.

1. Aren’t Wills Only for Wealthy People?

This is a common myth. Last wills and testaments (also known simply as wills) are not just for the wealthy. In a will, you can outline who you want to receive your possessions when you die; this might include your money, your real estate, and items of sentimental value.

If you have children who have not yet reached adulthood, you also would be well advised to have a prepared a valid will in which you name a guardian. Even if you think you do not own enough property to justify a last will, it is important to create one expressing your wishes about how – and to whom – you want your property distributed at your death.

2. How Long Do Wills Last?

After taking the time to create a will, doing it again is probably the last thing you want to do. Fortunately, a last will does not expire.

However, your estate documents should always reflect your most recent property and life changes. For example, if you marry, divorce, have children, or acquire or lose property, reviewing and updating your last will and testament is prudent. Consider revisiting your will and other estate planning documents with an attorney at least every decade.

3. Is My Will Valid?

You should ensure that your last will and testament is valid based on your state’s law. Each state has specific requirements for wills, but generally, a person must be at least 18 years old to create a last will, and the document should be in writing, signed, witnessed, and notarized. This is why it is crucial to involve an experienced estate planning attorney in preparing these documents.

If you move to another state, a last will that satisfies the legal requirements in your current state may transfer to a new state. However, you should always consult with an experienced in-state estate planning attorney to review and update your will as needed.

4. Does All My Property Pass Through My Last Will?

Any property you own solely in your name can pass through your last will. However, you must list the property you wish to have passed to your heirs via your last will. If you leave property out of your will, it may pass on to your heirs, which can happen in several ways. If you have other estate planning documents (e.g., an irrevocable trust), the terms of those documents will govern how the property subject to it passes to your heirs.

If you die without a will, state law governs the disposition of your property through a body of law called intestate succession. Learn more about intestate succession below.

If you have children who are minors, you can appoint in your will the person you want serving as their guardian in the event of your death. Not having a will could mean that administering your estate incurs additional costs, diminishing any inheritance your kids may have otherwise had received. You may also consider detailing in your will any plans you have in place for your pets.

5. Does the Law Require Me to Have a Will?

No, although laws may vary from state to state; generally, the law does not require you to create a last will. However, if you die without a valid will, your state’s intestacy laws will govern who received your property. This means that any wishes you may have had for giving away certain assets to specific people in your life or to a charity you wanted to support will not be taken into consideration.

Dying without a will is called dying intestate. Intestate succession is a legal process under which a state’s intestacy laws dispose of an intestate person’s property. Intestacy laws vary depending on the state, but typically close relatives receive a share of an intestate person’s property. Your immediate family (i.e., your spouse, children, parents, and siblings) will often inherit first. If you do not have immediate family members, more remote relatives, like grandparents, may inherit your property through intestate succession.

6. Even if I Don’t Have a Will, Won’t My Spouse Automatically Get Everything if I Die First?

No, your spouse may not immediately inherit your property if you die without a last will. Usually, if your property passes through intestate succession and you are married with children, your spouse receives a spousal share of your estate. The amount of a spousal share can vary depending on your state’s laws.

7. What’s Wrong With a DIY Will?

Over the past several years, do-it-yourself last wills have become popular. However, you should be cautious about adding a DIY last will to your estate plan, as laws regarding estate planning are complex and can vary widely by state. Some common issues with DIY last wills include:

• A licensed attorney does not usually review them.
• They may not comply with legal requirements for creating a valid will that are specific to your state.
• It may not dispose of your entire estate.
• If you have a blended family or children who are not yet legal adults, or you own a second home or a business, a DIY will may not address all of your unique needs.

8. Do I Need More Than a Will?

A last will is an important part of your estate plan. It’s a good start, but it does not convey certain powers. You may want to consider supplementing it with other key estate planning documents. For example, suppose you become unexpectedly impaired during your lifetime and can no longer handle your own affairs or communicate your wishes. You would benefit from a health care directive that expresses your desires for any medical treatment you receive. With a durable power of attorney in place, you also can ensure that an individual you trust handles decision making regarding such matters as your financial, legal, and medical needs.

Despite the fact that everyone would benefit from having a will, the majority of Americans have not yet put together any type of estate plan. Consult your estate planning attorney to discuss how to get the most out of your estate plan.

Contact us

Questions? Contact us at Elise Lampert, Attorney at Law

   

Elise Lampert, Esq.

Law Office of Elise Lampert

9595 Wilshire Blvd. | Suite 900 | Beverly Hills , CA 90212

Phone: (818) 905-0601 / Email: elise@elampertlaw.com

https://www.eliselampert.com

 

Medicare Extra Help Program Set to Expand in 2024

Seniors and disabled citizens will receive more access to the Medicare Extra Help Program as of the beginning of 2024, the federal government announced. This expansion of benefits could enable up to 3 million people to reduce their prescription drug costs.

What Is the Medicare Extra Help Program?

The Medicare Extra Help Program assists older adults and people with disabilities who have trouble paying their Medicare Part D premiums. Note that you are automatically eligible for Extra Help if you:

• receive Medicaid coverage,
• are enrolled in a Medicare Savings Program, or
• receive Supplemental Security Income.

The program was expanded through the Inflation Reduction Act, which President Biden signed in August 2022, by increasing the income limit to 150 percent of the poverty level ($21,870 for an individual and $45,000 for a family of four). When the program expands at the beginning of 2024, 300,000 participants will go from partial to full benefits. That means they will not have to pay a premium or deductible, and they will have lower, fixed co-payments on certain medications.

Expanding Access to the Program

The government estimates that nearly 3 million people who could benefit from the program are not currently enrolled. The Department of Health and Human Services will activate government agencies to increase participation. The Administration for Community Living will reach out to underserved and rural communities, while the Centers for Medicare and Medicaid Services will provide an outreach toolkit for community organizations and beneficiary advocates.

Those who participate in the Medicare Extra Help Program could save nearly $300 per year.

Where Do I Apply for Extra Help?

To apply for Extra Help, you can visit the Social Security Administration’s dedicated webpage for more information, support, and an online application.

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Questions? Contact us at Elise Lampert, Attorney at Law

   

Elise Lampert, Esq.

Law Office of Elise Lampert

9595 Wilshire Blvd. | Suite 900 | Beverly Hills , CA 90212

Phone: (818) 905-0601 / Email: elise@elampertlaw.com

https://www.eliselampert.com

 

Lady Bird Deeds: A Different Kind of Life Estate

Life estates are ways for you to transfer property to another party while retaining the right to live there until you pass away, or some other event occurs. As the grantor of the life estate deed, you become a life tenant of the property.

What Is a Lady Bird Deed?

Lady Bird Deeds, technically known as enhanced life estate deeds, are life estates for which the grantor retains much greater control over the property. If you are a property holder, you may use a Lady Bird Deed to transfer real property to a specific beneficiary while retaining certain rights to the property. These rights include selling your interest, mortgaging the property, and applying for property tax exemptions. Upon your death, these rights end, and the beneficiary you’ve named solely takes control of the property without court involvement.

There are, however, only a few states that allow this arrangement – Florida, Texas, Michigan, Vermont, and West Virginia.

6 Reasons to Set Up a Lady Bird Deed

So why might someone consider a Lady Bird Deed, if permitted by state law?

1. First and foremost for many is the desire to avoid a court making decisions about the property as well as the costs of having to go to court.
    
2. It may also allow your heirs to expedite any probate process that remains for the rest of your assets; this is because with a large asset like your home out of the probate picture, your estate may qualify for an expedited process.
    
3. Perhaps you own properties in multiple states. Instead of having to deal with several state courts, you may be able to simplify things for your loved ones with this type of deed, at least in one state.
    
4. A Lady Bird Deed can reduce disputes between your heirs. When an asset is deeded to a specific beneficiary and does not pass through probate, an inheritance dispute can be avoided if the deed is drafted and executed correctly. If a grantor changes their mind later, they may also be able to void or cancel the deed.
    
5. If your state permits a Lady Bird Deed, you still retain a great deal of control over the real estate while you are alive.
    
6. A Lady Bird Deed offers tax advantages similar to the "step-up" your heirs would receive if the property was passed to them through probate.
   
   The beneficiary of a Lady Bird Deed also receives a "step-up" in basis. Therefore, any tax liabilities arising from the sale of the property will be determined by the value of the property at the time you became the owner, not the grantor. In many cases, this saves the beneficiary a significant amount of capital gains tax. However, the property may still be included in your estate tax calculation.

Are There Any Downsides to Lady Bird Deeds?

Lady Bird Deeds do have a few potential drawbacks. One of the biggest disadvantages of this arrangement is that it does not protect the property from the creditors or a divorce of the grantor.

Additionally, in some states, this type of life estate deed can create issues if the grantor wishes to qualify for Medicaid, specifically with restrictions against transfers of property within a specified look back period.

A person’s rights are still restricted while the Lady Bird Deed is in effect even though they have “enhanced” rights over a regular life estate. Property decisions can still be influenced by the deeded beneficiary, who still has an interest in the property. Beneficiaries may have the right to sue the grantor in some cases – for instance, if the grantor does not take care of the property or fails to pay property taxes.

Connect With Your Estate Planning Attorney

If you are interested in an enhanced life estate deed and an alternative way to transfer property to loved ones, speak to your estate planning attorney.

Contact us

Questions? Contact us at Elise Lampert, Attorney at Law

   

Elise Lampert, Esq.

Law Office of Elise Lampert

9595 Wilshire Blvd. | Suite 900 | Beverly Hills , CA 90212

Phone: (818) 905-0601 / Email: elise@elampertlaw.com

https://www.eliselampert.com

When Does Someone Need Financial Conservatorship?

When individuals cannot manage their finances, courts can appoint guardians. Financial Conservatorship is for those who need help handling money.

Depending on the jurisdiction, financial Conservatorship may also be called Conservatorship of the estate or conservatorship.

In cases where individuals need help with personal and financial decisions, the court can order Conservatorship of the person and estate. The guardian makes both personal and financial decisions for the protected person.

What Financial Conservatorship Entails

Financial Conservatorship gives the guardian the authority to oversee the protected person’s finances and access money to pay bills. In many cases, the terms of the arrangement require the guardian to seek court approval before making financial actions on behalf of the ward, such as spending money and selling assets.

The ward’s money goes into a blocked account. The guardian can only access such an account with a court order, according to the Family Law Self Help Center.

When Do Courts Order Financial Conservatorship of an Adult?

Courts appoint financial guardians when people demonstrate that they cannot handle their finances on their own.

• Individuals who frequently forget to pay bills might need help with finances. For instance, a person might need help remembering to pay bills and handling money.

• Those who are vulnerable to financial exploitation might also need guardians. For example, suppose a person makes significant payments to an online scammer. In that case, a loved one might petition the court to become the person’s guardian to protect them.

• Individuals with diseases and disabilities that prevent them from understanding money may also need the help of a trusted person. For instance, dementia can cause people to have executive functioning difficulties that impact their ability to handle money.

When a person has significant assets but needs help managing them, courts will order financial Conservatorship. Individuals with limited income and assets might not need financial guardians.

Alternatives to Financial Conservatorship

While providing protection and support, Conservatorship limits autonomy. Many states require courts to explore less restrictive alternatives to Conservatorship before appointing a guardian. Those facing challenges with financial decisions should, along with their loved ones, first consider other options.

Financial Power of Attorney

Conservatorship is appropriate when a person is impaired and cannot make their own decisions. Suppose an individual still can make decisions and understand the consequences of their choices. In that case, the person can execute a power of attorney for property. This gives a trusted individual the ability to handle their assets.

Compared to financial Conservatorship, an economic power of attorney can protect individuals’ rights while allowing someone to step in and help with monetary decisions. Under financial Conservatorship, it is more difficult for the protected person to change the arrangement if disagreements with the guardian arise. The person subject to the arrangement must petition the court to terminate it.

Revoking a power of attorney is, by comparison, straightforward. As long as the individual who made a power of attorney retains capacity, they can withdraw their power of attorney at any time for any reason. They can also appoint a new agent without judicial oversight.

Supported Decision Making

Another option for those with money difficulties is supported decision-making. Under a supportive decision-making arrangement, a person can have a trusted individual or multiple people help with financial decisions.

Supportive decision-making is less restrictive than Conservatorship, as individuals get help with decisions while retaining autonomy. Unlike a ward in a Conservatorship, the individual keeps the final decision-making power.

If you are wondering whether a loved one needs help with their finances, consider speaking with your elder law attorney about this.

Elise Lampert, Esq.

Law Office of Elise Lampert

9595 Wilshire Blvd. | Suite 900 | Beverly Hills , CA 90212

Phone: (818) 905-0601 / Email: elise@elampertlaw.com

https://www.eliselampert.com