Law Office of Christopher P. Walker, P.C.
Bankruptcy And Estate Planning Lawyer Serving The Anaheim Area
714-912-9802
Menu / Navigate

Orange County Bankruptcy Law Blog

Have you named beneficiaries to your transfer on death accounts?

The idea of getting your final worldly affairs in order can be intimidating. You understand the importance of estate planning, but you may dread the idea of having to comb through every asset that you have and decide who gets what. Of course, this action is not exactly necessary for estate planning, and each person's plan and the way that he or she plans is different.

If you do not yet feel ready to dive directly into getting the necessary forms, such as a power of attorney document or even a will, in place, you may want to start somewhere simpler. Your possible transfer on death accounts could be a wise starting point.

What does the latest credit card data mean for you?

Like many other California consumers, you may have a credit card that you use for daily purchases. Like others who have credit cards, you may find that you rely on them as sort of an emergency fund as well. Data suggests that many Americans have more credit card debt than they can reasonably handle, leaving many in a precarious financial situation.

Due to accumulating interests, even a few late or missed credit card payments can quickly spiral into a serious problem. If you find yourself with a significant amount of credit card debt, you are not alone. It may help to understand more about this problem facing many Americans, as well as what you can do to secure a better financial future for yourself and your loved ones.

You get what you pay for with DIY estate planning

Naturally, you are always on the lookout for ways to save money. Anything you can do around your house means you won't have to pay someone else to do for you. If you can change your own oil in your car, you can save a few bucks. If home remedies work for your colds and aches, why run to the doctor?

It is important to know, however, that sometimes seeking the advice of a professional is the safest way to avoid unpleasant consequences. This is true for your home and your health, and it is also true for your legal matters. While you may be able to save some money by using an online, do-it-yourself estate planning document, you may not accomplish your goals.

Can I repair my credit after bankruptcy?

If you are feeling overwhelmed by your debt, chances are it is affecting many areas of your life. You may wake up in the night feeling anxious, and your work may suffer because of your lack of sleep. You may feel short-tempered with your loved ones, and your debt troubles may be taking a toll on your physical health. You may have exhausted all your resources, taken a second job and cut back as far as you can on expenses.

Are you putting off seeking information about bankruptcy? This is not unusual. Bankruptcy carries a stigma many do not want to deal with. In addition, you may be like many who worry that the damage a bankruptcy can do to your credit report is not worth it. What you may not realize is that recovering from bankruptcy is not as difficult as it seems.

Making mistakes with your estate plan could cost you

Estate planning is a smart step for people of all income levels. It does not matter what you earn or the size of your estate, planning for the future, protecting your assets and planning for the protection of your loved ones is a smart effort. However, some people make mistakes in their estate plan, and the result is complications and problems in the future.

Often, people are not aware of the mistakes and missteps they are making with their estate plans. Errors and mistakes can result in the invalidation of part or all of your will, or it could lead to complications with your beneficiaries. If you have not put a plan in place or you have not reviewed your plan in a while, it can be helpful to learn about common missteps so you can avoid them.

Is your career on the line if you file for bankruptcy?

When debt starts to overwhelm you, you may have some difficult choices to make. You may already have made some changes in your spending by cutting back on items like cable, gym memberships and eating out. Maybe you have even sold your second vehicle or put some valuables for sale online. Perhaps you took a second or third job.

If these steps still leave you drowning in debt, you are likely considering filing for relief through bankruptcy. This is a decision to weigh carefully, especially if you have concerns about how bankruptcy will affect your job. Your first step is to obtain as much reliable information as you can about the process and its ramifications.

Take the first step of estate planning by identifying your goals

Most likely, when people are having a fun time at a party or other gathering, estate planning does not come up as a topic of conversation. Many California residents may think of this topic as morbid, and as a result, they put off talking about end-of-life planning. Of course, if they put off the actual planning as well, they could end up putting themselves and their loved ones in difficult positions.

If you have not yet started your estate plan, you may have one reason or another for not doing so. You may think that you do not need a plan because you do not have many assets, or you may think that you have years left to think about what you should include in your plan. However, it may be more realistic to understand that a serious incident could happen at any time that could leave your family in need of instruction for handling your affairs.

Addressing your tax debt through bankruptcy

Tax season is here, and you may soon receive documents from your employer that will help you file your taxes. However, you may already dread this season because you have a substantial amount of tax debt that has affected you and your finances for years. For whatever reason, you did not have the ability to pay your tax liabilities, and you now face a serious financial problem.

Luckily, you do not have to feel out of options when it comes to addressing your outstanding tax debt. In fact, you could find the help you need through a common debt-relief option: bankruptcy. Of course, before jumping into this process, you may want to take the time to understand the stipulations involved in relation to tax debt.

Documents commonly used in estate plans

Although you might count yourself among those in California who would rather discuss just about anything other than their own mortality, you may also be among those who understand that it's important to talk about such things, especially if you are getting ready to execute an estate plan.

If you fail to discuss certain issues with your spouse, adult children or others to whom you might designate specific appointments in your plan, it could lead to confusion or discord among your family when the time comes to administer your estate. It's also a good idea to research the various types of documents available to include in your estate plan, and to speak to someone well versed in estate planning and probate laws for help to determine which documents best serve your needs.

Are you thinking of disinheriting your child?

Not every parent/child relationship survives into adulthood. For one reason or another, a parent and a child can become estranged or otherwise don't get along. In some cases, parents disinherit their children in an attempt at "tough love" due to an addiction, bad money management skills or disappointment with some aspect of a child's life.

If this happens in your life, you may consider disinheriting your child. This may seem like a logical conclusion to your relationship issues, but before you do it, you may want to consider it carefully.

Let Me Provide Answers

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact

Law Office of Christopher P. Walker, P.C.
505 S. Villa Real Drive
#103
Anaheim, CA 92807

Phone: 714-912-9802
Fax: 714-637-1636
Anaheim Law Office Map

WalkerOfficeStreetResized.jpg
Back to Top