The Law Firm Of Myrna Serrano Setty, P.A
The Law Firm Of Myrna Serrano Setty, P.A

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A Will Alone Is Not An Estate Plan
  • By: Myrna Serrano Setty, Esq.
  • Published: August 5, 2020

Where there is a Will, there is not always an estate plan. A Will is a good start, but you need more. First, a Will allows you to do the following: Direct who inherits your property after your death Nominate an executor (personal representative) to administer your estate Nominate legal guardians for your minor children Second, a Will does not complete your estate planning For example, a Will is limited to what happens upon your death. What if you get very sick or become incapacitated? A Will is not going to allow your family or other trusted people to help you manage your finances, legal matters or your health care. At the very least, a proper estate plan should also include the following: 1. A way for someone you trust to manage your…Read More

Why Did Carrie Fisher’s Estate Plan Fail?
  • By: Myrna Serrano Setty, Esq.
  • Published: May 14, 2020

Do You Have A Revocable Living Trust? Will Your Family Have To Go To Court And Lose Their Valuable Privacy? Whether You Own A Little Or A Lot, You Need To Be Careful With Your Revocable Living Trust Do you have a revocable living trust as part of your estate planning? A solid estate plan can mean the difference between an expensive time in court or a smooth transfer of property for your family. When a high-profile celebrity passes away, we can learn a lot about the value of careful planning. Let’s take a look at what trust funding is and why it’s important. This Failed Estate Plan Is An Excellent Example Of Why You Need Properly Transfer Property To Your Revocable Living Trust In our opinion, Carrie Fisher’s plan failed, because it…Read More

How Do You Freeze Your Credit?
  • By: Myrna Serrano Setty, Esq.
  • Published: March 12, 2020

Are you a senior worried about identity theft? Or are you worried about a loved one with dementia becoming a victim of identity theft? Here are some tips on freezing someone’s credit. This is important if you’re trying to protect someone from elder abuse. What Does It Mean To Freeze Credit? A credit freeze restricts access to your credit report, making it harder for identity thieves to open new accounts in your name. To Place Or Lift A Credit Freeze, You Must Contact Each Credit Bureau Separately. Equifax: equifax.com or 800-695-1111 Experian: experian.com or 888-397-3742 TransUnion: transunion.com or 888-909-8872 Once a credit freeze is in place, it secures your credit file until you lift the freeze. You can do that online, by phone, or by mail using the special PIN the companies give…Read More

Part 2: Use Estate Planning To Avoid Adult Guardianship And Elder Abuse
  • By: Myrna Serrano Setty, Esq.
  • Published: September 19, 2019

In Part 1 of this series, we discussed how some professional adult guardians have used their powers to abuse the seniors placed under their care. Here, we’ll discuss how seniors can use estate planning to avoid the potential abuse and other negative consequences of court-ordered guardianship. As our senior population continues to expand, an increasing number of elder abuse cases involving professional guardians have made headlines. The New Yorker exposed one of the most shocking accounts of elder abuse by professional guardians, which took place in Nevada and saw more than 150 seniors swindled out of their life savings by a corrupt Las Vegas guardianship agency. The Las Vegas case and others like it have shed light on a disturbing new phenomenon—individuals who seek guardianship to take control of the lives of vulnerable…Read More

How Can You Use Estate Planning To Take Care Of Your Pet?
  • By: Myrna Serrano Setty, Esq.
  • Published: August 27, 2019

If you have a pet, he or she probably feels like part of your family. So it makes sense to take care of your pet if you become incapacitated or pass away. Because if you don’t make any plans, your beloved companion could end up in an animal shelter or worse. The law looks at pets as personal property. So you can’t just name your pet as a beneficiary of your will or trust without some careful planning. Be Careful With Your Will Since you can’t name your pet as a beneficiary, you might consider leaving your pet and money for its care in your will to a trusted person who would be your pet’s new caregiver. But your pet’s new caregiver would not be legally required use the funds properly. In fact,…Read More

Part 2: The Real Cost Of Not Planning
  • By: Myrna Serrano Setty, Esq.
  • Published: August 7, 2019

This article is part of a series discussing the true costs and consequences of failed estate planning. The series highlights a few of the most common—and costly—planning mistakes we encounter with clients. If the series exposes any potential gaps or weak spots in your plan, meet with us to learn how to do the right thing for the people you love. If you’re like most people, you probably view estate planning as a burdensome necessity—just one more thing to check off of life’s endless “to-do” list. You may shop around and find a lawyer to create planning documents for you, or you might try creating your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them. The…Read More

When a Will Isn’t Enough to Avoid Conflict: Remember Your Personal Property
  • By: Myrna Serrano Setty, Esq.
  • Published: May 21, 2019

"When the parents are gone, there’s all kinds of unforeseen stuff they leave us with, stuff they never intended.” – Ira Glass, in This American Life, Episode 763: “Left Behind” If you grew up with siblings, you probably remember some sibling rivalry. That rivalry can continue well into adulthood, especially after the parents are gone. In many families, parents are like the glue that keeps the family together. Once their gone, old issues can resurface, especially when it comes to dividing the parents’ personal property. That’s why it’s important to have a plan for how you want your personal, sentimental property distributed to the people that you love. If you don’t, that can make an already tough situation so much worse. This American Life, a popular podcast, recently featured a family with such…Read More

Will Your Estate Have A Password Problem?
  • By: Myrna Serrano Setty, Esq.
  • Published: May 7, 2019

Living in the digital age, having online access to investments is a great convenience. But the downside is that they can create a very difficult situation for a surviving spouse or executor trying to find the deceased’s assets. What is the first thing you are told about any password? Don’t write it down. This can create unintended consequences for an executor who needs access to each account in order to marshal the assets and eventually distribute those assets to the heirs or trustees based on the language contained in the will. When the founder and CEO of a Canadian cryptocurrency exchange, QuadrigaCX, died unexpectedly, nobody else had the password to the exchange’s cold storage locker. That cut off access to investors’ $190 million in cryptocurrency. Those investors may never see their funds again.…Read More

Estate Planning Mistakes Seniors (Including You Or Your Parents) Can’t Afford To Make
  • By: Myrna Serrano Setty, Esq.
  • Published: April 30, 2018

Once you or your parents reach senior status, you really can’t afford to put it off any longer. Unfortunately, without proper planning, seniors can lose everything, even if they have family to look after them. Having a will isn’t enough. More and more, the media is highlighting stories of seniors being taken advantage of, and even being targeted by unscrupulous professional guardians. While planning for your incapacity and death can be scary, it’s even scarier to think of all the horrible things that can happen to your family if don’t have the right planning in place. Here are a some of the most common mistakes that seniors make: Mistake #1: Not Creating Advance Medical Directives In your senior years, health care matters become much more relevant and urgent. At this age, you can…Read More

5 Common Estate Planning Mistakes And How To Avoid Them
  • By: Myrna Serrano Setty, Esq.
  • Published: February 13, 2018

Since estate planning involves thinking about death, many people put it off until their senior years, or simply ignore it all together until it becomes too late. This kind of unwillingness to face reality can create a major hardship, expense, and mess for the loved ones and assets you leave behind. While not having any estate plan is the biggest blunder you can make, even those who do create a plan can run into trouble if they don’t understand exactly how estate plans work. Here are some of the most common mistakes people make with estate planning: 1. Not Creating A Will While wills aren’t the ultimate estate planning tool, they are one of the bare minimum requirements. A will lets you designate who will receive your property upon your death, and it…Read More

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