ESTATE PLANNING FOR ATTORNEYS

Mina N. SirkinSIRKIN LAW GROUP, P.C.21550 Oxnard St. #300, Woodland Hills, CA 91367818-340-4479Probate Attorney Los Angeles

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Basics• Wills• Trusts• Power of Attorneys for Asset Management• Power of Attorney for Health Care• Assignments to Trust• Transfer of Real Estate• Nomination of Practice Administrator• Nomination of Conservator of Person / Estate

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Special Problems with Access to Attorneys’ Accounts

1.General Account of a Law Corporation: Needs a signer on the Account (Coordinate Trust and Corporate Power of Attorney to cover these)

2.General Account of a Sole Proprietor: Needs a signer on the account and an assignment to the trust. (Coordinate Trust and Power of Attorney to cover these)

Attorney-Client Trust Accounts:• Attorney-Client Trust Accounts need a Practice Administrator

Nomination in Estate Planning Documents for someone to be able to access them upon incapacity or death of the attorney

• Non-licensed Spouse cannot access Attorney-Client Trust Accounts

Asset Based Planning• IRA Accounts:• 401k• Life Insurance (Unless in a Trust)• Beneficiary Designations

Second or Third Spouse Issues:• Beneficiaries of all accounts and insurances need to be

checked• Prior Dissolution Orders should be visited

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Practice Administrator• Protects in Incapacity and at death

• May be nominated by in a writing (Will/Trust/Power of Attorney/ PLUS stand-alone nomination)

• The process of appointment involves a Petition to appoint a Licensed Person as Practice Administrator to take control of files and assets (Probate code 9764)

• Must specify value of of the assets• Requires a bond• The Practice Administrator cannot be the attorney

representing the personal representative or trustee in the administration

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Duties of the Practice Administrator• B&P 6185

• Take control of all operating and client trust accounts, business assets, equipment, directories, and premises

• Of Deceased or Disabled Bar Member• Take Control and Review Files• Contact Each Client and Discuss options• Contact Opposing Counsel and ask for time for new counsel• Determine Liabilities of Practice and pay them from the assets

of the practice. If insufficient, ask the estate administrator for additional funds, or ask the court for an order

• Employ any person necessary to assist

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More• Create a plan of disposition• Sell the practice subject to approval of personal representative• Reach agreements with successor counsel, subject to approval

of the personal representative, for division of fees for work in progress

• May act as successor counsel• May ask for Instructions from the Court

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Logistics• Corporation Attorney Client Trust Accounts require an order

appointing the Practice Administrator to access the account• Order must specify the name of the corporation and the name

of the practice administrator who can access• The practice administrator must still obtain permission of

personal representative, unless waived in the order

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How is the Practice Administrator Paid?• From the assets of the practice, with a court order• If not sufficient, paid from the estate or trust, with a court

order.

• PROBLEMS:• Insufficient assets• Maintaining the malpractice insurance

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Decedent Estate Malpractice Statute of Limitation• Latest: 1 Year from the date of death even if no probate or

trust• Or 4 months from the date of Letters Testamentary/Letters of

Administration• Or 4 months from the date of publication by trustee, if Trustee

published a notification• Late Discovered claims must apply to the court, but still

subject to the time bar• Claims against the deceased member: Creditor must file a

claim• Practice Administrator must communicate with the personal

representative so he/she can give notice to the creditors

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Have Questions?

Mina N. Sirkin, Esq.Board Certified Specialist, Estate Planning Probate & Trust Law

SIRKIN LAW GROUP, P.C.21550 Oxnard St. #300

Woodland Hills, CA 91367(818)340-4479

Email: MSirkin@SirkinLaw.comLos Angeles Probate Lawyer