The KRASA LAW, Inc. Estate Planning Blog

Monday, August 8, 2016

Fixing a Broken Estate Plan

Estate planning is a fluid process.  What might be the perfect plan today could be outdated tomorrow due to changes in the law, changes in the size and nature of the estate, and changes in the personal circumstances of various family members or other beneficiaries.  This is why you should periodically review your estate plan to ensure that they continue to express your wishes in the most efficient manner possible.  A review also serves as a “proofread” to help identify any typos or other mistakes in the documents that should be addressed.   

In general, while you are living and have capacity, you are free to change your estate plan in any manner that you wish.

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Friday, August 5, 2016

I'm on the Super Lawyers List - Where's My Cape?

Many clients ask me whether I always wanted to be an attorney.  The truth is that I considered many professions growing up until deciding on law school while I was in college.  As with most kids, the first profession that I planned for was “super hero.”  I had it all worked out: I’d have a cool car with all kinds of gadgets, a secret base hidden in the Pebble Beach woods, and of course, a costume with a flowing cape.

In pre-school, I was Superman for Halloween.
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Thursday, July 21, 2016

Kyle A. Krasa Named “Rising Star” by Super Lawyers

For the fourth consecutive year, Pacific Grove estate planning attorney Kyle A. Krasa has been named as a “Rising Star” by Super Lawyers.  According to the Super Lawyers website, “Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high-degree of peer recognition and professional achievement. The patented selection process includes independent research, peer nominations and peer evaluations.”

Super Lawyers ranks attorneys in two different categories: “Rising Stars,” for attorneys who are 40 years of age and younger, and “Super Lawyers.
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Friday, July 8, 2016

Record Holders, Inc.

Even though I grew up on the Monterey Peninsula in California, I have been a Green Bay Packers fan since I was a kid.  My short answer for why I’m a Packers fan is: “I have good taste.”  My long answer for why I am a Packers involves the appeal of the team representing the roots of football that started in small Midwestern towns, the fascination I have with watching the game being played in the elements – especially on the “frozen tundra” of famous Lambeau Field – and the legend of Vince Lombardi.  Also: I really like cheese.

Another interesting aspect of the Green Bay Packers is that the team is unique among the major four North American team sports in that it is community-owned.

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Wednesday, June 22, 2016

Generations of Hockey

I was very close to my paternal grandfather who lived only two miles away from me.  He often told me stories of how he played hockey in the Czech Republic before World War II.  He shared articles from The Hockey News and other publications about his exploits on the ice.  When I was introduced to street hockey during P.E.

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Friday, June 10, 2016

Hockey, Heartbreak, and Estate Planning

I’m a retro guy.  Almost daily, I drive a 1953 Chevy Bel Air that I’ve had for over 20 years.  I enjoy listening to Chuck Berry, Bing Crosby, the Andrews Sisters, the Ink Spots, and Amos Milburn.  I would love to wander the 18th Century Lake District in England with poet William Wordsworth or hang out with writers Ralph Waldo Emerson and Henry David Thoreau in 19th Century Concord, Massachusetts.  In addition to preferring my Packers and Sharks gear to sport the old logos instead of the modern ones, I also love wearing gear of defunct sports teams such as baseball’s Montreal Expos and hockey’s Quebec Nordiques and Hartford Whalers.
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Monday, May 30, 2016

Kyle's Famous Analogies

I often use analogies to help explain legal concepts to my clients.  It is often easier to understand abstract ideas when one can relate to them in a familiar way.  Some of the analogies I use are common to the estate planning profession while others I invented myself.  Below is a list of my most common analogies along with explanations of the legal concepts that they convey.

Eggs in the Basket

A Revocable Living Trust can be very beneficial in avoiding conservatorship in the event of incapacity and probate upon death.
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Thursday, May 26, 2016

Snoop Dog's Estate Plan

After music legend Prince died last month, it was revealed that he did not have an estate plan.  Reports indicated that he did not trust professional advisors such as attorneys and accountants because he felt betrayed as a young artist after entering into agreements that did not benefit him as well as they should have.  At least one report indicated that the only people he trusted for advice were his female companions who were in their twenties.  Apparently they did not believe in the importance of establishing a comprehensive estate plan.  

The repercussions from Prince’s decision to neglect his estate planning are starting to become clear.
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Friday, May 6, 2016

A Princely Estate without a Plan

I often write about bad celebrity estate planning as examples about what can go wrong when important decisions are overlooked or only casually addressed.  I have several posters in my office of celebrity estate planning mistakes: Elvis Presley’s unnecessary taxes; Marilyn Monroe’s accidental “gift” of the rights to her likeness to a woman she never met; John Denver’s simple failure to designate a beneficiary on his pension that cost his family millions of dollars; and Thomas Kincaid’s handwritten will attempting to leave his fortune to his mistress instead of his wife.  

Sadly, the latest example of poor celebrity estate planning comes from music legend Prince.  Several reports have indicated that Prince did not have a will.  Family members have filed a petition to probate his estate which will be administered and distributed pursuant to the “intestate” laws of Prince’s home state, Minnesota, which may or may not be in accordance with Prince’s wishes and will nevertheless create unnecessary expense and delay.
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Tuesday, April 19, 2016

The Power to Decide

When establishing a living trust, you essentially have two options for how your beneficiaries will inherit your assets.  One option is to allow your beneficiaries to inherit outright and free of trust.  This means that after your death, once your estate is settled, your assets will be distributed out of your trust and to your beneficiaries individually.  The trust at that point will not have any assets left and will therefore be terminated.  Your beneficiaries will own their share of your trust in their own names as if those assets belonged to them all along.
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Friday, April 1, 2016

Black's Law (Dictionary)

The television show, Grey’s Anatomy, first aired when I was a young attorney.  The show, created Shonda Rhimes, stars “Meredith Grey” but is of course named after the famous medical textbook, Gray’s Anatomy, by Henry Gray, a surgeon from the Nineteenth Century.  As a lawyer, I wondered what would be the legal equivalent of Gray’s Anatomy?  The best I could come up with was Black’s Law Dictionary, the most popular dictionary of legal terms which was created by Henry Campbell Black and first published in 1891.  

I decided that if I ever wrote a legal drama, I would indeed call it Black’s Law Dictionary.  The show would star “Bing Black,” a charismatic and debonair estate planning lawyer who helps people solve their problems without any drama or strife.

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KRASA LAW assists clients with Estate Planning, Elder Law, Pet Trusts, Asset Protection, Special Needs Planning and Probate / Estate Administration in Pacific Grove, CA(93950), Monterey (93944, 93940, 93943, 93942), Salinas (93901, 93905, 93906, 93907), Hollister (95023,95023) Pebble Beach (93953), Carmel By The Sea (93921), Seaside (93955) and Carmel (93923, 93922) in Monterey County and San Benito California.

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