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October 2024
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MEET OUR NEW ASSOCIATE ATTORNEY
Our primary goal at Falk, Barrot & Associates, LLP is to provide the best service possible to our clients. To accomplish that, we are always looking for talented attorneys to join our firm. We are proud to introduce our new employee, Attorney, Jessie J. Burgueño, who recently joined our legal team and is already making a difference in the lives of our clients. Jessie grew up in San Mateo County. His love of home and passion for what he does make him a perfect fit for our firm. Whenever he sets out to accomplish something, he does so with dedication, excellence, and unparalleled professionalism. When asked why he chose estate planning as his practice area, Jessie says. “I am passionate about estate planning because I get to help empower people to plan for their future and give them and their family a sense of predictability in a world where there is so much uncertainty.” Jessie began his career in law during high school as a file clerk for a small law firm in San Mateo, California. From there, Jessie moved up the ranks as a legal assistant, paralegal, and then a practicing attorney. Jessie has worked in the areas of consumer law, public interest, litigation, and trusts and estates. After graduating magna cum laude from college, Jessie went on to have similar success at law school, where he was on Dean’s Honor Roll and represented his law school on the Moot Court Team. When Jessie is not working with clients on creating comprehensive estate plans, Jessie enjoys traveling. He is fulfilling his dream IMPORTANT REMINDER Under current law, the federal estate tax exemption amount, which is now $13,610,000 per US taxpayer, is adjusted annually for inflation. However, the exemption will revert back to $5,000,000 (as adjusted for inflation) on Jan. 1, 2026, estimated to be approximately $7,000,000. If you would like to discuss minimizing estate tax liability before the law changes, please call the law firm to schedule an appointment by Sept. 1, 2025.
with a trip planned to Paris , this fall. This will be his first time in France, and he is preparing for the occasion as all true foodies can understand. Once he’s abroad, he plans to explore the city’s rich culinary heritage, trying out as many restaurants, bakeries, and exciting eateries as possible. Jessie is excited to join the team at Falk, Barrot & Associates, LLP and looks forward to working with the great people in his community. His understanding of estate planning law and the needs of our clients makes him an invaluable asset to our firm. expenses. While there are additional goals, it is crucial to navigate three main obstacles: probate, conservatorship, and estate taxes. Dialogue with family and friends about your objectives can help you achieve your wishes. It is imperative to regularly review and update your estate plan. Changes in laws, especially regarding federal estate taxes, as well as personal events like marriage, divorce, or the birth or death of a family member, may necessitate revisions. Consulting with Falk, Barrot & Associates, LLP, can make this more manageable. National Estate Planning Awareness Month October is National Estate Planning Awareness Month, a time for individuals and families to reflect on the significance of creating and maintaining an estate plan. Establishing an estate plan is crucial for ALL. Estate planning allows you to determine who will make health and financial decisions upon your incapacity, how your assets will be managed and distributed after your passing, ensuring that your belongings go to the intended recipients, and can help you eliminate or mitigate estate taxes. Estate planning primarily aims to maintain control during your lifetime, ensure responsible distribution of assets, and minimize
—Kimberly Barrot
www.FalkBarrot.com
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HOW TO SIDESTEP PROBATE Simple Ways to Avoid Probate With Your Assets
Beneficiary Designations One straightforward method is to designate beneficiaries directly on accounts such as IRAs, life insurance
Avoiding probate is a common goal for many when planning their estate, and for good reason. Probate is the legal process through which a deceased person’s assets are distributed under court supervision. This process can be time-consuming, costly, and public — all good enough reasons to find an alternative that allows your estate to pass directly to your loved ones. First, understanding what probate involves is crucial. Probate is the distribution of assets in your name at the time of your death. Without proper planning, these assets must go through probate before being legally transferred to your heirs. However, several strategies can ensure your assets bypass the probate process, saving your beneficiaries time, money, and stress. Here are three effective ways to avoid probate.
automatically transferring assets to your designated beneficiaries. Revocable Living Trusts Another powerful tool is creating a revocable living trust. You transfer your assets into the trust, and you can remain the trustee during your lifetime, managing the assets as you see fit. Upon your death, the successor trustee you’ve named will distribute the trust assets to the beneficiaries according to your instructions in the trust document — again, without probate. Incorporating these strategies not only simplifies the distribution of your assets but also provides peace of mind, knowing that your beneficiaries can avoid the complications of probate.
policies, and retirement plans. Doing so will transfer these assets directly to the named beneficiaries upon your death without going through probate. It’s vital to keep these designations up to date to reflect your current wishes. Payable on Death (POD) and Transfer on Death (TOD) For bank accounts, you can set up a Payable on Death (POD) designation, which allows the account’s contents to be transferred directly to a named beneficiary when you pass away. Similarly, Transfer on Death (TOD) registrations can be used for brokerage accounts and other eligible assets. These designations are simple to set up and effectively bypass probate by
The Urban Dog’s Survival Guide How to Make Your Apartment a Paradise for Your Pooch
Drown out the chaos with white noise. Apartment life is noisy, and for a dog, every hallway sound is a potential intruder or a friend they haven’t met yet. To keep the barking at bay and help your dog stay calm, consider placing a white noise machine near the source of everyday noises, like the front door. It’s like giving your dog their own personal bubble of Zen, shielding them from the chaos of the outside world. Treats are a dog’s best friend. Navigating the bustling common areas of an apartment building can be a sensory overload for your pup. To keep them focused and calm in busy lobbies and elevators, arm yourself with their favorite treats. Not only does this keep their attention on you instead of the swirling vortex of scents and sounds, but it also makes these common spaces a source of positive reinforcement. Elevator rides suddenly become much more appealing when a tasty snack is involved!
Mental gymnastics keep them active. Just like us, dogs need mental stimulation to stay sharp and content. Incorporating mental enrichment activities into your dog’s daily routine can make a big difference, especially on those rainy days when a long walk isn’t in the cards. Puzzle feeders or a good old game of hide and seek with treats can keep their brains buzzing and boredom at bay. Create a cozy corner. Set up a dedicated space in your apartment where your dog can retreat and relax. This could be a cozy corner with their bed, some favorite toys, and maybe even an item that smells like you. It’s their haven from the hustle and bustle of apartment life! Living with a dog in an apartment doesn’t have to be ruff. With these simple adjustments, you can ensure your pup feels as much at home in your apartment as you do. After all, it’s not just your space — it’s their den, too!
Living in an apartment with a furry companion has quirks and challenges, especially when your roommate is a barking bundle of joy. While we love having them around, keeping our canine pals happy in a compact space requires a bit of creativity and a lot of care. Here are some tail-wagging tips to ensure your dog is as comfortable in your apartment as you are!
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In the early 20th century, Coney Island was the beating heart of America’s burgeoning amusement park industry. Three rival theme parks — Steeplechase Park, Luna Park, and Dreamland — engaged in fierce, cutthroat competition that dramatically reshaped this iconic destination. A Tawdry Reputation Transformed Coney Island’s reputation was once far from wholesome. Known as “Sodom by the Sea,” it was considered a tawdry, vice-filled destination. That began to change in 1897 when Steeplechase Park opened. Its founder, George Tilyou, sought to bring clean fun to the masses, creating a lighthearted atmosphere exemplified by his iconic “Funny Face” caricature. Stealing Ideas and Underhanded Tactics Tilyou’s success soon drew the attention of rival park operators. In 1902, he lured away the founders of the popular “A Trip to the Moon” attraction from the upcoming Luna Park. These underhanded tactics were common, as the parks constantly copied each other’s rides and acts to one-up the competition. Rapid Innovation Drives Change This competitive spirit drove rapid innovation at Coney Island. Over just a few years, the parks introduced groundbreaking new attractions like the Rotating Barrel, Thunderbolt roller coaster, and the world’s largest Ferris wheel. They transformed the public’s perception of amusement parks, elevating them from sideshows to immersive, technologically advanced experiences. The Birth of the Modern Amusement Park The era of Coney Island’s dueling theme parks was short- lived, lasting only from 1904 to 1911, but its impact can still be felt today. The parks’ relentless one-upmanship drove the rapid evolution of the amusement park industry, laying the foundation for the iconic destination Coney Island has become. What began as a vulgar locale became a glittering symbol of American ingenuity and the pursuit of wholesome fun. While the tactics of these rival parks may have been underhanded, the lasting legacy of their fierce competition is undeniable. The rapid innovations, technological advancements, and shifts in public perception from this crucible of competition continue to shape the amusement park experience today. The Rivalry That Redefined Entertainment Coney Island’s Cutthroat Carnival
TAKE A BREAK
AUTUMN BOO CANDY COFFEE FOLIAGE
GHOST GOURD MOON SPOOKY SOUP TAILGATE TOUCHDOWN
PUMPKIN PIE FRENCH TOAST
Inspired by AllRecipes.com
Ingredients
• 1 1/2 tsp vegetable oil, or as needed • 1/2 cup half-and-half • 1/4 cup canned pumpkin purée • 3 large eggs • 1 tsp ground cinnamon
• 1 tsp vanilla extract • 1/4 tsp pumpkin pie spice • 1/4 cup finely chopped walnuts
• 8 slices day-old bread • Maple syrup, to taste
Directions 1. Lightly oil a skillet and heat over medium heat.
2. Whisk half-and-half, pumpkin purée, eggs, cinnamon, vanilla, and pumpkin pie spice together in a bowl. Stir in walnuts until evenly distributed. 3. Place 1 slice of bread in the bowl and let it soak briefly to coat both sides. Lift bread to let excess liquid drip back into the bowl, then transfer to the hot skillet. 4. Cook for 2–3 minutes or until golden brown, then flip and cook the other side until done. 5. Stir batter to redistribute walnuts and repeat with other slices of bread, cooking in several batches if necessary. 6. Serve warm with maple syrup.
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650-463-1550 www.FalkBarrot.com 865 Laurel Street, Ste. 4 San Carlos, CA 94070 INSIDE THIS ISSUE
Introducing Our New Associate Attorney
1
Escape Probate With These Estate Planning Tips
2
Turn Your Apartment Into a Dog-Friendly Haven
Pumpkin Pie French Toast
3
The Cutthroat Competition Behind Coney Island
The Legal Drama Behind Larry King’s Handwritten Will
4
Lessons Learned From Larry King’s Handwritten Will
When iconic TV host and author Larry King died at age 87, he left a legacy of iconic interviews and memorable moments over a long radio and television career, including 25 years at CNN. But an unexpected twist was his secret handwritten will that dramatically changed the plans for his estate. Despite its brevity and simplicity, this last-minute discovery sparked a heated legal battle. Handwritten or “holographic” wills are legal in many states, including California, where Larry King resided. These wills don’t require the usual formalities of being witnessed but must be entirely written and signed by the testator — the person to whom the will belongs. While this might seem like a convenient shortcut, it often leads to serious legal challenges, particularly around the will’s credibility and the testator’s intentions.
In Larry King’s case, his handwritten will excluded his wife, leaving his entire estate to his children. This was a shock, especially since California law entitles a surviving spouse to half of all the assets acquired during the marriage. King’s wife was understandably taken aback, leading to a family feud ultimately resolved through a confidential settlement. This situation is a stark reminder of why handling estate planning with thorough care and legal guidance is crucial. While a handwritten will can be a legal document, it’s generally better suited for straightforward estate circumstances. A more comprehensive approach is advisable to avoid family disputes in more complex situations, like Larry King’s, who had considerable assets and a blended family.
Photo: Peabody Awards
Larry King’s situation emphasizes the crucial importance of having a well-thought-out estate plan that considers all legal aspects and potential family dynamics — King was married eight times to seven women and had three surviving biological children. While handwritten wills are a valid option, they should be used cautiously. Taking proactive steps in estate planning can help prevent conflicts and ensure your final wishes are respected, providing peace of mind for you and your loved ones.
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