Grief over losing a loved one is a natural part of life. Headaches over the administration of a deceased’s estate shouldn’t be necessary. With some thoughtful planning today, you avoid troubles for your near and dear ones later.
The phrase estate planning sounds dull and a bit morbid. Squeamishness about death explains why so many people shy away from it. But it doesn’t have to be that way. A better phrase might be “love and life planning” because planning your estate is about taking care of yourself and the ones you love by making sure your hard-earned property is distributed exactly as you say. Leaving your estate to whomever you choose is a right. A Los Angeles estate planning lawyer can enable his client to:
- Save money on probate, taxes, and future attorney’s fees;
- Minimize family disharmony by good planning and drafting;
- Determine who gets what;
- Determine who will be in charge of the property;
- Decide whether a family-owned business will be sold or stay in the family;
- Be in control of one’s own life; the documents will provide a way to manage your affairs if you become incapacitated.
Everyone should have an estate plan. It’s not just for the elderly. If you own real estate, planning is called for. If you have minor children, planning is called for. Transfers at death are traditionally achieved through wills. Together, you and a Los Angeles estate planning lawyer can do a lot more than just draft a will.
- Take care of relatives who need guidance and a helping hand.
- Children with special needs can be given their inheritance through a special needs trust that doesn’t jeopardize public assistance.
- Persons with behavioral, gambling, or substance abuse problems can be given their devise through trust, rather than as a single outright distribution.
- Quickly pass your property to beneficiaries. You can use a combination of payable on death accounts, joint tenancy, beneficiary designations, life insurance, and, of course, trusts, to get money and property into the hands of your beneficiaries without the delay of a California probate.
- Lighten the load on your family: Lift the burden on your grieving family by planning your funeral arrangements. You can specify how you wish your final arrangements to take place, limit expenditures, request cremation, and so on.
- Reduce taxes: An estate planning lawyer can help you get the maximum gift and estate tax exemptions. He or she can describe options such as charitable trust, grantor trusts, and life insurance trusts.
- Help a cause. You can support your favorite church, school, or other charitable cause through your estate plan.
A Los Angeles estate planning lawyer will add value to your love and life plan. First, your plan will get done right. “Right,” means your intentions will be accurately expressed in writing. Clarity prevails; ambiguity vanishes. The documents will be legally enforceable.
Second, the attorney will answer your questions.
Third, the estate planning attorney will put your plan into context. He or she will explain the meaning of instrument language, how the documents interrelate, and how your plan works. He or she can explain the implication of your plan on property taxes, estate (death) taxes, and income taxes, leaving no mystery to the estate plan you’ve built together.
Thanks for reading!