Estate planning is a subject that nobody likes to think about but in its simplest form, it is about ensuring peace of mind. It means much more than simply drawing up a will. Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. Estate planning includes planning for inability as well as a process of reducing uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. It is about making sure that the investments you make now are passed on to your family or beneficiaries in the most effective way.
Reasons Why You Need an Estate Plan
• Minimize tax consequences
• Individual plans
• Distribution of wealth
• Wealth protection
• Asset and business transfers
• Protection of assets
Estate planning has become even more important in today’s world and often can involve more than a simple will. It can be quite a complex area and it is recommended that you seek professional advice to assist you with implementation once you have considered your options.
Explore the estate planning section to learn more about:
- Wills: A Will is a document which ensures that your wishes with respect to your assets and property are followed after your death. It is a common estate planning tool and is usually the simplest device for planning the distribution of an estate.
- Trusts: Legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor’s assets or property for the benefit of a third party (the beneficiary). A trust can be used to begin distributing property before death, at death or afterward.
- Powers of attorney: A power of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter.
- Advance Health Care Directives: An estate plan may include the creation of advance directives, documents that direct what will happen to a person’s estate and in relation to their personal care if the person becomes legally incapacitated.
Estate planning is an important part of your overall financial plan and it is something that shouldn’t be left to the last minute. After all, we don’t know when that last minute will be!
How our Estate Planning Attorney can help you:
Attorney, Edward Lovato and Lovato Law are experienced and profession to assist and guide you in choosing the right options for maintaining your estate after death or in case of incapacity. Attorney Edward Lovato seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes. Let us help you:
- Plan and prepare a legally complete Property Power of Attorney.
- Plan to minimize any estate tax.
- Prepare a Will, and help control the probate process with or without a Will.
- Establish a Living Trust to avoid probate and allow for management of assets in case of incapacity.
- Help avoid guardianship of the estate for minors or incapacitated persons.
- Plan to pass the ownership of your assets to the right beneficiaries in the manner you wish.
- Ensure to protect your property if in case any legal issues in your family or with beneficiaries.
- Assist in putting your brokerage accounts, retirement plans, insurance policies, business and partnership interests, debt and personal property into trusts or business entities.
- Create irrevocable Trusts or other special types of Trusts.