Are you concerned about the future of your assets? Estate planning is the process of planning how your assets will be handled after death. It usually involves signing a will and a trust. You also sign a healthcare directive and power of attorney that take effect if you become incapacitated. It’s important to know that signing a trust does not complete your estate plan. You must also transfer assets into your trust. This is called funding your trust. You should know that there are three goals in estate planning.
First, put your family’s game plan in writing. A properly drafted will and trust direct how your assets are handled at your death. You also get to choose who oversees that process. Otherwise, California law will determine how your estate is handled.
The second goal of estate planning is to avoid probate. Probate is a court proceeding that is both expensive and time-consuming. Probate takes about two years to complete. Our firm has an online probate fee calculator that can show you how expensive it is. For example, probating a million-dollar house in California costs about $46,000.
The final goal of estate planning is to save taxes. There are many taxes to avoid at death. Such taxes include income tax, estate tax, and property tax reassessments. A good estate plan minimizes taxes.
Law & Stein has extensive experience in accomplishing these goals. Take control of your future now and give yourself and your loved ones peace of mind. Contact Law & Stein now to schedule a free consultation to learn more about the benefits of effective estate planning.