Estate Planning

An estate plan is easily the most important document any individual will ever prepare and sign, if they get that far. It is shocking to note that the vast majority of individuals have not made provisions for what will happen to their families after their (all of our) inevitable death. If you have not prepared an estate plan, rest assured; the State of California has prepared one for you. Unfortunately for your family, the State of California is the major beneficiary of an individual who dies without making other arrangements. We'd like to help you insure that the majority of your estate passes to your family rather than to California.

Another important purpose provided by proper estate planning is the protection of assets in case of liability for some unforeseen accident.  A well-designed estate plan can benefit you during your life as much as it will benefit your family after your passing.

Proper estate planning requires a relationship with a qualified estate planning attorney. Unfortunately, there are many individuals, businesses, and salespeople masquerading as estate planners. The public is inundated with sales schemes that involve selling wills, living trusts, and estate planning forms without the oversight of attorneys. Proper estate planning requires professional thoroughness and an understanding of this complex and continuously changing area of law. Our attorneys and other advisors combine their vast knowledge with respect for the overall well-being of the client and the client's family. The Law Collaborative aspires to the highest ethical professional behavior, lending dignity to the client, their family, and the estate planning process. We are in the business of helping people, not selling forms.

To speak with an experienced estate planning attorney about your specific estate planning needs, email us or call us toll free at (888)852-9961.

What is Proper Estate Planning?
Proper estate planning allows you to plan for your future and that of your loved ones without giving up control of your affairs. Your estate plan should allow you to plan for the possibility of your own disability. Your estate plan should save every tax dollar, professional fee, and court cost that is legally possible to save.

The Problems with Traditional Estate Planning
Most of us are familiar with conventional estate planning tools. Each unfortunately has disadvantages that contradict the definition of wise and proper estate planning. Let's review traditional forms of estate planning.

The Pitfalls of Wills
• Wills guarantee probate, which can generate executor and attorney fees and cause time delay before your loved ones receive their inheritance.
• Wills are fully public. They are open to inspection by anyone who wants to know about you and your affairs.
• Wills offer no planning or direction for you or your family in the event of your disability.
• Wills are easily challenged by unhappy relatives and creditors.
• Wills usually don't control life insurance proceeds, retirement benefits, or jointly owned property.
• Wills are often bare-bones form documents written in hard-to-understand language. They don't capture the hopes, fears, dreams, values, and ambitions of their makers.
• Wills may not be effective when their makers move to or own property in another state.

The Pitfalls of Jointly Owned Property
• Your joint tenancy property may pass to unintended heirs.
• Joint tenancy does not avoid probate. It only delays it.
• There may be unintended gift and estate taxes if joint tenancy is used between non-spouses or with children.
• Joint tenancy makes no provisions for estate tax planning.
• Joint tenancy does not allow you to give your property to who you want, the way you want, and when you want.

The Pitfalls of Planning with a Beneficiary Designation
• Designating beneficiaries on a standard business form, 'beneficiary designation,' often means losing control of a major portion of your estate. It does not enable you to leave instructions or provide guidance to your loved ones.
• Oftentimes the wrong beneficiary is named in the beneficiary designation.
• A beneficiary designation won't protect your spouse and children from unscrupulous people.
• Equal distributions from a beneficiary designation may cause unequal results that won't meet your family's special needs.
• Beneficiary designations make no provision for federal tax planning.

The Pitfalls of Bare-Bones Living Trusts
• Although living trusts appear to be better than wills, they do not avoid probate unless they are fully funded.
• Most living trusts are sterile legal forms that do not contain instructions for loved ones. They accomplish limited objectives.

The Solution : Estate Planning

The basis of proper estate planning is a revocable living trust that contains your special instructions for your own care and that of your loved ones.

What can Proper Estate Planning do for You?
• Provide instructions for your care and that of your loved ones in the event of your disability.
• Be effective if you move to or own property in another state.
• Avoid probate and its associated legal costs.
• Keep your affairs private and confidential.
• Control all of your property, including pensions and life insurance.
• Allow you to leave explicit instructions for the care of loved ones.
• Create protective trusts for young children, disadvantaged children, adult children and grandchildren.
• Provide federal estate planning.

Creating an Estate Plan is Easy
With the help of your attorney and advisors, you will quickly and comfortably establish a living trust centered estate plan for yourself and your loved ones. Your living trust may be changed or cancelled at any time. As maker, trustee, and primary beneficiary, you control every aspect of your property. You also appoint the trustees, naming as many or as few as you like, with specifications regarding who takes care of what. Of course, a living trust-centered estate plan truly comes to life by adding your loving concern, with the caring efforts of your attorney and other professional advisors.

A Proper Estate Plan Meets Your Goals
It allows you to plan for possible disability and direct the distribution of your property. It saves tax dollars, professional fees and court costs. And, most importantly, it keeps you in control of your own affairs.