Estate planning are tasks which manages a person's individual assets. It also serves to manage the individual’s inheritance to their heirs as well as the estate tax settlements. Everybody needs to make sure that all their assets are secured. No matter how big or small these assets are You’ve worked day and night to earn this so you need to protect them in case of incapacitation or death.
Estate law attorneys are helping a person set up the estate plans. Nowadays, people are more careful when looking for attorneys especially the estate planning attorney serving San Francisco and Danville, CA. Though they are easy to find, you have to make sure that the attorney who is setting up your estate plan is experienced in estate laws.
Why Do We Need ESTATE PLANNING?
Estate planning is very important so that you and your family will not lose anything that you have worked hard for. If you are from California, there are estate planning attorney - offices in San Francisco and Danville, CA where you can get in touch with to help you out with your Estate Planning. There are five major reasons why a person needs estate planning:
- This is to make sure that your estate will be passed on to your intended beneficiary or beneficiaries in case of death.
- You will appoint a person who will administer your state in case something happens which will result in your death.
- You will also nominate a person who will make medical as well as financial decisions for you in case you become incapacitated.
- If you are already unable to care for your children, you will appoint someone who will do it for you.
- To reduce and also avoid estate taxes.
What Comprises an Estate Plan?
Your attorney will set up a unique estate plan for you. There are many factors and components that will be included in your estate plan. Your estate plan will never be the same as the others. It is personally made for you. Your estate will usually include:
- A Will
- A Power of Attorney for managing financial and legal issues.
- Nominating a Power of Guardianship who will manage your health welfare matters.
- A Living Will or an Advanced Healthcare Directive for whatever medical you would want and exclude.
- The integration of your company, your trusts, as well as other structures that you own.
- Any future plans that you want to invest on in a business.
- A flexibility to accommodate if in the case at the time you passed away, there will be changes in the laws or circumstances.
- A tax-efficient structure.
- The Family Law Financial Agreements
- Testamentary trusts which can be your Will and will be used after you pass away.
- Insurance (use and integration) which is an asset in your plan, to cover debt or income for business succession scheme, or support the wealth of your future estate.
- Retirement plans
A well thought out Estate Plan should have legal documents to support it which should be coordinated with your retirement, investments, as well as your wealth accumulation techniques. The Estate Plan cost will depend on certain circumstances. If you are from California just get an appointment to meet up with an estate planning attorney - offices in San Francisco and Danville, CA, to start setting up your Estate Plan. Protect your estate base and investments today!