An estate planning attorney can help you protect your assets while you are living and protect your family after your death. An estate planning attorney in Santa Ana can ensure you have a valid plan, one that is recognized by the state and will stand up to any challenge.
With well thought out estate planning, you can minimize taxes and other expenses that often occur after your death. There are a few methods that can be used to ensure that your beneficiaries receive that which you wish to leave them. An estate planning attorney can explain the pros and cons of such instruments as wills, and living trusts.
The advantages of trusts:
A living trust is an effective tool; you can transfer property to your next generation but allows you to maintain control while you are still alive. A trust allows you to designate yourself as both the trustee and the beneficiary. The document contains the name of a successor trustee that takes control upon your death; the document also contains the names of your beneficiaries. The trust usually contains a provision that you retain the right to change or amend the document and its contents at any time. A living trust allows you to continue to enjoy your assets, knowing in advance that the disposition of your property has been attended to, free of probate.
* Estate taxes: All property, including the proceeds from life insurance policies, which you own at the time of your death, is subject to federal estate taxes. If you are married and do not have a living trust, the maximum amount that can be transferred tax-free is $600,000; with a living will, this amount is $1.2 million. The tax saving will amount to approximately $235,000.
* Incapacity: Being unable to manage one’s affairs is something that is possible, and must be faced. A living trust will allow for the proper management of your assets in the event you become disabled in some manner.
A knowledgeable estate planning attorney in Santa Ana can develop a plan that will protect your assets and your beneficiaries, and you will rest easy knowing you have put all your plans into effect while you are still able to.
An estate planning attorney in Santa Ana can help ensure that your heirs and beneficiaries maximize on that which you leave in your estate. To discuss your future thinking, contact The Law Offices of Norman J. Homen.
