Estate Planning Attorneys Southern California

ESTATE PLANNING ATTORNEYS SOUTHERN CALIFORNIA: Aside from taking a look at your family and personal matters, you'll also need to take a hard look at your finances in order to assess your need for estate planning attorneys Southern California. The following financial "red flags" will help you to make this determination and avoid potential estate planning attorneys Southern California pitfalls.
Your estate will be subject to state and/or federal estate taxes. The amount exempt from federal estate taxes changes each year as it phases out, and then back in, of course our estate planning attorneys Southern California can get into the exact amounts upon request. Sitting down with qualified estate planning lawyers Southern California will allow you to assess your tax liabilities and put a plan in place to minimize them all with the assistance of estate planning attorneys Southern California.
You own a business or are self-employed, estates planning attorneys Southern California can help. Do you own a business that will simply stop if something were to happen to you, such as a service business? Or are you in business with one or more other family members or outside business partners? In either case, you'll need estate planning attorneys Southern California to prepare an estate planning journal and an estate plan to address what will happen to your interest in the business if you become mentally incapacitated or worse. Our estate planning lawyers Southern California can consult with you on these issues.
You have significant assets such as a 401(k) or IRA. Estate planning attorneys Southern California in regard to Retirement have lobbied for these accounts such as 401(k)s and IRAs to be designed to live on after you retire. Aside from this, retirement accounts have significant estate and income tax consequences built into them when they're transferred to your beneficiaries after your death, preparing an estate planning journal with your estate planning lawyers Southern California could assist in keeping these issues straight. If you have $200,000 or more in 401(k)s or IRAs, then you need to work with estate planning attorneys Southern California to formulate an appropriate plan for these assets that will take into consideration your wishes as well as all tax implications. Our estate planning attorneys Southern California can assist you with these types of questions.
You own a significant amount of life insurance. A common misconception is that the proceeds received from life insurance pass "tax free" to the beneficiary of the policy after the policy owner dies, estate planning lawyers Southern California would advise you differently. While it's true that the proceeds will pass income tax free to the beneficiary, they won't pass estate tax free if the policy was owned in the insured's individual name at the time of their death, a mistake estate planning attorneys Southern California can help you avoid. You and your estate planning attorneys Southern California can discuss ways to minimize the estate tax impact of life insurance on your estate, preparing an estate planning journal as well as ways to use life insurance to pay taxes or replace taxes that do have to be paid and provide financial security to your family. Our estate planning lawyers Southern California can discuss these issues with you confidentially.
ESTATE PLANNING STTORNEYS SOUTHERN CALIFORNIA: You've inherited, or will be inheriting, a significant amount of asset not really a problem but an issue to address with your estate planning lawyers Southern California. If you expect to inherit a large sum of money or other assets, then the right time to plan with estate planning attorneys Southern California is before you receive them, not after. Before the assets become your own, you can should work with estate planning attorneys Southern California to put a plan in place that will minimize the affect that the inherited assets will have on your own estate and your estate planning journal. This is particularly important if you already have your own sizeable estate, are in a risky profession prone to lawsuits, or worried about a possible divorce; issues to discuss with estate planning lawyers Southern California. On the other hand, if you've already inherited the assets, then you can still work with estate planning attorneys Southern California to minimize estate taxes and protect your inheritance from creditors or your (ex) spouse in a divorce.
The two most frequent reasons adult Americans cited for not having an estate plan and working with estate planning attorneys Southern California were insufficient assets and not being old enough to need an estate planning journal or a plan. Sadly, those who hold these beliefs are greatly mistaken. With life's ups and downs comes the need for basic estate planning through estate planning lawyers Southern California for both the young and old alike. Some estate planning attorneys Southern California tips for young singles and couples that can be useful for singles and couples of all ages.
1. DON'T RULE OUT A PRENUPTIAL AGREEMENT: If you're young and don't think that you need a prenuptial agreement before getting married through an estate planning attorneys Southern California, think again. Many circumstances warrant at least considering a prenuptial agreement with estate planning lawyers Southern California, including being an owner, or part owner, of a business; having part of your paycheck go toward a 401(k) or other retirement plan; the possibility of inheriting assets from your family; owning a residence, especially one with equity; or marrying someone who has already accumulated a large amount of debt. A prenuptial agreement can protect what assets you currently have or significant assets that you expect to inherit or acquire in the future, and can also protect you from your spouse-to-be's debts acquired before the marriage. An estate planning attorneys Southern California can discuss this and other estate planning issues including an estate planning journal.
2. MAKE A PLAN FOR MEDICAL EMERGENCIES AND ESTATE PLANNING JOURNAL: Planning for medical emergencies is a must for everyone and should include the signing of two important legal documents called a Living Will and an Advance Medical Directive. These documents, and the need for these documents is complex, and should be discussed in detail with your estate planning lawyers Southern California.
3. MAKE A PLAN FOR FINANCIAL EMERGENCIES AND ESTATE PLANNING JOURNAL: If you're out of the country on business and your spouse needs to conduct legal business on your behalf, or if you're in an accident and expected to fully recover but will be in incapacitated for a while, then you'll need a Durable Power of Attorney to allow your spouse or other trusted advisor to manage your finances and sign legal documents on your behalf. A durable power of attorney is certainly something our estate planning attorneys Southern California would be happy to confidentially discuss with you.
4. MAKE A PLAN FOR AN UNTIMELY DEATH THROUGH ESTATE PLANNING ATTORNEYS SOUTHERN CALIFORNIA: Planning for an untimely death is never pleasant, but important, particularly if you're in a committed relationship and/or have young children to care for. If you and your estate planning lawyers Southern California don't make a plan, then the state where you live at the time of your death will make a plan for you, and in most situations the estate plan won't be what you would have wanted had you taken the time to make your own estate planning journal and plan. Aside from this, assets titled in your individual name will need to be probated in order to get them to your beneficiaries after you die, estate planning attorneys Southern California can help you avoid this often devastating process. Having at least a basic Last Will and Testament and estate planning journal in place that puts someone you designate in charge of settling your estate, with the assistance of estate planning attorneys Southern California, and names your preferred beneficiaries will give your loved ones some peace of mind during a difficult time. Of course our estate planning attorneys Southern California would be happy to consult with you on these important issues.
5. MAKE A PLAN FOR YOUR MINOR CHILDREN AND ESTATE PLANNING JOURNAL: Even if you don't think that you have enough assets to warrant an estate plan or the need to retain estate planning lawyers Southern California, you'll need to make an estate planning journal and plan if you have minor children. If you don't, then control of the minor's inheritance will be taken over by a court-supervised guardian or conservator, this can be catastrophic for a family fighting for custody through the Courts. Then, depending on the laws of the state where the minor lives, when the minor reaches the age of 18 or 21 all of the remaining guardianship funds will be turned over to the young adult, free and clear of any guidance or strings attached, estate planning lawyers Southern California can help avoid this undesirable result. Aside from this, if you and the other parent of your children both die while the children are still minors, then the children will become wards of the court until a judge can decide who the children should live with until they become adults. Estate planning attorneys Southern California such as McFarlin & Geurts are experienced in these issues and can help you plan for the unexpected "worst case" scenarios. Even though it's not a pleasant conversation to have, or matter to contemplate, you must consider the care of your minor children through estate planning attorneys Southern California.
6. BUY TERM LIFE INSURANCE; ESTATE PLANNING ATTORNEYS SOUTHERN CALIFORNIA CAN HELP: When you're young, term life insurance (pays upon death only) is often inexpensive and can offer your family financial security and peace of mind if you were to die prematurely, estate planning lawyers Southern California can guide you through the process. The insurance proceeds can be used for things such as paying off your outstanding medical and credit card bills; paying off your mortgage; replacing your lost income; paying for your children's care and education; and/or paying for a nanny, day care or after school care as required. Term life insurance is also easy to buy these days with services like Intelliquote, Quickquote and Reliaquote. Or, many employers offer term life options, these are often the best option. Our estate planning attorneys Southern California can explain the "term life" insurance concept and process.
The issues discussed above can be overwhelming if you haven't considered them previously, however, there are professionals available to help at reasonable prices. McFarlin & Geurts LLP, estate planning attorneys Southern California, can often represent you for a low flat fee and explain these items in plain English