You should have an estate plan, even if your estate is small.
Having an estate plan allows you to direct how your property will be distributed and who will care for your minor children, helps reduce tax liabilities, court costs, and attorneys' fees, and can minimize disputes after the loss of family members.
It is nearly imperative that you have an estate plan if you have a minor child, own real estate, own a business, or live in California and have a net worth exceeding $100,000.
A sound estate plan accomplishes several critical objectives, including:
At a minimum, an estate plan should consist of a will and power of attorney for financial matters.
Most comprehensive estate plans also include a living trust and health care directive.
More complex estate plans may utilize other trusts, family limited partnerships (FLPs), corporations, and limited liability companies (LLCs).
- The timely and orderly passing of assets to intended beneficiaries
- Minimizing or avoiding estate taxes
- Naming guardians for minor children
- Avoiding probate
- Ensuring health care decisions are made according to your wishes
- Financial planning
- Business succession planning
- Disability planning
- Charitable giving
- Medicaid and Medi-Cal planning
Unfortunately, most Americans do not have an estate plan or, almost as badly, have saved a few dollars by using cheap boilerplate forms or a discount company that uses the assembly-line approach to estate planning.
By doing so, those persons potentially have exposed everything that they have worked so hard to accumulate over their lifetimes to unnecessary estate, income, and property taxes, expensive legal battles, and unintended inheritance outcomes.
Collins Law Corporation can interpret and guide you through the complex laws that impact wills, trusts, powers of attorney, probate, property rights, and the related tax consequences.
Collins Law Corporation offers flat-fee pricing for most estate planning services.
Assuming you are organized and can provide necessary documentation, are available for questions, can promptly review and provides feedback on draft estate plan documents, and are available to execute the necessary documents, a basic estate plan can be finished about a week after you complete the initial estate planning questionnaire.
None of us know when we will become disabled or die.
Thus, the time to create an estate plan is now.
Contact Collins Law Corporation today to create your estate plan and achieve peace of mind knowing your assets and your loved ones are taken care of.