If you are single, then you are in good company. According to the most recent U.S. Census, more than half of all adult Americans are single, too. Whether you just turned 18 or are 118 one thing you share with your married counterparts is the need for essential estate planning.
Even if you do not have two dimes to rub together, you are your estate. Did you know the law requires every adult American to make his or her own personal, financial and health care decisions? Who would make your basic decisions if you are legally incapacitated due to a serious injury or illness?
Unless you legally appoint the decision-maker of your own selection in advance through proper estate planning, then a probate judge will select one for you. The probate court process to accomplish this is expensive (it employs at least three attorneys), discloses your private personal and financial information to the public record and is a real hassle for your loved ones.
Did you know that in the absence of proper estate planning, your assets may be distributed after death based on “one-size-fits-all” state laws written for people who do not have their own estate plan? Of course, this impersonal estate plan written by state lawmakers may not reflect your own unique circumstances and objectives for your loved ones and assets.
Fortunately, we can help you avoid the probate and replace that impersonal, state-written, one-size-fits-all estate plan with one we design together for your unique circumstances and objectives. We even help you coordinate the beneficiary designations on your life insurance and retirement plans with your estate plan to avoid unpleasant, unintended consequences.
With each marriage come new rights and new responsibilities. If you already have an estate plan created when you were single, then you must bring your estate plan up-to-code to reflect your wedding vows. Estate planning for married couples is important.
Unfortunately, many married couples mistakenly believe that they can make personal, health care and financial decisions for one another should either spouse become legally incapacitated due to a serious injury or illness. Nothing could be further from reality!
Without proper estate planning in advance to appoint your spouse as the incapacity decision-maker, he or she will not have legal authority to make even fundamental decisions for you (or affecting both of you). For example, medical privacy laws will bar access to your medical records and the ability to consult with your attending physician, financial laws limit control over your finances, and IRS regulations will prohibit filing a “legal” joint income tax return … for starters.
Unless you legally appoint the decision-maker of your own selection in advance through proper estate planning, then a probate judge will select one for you. While the judge will likely appoint your spouse, the probate court process to accomplish this is expensive (it employs at least three attorneys), discloses your private personal and financial information to the public record and is a real hassle for your spouse.
Did you know that in the absence of proper estate planning, your assets may be distributed after death based on “one-size-fits-all” state laws written for people who do not have their own estate plan? Of course, this impersonal estate plan written by state lawmakers may not reflect your own unique circumstances and objectives for your spouse and assets. In fact, depending on how you titled your premarital assets and how your beneficiary designations are arranged, you may disinherit your own spouse and force your spouse to sue your estate!
Fortunately, we can help you avoid probate and replace that impersonal, state-written, one-size-fits-all estate plan with one we design together for your unique circumstances and objectives. We even help you coordinate the beneficiary designations on your life insurance and retirement plans with your estate plan to avoid unpleasant, unintended consequences.
Are you the parent of minor children? If yes, then they are your most valuable treasure. So, what arrangements have you made for their care should something happen to you and their other parent?
As with your own personal, health care and financial decisions, would you rather select the guardians (i.e., back-up parents) yourself, or let a probate judge make the selection without your input? Only through proper legal planning can you select the guardians.
There are two critical choices commonly faced by parents of minor children. First, who will take care of my minor children, if orphaned, and, second, who will manage their inheritance?
If you are separated, divorced or never married to the surviving biological parent of your shared minor children, then that parent will continue to be their guardian, absent a court-proven case of unfitness. Nevertheless, you will want to make prudent choices regarding guardianship should your minor children be orphaned.
While every family situation is unique, here are some general practical pointers to consider when selecting guardians for your minor children:
Great care must be taken when selecting a financial fiduciary to administer and distribute the inheritance. Simply put, a fiduciary is a person or institution legally responsible for the financial affairs of another. Fiduciaries are held to the highest standards of care and loyalty in this role.
So, who will manage any inheritance left upon your death? What if you and the other biological parent are divorced or were never married? Even though he or she may rear your minor child or children to adulthood, would you also want them to control the inheritance you leave behind, too?
There are three basic options when it comes to financial fiduciaries, each with its unique advantages and disadvantages.
Option 1 is the most common option. Here, you appoint trusted family members or friends. On the upside, they likely know the strengths and weaknesses of your loved ones, plus they may not charge much, if anything, to oversee the inheritance. On the downside, they may be busy with and distracted by their own life and financial responsibilities. Also, they may find it difficult to say “no” to an irresponsible heir.
Option 2 finds you appointed a professional fiduciary, such as an institution (e.g., a trust company) or an individual (e.g., your CPA). Interestingly, the upsides and downsides are the opposite of Option 1.
Option 3 is what I call the Pro-Am approach. You combine Option 1 and Option 2 for the best of both worlds. In short, the family appointee knows the strengths and weakness, has an “abominable no-man” to help preserve family relationships when the minor child asks for a Ferrari, and is not bogged down with investments, accounting, tax and legal details. Instead, the professional fiduciary shoulders (and is rightfully compensated for) the day-to-day management of the inheritance, playing the heavy when necessary.
As you can see, selecting guardians and fiduciaries is essential for the physical and financial well-being of your minor children. Few decisions in life are more important. Only you can make these decisions through proper estate planning.
When it comes to estate planning for minor children, we can help. Book a call today.
Times have changed. In the new millennium, whether due to the death of a spouse or through divorce, blended families now outnumber traditional nuclear families. And the number is likely to grow, based on current statistics and trends.
Many blended families face unique social, psychological and economic challenges. As a result, over 60% of second marriages end in divorce. Fortunately, there are numerous organizations and support groups dedicated to helping blended families with these challenges.
If you already have an estate plan created when you were “previously” married, then we can help bring it up-to-code to reflect your new wedding vows. Unfortunately, little attention has been paid to the critical estate planning challenges confronting blended families. These challenges include disinheriting your ex-spouse and protecting your own children.
Without proper legal planning, your ex-spouse (as surviving parent/guardian) would likely be appointed by the probate court to manage the inheritance you leave to your minor children. To make matters worse, what if your children later predecease your ex-spouse, and are single and childless at that time? Who would inherit your assets then? That is right … your ex-spouse, as the next-of-kin of your children.
Chances are you made a few solemn promises to your new spouse on your wedding day. Among them were promises to be there through thick and thin, personally and financially. In the absence of a premarital agreement to maintain separate assets, most spouses in blended families tend to blend their wealth. For example, they title their respective assets in the names of both spouses and also designate one another as the primary beneficiary of their respective retirement plans and life insurance policies.
Warning: If you predecease your new spouse, then you may forever disinherit your own children from your share of such blended wealth! Thereafter, upon the death of your new spouse, your assets may be inherited by your stepchildren, or even by your new spouse's next spouse and their children. Yes, things can get complicated – and fast!
Regardless of whether children are reared in a traditional nuclear family or in a blended family, great care should be given to protect any inheritance both for them and from them. For starters, wealth representing a lifetime of your hard work and thrift can be squandered in very short order. Dollars earned just spend differently than dollars inherited. In addition to good old-fashioned squandering, an inheritance can quickly vanish through divorces, lawsuits and bankruptcies.
Fortunately, with proper (and very careful) estate planning for blended families, you can both honor your vows to your new spouse and provide an inheritance that is protected for and even from your own children.
Are you between age 40 and 55? If yes, then congratulations. Research has shown that you are in your peak earning years. And that is a very good thing.
Chances are good that you have some expensive life events going on right now, unlike when you were among the Married Couples without children. Do you have children who are college-bound or already there? Do you have a wedding scheduled (or one or more down the road)? Perhaps you are beginning to help aging parents with personal, health care and financial responsibilities.
Can you say Sandwich Generation?
I know you may be busy and are likely tired, very tired. Nevertheless, this would be a good time to create (or revisit) your estate plan, make sure your adult children and parents have their legal ducks-in-a-row, too.
Unfortunately, many married couples mistakenly believe that they can make personal, health care and financial decisions for one another should either spouse become legally incapacitated due to a serious injury or illness. Nothing could be further from reality!
Without proper estate planning in advance to appoint your spouse as the incapacity decision-maker, he or she will not have legal authority to make even fundamental decisions for you (or affecting both of you). For example, medical privacy laws will bar access to your medical records and the ability to consult with your attending physician, financial laws limit control over your finances, and IRS regulations will prohibit filing a “legal” joint income tax return … for starters.
Unless you legally appoint the decision-maker of your own selection in advance through proper estate planning, then a probate judge will select one for you. While the judge will likely appoint your spouse, the probate court process to accomplish this is expensive (it employs at least three attorneys), discloses your private personal and financial information to the public record and is a real hassle for your spouse.
Did you know that in the absence of proper estate planning, your assets may be distributed after death based on “one-size-fits-all” state laws written for people who do not have their own estate plan? Of course, this impersonal estate plan written by state lawmakers may not reflect your own unique circumstances and objectives for your spouse and assets.
In fact, depending on how you titled your assets and how your beneficiary designations are arranged, you may disinherit your own spouse and force your spouse to sue your estate!
When it comes to your children, great care should be given to protect any inheritance both for them and from them. For starters, wealth representing a lifetime of your hard work and thrift can be squandered in very short order. Dollars earned just spend differently than dollars inherited. In addition to good, old-fashioned squandering, an inheritance can quickly vanish through divorces, lawsuits and bankruptcies.
Fortunately, with proper (and very careful) estate planning, you can provide an inheritance that is protected for and even from your own children. Remember, two things you cannot choose in life are your own folks and the spouses of your children.
Are your parents already in or considering a transition to some form of long-term care? If yes, have you noticed how expensive the continuum of care is? From in-home assistance to assisted living to skilled nursing the expenses can destroy savings and investments created over a lifetime of hard work and thrift.
Your peak earning years are the perfect time to lock-in a long-term care insurance policy while you are still able to qualify physically and mentally. Some versions of coverage only pay if you need long-term care assistance, but others can now do double-duty and turn into life insurance if you do not need such assistance. That is a popular alternative to traditional long-term care insurance.
There is a 70% risk of needing long-term care once you reach age 65. Curiously, 70% of people think they will not be among those 70% needing care (i.e., denial) and 70% of people think Medicare will pay for it (i.e., ignorance)! You do not want to be in that 70% who are in denial, ignorant or both.
If you need assistance with the activities of daily living (e.g., eating, bathing, dressing, toileting, and transferring), then you may want to hire a professional to take care of them instead of your children.
When you are ready for help with your long-term care planning through appropriate insurance, then we can help you find that, as well.
Fortunately, we can help you avoid probate and replace that impersonal, state-written, one-size-fits-all estate plan with one we design together for your unique circumstances and objectives. We even help you coordinate the beneficiary designations on your life insurance and retirement plans with your estate plan to avoid unpleasant, unintended consequences.
Just a moment ago you were in the thick of your busy, busy Peak Earning Years. Now, you can see a new adventure is rapidly approaching your front windshield. What is it?
Retirement.
Are you getting ready?
Chances are good that your children have left the nest. Perhaps you are assisting your aging parents with their personal, health care and financial responsibilities.
As in your Peak Earning Years, this would be a good time to create (or revisit) your estate plan, and make sure your adult children and parents have their legal ducks-in-a-row, too.
Unfortunately, many married couples mistakenly believe that they can make personal, health care and financial decisions for one another should either spouse become legally incapacitated due to a serious injury or illness. Nothing could be further from reality!
Without proper estate planning in advance to appoint your spouse as the incapacity decision-maker, he or she will not have legal authority to make even fundamental decisions for you (or affecting both of you). For example, medical privacy laws will bar access to your medical records and the ability to consult with your attending physician, financial laws limit control over your finances, and IRS regulations will prohibit filing a “legal” joint income tax return … for starters.
Unless you legally appoint the decision-maker of your own selection in advance through proper estate planning, then a probate judge will select one for you. While the judge will likely appoint your spouse, the probate court process to accomplish this is expensive (it employs at least three attorneys), discloses your private personal and financial information to the public record and is a real hassle for your spouse.
Did you know that in the absence of proper estate planning, your assets may be distributed after death based on “one-size-fits-all” state laws written for people who do not have their own estate plan? Of course, this impersonal estate plan written by state lawmakers may not reflect your own unique circumstances and objectives for your spouse and assets.
In fact, depending on how you titled your assets and how your beneficiary designations are arranged, you may disinherit your own spouse and force your spouse to sue your estate!
Now, let’s consider something no married couple wants to think about.
What if one spouse dies and the other remarries?
Well, if you want to risk losing about half of what you have should the remarriage not work out or disinheriting your own children and grandchildren, then do nothing. On the other hand, it is best to go into a new relationship with both eyes open.
In short, the surviving spouse will need to have a legally enforceable premarital agreement inked before saying “I do” on his or her wedding day.
In a recent University of California study, researchers found that 60% of widowers are involved in a new relationship within two years after losing their wives, while only 20% of widows have a new relationship.
According to the U.S. Census Bureau, men are 10 times more likely to remarry after age 65. And the average time before they are remarried is just 2.5 years. When dad remarries a new wife some 20 years his junior, that can trigger all kinds of drama in the family, to say the least.
As you can see, planning for being single again includes planning for any new relationships on the future, while preserving (and protecting) the relationships you already have.
When it comes to your children, great care should be given to protect any inheritance both for them and from them. For starters, wealth representing a lifetime of your hard work and thrift can be squandered in very short order. Dollars earned just spend differently than dollars inherited. In addition to good, old-fashioned squandering, an inheritance can quickly vanish through divorces, lawsuits and bankruptcies.
Fortunately, with proper (and very careful) estate planning, you can provide an inheritance that is protected for and even from your own children. Remember, two things you cannot choose in life are your own folks and the spouses of your children.
What is your plan to pay for long-term care, if you need it?
Have you noticed how expensive the continuum of care is? From in-home assistance to assisted living to skilled nursing the expenses can destroy savings and investments created over a lifetime of hard work and thrift.
As you near retirement, lock-in a long-term care insurance policy while you are still able to qualify physically and mentally. Some versions of coverage only pay if you need long-term care assistance, but others can now do double-duty and turn into life insurance if you do not need such assistance. That is a popular alternative to traditional long-term care insurance.
There is a 70% risk of needing long-term care once you reach age 65. Curiously, 70% of people think they will not be among those 70% needing care (i.e., denial) and 70% of people think Medicare will pay for it (i.e., ignorance)! You do not want to be in that 70% who are in denial, ignorant or both.
If you will need assistance with the activities of daily living (e.g., eating, bathing, dressing, toileting, and transferring), then you may want to hire a professional to take care of you instead of your children.
When you are ready for help with your long-term care planning through appropriate insurance, then we can help you find that, as well.
Fortunately, we can help you avoid probate and replace that impersonal, state-written, one-size-fits-all estate plan with one we design together for your unique circumstances and objectives. We even help you coordinate the beneficiary designations on your life insurance and retirement plans with your estate plan to avoid unpleasant, unintended consequences.
Retirement is often an exciting, yet bittersweet time of life. Chances are good that all of your children have left the nest with lives and growing families of their own. If your parents are living, perhaps you are taking care of their personal, health care and financial responsibilities. Now is a good time to create (or revisit) your estate plan and make sure your adult children and parents have their legal ducks-in-a-row, too. Using thorough retirement planning, our attorneys can help you prevent issues that can happen when families are not up-to-code with their estate planning. Below are four considerations to help you protect benefits today and prepare for the future.
Unfortunately, many married couples mistakenly believe that they can make personal, health care and financial decisions for one another should either spouse become legally incapacitated due to a serious injury or illness. Nothing could be further from reality!
Without proper estate planning in advance to appoint your spouse as the incapacity decision-maker, he or she will not have legal authority to make even fundamental decisions for you (or affecting both of you). For example, medical privacy laws such as HIPPA will bar access to your medical records and the ability to consult with your attending physician, financial laws limit control over your finances, and IRS regulations will prohibit filing a “legal” joint income tax return…for starters.
Unless you legally appoint a decision-maker or medical agent through proper estate planning, then a probate judge will select one for you. While the judge will likely appoint your spouse, the probate court process to accomplish this is expensive (it employs at least three attorneys), discloses your private personal and financial information to the public record, and is a real hassle for your spouse.
Did you know that in the absence of proper estate planning, your assets including any retirement benefits may be distributed after death based on “one-size-fits-all” state laws written for people who do not have their own estate plan? Of course, this impersonal estate plan written by state lawmakers may not reflect your own unique circumstances and objectives for your spouse and assets.
In fact, depending on how you titled your assets and how your beneficiary designations are arranged in your estate planning and retirement benefit plans, you may disinherit your own spouse and force your spouse to sue your estate! Fortunately, our lawyers employ thorough retirement planning to replace that impersonal, state-written, one-size-fits-all estate plan with one we design together for your unique circumstances and objectives.
While the death of one spouse is something no married couple wants to think about, it is highly likely that the surviving spouse may remarry at some point. In a recent University of California study, researchers found that 60% of widowers are involved in a new relationship within two years after losing their wives, while only 20% of widows have a new relationship. Furthermore, according to the U.S. Census Bureau, men are 10 times more likely to remarry after age 65. And the average time before they are remarried is just 2.5 years.
Due to the risks of losing about half of your personal assets or disinheriting your own children and grandchildren should the remarriage not work out, our legal team recommends that individuals who are remarrying create a legally enforceable premarital agreement before saying “I do” on his or her wedding day as part of thorough retirement planning. As you can see, planning for being single again includes planning for any new relationships on the future, while preserving (and protecting) the relationships you already have.
When it comes to your children and grandchildren, great care should be given to protect any inheritance both for them and from them. For starters, wealth representing a lifetime of your hard work and thrift can be squandered in very short order. Dollars earned just spend differently than dollars inherited. In addition to good, old-fashioned squandering, an inheritance can quickly vanish through divorces, lawsuits, and bankruptcies.
Our lawyers help you coordinate the beneficiary designations on your life insurance and retirement plans with your estate plan to avoid unpleasant, unintended consequences. For example, all beneficiary designations for your retirement plans need to be revisited, especially due to a U.S. Supreme Court decision handed down on June 12, 2014, (See Clark, et ux v. Rameker).
The Clark case sent shock waves through the estate planning community after a unanimous court ruled that inherited IRAs are not “retirement funds” within the meaning of federal bankruptcy law. Accordingly, if your children or grandchildren are “direct” designated beneficiaries of your IRA, then the distributions may be subject to their divorces, lawsuits and bankruptcies. Careful planning is required to protect these important assets, while at the same time preserving the ability to stretch distributions as long as possible for your beneficiaries. Remember, two things you cannot choose in life are your own parents and the spouses of your children.
Have you noticed how expensive the continuum of care is? From in-home assistance to assisted living to skilled nursing the expenses can destroy savings and investments created over a lifetime of hard work and thrift.
Now that you are planning for retirement, do not delay. Lock-in a long-term care insurance policy while you are still able to qualify physically and mentally. Some versions of coverage only pay if you need long-term care assistance, but others can now do double-duty and turn into life insurance if you do not need such assistance. That is a popular alternative to traditional long-term care insurance.
According to the U.S. Department of Health and Human Services, most Americans turning age 65 will need long-term care at some point in their lives. Curiously, a majority of people think they will not be among those needing care (i.e., denial) or think that Medicare will pay for long-term care expenses (i.e., ignorance)! Our legal team wants to help you make informed planning choices. If you will need assistance with the activities of daily living (e.g., eating, bathing, dressing, toileting, and transferring), then you may want to hire a professional to take care of you instead of your children. Proper retirement planning will ensure that you have set aside funds to pay for long-term care.
Call our law office today at (323) 900-5450 or request a complimentary consultation with a retirement planning attorney who will review the changes in your family situation, your assets, and goals, then work with you to come up with a new or updated plan to accomplish your goals.
Whether due to divorce or death, you are now Single Again.
You may have children and even grandchildren. In any event, you need to create (or revisit) your estate plan.
Did you know the law requires every adult American to make his or her own personal, financial and health care decisions? Now that you are single again, who would make your basic decisions if you are legally incapacitated due to a serious injury or illness?
Unless you legally appoint the decision-maker of your own selection in advance through proper estate planning, then a probate judge will select one for you. The probate court process to accomplish this is expensive (it employs at least three attorneys), discloses your private personal and financial information to the public record and is a real hassle for your loved ones.
Did you know that in the absence of proper estate planning, your assets may be distributed after death based on “one-size-fits-all” state laws written for people who do not have their own estate plan? Of course, this impersonal estate plan written by state lawmakers may not reflect your own unique circumstances and objectives for your loved ones and assets.
What if you remarry? Well, if you want to risk losing about half of what you have should the remarriage not work out and disinheriting your own children and grandchildren, then do nothing. On the other hand, it is best to go into a new relationship with both eyes open.
In short, you need to have a legally enforceable premarital agreement inked before you say “I do” on your wedding day.
In a recent University of California study, researchers found that 60% of widowers are involved in a new relationship within two years after losing their wives, while only 20% of widows have a new relationship.
According to the U.S. Census Bureau, men are 10 times more likely to remarry after age 65. And the average time before they are remarried is just 2.5 years. When dad remarries a new wife some 20 years his junior, that can trigger all kinds of drama in the family, to say the least.
As you can see, planning for being single again includes planning for any new relationships on the future, while preserving (and protecting) the relationships you already have.
Fortunately, we can help you avoid probate and replace that impersonal, state-written, one-size-fits-all estate plan with one we design together for your unique circumstances and objectives. We even help you coordinate the beneficiary designations on your life insurance and retirement plans with your estate plan to avoid unpleasant, unintended consequences.
Contact us to learn more about how we can help with estate planning when divorced.
At Legacy One Law Firm, we understand the importance of planning for the future. Led by Estate Planning Attorney Sedric Collins, our team is dedicated to providing top-notch estate planning services to the residents of Los Angeles, CA. Our strategic location allows us to cater to the unique needs of our clients, including those in the entertainment industry, business owners, and individuals seeking comprehensive estate planning solutions. Our professional, attentive, and thorough approach ensures that your legal needs are met with the utmost care and precision.
Creating a comprehensive estate plan is essential for safeguarding your assets and wishes. At Legacy One Law Firm, we work closely with you to develop a personalized estate plan. We factor in your wealth, your unique needs, and your values to support your retirement and your inheritors.
At Legacy One Law Firm, we offer tailored estate planning solutions designed to meet the unique needs of Los Angeles residents. Our team provides comprehensive services including wills, testaments, trusts, powers of attorney, and healthcare directives. Trusted Estate Planning Attorney Sedric Collins is well versed in California estate law to ensure the capable protection of your assets and loved ones.
A Last Will and Testament is a fundamental component of any estate plan. It allows you to outline your wishes regarding the distribution of your assets and the care of any minor children. At Legacy One Law Firm, we help you:
Creating a comprehensive will is necessary to take care of your loved ones even after you’re gone. It prevents disputes, confusion, and familial conflict. It’s only natural that in such an important field, you need a qualified and compassionate professional like Sedric Collins.
Living trusts offer flexibility and privacy that other estate planning tools may not. They allow you to manage your assets during your lifetime and specify how they should be handled after your death. Benefits of a living trust include:
With a living trust, you retain control over your assets and can make adjustments as your circumstances change. This tool is particularly beneficial for those with complex estates or specific privacy concerns. Legacy One Law Firm’s experienced team can guide Los Angeles residents through the process of setting up a living trust tailored to each individual’s or family’s specific needs and circumstances.
A power of attorney is a crucial document that grants someone you trust the authority to make decisions on your behalf if you become incapacitated. At Legacy One Law Firm, we help you establish:
These documents are key to managing your affairs according to your wishes if you become unable to make decisions yourself. This proactive step can prevent legal battles and fulfill your financial and medical needs.
Using health care directives such as living wills and advance directives is key to communicate your medical preferences. There are many essential scenarios where a healthcare directive can make all the difference for you and your loved ones. In some cases, it will help ensure that your treatment aligns with your desires, and in others it will take undue pressure off of your family. Some healthcare directives you can implement include:
Health care directives provide guidance to your loved ones and healthcare providers, reducing stress and uncertainty during critical times. At Legacy One Law Firm, we ensure that your health care directives are clear and legally binding in the state of California.
One of the most important aspects of estate planning for parents is nominating guardians for their minor children. If you suffer an untimely death, someone you trust will then care for your children. At Legacy One Law Firm, we can help you evaluate different guardians, assist with communication and planning, and help with updating nominations.
Securing your children's future requires making informed guardianship nominations. At Legacy One Law Firm, our team is dedicated to helping Los Angeles parents make thoughtful and well-documented choices to ensure their children do not end up in foster care or with an unexpected guardian.
Parents with young children, don't let a California probate court decide who should be the caretaker of your children should the unexpected happen. Book a call with us today to safeguard your estate and your family's well-being.
A Special Needs Trust (SNT) provides for the financial needs of a special needs beneficiary without jeopardizing their eligibility for government benefits. If you provide a large trust to such an individual, it could disqualify them from government programs they need to thrive long-term. However, that doesn’t mean that you can’t leave anything to them. Recent changes in estate law have created expansive, new options to support you disabled loved ones without compromising their benefits. These include:
Special needs trusts require careful planning and detailed knowledge of California state and federal regulations. Estate Lawyer Sedric Collins stays up-to-date on legal changes so your estate plan can safely include all of your loved ones, including any with disabilities.
Managing estate taxes requires proactive planning. By the time your loved ones are facing estate taxes, it’s already too late to implement the best strategies. However, the ideal strategies aren’t set in stone. Legislative changes or differences in the economic landscape can make certain strategies obsolete. The expansion or reduction of benefits programs like Social Security and Medicare can also radically change circumstances for your estate planning.
At Legacy One Law Firm, we stay rigorously up-to-date on estate planning law. This is how we guarantee our advice and strategies are always up-to-date. Beyond implementing gifting strategies and trusts, we regularly review your estate plan to make sure it matches your goals.
Legacy One Law Firm is committed to exceptional estate planning services. Our team works constantly to stay-up-to-date on estate law, regulations, and taxes. Working with us is more than creating an estate plan; we offer a continuous partnership to regularly review and improve our Los Angeles clients’ estate plans. The final result is comprehensive, efficient estate planning that supports your values and secures your legacy.
If you’re ready to take the first step, contact Legacy One Law Firm today.
