An estate planning attorney in San Fernando Valley can devise strategies that can guarantee your financial future. The attorney has a thorough grasp of the state and federal laws that impact how your estate may be inventoried, distributed, valued, and taxed in the event of your death or incapacitation due to severe illness. It’s very important for anyone with assets, including a family home, to consult an estate planning attorney about how their assets will be managed or shared when the owner is no longer there to make important decision.
An estate planning attorney will help you create a will and designate your beneficiaries. You’ll need them to prepare a durable power of attorney, including medical power of attorney. You need to be tax efficient, which is also achieved via estate planning, through techniques that reduce the amount of your income and financial assets that are subject to tax.
In a comprehensive plan, your attorney also takes care of lawful ways to avoid probate proceedings in court, which may be expensive and protracted. That’s why you may hear an estate planning attorney being referred to as a probate lawyer. Don’t forget to ask the attorney to establish a trust that you may need to secure your assets should you suffer severe mental/physical disability and also to guarantee your beneficiaries’ welfare after you die.
You may hire an estate law lawyer for lifelong planning or only for a limited time. The lawyer may be asked to temporarily help someone assigned a power of attorney over the estate of a recently deceased person manage a probate process in court. It is still possible to have an estate planning attorney look at the specific types of assets in the estate of the deceased as well as the provisions for how these assets are to be legally transferred, with a view to helping someone with the power of attorney avoid probate proceedings all together.
If you’re named as a beneficiary, and a fellow beneficiary (or an individual not named as such) announces their intention to sue the estate of a lately departed relative or a person of whom you’re a named dependent, talk to an estate planning lawyer right away as it’s the only way to guard your interests. In a worst case scenario, such a challenge may very quickly deplete the funds of an estate, and in the end, there might be nothing meaningful that may sustain dependents from then on.
It’s best for people to establish practical programs to manage their assets before they’re gone forever. With the help of an estate planning attorney, you can have this plan that guarantees your own welfare today and the welfare of your beneficiaries after you’re gone.