Any Estate Planning Lawyer will tell you everyone has an estate, and literally, every adult should have an estate plan. An estate plan is not just about who gets your money when you die. The right plan matters just as much if you get sick or are otherwise incapacitated. It is vital for anyone who depends on you. In California, an estate plan generally includes a Living Trust, Powers of Attorney, a Living Will, and a Pour-Over Will—for starters. It requires a specialized California Estate Planning Attorney to do it right.
Why an Estate Planning Attorney?
An estate planning attorney helps you prepare for what will happen after you pass away or if you can no longer take care of yourself and your estate. Estate planning lawyers help you create a solid plan for handling both situations. They also offer legal advice on wills, trusts, business succession, and your local probate process, which, truth be told, can get tricky,
Some things an estate planning attorney can help you do:
- Prepare a last will that’s harder to contest after you die
- Help you set up a testamentary trust or living will
- Transfer assets into a trust
- Oversee trust administration
- Appoint guardians for children
- Help with tax planning and wealth transfers
- Make a plan for charitable giving
- Plan for unexpected situations, like the death of your beneficiary
- Write a living will outlining your end-of-life decisions
- Grant someone durable power of attorney for financial or health care decisions
- Answer any questions you have about estate planning and local laws
Do I Need an Attorney?
In the state of California, no. But be advised that estate planning has a lot of pitfalls of which you may not be aware. At a minimum, you should run your estate plan by an estate attorney to be sure you’ve covered everything. Of course, certain situations require the help of an attorney.
- You’re a small business owner or a business partnerwho needs help with business succession planning.
- You have out-of-state property or assets.
- You have foreign property or assets.
- You’re planning to bequeath assets to someone who isn’t a citizen.
- You want to leave a legacy. An estate attorney can help you set up a charitable trust for your donations, which can also give you a tax break.
- You want to disinherit your immediate family.This is harder in California as a community property state where a spouse shares ownership of assets.
- You have a blended familyand want to bequeath assets to a stepchild, stepparent, or half-sibling.
- You have immediate family members with special needs or need to qualify for government benefits.
- You want to protect your assets from Medicaid.
- You need to set up an irrevocable trust because you’re worried about estate tax or need asset protection from creditors and lawsuits.
We Can Help with Your Estate Administration Needs
The Law Offices of Michael K. Lanning, APLC, specializes in estate planning and wealth counseling. We’re committed to helping our clients and can help you build a wealth protection strategy that aligns with your unique needs and objectives for a sound financial future. Contact us at 310-820-1600 or go to our website to learn more and set up a consultation.
We serve West Los Angeles, Santa Monica, Pacific Palisades, Manhattan Beach, and the surrounding Los Angeles communities.
The Law Offices of Michael K. Lanning, APLC
11777 San Vicente Blvd.
Suite 750
Los Angeles, California, 90049
