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Estate Planning

Estate Planning

Los Angeles Estate Planning Attorney

What Is Estate Planning?

You’ve probably heard a lot about estate planning in the news lately. But what does it all mean? And more importantly, what do you need to do to ensure your loved ones are taken care of after you’re gone? Let’s look at the basics of estate planning and what is needed to create the best plan to meet your needs.

What Is an Estate Plan?

An estate plan is a set of documents that outline your wishes for your property and assets after you die. It can also include provisions for guardianship of your children and care for your pets. There are many different documents that can be including in an estate plan, but the most common are a revocable trust, will, durable power of attorney and an advanced healthcare directive.

If you don’t have a trust based estate plan, the state will oversee the distribution of your property through the probate process. The probate process can result in the property being distributed to people you didn’t intend to leave your property to and is also a lenthy, public and expensive process. That’s why it’s essential to have atrust based estate plan in place and choose a law firm knowledgeable about estate planning.

Practice Areas

If you are considering a conservatorship for a loved one, choosing a law firm with experience in this area is essential. Law Offices of Michael K. Lanning, APLC has years of experience helping families through the conservatorship process. We understand what is at stake and are committed to ensuring that your loved one is taken care of in the best possible way.

Who Is an Estate Planning Attorney?

An estate planning attorney is someone who helps individuals and families create customized estate plans. An estate planning attorney is also someone that can assist your loved ones with questions they may have following your death.

What Are the Different Types of Estate Planning Documents?

There are a few different types of estate planning documents that you will receive with a comprehensive trust based estate plan.

  • A trust is a legal entity that holds your property and assets. During your life you can buy, sell, remove and add property as you wish. You can also update your beneficiaries whenever you want during your lifetime.
  • A will is a document that states your wishes for what happens to your property after you die. It’s essential to have a choice, especially if you have children, to ensure they are taken care of financially. A will in a trust based estate plan will distribute any property or assets your forgot to put into your trust into your trust without the expense and hassle of probate.
  • A durable power of attorney is a document that, if you are incapacitated, gives someone else the authority to make financial decisions on your behalf. Their authority includes paying your electrical bill, car payment, or property taxes. A durable power of attorney is very helpful if you want someone else to manage your finances during a medical crisis.

Who Needs Estate Planning?

While estate planning is essential for everyone, depending on your personal and financial situation not everyone needs to have the same documents. Generally, trust based estate planning is necessary for those who have:

  • A spouse
  • Minor children
  • A disabled family member who relies on you for care
  • A large estate
  • Owns real property
  • Property or assets located in multiple states

What Should You Consider in High Net Worth Planning?

When creating an estate plan, it’s essential to consider all possible scenarios and decide on each one. But if you’re part of the high-net-worth demographic, you need to take additional steps to safeguard your estate.

Here are a few things to think about when planning for your high-net-worth estate:

  • Who will manage your property and assets if you become incapacitated and can no longer decide for yourself?
  • How can you reduce the amount of estate taxes when you die?
  • How can you ensure your wealth will continue to benefit and support your family for generations to come?

Working with an experienced estate planning attorney can help you navigate these complicated waters and ensure your estate is best protected.

What Is Wealth Preservation, and Why Is It Important?

Wealth preservation is taking steps to protect your assets and ensure they are passed down to your beneficiaries while paying the least amount of estate taxes possible. Here are a few reasons why it’s so important:

  1. The government can and will tax your estate if you don’t take steps to protect them.
  2. Estate taxes can reduce the value of your estate by up to 60%.
  3. You can pass down more of your estate to your beneficiaries by taking steps to preserve it.

What Are the Common Mistakes People Make When Estate Planning?

One of the mistakes people make is failing to put their wishes in writing. This can lead to confusion and conflict among family members after you’re gone. Not to mention can cause your estate to go through the expensive, public and time consuming process of probate.

Another mistake is not taking into account potential tax implications. When planning your estate, you must work with an experienced legal professional who can help you minimize taxes and protect your assets.

Finally, many people fail to update their estate plans as their personal or financial situation changes. It can result in their estate being distributed in a way they didn’t intend or not including later aquired assets. To ensure that your wishes are carried out, reviewing, and updating your plan regularly is essential.

Contact Law Offices of Michael K. Lanning, APLC

Making a trust based estate plan is one of the most important things you can do for your loved ones. By planning, you can ensure that your assets are distributed the way you want and that your loved ones are taken care of after you’re gone. The team at the Law Offices of Michael K. Lanning, APLC, can help. If you’re in the West Los Angeles, Pacific Palisades, South Bay, or Beverly Hills area, our firm is an excellent option for estate planning. We have over 35 years of experience helping families plan for the future, and we can ensure that your estate plan is tailored to your specific needs and goals.

Contact us at 310-820-1600 or send a message to [email protected] to book your appointment.

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Estate Planning

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