Estate Planning
WHAT IS ESTATE PLANNING?
- PLANNING in the event of your incapacity
- PROTECTING your family
- PLANNING for your spouse
- SAFEGUARDING your children's future
- How your assets will be managed for your benefit if you are unable to do so;(For example, a Durable Power of Attorney for Financial Management can specify who will manage your assets if you become incapacitated)
- Who will make medical decisions on your behalf if you are unable to do so;(An Advance Health Care Directive - formerly the Durable Power of Attorney for Health Care and "Living Will"- may specify who will be entrusted to make medical decisions for you, and what kind of care you would like to receive in the event you become incapacitated)
- When certain assets will be transferred to others, either during your lifetime, at your death, or sometime after your death;(A Living Trust can ensure that your children inherit over a period of time that you specify, rather than obtaining all your assets at the age of 18 or 21)
- To whom those assets will pass; and(If you don't make this determination, the law will. Without your instructions, California law provides for the distribution of assets in your name to your heirs according to a set of rules called "intestate succession." These people may not be the ones that you want to inherit your assets. A will written by an attorney specializing in estate planning can ensure that your heirs are chosen by you and no one else)
- Who will care for your children if you die.(Guardians for minors can be named in your will)
If your estate is small in value, you may focus simply upon who is to receive your assets after your death and who should be in charge of its management and distribution. This kind of estate planning may simply involve the writing of a Will and the preparation of a Durable Power of Attorney for Financial Management and an Advance Health Care Directive.
AVOIDING probate:
For individuals and couples who own a home and/or have assets valued at over $100,000, a living trust may be appropriate to avoid probate proceedings. Probate is a court-supervised process in which your assets are transferred to your beneficiaries through the appointment of an executor (an administrator of your estate), and involves court petitions and hearings. Your estate plan (or lack thereof) and the value of your assets become public record. Probate has its advantages and disadvantages, which we can discuss in our initial estate planning consultation.
AVOIDING or POSTPONING estate taxes:
For individuals and couples with large estates, it may be necessary to explore various ways to preserve your assets for your beneficiaries and to reduce or postpone the amounts of estate tax which otherwise might be payable on your death. Significant estate taxes can be saved by proper estate planning, usually before death, and, in the case of married couples, before the death of the first spouse. Estate planning for taxation purposes must take into account not only estate taxes, but also income, gift, property and generation-skipping taxes as well.
Whatever the size of your estate, you should designate the person who, in the event of your incapacity, will be responsible for the management of your assets and your care, including the authority to make health care decisions on your behalf.
Neither the State Bar of Nevada nor any agency of the State Bar of Nevada has certified any lawyer identified here as a specialist or as an expert.
Please feel free to contact me at (775) 323-2230 or by e-mail at inquiry@szotlaw.com.
