Estate preservation planning is an important issue for many families. Under the current law most of us will not face an estate tax problem but estate taxes and probate costs are not the only reasons for estate planning. For many of us the best reason to plan is to ensure that our wishes are carried out.
Common estate planning objectives are:
While it is possible to do your own estate planning, and perhaps even prepare your own estate planning documents, it is risky business. This is a job for a skilled estate planning attorney and the money you spend on legal fees may be the best investment you ever made for your heirs.
Recommended Reading: The State Bar of California http://www.calbar.ca.gov/Public/Pamphlets/EstatePlanning.aspx
Posted by C. Thomas Thames
Common estate planning objectives are:
- Survivor Care: You may want to provide income or specific funds to help your survivors after you are gone.
- Control: If you don’t decide who gets your assets the State will.
- Conservation of assets: Your heirs could lose a sizable chunk of your estate to settlement costs. A skilled estate planning attorney can help you reduce estate shrinkage through trusts, gifts and other options.
- Liquidity: If money is not readily available to pay final expenses, your assets may have to be sold, perhaps at bargain prices. Ensuring that liquid assets are available when needed is a crucial part of estate planning.
While it is possible to do your own estate planning, and perhaps even prepare your own estate planning documents, it is risky business. This is a job for a skilled estate planning attorney and the money you spend on legal fees may be the best investment you ever made for your heirs.
Recommended Reading: The State Bar of California http://www.calbar.ca.gov/Public/Pamphlets/EstatePlanning.aspx
Posted by C. Thomas Thames
