Estate Planning Explained

11:19 am Uncategorized

Those of us who are deeply immersed in the intricacies of California estate planning every day of our working lives often forget that many people still do not understand exactly what estate planning is all about.

Estate Planning is essentially the process of preserving and protecting your assets and property and then anticipating and arranging for them to be passed on to next generation in the most orderly manner possible.

Estate Planning is meant to:

1.) Preserve and grow your assets during life

2.) Eliminate uncertainties with respect to the disposition of assets at death.

3.) Maximize the value of your estate by reducing taxes and other expenses.

Estate Planning involves:

  • Wills, for the distribution of assets at death
  • Trusts, which are instructions for disposing of assets at death
  • Beneficiary Designations
  • Powers of Attorney, which is an authorization to act on someone else’s behalf in a legal or business matter.
  • Property Ownership
  • Gifting
  • Special provisions for minor children and loved ones with special needs

There are many other strategies and vehicles that are utilized for more sophisticated and high net worth estates.  If you need more information on developing an estate plan, contact our California estate planning and asset protection law firm.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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