Long Beach Financial Planning Specialist
The Complex Problem of Estate Planning Has Many Solutions
When planning for your financial future you have many options available to protect assets and shelter capital to use the laws to benefit yourself and others. Retaining ownership of the homestead is a general necessary start of financial estate planning.
Who Needs Estate Planning?
Everyone will need to think about their future when reaching their most senior years. Effective planning is a life function that is an important aspect of any estate plan. With smaller estates, it is generally limited to who will receive the financial assets upon your death. It states and who will administer your estate and pay your last debts and disperse your assets are the most vital concerns.
What Can Happen if I Die Without an Estate Plan?
For those who do not prepare for the inevitable they leave it to the court to decide in probate who will handle your personal care and various assets. At that time the rules of intestate succession will decide which of your heirs is to receive any proceeds. In many cases this is not the choice of heirs that the intended may have wanted. An estate plan is what gives control of who will inherit assets after one expires.
What Can I Included as Part of my Estate?
All assets are eligible to be included in one’s estate. After paying the last debts remaining the individual assets are divided amongst survivors only as dictated by the estate documents. This is the deciding factor in how much capital gains your heirs are subject to. It affects if there are estate taxes to be paid on the collective estate. Knowing these specific laws are what The Center for Elder Care is designed to protect for its clients.
Will my Spouse be Subjected to Estate Taxes When I Die?
Both charitable contributions and surviving spouses of those U.S. citizens who have a valid estate plan in place will not be obligated to pay tax on the assets passed. But assets left to others, including your children, will be taxed if the portion of the estate totals more than a lifetime gift amount. This amount is inclusive of assets bestowed during one’s lifetime. The 2015 year total allowable was $5.43 million but is inclusive of an annual increase equal to inflation rates.
What is often not known is the impact of the massive inheritance estate tax, and how significant the financial burden can be. An effective and timely estate plan offers the shelter and security from taxation in a number of financially beneficial ways to your heirs. Solidifying you or your loved ones wishes is easily done with knowledgeable and skilled financial planning at the Center for Elder Care.
Should I Have More Than One Beneficiary?
It is possible to provide for one’s most vulnerable and pressing need after death in the surviving spouse and any disabled, ill, or young heirs. Families are changing and elders are often responsible for one of their children’s children. The disabled, sick, or children too young can have a trust filed on their behalf. They could also receive stipends under the remuneration of a living trust
Qualified legal council is crucial when recording heirs and charities. Proceeds are only awarded to the exact physical name as shown on the instrument. You have only the protection of your legal trust or will to benefit those you love when you are gone. Utilize the specialized direction and protections provided by the Center for Elder Care. Our legal planning attorneys can be trusted to solidify your position in writing for actions after your absence. These instruments are precise requiring a depth of knowledge surpassed by unspecialized counsel. The Center for Elder Care can offer your estate legal assurance of carrying out your wishes.
Why Do I Need an Elder Care Specialist?
Besides the importance of prior knowledge of constantly evolving legislation, and how your benefits are protected, they are the drafters of your final directives. An estate planning lawyer is able to identify and make clear professionals whose expertise will be needed to supplement the estates need for future protections from taxes. It is the largest benefits to clients that The Elder Care Center is affiliated with qualified end of life advisors who can assist in structured insurance products and financial planning. This collective approach offers clients the most choices in protecting their futures.
Contact The Lakewood Financial Planning Lawyers Of The California Elder Law Center PC
We all want our loved ones to have access to the long-term care that they need as they grow older. Turn to the California Elder Law Center PC for help understanding how to secure the funds necessary to ensure your loved one has the care he or she needs. Schedule a free consultation with one of the attorneys by calling 562-377-7710 or toll free 877-377-7411, or by simply contacting us on-line.