ESTATE PLANNING - What you should know...
FIRST AND FOREMOST, Establishing an estate plan doesn't have to be time-consuming or complicated. I pride myself on guiding clients with compassion and experience, crafting plans that provide peace of mind for the future. Understanding the importance of flexibility and comfort, I now offer virtual meetings via Zoom, FaceTime, or by phone, allowing you to discuss your estate planning needs from your home.
While contemplating death or disability is challenging, proactive estate planning is a crucial step to protect yourself and your loved ones. A well-prepared plan not only puts you in control of your finances but also spares your loved ones the expense, delay, and frustration associated with managing your affairs during difficult times.
Life events can significantly impact your estate planning needs. It's essential to review and update your documents to reflect these changes.
Have any of these events occurred since you last updated your Estate Planning documents:
- Estate Planning Documents needed: Updates or New documents
- Dementia, or cancer diagnosis of a spouse, parent or loved one?
- Purchased a home?
- Marriage or Divorce?
- Birth of a child?
- Children off to college?
- Aging parents that may need more assistance?
Please contact me to learn more about how virtual estate planning can make this process easier for you.
While contemplating death or disability is challenging, proactive estate planning is a crucial step to protect yourself and your loved ones. A well-prepared plan not only puts you in control of your finances but also spares your loved ones the expense, delay, and frustration associated with managing your affairs during difficult times.
Life events can significantly impact your estate planning needs. It's essential to review and update your documents to reflect these changes.
Have any of these events occurred since you last updated your Estate Planning documents:
- Estate Planning Documents needed: Updates or New documents
- Dementia, or cancer diagnosis of a spouse, parent or loved one?
- Purchased a home?
- Marriage or Divorce?
- Birth of a child?
- Children off to college?
- Aging parents that may need more assistance?
Please contact me to learn more about how virtual estate planning can make this process easier for you.
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Providing for Incapacity
Who will manage your financial affairs if you become incapacitated? Contrary to popular belief, your spouse or adult children can’t automatically take over without the proper legal documents in place. A Power of Attorney ensures your trusted person can manage your financial matters without going through the courts. To make the process convenient and accessible, I now offer virtual meetings via Zoom, FaceTime, or by phone. This allows us to address your estate planning needs from the comfort of your own home, with compassion and care for your unique situation. |
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Equally important is planning for your medical care. In California, an Advanced Healthcare Directive lets you choose someone to make healthcare decisions on your behalf, including life-sustaining treatments and organ donation. Let’s meet virtually to discuss these vital documents that can protect you and your family.
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Avoiding Probate
A Will alone will not keep your estate out of probate court.
Probate is an expensive and time-consuming process that makes your assets public. Your loved ones could face delays of six months or more while the court handles your estate.
Proper planning, such as creating a revocable trust and ensuring correct beneficiary designations, allows your assets to pass privately, quickly, and inexpensively. I now offer virtual consultations through Zoom, FaceTime, or by phone to help you establish or update your estate plan, minimizing stress on you and your family.
A Will alone will not keep your estate out of probate court.
Probate is an expensive and time-consuming process that makes your assets public. Your loved ones could face delays of six months or more while the court handles your estate.
Proper planning, such as creating a revocable trust and ensuring correct beneficiary designations, allows your assets to pass privately, quickly, and inexpensively. I now offer virtual consultations through Zoom, FaceTime, or by phone to help you establish or update your estate plan, minimizing stress on you and your family.
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Providing for Minor Children
If you have young children, your estate plan should cover their upbringing. If both you and your spouse pass away, who will raise your children? This is one of the most difficult decisions, but it’s vital to make your wishes clear. You can nominate a guardian, who could be a family member or a close friend who shares your values and lifestyle. A well-structured estate plan provides financial support for your children without burdening the guardian. With a virtual meeting option, we can discuss your preferences and create a plan that works for your family, even in challenging times. |
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Planning for Your Children’s Future if You and Your Spouse Pass Away
What will happen to your children if both you and your spouse pass away? It’s a difficult question, but essential to consider when creating your estate plan. Appointing a guardian is often one of the hardest decisions parents face, but having a clear plan in place ensures that your children will be raised by someone who shares your values and lifestyle.
While family members are common choices for guardians, you might also want to consider close friends. Perhaps someone in your community, with children of similar ages, who shares your beliefs and already has a strong bond with your kids, could be the right choice. When selecting a guardian, think about their financial situation, age, and ability to provide the kind of upbringing you envision for your children.
While family members are common choices for guardians, you might also want to consider close friends. Perhaps someone in your community, with children of similar ages, who shares your beliefs and already has a strong bond with your kids, could be the right choice. When selecting a guardian, think about their financial situation, age, and ability to provide the kind of upbringing you envision for your children.
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The individual responsible for managing your finances doesn’t need to be the same person as the guardian. In fact, many families find it beneficial to have separate people in these roles, creating a balance of power. By clearly outlining your wishes, you can avoid court intervention and ensure your children’s future is in trusted hands.
A revocable trust is an effective tool for controlling how assets are distributed to your beneficiaries. Rather than giving large sums of money at once, you can distribute assets over time, taking into account factors such as age or milestones like completing education. This ensures your children are financially supported in a responsible way. |
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Planning for Federal Estate Taxes
The IRS will review your estate at death to ensure you don’t owe the federal estate tax. Whether there will be any tax to pay depends on the size of your estate and how your estate plan works. There are many effective strategies that can be implemented to reduce or eliminate the Federal Estate tax, but you must start the planning process early in order to implement many of these plans. |
Charitable Bequests – Planned Giving.
What is the Legacy you want to leave behind? Is there an organization that you would like to remember in your estate plan? You can provide for organizations in a variety of ways, either during your lifetime or at your death. Your financial adviser and your attorney can work together to create a plan that best meets your charitable goals, and may also let you receive a stream of income for life, earn higher investment yield, or reduce your capital gains or estate taxes. |
With today’s technology, estate planning is more accessible than ever. I offer virtual meetings via Zoom, FaceTime, or phone, making it easy and convenient to work on your estate plan from the comfort of your home. Whether we’re discussing how to care for your children or making arrangements for your pets, I’m here to provide compassionate, personalized guidance every step of the way.