An estate planning attorney in San Fernando Valley can help secure your financial future in several ways. The attorney has a thorough grasp of the state and federal laws that impact how your estate may be inventoried, distributed, valued, and taxed in the event of your death or incapacitation due to severe illness. It’s very important for anyone with assets, including a family home, to consult an estate planning attorney about how their assets will be managed or shared when the owner is no longer there to make important decision.
An estate planning attorney will help you create a will and designate your beneficiaries. You’ll need them to prepare a durable power of attorney, including medical power of attorney. You need to be tax efficient, which is also achieved via estate planning, through techniques that reduce the amount of your income and financial assets that are subject to tax.
A thorough estate plan also includes techniques to legally circumvent probate litigation because the process takes time and is costly. That’s the job of your estate planning lawyer, who may also be called a probate attorney. Equally important, the lawyer will set up a trust to shelter your assets for your own benefit while still you’re alive in case of incapacity, and to benefit your dependents after you’re gone.
An estate planning attorney may be engaged for a lifetime commitment or just a short time. Such an attorney may briefly liaise with a person possessing a power of attorney regarding the estate of a lately bereaved client toward managing a court probate case. An estate planning lawyer may also devise a legal strategy for the individual with the power of attorney to side-step probate litigation in court after scrutinizing the nature of assets covered under the estate of the bereaved and how the named assets may be reallocated within the law.
In case you’re a beneficiary, and another beneficiary (or even someone not named as a beneficiary) declares that they plan to challenge in court the will left by a recently deceased family member or a dear one from whom you stand to benefit, you’re better off protecting your interests by engaging an estate planning lawyer. In a worst case scenario, such a challenge may very quickly deplete the funds of an estate, and in the end, there might be nothing meaningful that may sustain dependents from then on.
It’s always great to have a proper plan for the management of your assets while you’re still alive. With the help of an estate planning attorney, you can have this plan that guarantees your own welfare today and the welfare of your beneficiaries after you’re gone.