Estate Planning is the process of assuring that your personal and financial needs and desires are met during a period of disability and after death. Your desires can include designating a person to make health care and/or financial decisions for you in the event you are unable to do so for yourself, avoiding a conservatorship proceeding if you become incapacitated, pre-planning for the devastating costs of long-term care, avoiding probate at your death, and reducing estate taxes as well as protecting your wealth and assuring it goes to your intended beneficiaries, avoiding family disputes, and passing on family values and life lessons.
Key Components of a Comprehensive Estate Plan
- A revocable living trust to hold and protect your assets, avoid probate, and assure an easy transition of management of your assets in the event of disability or death.
- A pour-over Will as a safety mechanism in case a probate is necessary (proper funding of your estate plan during life should avoid the necessity of a probate proceeding in the Riverside, San Bernardino, Orange, San Diego, and Los Angeles County Probate Courts).
- A Financial Power of Attorney to assist with the management of your finances in the event of disability.
- An Advance Health Care Directive to designate the person who will make health care decisions for you (in the event you cannot make these decisions for yourself) and to designate your health care wishes. An Advance Health Care Directive should be accompanied by HIPAA Authorization Forms, in order to facilitate communication between your trustees and agents and any health care professionals.
- A General Assignment Form to transfer ownership of your tangible personal property to your revocable living trust.
- A Community Property Agreement to balance estates with large retirement plans and to assure maximum income tax savings for the surviving spouse after the death of the first spouse.
- Funding instructions to assure that title to your assets are property transferred to your trust during lifetime. This crucial step, which is often missed by clients after they have their estate plan documents executed, is necessary in order to assure that a probate is avoided upon death. You should also get instructions regarding beneficiary designations on life insurance policies and retirement accounts.
- Estate planning memorandum to designate how your trustee is to distribute personal items that may have little financial value but could have significant personal meaning. These items, such as grandpa’s old rusted shotgun or the plate that belonged to great-grandma are often the subject of major disputes among family members after death.
- Direction letters, location lists, death and disability worksheets and a trustee handbook to help your successor trustee administer your estate in the event of your death or incapacity.
Estate Planning Fees
The fee for a comprehensive estate plan is a fixed fee. There are no hidden charges. The fee varies slightly depending on the complexity of the client’s situation. More complex estate planning includes having a special needs loved one, very large retirement assets, or a taxable estate, or if you desire extensive asset protection provisions as part of your estate plan.
What to Expect
You can schedule a free one-hour consultation at our Riverside office with one of our estate planning and tax attorneys. At the end of your meeting, you will be quoted a flat fee for the services you need and desire.
Schedule A Consultation with one of our Estate Planning Lawyers Today
Creating a comprehensive estate plan is often the most important, and valuable, gift you can give both to yourself and to your loved ones. If you have yet to create yours, there is no time like the present to get started. Our Certified Estate Planning and Probate Law Specialists are dedicated to assisting you in the creation of a customized plan that reflects your unique goals and objectives. Give us a call today at 951-888-1460 or contact us online to schedule a consultation.
Visit One of Our Southern California Locations
With office locations throughout Southern California, Sandoval Legacy Group, a Division of Holstrom, Block & Parke, offers representation for Estate Planning, Special Needs Planning, Trust Administration, Probate, and Conservatorships in Riverside, San Bernardino, Orange, San Diego, and Los Angeles County.
