You have worked hard to provide for your family and you want to do everything you can to protect your assets for you and your family.  Unfortunately bad things can happen at anytime and you want to make sure that you have done everything you can to protect your family’s assets from the government, creditors, judgments, divorces, attorneys and even from your family members themselves.  Proper estate planning can ensure that not only will a person(s) of your choosing will be authorized to make decisions for you when you can not but also help ensure that your family will be able to protect your assets under the following circumstances;

AVOIDING THE HIGH LEGAL COSTS OF GOING TO PROBATE/FAMILY COURT

  1. Living Trust: Protects your heirs from the high cost and delays of probate when you pass on
  2. Will: Avoids a costly legal battle for the  guardianship of your minor children
  3. Power of Attorney: Avoids the cost of your family needing to obtain a court approved conservatorship of your estate along with any family conflict that might be involved in such a proceeding
  4. Healthcare Directive: Avoids the need to obtain a conservatorship of your person and the conflicts that may arise out of such a proceeding

PROVIDING YOUR HEIRS, LIFETIME ASSET PROTECTION FOR THEIR INHERITANCE

  1. Personal Asset/Dynasty Trust:  Provision in your Living Trust that not only can allow your heirs 100% access and control of their inheritance but also provide them Lifetime Asset Protection from creditors and divorces.
  2. IRA Beneficiary Trust:  A separate Living Trust with a provision to establish a Personal Asset/Dynasty Trust for your heirs  lifetime asset protection for your retirements funds (IRA,401k etc)  with the added bonus being able to stretch out the tax deferred status of the IRA assets for as long as possible.

PROTECTING YOUR ASSETS FROM JUDGMENTS AND LIENS

  1. LLC and Corporation: Minimize the risk of personal liability if you own a business or rental property.
  2. Long Term Care:  The high cost of in home care, assisted living and skilled nursing facilities can wipe out your estate. A qualified Elder Law Attorney can help you navigate your options when it come to receiving government assistance from Medi-Cal and the Veterans Administration: Aid and Attendance Pension Benefit.
  3. Medi-Cal Estate Recovery Lien: If you or a loved one is using Medi-Cal to help pay for your/their medical expenses and own a home, the government can place a lien on your home after you pass.  With proper planning you can preserve the equity in your home for your family.

PROTECTING YOUR ASSETS FROM THE GOVERNMENT

  1. Estate & Gift Taxes:  Only an experienced Estate Planning Attorney can help you execute a plan to minimize or eliminate your estate’s exposure to the Federal Estate and Gift Tax.
  2. Capital Taxes:  Avoid the common mistakes that people make to avoid estate taxes and probate fees that result in paying lots of capital gains tax.  You may also be able to efficiently avoid capital gains taxes in your highly appreciated assets through the use of a Capital Gains Bypass or Charitable Remainder Trust.
  3. Property Taxes:  Improper transfers of property amongst family members and spouses can result in the inadvertent reassessment of property taxes.

HOW CAN I PROVIDE A LIFETIME ASSET PROTECTION FOR MY HEIRS?

WHAT ARE THE BENEFITS OF AN IRA BENEFICIARY TRUST?