Irvine Trusts and Estate Planning Lawyer

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Most people know it’s important to plan for what happens to an estate after death, but making the time to create that plan can be a difficult step to take. Often, meeting with a lawyer gets delayed until a later date — until the time is up, and loved ones are left to navigate the legal challenges of handling an estate in disarray, with no plan in place. 

The experienced estate planning attorneys at OC Wills & Trusts work with clients in Irvine and Orange County to ensure the estate planning process is simple and easy to understand. 

We’ll guide you through the necessary documents you’ll need, help you understand the downsides and benefits of different types of estate planning options, and help arrange an estate tax planning strategy that allows your heirs to avoid unnecessary taxes and legal costs. 

Contact OC Wills & Trusts today to schedule an estate planning meeting with an experienced Orange County estate planning lawyer. 

The Importance of Estate Planning

After a lifetime of providing for your loved ones, a well-planned estate is the final gift you leave to your children, spouse, and other heirs. An estate plan serves as a roadmap for family members as they navigate the legalities of estate transfer. 

Estate plans also bring significant financial benefits. A plan prevents your family from being dragged through a lengthy probate court process and protects the inheritance you’ve left from being seriously diminished by taxes. 

A well-formed estate plan allows you to: 

  • Maintain control over your assets
  • Choose how money and real estate are divided
  • Communicate your wishes to loved ones
  • Address your medical care and end-of-life preferences
  • Reduce family conflict
  • Ease the amount of stress placed on loved ones
  • Protect your estate from taxes and legal fees

As your family mourns your loss, an estate plan ensures they aren’t left with the additional burden of trying to arrange your affairs as you would have preferred. 

Essential Elements of an Estate Plan

Estate planning addresses all elements of how your estate will be managed and divided after death. These arrangements and documents help ensure your final wishes are respected and save your loved ones from stress, conflict, and legal and financial difficulties as your estate passes them. 

Revocable Living Trust

A revocable living trust is a way to ensure your assets pass directly to your heirs without the lengthy wait times and expense of going through the probate process. A revocable living trust also controls how your assets are distributed. This type of trust can be modified as needed to adjust to changing circumstances in your family. 

Last Will and Testament

A last will and testament is essential for clearly identifying how your assets will be distributed. If you don’t have a revocable living trust in place, your entire estate will be laid out in your will. However, a will is also necessary to protect any assets that you chose not to place in a living trust. 

Durable Power of Attorney

A durable power of attorney is a legal document that allows you to appoint an individual to make decisions on your behalf in the event that you become incapacitated. 

If incapacity occurs and your estate plans do not include a durable power of attorney, your loved ones will have to undergo the stressful legal proceedings of having the courts appoint a conservatorship. 

Healthcare Directive

A healthcare directive appoints an individual to make medical decisions on your behalf should you become incapacitated. Your medical preferences can be outlined in your will, but you need to grant legal decision-making power to a loved one through a healthcare directive to ensure your medical wishes are followed. 

Estate Tax Considerations

Without adequate estate tax planning, your heirs risk losing a significant portion of their inheritance to the IRS and state agencies. 

Family Limited Partnerships

A family limited partnership (FLP) allows you to decrease the taxable portion of your estate while maintaining control of those assets. An FLP can significantly decrease the amount of taxes your heirs will owe and allows you to avoid gift taxes.

Qualified Personal Residence Trusts

A qualified personal residence trust (QPRT) allows you to pass your residence to your heirs at a significantly reduced tax rate and also freezes your home’s real estate value for tax purposes. 

Irrevocable Life Insurance Trusts

Life insurance proceeds are counted as part of your taxable estate — this means that a significant amount of money from your life insurance policy can be taxed away. Placing your policy into an irrevocable trust ensures that life insurance policy proceeds won’t be taxed and can instead be used by your beneficiaries to pay off other estate taxes. 

Speak with a California Estate Planning Lawyer Today

OC Wills & Trusts is an estate planning law firm serving clients in Irvine and Orange County, California. Our experienced estate planning attorneys will inform you of your options and help you understand which arrangements will most greatly benefit your heirs. 

Don’t make the mistake of putting off estate planning until it’s too late. Get started today by contacting OC Wills & Trusts and scheduling a consultation with one of our experienced estate planning attorneys.