Why Do I Need an Estate Plan In Orange County (OC) CA?

  1. Guardianship: If you have minor children, you will be able to nominate in your Will a guardian to care for your children until they reach adulthood.  Also, you can appoint a trustee to oversee your assets on behalf of your minor children.
  2. Inheritance Protection: If you have an estate worth in excess of $150,000, you will need a revocable Living Trust to avoid the delays and costs of the Probate.  The state administered process of Probate can cost your heirs 4%-8% of the gross value of your estate and can delay distributions from your estate for 12-24 months.  These costs and delays occur even if you have a valid will.
  3. Incapacity: In the case you become incapacitated, your Durable Power of Attorney will appoint a trustee to manage your financial affairs and your Advanced Health Directive will direct your health agent as to your wishes with regards to your health care.
  4. Federal Estate Taxes: If you have a sizable estate and are married, a Living Trust can be used to reduce the impact of federal estate taxes which can amount to 40% of the value of the estate.
  5. Advanced Estate Tax Planning: If you have a very large estate (4 million +), you can use various types of trusts to reduce or delay payment of federal estate taxes.  These types of trusts include: Irrevocable Life Insurance Trust, Grantor Annuity Trusts, Charitable Remainder Trusts and Qualified Personal Residence Trusts.
  6. Special Needs: If you have a child who is currently receiving disability benefits, you will want to set up a Special Needs Trust in order to ensure that they will continue to receive their benefits upon your passing.
  7. Asset Control: There are many reasons why you may not want your heir or even your spouse to inherit your entire estate at once.  There are many advantages to having your estate assets remain in trust as you are able to set the parameters under which your heirs can use your money. Also creating trusts for your heirs can protect their inheritances from creditors, judgments, divorces etc.
  8. Medi-Cal Planning: If you are receiving Medi-Cal benefits and would like for your estate to avoid Medi-Cal Estate Recovery when you pass on for assets such as your home, you can create a Medi-Cal Personal Residence Trust that will allow you to live in your home for the rest of your life and allow your home to pass to your children while avoiding any Medi-Cal estate recovery liens.  You can also then sell your home and benefit from the proceeds of the sale without being disqualified for Medi-Cal.

FREE Estate Planning and Asset Protection Seminars in Irvine and Orange County

If you would like to schedule a FREE consultation, please feel free to contact Brian Chew by phone or email anytime.  Appointments are available during the day, nights and on weekends.



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| Phone: 949.445.1391
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| Phone: 949.445.1391

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