You may hear the word "estate" and think it's something that applies only to the rich, not someone like you. Actually, an estate refers to the total of your assets, whether very valuable or quite modest. Almost everyone has an estate and expects to leave it to heirs when he or she dies. But that also might leave heirs with a tax burden.
The Law Offices of Gregory S. Masler handles a variety of estate planning matters, including planning for the distribution of an individual's property at his or her death and the provision of preparing powers of attorney in the event of an individual's incapacity. Together we will explore all aspects of estate planning options to help ensure the transfer of your assets to the people you treasure.
You've worked a lifetime creating a legacy you hope to share with your children and grandchildren - make sure you have the right tools in place to hand down your assets to the people you love most.
To establish a good estate plan, it's critical to determine the best possible ways to:
- Protect your assets so they last as long as you do.
- Transfer those assets to your loved ones with the least amount of cost after your death.
- Arrange for the proper ownership of assets so they pass according to your plan.
It's best for both spouses to have a will or revocable trust, even when all significant assets are held in joint tenancy. These documents can be revised or revoked, as desired, during your lifetime. With a will or revocable trust, your assets can be distributed according to your wishes. You can name your own beneficiaries and place the assets you choose in trust for various purposes. You can appoint the person or banking institution you want to administer your estate (the Trustee), and decide who should serve as guardian for your minor children. Without a will or revocable trust, California law will say how your estate will be distributed.
Estates can be as diverse as people and once we have a good idea of what you want and what your assets are, we will suggest various options to help you achieve your objectives. Contact us for your California estate planning consultation.
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