San Jose Advanced Estate Planning Attorney
Understanding Advanced Estate Planning
When a person sits down with an attorney to determine and make arrangements
for the disposal of their assets and estate, they are doing what is legally
referred to as estate planning. Estate planning consists of many different
revocable living trusts, basic
business succession planning and more.
The purpose behind estate planning is to create a legally binding plan
which will protect and ensure the proper distribution of one's assets
and estate according to their wishes after they have become deceased.
Proper estate planning helps ensure the beneficiaries of the estate receive
the largest amount possible, with the least amount of delay. It also protects
the estate from taxes which are commonly imposed during the transfer of assets.
Beyond basic estate planning is advanced estate planning. Advanced estate
planning is highly beneficial for those who either have sizeable estates
or who are looking to preserve and protect their estate for future generations.
Advanced estate planning can include
irrevocable life insurance trusts (ILITs),
intentionally defective irrevocable trusts (IDITs/IDGTs) and
irrevocable charitable trusts (CRATs/CRUTs/CLATs/CLUTs). Attorneys knowledgeable in advanced estate
planning are also able to put together
special needs trusts and
self-cancelling installment notes (SCINs).
If you have questions, or are interested in implementing, advanced estate
planning, contact a San Jose Estate Planning Lawyer at WealthPLAN, PC right
away so that they can analyze your circumstances and determine your exact
legal needs. The firm represents over 30 years experience in estate planning,
advanced estate planning, tax, trust administration and litigation. They
also have a California State Bar certified specialist in Taxation Law,
Probate, Estate Planning and Trust Law in house.
Advanced Estate Planning Lawyer Serving San Jose
There are ways to determine whether or not advanced estate planning would
be beneficial, in addition to the more traditional estate planning. Some
indictors that you may need advanced estate planning would be:
- You are single and your net worth is over $1,000,000
- You are married and your net worth is over $2,000,000
- The state you live in has its own estate taxes, and your net worth is more
than the state exemption
- You wish to create an education fund for children or grandchildren
- You know you are going to be receiving a large inheritance,
- Your 401(k) or IRA accounts have more than $200,000 in them,
- You have a significant life insurance policy
- You wish to leave a portion of your estate to a charity,
- You want to ensure your property and money stay in the family,
- You want to provide for your children, grandchildren and future generations.