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 facets including wills, living wills, revocable living trusts, basic estate planning, 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 asset protection, gifting, irrevocable trusts, 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.

Do you have questions about advanced estate planning? Contact a San Jose estate planning attorney at WealthPLAN, PC today.

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