Fowler Estate Planning Lawyer

Estate planning is an important life step to ensure that all of your assets are properly managed and distributed as you desire when you pass away. Creating legal documents such as wills and trusts can help to protect your estate and save your loved ones from unnecessary burdens at the time of your death. Hiring a Fowler estate planning lawyer and making these plans can be a source of peace for your family during a difficult time.

At Fishman, Larsen & Callister, we are experienced in assisting individuals and families in creating personalized estate plans. We have guided many clients through the process and addressed each of their unique situations with care and compassion. Regardless of your age or financial status, an asset attorney from our firm is here to guide you every step of the way.

The role of an estate and asset attorney is to ensure the clients they serve have their financial and personal affairs in order. Regardless of how many assets or beneficiaries you have, these legal professionals can guide you through the process to minimize tax and probate burdens and ensure your wishes will be carried out exactly as instructed.

Some key areas where an estate and asset attorney can help include:

Drafting and Updating Wills

One of the most common reasons why someone hires an estate planning attorney is to help draft or update their will. A will is a legal document that details exactly how someone would like their assets to be distributed after they die. If there isn’t a will in place, California’s intestate succession laws will be in play to dictate what happens. By proactively hiring an attorney, you can help ensure your will is legally valid and enforceable in the future.

Establishing Trusts for Asset Protection

Wills are not the only estate planning tool that an asset attorney can assist with. In addition, there are various types of trusts, like revocable and irrevocable trusts, that offer numerous benefits to protect your most prized possessions. Trusts can also ensure that any children in your family will receive financial funds later in their adult life when it is more appropriate. Securing a trust has also been shown to help reduce estate tax and preserve wealth for future generations.

Minimize Estate Taxes

Another advantage of working with an estate attorney is to leverage their ability to help you minimize how much estate tax you will need to pay. Depending on the size of your estate, a significant portion of your assets may be subjected to estate or inheritance taxes. There are many different legal tools an attorney can use, like charitable donations or different gifting strategies, to help reduce the taxable value of your estate and keep more money in your family.

Navigating Probate

Most of the time, when someone passes away, their estate needs to go through the probate process. This is where the court will supervise how the assets in an estate are distributed to the designated beneficiaries. This process takes extra time and money, especially if a family member raises concerns over the validity of any specific legal documents. When you work with a Fowler estate planning attorney, you can implement certain legal mechanisms to avoid the probate process.

Planning for Incapacity

In addition to planning how your assets will be distributed after you pass away, estate planning also allows you to prepare for the potential of incapacity. This is where you would legally select who your powers of attorney would be to make certain financial and medical decisions when you are unable to do so. These documents provide clear instructions on how to care for you, which can help minimize conflict between family members.

Q: How Often Should I Update My Estate Plan?

A: While the answer to how often you should update your estate plan will differ by person depending on their circumstances, checking in every few years is not a bad idea. It’s recommended to revisit these documents even sooner if you’ve experienced a major life event, like adopting a new child or going through a divorce. Keeping your estate plan as current as possible helps to ensure your assets are protected as you age.

Q: Can an Estate Plan Protect My Assets From Creditors?

A: Yes, an estate plan is a valid legal tool that can be used to protect your assets from creditors. One example of this is an irrevocable trust, which removes assets from your ownership and makes them inaccessible to creditors. It can also help set up retirement accounts or certain insurance policies. To ensure you are selecting the most advantageous strategies, an attorney can help advise on how to safeguard as much of your wealth as possible.

Q: What Happens If I Die Without an Estate Plan?

A: If you were to pass away without finalizing an estate plan, your assets would be subjected to California’s intestate succession laws. This means that it will be up to the court to decide how your assets are divided since there were no legally enforceable instructions left for them to follow. Typically, the court will select close family members to be the beneficiaries. Not having a legal document in place could mean your estate is distributed against your wishes.

Q: How Can an Estate Help With Long-Term Care Planning?

A: Estate plans are designed to incorporate different strategies that help to manage long-term care costs. For example, when you include provisions like long-term care insurance or Medicaid planning, it helps to ensure that you will have enough financial resources in place to cover healthcare expenses without depleting the value of your estate. Taking care of this early on can help provide financial stability for you and your family members.

Regardless of how small or large your estate may be, contact us today if you would like legal assistance preserving your assets and ensuring they are distributed to your exact wishes. We take great pride in helping our Fowler clients feel comfortable and confident about the future and look forward to doing the same for you.