Planning Your Estate
Personal Estate Planning in California
Estate planning is an important part of your financial plan because it protects the assets for which you’ve worked so hard. It can help offer financial security to the people you love, help support charitable organizations you feel passionate about, and offer you peace of mind, knowing that your legacy and hopes for making positive changes in the world will live on.
As we sit down to talk about estate planning, here are some topics we will discuss:
Understanding your thoughts about your estate.
Part of planning your estate is identifying those values you hold important. Do you want to leave your money and/or property to a spouse or domestic partner? Children? Relatives? Friends? Are you interested in supporting a charity? Would setting up a trust be the best move? The first step is to assess your feelings about your estate, the disposition of your assets, and whether there are specific ways you wish to help people or be remembered.
Your current and estimated income and expenses.
Next we’ll look at your current financial picture, estimate your future income and expenses, predict what you will want or need during your lifetime, and calculate what is likely to remain.
Reviewing your tax situation.
One of the largest potential expenses after your death is taxes (e.g., federal transfer taxes, state death taxes, and federal income taxes). We’ll help you review strategies for structuring your estate that help minimize the taxes due.
Reviewing your insurance coverage.
Insurance coverage is an important part of estate planning. In looking at your overall financial picture as we address the various aspects of estate planning, we analyze the need for insurances that can protect your assets—such as disability insurance and long-term care insurance. If there are gaps in your protection, we can research the best options and provide coverage.
Identifying an attorney to work with you, as appropriate.
Attorneys are required for preparing several documents related to your estate. If you would like a referral to a knowledgeable, experienced attorney who specializes in estate planning, we’d be glad to offer several options.
Drafting a will.
Your will is a document that states how you want your property distributed, who will administer your estate, and, if applicable, who will care for your minor children.
Considering a trust.
A trust is a separate legal entity that holds your assets for the benefit of one or more people (e.g., you, your spouse, or your children). We will work with an attorney to help you create a trust.
Reviewing life insurance needs.
Life insurance can provide proceeds to your beneficiary after your death.
Gifting strategies.
Gifts are transfers of property (including money) that you make during your lifetime to your family, friends, or designated charities.
Once you’ve created an initial plan, we’ll review it periodically to be sure it remains in sync with your wishes.
