Estate Planning

Estate planning means much more than preparing a Last Will and Testament or tax planning for the disposition of your assets upon your death. Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner. The goals of estate planning typically include making sure the greatest amount of the estate passes to intended beneficiaries, often including paying the least amount of taxes. Estate planning must also provide for administration and protection of assets during lifetime and for decision making in the event of a disabling illness.

Any complete estate plan should contain: 
1. A Last Will and Testament
2. A durable health care power of attorney naming an agent (and an alternate agent) responsible for medical decision-making
3. A living will or other advance directive giving instructions concerning the type of care one wishes to receive (or avoid) in the event of a terminal illness, and
4. A durable financial power of attorney naming an agent (and an alternate) responsible for asset and financial management if one is unable to do such things for oneself.

Estate planning may also include the creation of trusts. Estate planning is an opportunity to make wishes known and to determine what person(s) will be responsible for carrying out those directives. You are able to state your preferences concerning the type of care you receive, what types of medical care you do not wish to receive and can authorize someone to act as your agent in carrying out those wishes. Should you fail to do such planning, then there may be confusion as to what your wishes might have been and who you would have preferred to act as your decision-maker. In fact, without such information, your wishes may never be known. If you do not leave a Last Will and Testament, your assets will be distributed according to the laws of intestate succession in your state. There are laws in each state governing the rights of surviving spouses, heirs and next of kin in the absence of a Last Will and Testament. 

Related Legal Services

Estate planning is about love for your family and keeping the peace after you are gone. It is also about protecting your assets, avoiding probate and reducing or eliminating estate taxes for your loved ones—which a properly drafted living trust can do. We draft a complete customized estate plan because we know every family is different and their needs are different—no one size fits all trusts! Every adult must have a Will, Healthcare Power of Attorney and Durable Power of Attorney, whether or not they have any assets, to avoid Conservatorship. Conservatorships can become very expensive and frustrating. Read about Conservatorship below.

​PROBATE: If a person with substantial assets dies without a Trust their estate goes through the Probate court before the assets are distributed to the beneficiaries (named in their Will or as per the state laws if there is no Will). The probate process and the mechanisms that transfer property from you to your appointed heirs upon your death, are challenging, intricate, and require attention. Let our professional experience serve you in restoring your piece of mind and protecting your family's assets by avoiding Probate or by helping your loved with the process.

MEDI-CAL TRUSTS: For Medi-Cal Trusts, pre planning is the key because there is a look back period. Medi-Cal Trusts help you to be eligible for the State's Medi-Cal benefits but avoid the State liens on your assets so you can leave your assets to your loved ones lien free. It is a good idea for the children to have their elderly parents have a Medi-Cal trust to save their inheritance.

SPECIAL NEEDS TRUSTS: As a parent of a child with special needs, it pays to protect your child in the event of your death. A well-planned Special Needs Trust (SNT) enables your child to cover his/her immediate needs in the event something unexpected happens to you. Special Needs Trusts are designed to supplement, not replace, the kind of basic support provided by government programs like Medical and Supplemental Security Income (SSI). Special Needs Trusts pay for comforts and luxuries -- "special needs" -- that could not be paid for by public assistance funds. Do not rely on a family member to take care of special needs beneficiary without a SNT. Majority of SNT litigations involve a family member abusing their powers and neglecting the SN beneficiary.

BUSINESS: Starting a Business? Corporation or LLC? Which one is a better choice? Buying a Business? Need a Buy-Sell agreement? Starting a Non-Profit organization? Want to create a Charitable Trust? Need a Contract or want to get one reviewed or have a contract dispute? Have a Contract dispute? We can help!

If you weren't here... Who would care for your child? Appoint a Guardian Today! You want the best for your children, even if you're not there. Don't leave your child's guardianship to chance. Let SNC Law Offices help you create an estate plan that gives your child the future and protection they deserve. If the parents are deceased and you need help to appoint yourself as the guardians of minors, we can help. Please contact us.

Related Insurance Services

What You Need to Know About Estate Planning

​In preparing an estate plan, it is essential that all of your assets are considered. You should do a complete inventory of all that you own before contacting your estate planner. 

Your estate consists not only of your home, your car and your bank accounts. Your estate also includes the value of life insurance policies, investments that you may own (including those held in joint tenancy with other persons), your IRAs and other retirement accounts, and any other assets over which you can exercise control. It is extremely helpful for you to have a centralized and secured record of all of your financial accounts, insurance policies, credit, debit cards, or loan accounts, safe deposit box, and account IDs and passwords. 

You will need to make decisions about what to include in your estate plan. First, you should determine who will inherit your property upon your death. You must also be certain that your spouse or heirs are capable of managing financial affairs after you. If capacity or vulnerability is an issue, you may want to name a trustee to handle financial affairs for him or her. You have to designate an Executor or Personal Representative to administer your estate. An alternate Executor or Personal Representative should also be appointed. Special arrangements may be needed if there are particular family issues, such as a second marriage by either spouse. You will also need to list any specific gifts you want to make to family or non-family members and/or to charities. 

Once these decisions are made and your inventory is completed, your attorney will be able to advise you as to the best technique to use in planning your estate. You should consider your preferences concerning health care options and decide who will be your decision-makers and do the same with regard to your finances in the event of a disability. Finally, you should give thought to the difficult questions of what type of care you would want or not want in the event of terminal illness. If you have special desires concerning disposition of your remains, such as burial in a certain place or possible cremation, these should be brought up during your planning conference as well. 

These are complicated and personal issues. The advice of a qualified Elder Law attorney is essential to protect your financial health and welfare and to insure that your health care wishes are known and carried out.

Where to Go for Help with Your Estate Plan

Some life and retirement insurance vendors call themselves estate planners as do some accountants and some financial planners. Often, these individuals will be selling some type of product or service. Use caution in attending free seminars about living trusts or other arrangements since such programs often will sell you documents that you do not need or advocate a plan that does not actually provide the type of benefits claimed. Be careful to note that this area of the law is constantly changing and books or materials on the internet are not always up to date. While there are pre-printed forms readily available for wills, powers of attorney, living trusts and living wills, such forms may not be valid in your state or may not meet your specific needs. Completing such forms properly can be difficult and you cannot correct your mistakes when you are dead or disabled.

Our Role in Developing Your Estate Plan

We specialize in estate planning and are trained and experienced with wills, trusts, powers of attorney, advance directives or living wills and the intricacies of estate and inheritance taxes. We may recommend accounting services, financial planners or insurance purchases, but we do not earn our fees by selling such products. As a result, you are more likely to get thorough and unbiased advice from us.

We ask clients for a great deal of information and will request original documents such as deeds, account statements and insurance policies. It is our role to assure that all of the elements of the estate plan are properly handled and reviewing names on titles, beneficiary designations and other similar information is part of thorough planning. All of the information provide to us is, of course, confidential and not disclosed to others without your permission.


CHOOSE THE FOUR “P’S” OF GOOD ESTATE PLANNING: PROTECTION, PROBATE AVOIDANCE, PRIVACY, AND PEACE OF MIND

CONTACT SHEKHAR DIRECTLY FOR PERSONALIZED SERVICE