8 reasons to create/update your estate plan Everyone needs an estate plan, and every estate plan created before early 2013 should be reviewed and likely updated. Here are eight reasons why you should create or update your estate plan:
1
income tax planning
2
the orderly disposition of financial and non-financial wealth
Most existing estate plans will cost the family significantly in the form of unnecessary capital gains tax. All estate plans created before early 2013 should be reviewed and likely updated to address income tax issues.
Don’t be stuck using California’s default estate plan. Use estate planning to pass values, like religion, philanthropy and education for future generations.
3
bloodline (ex in-law) protection
4
disability planning
Use estate planning to protect your assets from an ex son- or daughter-in-law and ensure that it stays in the family.
Make sure your assets are available to take care of you the way you want if you become disabled.
5
naming of guardians
6
creditor/spend thrift protection
Every parent needs at least a Will to name guardians for minor children. Don’t leave it to a court to decide who should raise your children if you can’t.
Through estate planning you can protect your heirs from creditors and even themselves – your heirs can’t protect it if you leave assets to them outright.
7
special needs planning
8
avoiding probate
A loved one with special needs (whether a child, grandchild, or other close relative or friend) needs specialized planning to subsidize their care without jeopardizing government benefits.
At Matsen Voorhees Mintz Law, the estate plans we help clients create address these issues and more. Take advantage of a free consultation with one or our qualified attorneys to review your existing estate plan or create a comprehensive plan for you and your family.
Probate is a lawsuit you file against yourself for the benefit of your creditors. In California it’s expensive, time consuming, and subjects all of your financial affairs to public scrutiny.
mvm law partners Jeff Matsen
Tim Voorhees
Jonathan A. Mintz
MVMLawyers.com 695 Town Center Drive, 7th Floor Costa Mesa, CA 92626 MVMLAWYERS.COM
TIMVOORHEES.COM
MVMLAWYERS.COM
Phone: 1-800-447-7090 EmaiI: Info@MatsenVoorhees.com