What You Need To Know
Without an estate plan, a person’s estate will be distributed after death according to California’s laws. This means that the deceased person’s estate could transfer to someone they barely even knew. You can prevent this from happening to your assets by creating a thorough estate plan. At Panitz & Kossoff, LLP, we can help you build one.
Wills Versus Trusts What’s The Difference?
A person’s last will and testament is a crucial part of a comprehensive estate plan. Dying without a will takes decisions out of a person’s hands and leaves their estate in the hands of the state.
Trusts come in different styles. It all depends on what works best for your situation. For example, trusts can be established to benefit charities, shelter assets from taxation, ensure eligibility for Medicaid assistance, provide for a loved one with special needs and more. There can be many advantages to establishing a trust, including reducing tax liability and avoiding probate. An experienced attorney from our firm can help you find the best fit for your goals.
Health Care Directives And Why You Need One
When you are unable to make decisions, such as in a situation where you are severely injured and incapacitated, it’s important to appoint someone you trust to make decisions on your behalf. One solution to this is selecting a power of attorney. This gives another person the legal right to do certain things for you. What those powers are depend on the terms of the document.
An advance directive, also called a health care proxy, is similar but handles different situations. This document will specify your medical and personal care wishes so they may be honored should you lose the ability to make and communicate your own decisions. We can help you fill out the proper paperwork, which will make your decisions legally binding. You can rest assured knowing that someone will be speaking up for you.
Call Today to Learn More
Estate planning involves a lot of steps, so it’s important to talk to a trusted attorney. We can meet you wherever you’re at in the process.