Orange County Estate Planning Attorneys

Regardless of your current financial situation, you likely have some form of an estate. An estate consists of all your possessions and assets, including your car, your home, the money in your bank account, any investments, and retirement accounts, and all your personal possessions.

While many adults wait until they are aging to form an estate planning, one of the best things you can do for your future self and your heirs is to speak with an estate planning lawyer and develop a well-thought out estate plan that protects your legacy and your family at any stage of life.

The team of Orange County estate planning attorneys at Evolution Tax and Legal is here to help break down the California estate planning process and how we can best assist with asset protection.

Why Hire Evolution Tax & Legal To Help With Planning Your Estate in Orange County?

At Evolution Tax and Legal, we provide a unique value proposition to all of our clients: our team is dually-certified in law and accounting, which allows us to provide insight into the financial aspect of estate planning, as well as the legal implications for your heirs.

At Evolution Tax and Legal, our estate planning attorneys create a customized estate plan by:

• Providing financial and legal guidance for the estate holder, as well as guidance for the heirs.
• Ensuring all your affairs are in order and all of your estate planning documents are valid and enforceable, using our legal expertise to go above and beyond the guidance a regular financial planner can provide.
• Providing guidance into various types of estate planning, including international estate planning for U.S citizens, residents and non-U.S residents who hold assets within the United States.
• Providing a personalized experience, working with our clients to understand them and their goals, in order to provide them with guidance that will work for the individual.

What Is Estate Planning?

Estate planning is the process of arranging your assets in anticipation of death or incapacitation. In preparation, an estate planning attorney will meet with you to understand your wishes and create the necessary legal documents ensuring your assets and property are distributed accordingly to your selected beneficiaries.

The assets and property in your estate include:

• Real estate and real property you own
• Bank accounts held in your name
• Life insurance policies
• Stocks and securities
• Personal property such as jewelry, cars and technology
• Retirement assets and accounts

Estate plans are far more comprehensive than asset division, however. Equally true, they are more comprehensive and legally binding than creating a living will. Depending on your unique family situation, estate plans may also include living trusts, guardianship designations for minors, healthcare directives, powers of attorney, and pour-over wills.

Throughout the estate planning process, you and your Orange County estate planning attorney will work to answer the questions:

• What is the current state of your financial affairs?
• What real and personal property do you currently hold, and what is the financial value of the property?
• Who will receive the assets after your passing, and how much of each asset will each beneficiary receive?
• What funeral arrangements will be planned and how will the costs be covered?

…just to name a few!

At Evolution Tax & Legal, we ask our clients to complete a comprehensive questionnaire designed to identify all your relevant assets and your overall wishes for said assets. The questionnaire also helps our estate lawyers quickly identify any local or California legislation regarding the distribution of assets we will need to consider.

Our Estate Planning Services in Orange County

As an estate planning attorney, we offer a breadth of services, including:

• Wills: Our attorneys will help you identify all your assets, real property, and possessions and determine the financial value of all these assets. We will work with you to write the valid legal will and ensure all your wishes are clearly communicated to the appointed fiduciary.
• Trusts: Our trust attorneys will determine if it will be beneficial to you or the beneficiaries of your estate to establish a trust, which will help minimize estate taxes your beneficiaries may face in the future. We can help with the establishment of a trust, appointment of trustees, communication of trust instructions, distribution among beneficiaries in the future, and trust administration.
• Business Succession Planning: If you run a family-owned business, our corporate attorneys will help ensure the continuity of a business in the event of you suffering a disability or death. The goal of business succession planning is to ensure the long-term sustainability of the business, minimize disruptions, preserve the company’s legacy, and provide a clear roadmap for transition. This planning is crucial for all businesses, regardless of size, as it helps mitigate risks down the road.
• Probate: Probate itself is not a component of an estate plan, but addressing how probate law will impact the estate is a crucial aspect of the planning process. Effective estate planning aims to circumvent probate court to ensure a smoother, quicker, and more private transition of assets to the next generation. If someone dies without a valid estate plan, probate is essential as it determines how the estate will be distributed according to state laws.

What Is the Estate Planning Process?

Estate planning looks different for everyone, depending on their unique situation, but almost all estate plans begin with the process of writing a will. The will-writing process includes compiling a list of all of your assets and information needed to access these assets, including deeds and account numbers. Then you will determine how your assets will be divided and what beneficiaries will receive the assets. You will likely appoint a fiduciary to carry out your estate plan, and provide a detailed list of your wishes so the fiduciary can carry out your estate plan to the best of their ability.

After writing the will and determining who will be a beneficiary, the process can move on to determining how the assets will be protected and distributed. This includes setting up trusts in the name of your beneficiaries so you can limit estate taxes, and appointing trustees to control the trusts until they are distributed among beneficiaries. You will also need to appoint a guardian for any dependents in your care, and set up a durable Power of Attorney to direct any other assets and investments. During the planning process with your Orange County estate planning attorney, you will also likely begin preparing your funeral arrangements and determining how the costs for your funeral will be covered.

Who Needs Estate Planning Services?

It is a good idea for anyone over the age of 18 who holds any assets or property to begin thinking about an estate plan. Ensuring the protection of the assets you worked hard for will provide you with peace of mind, as well as ensure that your medical directives are carried out to the best of your wishes provided you become incapacitated. At Evolution Tax and Legal, our Orange County estate planning lawyers can work with you to determine the level of estate planning that is best for you at whatever point you are at in life, from basic planning needs to a sophisticated, thorough plan.

Benefits of Estate Planning

1. Ensures Wealth Distribution According to Your Wishes: Perhaps the most significant benefit, estate planning allows you to control how your assets will be distributed after your death. Without an estate plan, your assets could be distributed according to the laws of intestacy, which might not align with your wishes.
2. Protects Beneficiaries: Estate planning is crucial for protecting your beneficiaries, both minor and adult. It can help you ensure that minors are cared for by the guardians you choose and that your wealth is distributed in a way that protects your heirs’ best interests.
3. Minimizes Estate Taxes: A well-structured estate plan can help minimize taxes and other expenses, which can increase the value of the estate you pass on to your beneficiaries. Strategies like gifting, trusts, or charitable donations can be used to reduce estate tax liability.
4. Avoids Probate: Probate can be a lengthy, public, and costly process. Many estate planning strategies, such as the use of a living trust, are designed to avoid probate, thereby speeding up the distribution of assets to beneficiaries and maintaining privacy.
5. Reduces Family Conflict: By clearly outlining how your assets should be distributed, you can help prevent disputes among family members. Knowing that the estate plan reflects your wishes can reduce conflict and ensure a smoother transition of assets.
6. Protects Assets: Proper estate planning can protect your estate from various risks, including creditors and legal judgments. By using strategies such as asset protection trusts, you can safeguard your wealth for the benefit of your beneficiaries.
7. Ensures Business Continuity: If you own a business, estate planning is crucial for outlining succession plans and ensuring that the business continues smoothly without disruption, protecting your employees, customers, and the business’s legacy.
8. Provides for Incapacity: Estate planning also involves making provisions for your own care and financial affairs if you become incapacitated. Through powers of attorney, healthcare directives, or living trusts, you can ensure that your health and financial matters are handled according to your wishes if you’re unable to manage them yourself.
9. Gives Peace of Mind: Knowing that you have a plan in place for after you’re gone can provide immense peace of mind for you and your loved ones. It assures you that your affairs are in order, your wishes will be honored, and your loved ones will be taken care of.
10. Facilitates Wealth Management: Comprehensive estate planning can help you consolidate your wealth management strategy, aligning your investment, retirement, and financial planning with your long-term goals for asset distribution.

Estate planning is a deeply personal process that reflects your unique circumstances, values, and wishes. It’s often advisable to work with experienced professionals, such as an estate planning attorney, to develop a plan that effectively captures your goals and provides for your loved ones.

How Can an Orange County Estate Planning Lawyer Help?

When you begin the process of estate planning, the first thing you will need to do is find a lawyer who can help you with the process of setting up the necessary legal documents. This includes the creation of your will, determination of your beneficiaries, and appointment of your estate’s fiduciary. Working with an estate planning attorney in Orange County, California who has actual experience in estate planning can help ensure that your beneficiaries and assets are legally protected throughout the process, and help your beneficiaries avoid a potentially lengthy and costly probate process.

The team at Evolution Tax and Legal has extensive knowledge in estate planning and will work with you to determine how to best set up your estate plan. The team utilizes the financial and legal knowledge gained from dual-certifications in accounting and law to provide you with a well-rounded estate planning experience, ensuring proper asset protection and minimal tax liabilities.

With our years of experience in California, we thoroughly understand the state and federal laws that will affect your estate administration, for example, navigating the recent legislative changes around Prop 19. We will work with you to protect your family’s well-being no matter your current financial situation or estate status.

Schedule a Free Consultation With an Estate Planning Lawyer in Orange County, CA

The team at Evolution Tax and Legal is here to provide their estate planning expertise and guidance to ensure you are prepared for the future, helping families have a plan in place for their assets and property. Contact our team today to schedule a free consultation with an estate planning attorney and learn how our personalized services can begin benefiting you and your loved ones today.

FAQs

What is a durable power of attorney and why do I need one?

A durable power of attorney is a legal document that grants someone else the authority to make decisions on your behalf, even if you become incapacitated. It’s crucial for managing your affairs when you’re unable to do so and ensures that your wishes are followed.

What are advance healthcare directives and why are they important?

Advance healthcare directives, including living wills and healthcare powers of attorney, allow you to outline your wishes for medical treatment if you become incapacitated. They are crucial for ensuring your healthcare preferences are respected and legally adhered to.

What are the tax implications of estate planning?

Estate planning can significantly affect your estate’s tax liability, including federal estate taxes and state inheritance taxes (though California currently does not impose one). Strategies like gifting, trusts, and charitable donations can be used to minimize or avoid these taxes.

Can I create my own estate plan, or do I need an attorney?

While you can technically create your own estate plan, hiring an estate planning attorney is recommended to ensure your documents are legally sound, reflect your wishes accurately, and consider all aspects of California law. Should your documents not be found legally sound, your family will end up following probate law and your wishes may be overridden.

How often should I review and update my estate plan?

It’s not uncommon for many estate plans to require updating after a few years go by— it’s wise to review and update your estate plan at least every three to five years or after significant life events like marriage, divorce, the birth of a child, or substantial changes in your financial situation. Additionally, changes in laws could also necessitate updates to your plan. Estate planning lawyers should always be up-to-date on recent legislative changes, keeping you out of probate. a