Everyone has an estate. While many people mistakenly believe estate planning is only for the wealthy, the reality is that you need to make provisions for your money and property even if you do not have millions of dollars in the bank. Estate planning is also about more than just protecting your assets and leaving a legacy. By creating a comprehensive estate plan, you can take more control over your future.
The Schomer Law Group provides legal representation with the estate planning process to clients of all ages, and to clients at all income levels. Our Los Angeles estate planning attorneys can help you to make the best use of the full array of legal tools available to you to control your own future, to protect yourself, and to protect those who you love. Give us a call as soon as possible so our legal team can put together a personalized plan for you and so we can answer key questions including:
- Why is estate planning important?
- What is involved in creating an estate plan?
- How can a Los Angeles estate planning lawyer help you?
Why is Estate Planning Important?
Estate planning is important because:
- You need to protect your legacy. Estate planning involves using legal tools to keep assets safe from creditors and divorce, to reduce or eliminate taxes on estates, and to make sure assets are managed carefully. With a comprehensive estate plan in place, you can ensure you have money and property to hand down to your loved ones.
- You need to protect your autonomy. Do you want to choose who will make decisions for you if you become incapacitated or do you want a court choosing for you? Do you want to decide what kinds of extraordinary life saving medical care you will receive if you become badly injured or are seriously ill? If so, you need an estate plan.
- You need to protect your loved ones. You don’t want your family to fight about asset division or about the medical care you should be receiving. You don’t want your family to end up in court if you become incapacitated or pass away. You don’t want a gift you give to a disabled family member to cause loss of access to government benefits. In order to make sure you are doing everything possible to protect your loved ones, you need a comprehensive estate plan. This is especially important for people with minor children who should name a guardian and who should make sure that there are financial resources available to care for kids into adulthood.
These are just a few of many reasons why everyone should have an estate plan. Your plan will be customized to your goals and your needs, so you should speak with a Los Angeles estate planning lawyer specifically about why estate planning is important for you.
What is Involved in Creating an Estate Plan?
The specific process of creating an estate plan may be different for different people. However, the creation of a plan involves using a wide variety of legal tools at your disposal. For example, your plan may include:
- A last will and testament, so you can name a guardian for your kids, dictate how you want to be buried, and determine how your assets should be divided.
- Trusts, so you can ensure you don’t have to spend down assets if you need Medicaid to pay for a nursing home; so you can protect money and property from being lost or squandered by beneficiaries; and so you can reduce or avoid estate taxes.
- An advanced medical directive and/or do not resuscitate order so you can ensure you don’t get life-prolonging care when you don’t have any quality of life and so you can save your family from making the choice to pull the plug.
- A power of attorney so you can name the person who will be in charge of managing your affairs and making your decisions if you cannot speak for yourself any longer.
A Los Angeles estate planning lawyer will help you to explore all of the different steps you should take to make sure your plan is comprehensive and accomplishes your goals.
How Can a Los Angeles Estate Planning Lawyer Help You?
A Los Angeles estate planning lawyer can provide you with invaluable assistance in setting goals for your future and in taking concrete steps to achieve those goals. When protecting yourself, your family, and your legacy are priorities, the Schomer Law Group is here for you. Give us a call now to learn more about how we can help.