Planning for the future is a concept that everyone should consider. This concept allows you to make provisions for your care should you become incapacitated and assign a guardian for your child in the event that you die. If you need to speak to an Estate Planning Attorney in Sacramento about these concepts, you should contact The Law Offices of Mitchell S. Ostwald today.
Estate Planning Concepts
Living wills are included in estate plans. These documents allow you to establish your rights in a medical setting. For instance, if you are in an accident in which you are left in a coma, you have the legal right to state whether or not you wish to be placed on life support. Once you have a legal living will established, your family members cannot intervene and prevent your wishes.
A will is used to assign ownership of your properties and assets when you die. This document is legally binding and requires that a probate attorney officiate it and administer it after your death. Although a family member can contest your will if he or she feels that it is unfair, it is less likely that the court will reassign ownership of property. In terms of guardianship, a will is contested if the assigned guardian is a threat to the well-being of the child. A biological parent can step in and contest the will, even if he or she hasn’t established their parental rights in the past.
Tax implications are reduced when an estate is divided or ownership is assigned through a trust. An Estate Planning Attorney will advise you to place assets in trust funds either owned directly by your children or through an organization you have created. If the value of the estate is reduced before you die, your children will not receive extremely high-tax implications and avoid a loss due to these requirements.
Estate planning doesn’t protect your rights only. It protects the rights of your children to your assets and property. In some cases where an individual does not have an heir, the state can step in and seize their property. To protect your rights and those of your family, you should contact an attorney to establish a plan today.
