Tustin Estate Planning Lawyer
For the residents of Tustin, California, proper estate planning can help preserve estate assets, whether many or few. The basic purpose of estate planning in Southern California is to (1) choose how property will be distributed after death, (2) help assure that property will be distributed in an orderly and efficient way, and (3) minimize taxes.
With the current federal estate tax exemption allowing individuals and married couples to pass $2,000,000 (for the years 2006-2008) to their heirs, most estates can pass to beneficiaries free of federal estate tax. A spouse can leave an unlimited amount to a surviving spouse without having it subject to federal estate tax.
The federal estate tax exemption amount increases to $3,500,000 in 2009. In 2010, it will be repealed and the estate tax is eliminated. However, in 2011, the estate tax is scheduled to return and the amount exempt from estate tax will be only the $1,000,000, unless Congress enacts additional legislation. Thus, under the current law, the federal estate tax is repealed only for those dying during the calendar year 2010. In addition to federal estate tax, state inheritance taxes, which vary from state to state, must also be considered.
Important Estate Planning Goals
In addition to meeting your financial goals to provide for your beneficiaries, our estate planning law firm includes ensuring one's security and peace of mind during their lifetime. Thus, asset protection strategies, health care directives, powers of attorney, and other estate planning devices are an integral part of the services that an estate planning attorney will provide. Although wills and trusts are the foundation of solid estate planning, businesses and tax planning may also play a role in developing the best possible plan in a given case. A professionally developed estate plan can be highly creative and tailored to meet the specific goals of each person.
No matter the size of a person's estate, every adult should protect themselves and the interests of their loved ones by developing some type of estate plan. For some people, this will be a will and durable power of attorney for health care and property. For others, a combination of a wills, trusts, business formation, and other estate planning devices will be in their best interest. If you have questions about estate planning or need to have estate planning documents drafted, contact an experienced estate planning attorney at MORTENSEN & REINHEIMER, PC to ensure that your unique estate planning needs are met.
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