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Estate Planning – Trust Litigation – Inheritance Disputes – Product Liability – Probate & Business – Trust Administration – Tax Planning
Are you looking for an estate planning attorney Newport Beach, CA, residents trust? Our top industry-leading attorneys are experienced in the area of estate planning. We are dedicated to helping our clients realize their financial objectives. Whether you need to establish a basic will or require more sophisticated planning involving living trusts, we are here to provide the best advice.
Who Will Inherit Your Estate?
Estate planning in Newport Beach CA is arranging who will inherit the estate after its owner is gone. The goal of an estate plan is to designate the heirs of assets. Regardless of the size of the estate, all estates need a plan to protect the future beneficiaries.
Benefits of Estate Planning
If a proper estate plan is not intact, the court will decide estate affairs. An estate plan ensures that you’re in charge of where your assets go instead of the court. Planning allows you to choose who will inherit everything you’ve worked so hard for in your life.
Your loved ones will have to settle your affairs after you are gone. An estate plan makes this process much less difficult for them. Furthermore, settling assets in probate can become costly. Unfortunately, it can also lead to strife in your family. This is especially true if family members disagree on specific terms. During an already difficult time, family members mustn’t be pitted against one other while settling affairs. Having everything preemptively planned for them will keep things straightforward and peaceful.
Estate planning also reduces taxes on what you leave behind. A qualified estate plan professional can advise you on utilizing giving tactics and setting up trusts. Furthermore, experienced estate planning services provide a host of knowledgeable tips to help you decrease the tax burden your loved ones will have to face otherwise. Even just a bit of planning can significantly reduce inheritance tax.
At Which Age Should I Start the Estate Planning Process?
Here at Law Stein Anderson, we believe that no age is too young to start to consider and plan what will happen to your assets. As soon as you own property and begin accumulating wealth, it’s time to start estate planning. For some people, this is as early as their 30’s. Documents containing your last will and testament and trust are crucial when you start to have children and a family. Therefore, it will be clear who acquires your assets if you pass away.
When to Update Your Estate Plan
It’s essential to review and potentially update your estate plan every couple of years. Specifically, update your plan if your relationships have changed with any members included in it. Furthermore, be aware of market changes because this can be a great time to save on taxes. In times of market volatility, our estate tax planning attorneys can use strategies that enable you to mitigate gift and estate taxes.
Estate planning may be a challenging topic for you and your family to think about. However, effective estate planning with professionals here at Law Stein Anderson will help ensure that your family gets the total value of your estate.
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SOUTHERN CALIFORNIA ATTORNEYS
We are an industry-leading estate, trust, and probate attorney serving clients with estate planning in Newport Beach CA and surrounding communities within Orange County, including Irvine and Laguna Beach.
We are an industry-leading estate, trust, and probate attorney serving clients in Irvine, CA, and surrounding communities within Orange County, including Newport Beach and Laguna Beach.