Although folks tend to think a single visit to an estate planning attorney should suffice for a lifetime, certain circumstances necessitate follow-up appointments. While not an exhaustive list, the following scenarios exemplify times when you may want to pick up the phone.
4 situations to call your estate planning attorney
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Growing Assets
After celebrating a big investment win, don’t forget to allow for the impact these new resources could have on your estate. Whether the influx of cash was the result of a bump in founder’s stock, a private placement that’s about to go public, or an art collection that’s suddenly spiked in demand, estates are living, breathing organisms that require upkeep and attention. 
An experienced estate planning attorney, like Vic Skvarna of Skvarna Law, can help organize state and federal tax liabilities into separate entities. This way, your high-growth asset could be managed under the trust in a state with favorable income tax laws. This way, if you ever decide to sell a startup or prized collection of Pollack’s, you might only be responsible for the federal portion of the taxes associated with that sale. This strategy could save you substantially on state income taxes, which could prove to be another big win.
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Hard-to-Value Assets
Hard-to-value assets such as commercial real estate, small business interests, and closely held companies are another reason you might want to schedule an appointment with your estate attorney. If you suddenly inherit your father’s restaurant franchise, for example, it could be hard to evaluate the company’s current value. But owning franchises in different locations could make your estate vulnerable to heavy taxation and challenging valuations going forward.
An estate planning attorney can help explain a wide variety of planning options available. These could include anyone who has come into a large inheritance, based on goals and additional assets. We can use tools such as a business succession plan. We also use grantor retained annuity trust (GRAT), life insurance trust (ILIT), to name a few. These can help you incorporate a hard-to-value asset into existing holdings.
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New Homeownership
Buying a new house, whether a principal residence, vacation property, or rental, is a huge decision. Before signing on the dotted line, call an estate planning attorney. We can help set up a qualified personal residence trust. We could also evaluate the best way to remove appreciation of the property from the estate.
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Charitable Giving
Before making a large charitable gift, work with your estate planning attorney. We can assess opportunities for getting the most out of the donation. Numerous charitable tools exist, such as charitable remainder trusts, charitable lead trusts, gift annuities, donor advised funds, and private foundations. And there is no such thing as a one-size-fits-all solution when it comes to planned-giving. However, there are a variety of viable options available. We can help you get the most bang for your charitable buck.
About Skvarna Law
When you’re ready to draft estate documents or run into anything that could potentially impact your estate, give our attorneys a call to set an appointment. Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Montclair, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
