- Estate planning is not just about what happens to your stuff when you die. It incorporates coordinating all aspects of your life. Your estate plan should ensure that:
- Someone will take care of you when you are unable to care for yourself.
- At your death, your attorney will distribute money and property according to your wishes.
While you may visit an estate planning attorney to draw up legal documents (will, revocable living trust, Powers Of Attorney (POA), and living will, this alone won’t ensure that your loved ones carry out your ultimate estate and financial goals. In order to accomplish this large and important task, you need a team made up of the right players.
Teamwork: Introducing the Starting Lineup
Estate Planning Team Leader (Attorney)
He or she will arrange your legal affairs. Only trusted people should make decisions for you when you are unable. An attorney will make sure to manage your money and property according to your wishes. As your legal counsel, we know the way to accomplish this.
Team Financial Advisor
Able to understand your specific financial goals and investment objectives. He or she is able to craft a financial plan to ensure you have sufficient cash to meet your needs and live the lifestyle you want. They can also help ensure that there are ample resources available at death to pass on to your loved ones. If you are an individual with a high net worth, financial planning often moves beyond retirement planning to laying the foundation for multigenerational wealth transfer or achieving philanthropic objectives.
Insurance Professional
Provides an analysis of your current and future insurance needs. For many estate planning strategies, life insurance is critical to ensuring that there are funds available to take care of all your beneficiaries. This is especially true if you own your own business or have other large accounts or valuable pieces of property that are difficult to divide between beneficiaries.
Accountant or CPA Team
Brings valuable tax planning strategies to the planning process. Although much of the focus in estate planning has historically been on estate taxes, a comprehensive plan must consider the impact of all taxes you and your beneficiaries may owe. We want to make sure you do not incur too high of a tax cost on the way to achieving your goals.
Team Spiritual Advisor
Offers insight and provide guidance to help you express what matters most to you. They can help you share lessons, stories, and experiences, along with moral, personal, and spiritual values with the next generation through your estate and financial plans. Approaching your planning from a spiritual or value-based perspective shapes how others will remember you. Make sure you plan focuses on your morals, values, and beliefs. It should also provide valuable context for your family. They should understand why attorneys drew your estate or financial plan the way they did. They should also understand how to continue traditions and use what you leave behind to them in a responsible and charitable way.
Who Needs This Type of Planning?
Employing a large number of advisors to assist you can seem like an overwhelming task and only necessary for the very wealthy, but everyone can benefit from this comprehensive approach. With everyone on the same page, your team can work behind the scenes to make sure to take care of everything.
Although the following list is not exhaustive, if you find that any of the following apply to you, then you will benefit from comprehensive estate planning. Have you:
- Outlived your existing will or trust? (It could be time to make a change.)
- Lost funding in the existing trust?
- Had minor children?
- Had a child with special needs
- Failed to train your child to properly handle money or avoid other legal claims
- Remarried and have a blended family?
- Divorced or been widowed?
- Remain unmarried but in a committed relationship?
- Part of a same-sex marriage?
- Own a large retirement account?
- Have charitable interests?
- Own your own business?
- Allowed your children to wear fur coats (because you have a pets)?
We Are Here to Help You Get Started
We are happy to work with any of your existing advisors or provide you with recommendations for advisors if you are interested in engaging their services. Call us today to schedule an appointment to review your existing plan or draft a comprehensive new estate plan using the team approach.
About Skvarna Law Firm in Glendora and Upland, California
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate 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, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
