Estate Planning Is Essential At Every Level Of Income, Agrees Palo Alto Estate Planning Attorney
Palo Alto, CA (Law Firm Newswire) April 16, 2013 – Estate planning is not a one-time project; it is an ongoing process.
For estate planning to be successful, assets and other forms of ownership should be revisited at regular intervals. During career planning, after the birth of children, while setting up college funds, when contemplating future retirement, after acquiring items with titles, prior to marriage or after divorce, and to secure future needs in case of disability or incapacitation – estate planning should be part of every one of these milestones.
"When considering what a client might want to address in their estate planning needs, they may want to take an inventory of their assets and intentions," comments Palo Alto estate planning attorney Michael Gilfix. "There is no income or asset cut-off when it comes to being fiscally smart."
Basic estate planning questions to ask include:
* What assets are part of the estate?
* What is their approximate value?
* To whom should those assets go, and when?
* Who would best be able to manage those assets if something were to happen?
* Who would be the guardian for any minor children?
* Who will make decisions concerning medical care if an individual becomes incapacitated?
Through estate planning, an individual can decide how assets will be managed to best secure a comfortable retirement, ensure the futures of one's children, and provide for care during their later years. Estate planning can also allow an individual to decide what assets to distribute during their lifetime, what will happen to assets after one's death, and who will be in charge of the estate should something happen. Also, personal care can be predetermined to some extent, if health care decisions become necessary. Estate planning is far more than drafting a will; it encompasses tax planning, business planning and medical planning.
Estate planning is appropriate for every income level. Regardless of the assets, someone should be designated to manage them and make decisions for or regarding those assets and be able to make any medical decisions, if there is a need. For a smaller estate, planning may be as simple as deciding who gets assets after death, how last debts should be paid and who will distribute the assets. If the estate is large, an individual may wish to explore how to preserve those assets for beneficiaries, and how to reduce or postpone estate tax.
To learn more, visit Gilfix & La Poll Associates LLP at http://www.gilfix.com/.
Gilfix & La Poll Associates LLP
2300 Geng Rd., Suite 200
Palo Alto, CA 94303
Telephone: (650) 493-8070
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