» Estate Planning Is Essential At Every Level Of Income, Agrees Palo Alto Estate Planning Attorney

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
http://www.gilfix.com/

Facebook: Like Us!



  • Considering the move to an active-adult community? We’ve got advice on evaluating the options.
    As retirement nears, many older adults consider the benefits that an active-adult community can offer. For some, the option to downsize out of an over-large house can mean a more comfortable retirement and a larger estate to pass on to heirs. For others, the proximity to recreation and community promises to help keep them active […]
  • Go Red for American Heart Month: Four fun ways to get heart-healthy with loved ones
    February is a time for matters of the heart -- and that includes heart health. This month is American Heart Month, and groups like the American Heart Association want to get people talking about how to prevent heart disease, the number one killer of both men and women in the United States. The risk of […]
  • Despite Pervasive Myths, Estate Planning Significantly Benefits Young and Growing Families
    One of the most pervasive myths about estate planning is that it is most crucial for the elderly. According to a national estate planning survey, this myth is one reason that the majority of people under the age of 34 do not have a will. But young adults, and especially young adults with growing families, […]
  • Increasing focus on the “invisible patient:” it’s time to recognize and treat caregiver burden
    It has long been known that those who care for an elderly or incapacitated loved one can suffer physically, psychologically, financially and socially. These caregivers have been known for years in the medical community as the “invisible patients.” Little has been done for them. According to the New York Times, there are more than 40 […]
  • Estate planning and the single person
    Many discussions about estate planning revolve around couples and families. Yet a large percentage of Americans are single. Some are divorced, others are widowed and still others never married. Single people may want to adopt estate planning strategies that differ somewhat from those a married couple would use, depending on the situation. For example, an […]

See other news sources publishing this article. BETA | Tags: , , , , , , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required