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
Facebook: Like Us!
- Talking to Dad about his driving: the surprising side of difficult conversations
Do you think it will be tough to ask Dad to hand over the keys? Surprisingly, a recent study from Liberty Mutual showed that 84 percent of seniors are open to talking about the safety of their driving, but that only six percent have actually had the discussion. As Liberty Mutual put it, “Seniors are […]
- Setting up a special needs trust: three reasons to start sooner
When preparing for the future of a child or family member with a disability, many parents and guardians plan to set up a special needs trust. This unique kind of trust can provide for many of the supplemental needs of a disabled person without jeopardizing that person’s eligibility for vital government benefits, including Medi-Cal and […]
- Michael Gilfix discusses Medi-Cal asset seizure in Mercury News
A growing number of older Californians are concerned about Medi-Cal asset seizure, according to a new article from the San Jose Mercury News. The California State Assembly recently passed a new bill designed to limit Medi-Cal’s ability to recover assets from the estates of deceased Medi-Cal beneficiaries. As the law stands currently, Medi-Cal can seize […]
- Long-Term Care Insurance: Options Abound, As Do Complications
Long-term care insurance has become a critical topic as health care costs continue to rise. The U.S. Department of Health and Human Services estimates the average annual cost of U.S. nursing home care to be $74,820. But in California, the Department of Health Care Services estimates that cost to be $91,250. Recently, public debate about […]
- Gilfix discusses Medi-Cal planning in the San Francisco Chronicle
In the August 24, 2014 issue of the San Francisco Chronicle, reporter Kathleen Pender wrote about Medi-Cal reimbursement or “estate claims” that are imposed on a person’s estate if they receive Medi-Cal and after they pass. The article makes the point that the state could seek “an unlimited amount” from an individual’s estate when “Medi-Cal […]
See other news sources publishing this article. BETA | Tags: estate planning, Palo Alto, palo alto elder law attorney, palo alto elder law lawyer, palo alto estate planning attorney, palo alto estate planning lawyer, palo alto estate tax lawyer, palo alto gift tax attorney, Palo alto gift tax lawyer, tax planning, TWTR