Burkhardt and Larson on Estate and Wills
Estate Plan can have numerous benefits for you and your
loved ones?
·
Provide for the financial support and care of
your immediate family
·
Provide for other relatives who may need
assistance
·
Minimize expenses and costs upon death
·
Ease the strain on your family
·
Help a favorite charity (and get tax benefits
for doing so!)
·
Ensure the continued existence of a family
business
Burkhardt and Larson listen closely to understand the
individual needs of our clients so that they can create a customized estate
plan to meet their objectives.
With Burkhardt and Larson’s guidance, clients gain peace of
mind that their long term needs will be met, that their assets will be
protected for the benefit of the person or persons they choose and, most
importantly, their family will be protected if the unthinkable should occur.
If you think you are too young, too old, or don’t have
enough assets to put together an estate plan, think again. It's never too early
or too late to prepare recognizes Burkhardt and Larson.
How do I know if I
need an Estate Plan?
1. Either you or
your spouse has children from a previous marriage.
When spouses
have children by a previous marriage, one spouse’s children may get left out,
or conflict may arise between the step spouse and the stepchildren, between the
children or between the parents. Do you have a current plan in place to prevent
this and promote peace in your family?
2. You are self
employed or own rental property.
If you are
self employed or have
rental property, keep in mind that there is
a significant time delay before a personal representative is appointed to care
for rental property or your business in your absence. Essentially, there will
be a period of time where your rental property and/or business have to go on
“auto pilot.” Are you prepared for this?
3. You have minor
children.
If anyone whom
you wish to leave money is under the age of 21, they will be unable to inherit
your money in California without the Court appointing a Conservator to make
decisions for the minor. If this occurs, Court costs can eat up a lot of a
child’s
inheritance.
There is also the issue that money the minor may need to live on will be tied
up for a lengthy period of time. Have you properly planned for your minors?
4. You or a close
family member are terminally ill, have failing health or may become
incapacitated.
If you or a
close family member are
terminally ill
or
incapacitated,
you will not be able to make decisions on behalf of yourself or the family
member unless you plan ahead goes on to explain Burkhardt and Larson. If you
have not dictated who can make decisions for you and when they can make the
decisions for you, you are again doomed to the Court making that decision for
you. Proper planning will avoid unnecessary spending on Court costs and you
will be ensuring that the person you trust the most will be able to make
decisions for you in the event that you are not able.
5. You have a
taxable estate.
The amount you
can inherit free of taxes is currently scheduled to increase gradually until
2010, when ultimately, if there is no change in the current law, there will be
no estate tax explains Burkhardt and Larson. California estate tax rates vary
from 37% to 55%. They apply to both single and married individuals. With proper
planning, you can easily avoid unnecessary estate taxes. Does your current plan
allow you to do this?
6. You or a family
member has a substance abuse problem.
If you have a
family member who is an abuser of drugs or alcohol, it is up to you to prevent
your money, more commonly known as their inheritance, from being contributed to
the local bar, liquor store or drug dealer. Does your current plan ensure that
you will not be contributing to the problems of your loved ones?
7. You have a child
who may not be responsible or is married to someone who may not be responsible.
Do you have
inheritance protection for a child who may be subjected to a spendthrift
spouse, divorce, lawsuits, creditors or bankruptcy? Do you have a child who has
a problem with shopping impulse control? If so, there is a way that you can
control and minimize this risk through proper planning. Keep in mind that the
average inheritance, regardless of the size, is completely spent within 18
months of receipt says Burkhardt and Larson. Proper planning on your part can
help to preserve your wealth for future generations and ensure that your hard
earned assets are not blown unnecessarily.
8. You have an IRA
or a 401(k) account.
Retirement
accounts are almost never coordinated with an individual’s estate plan, which
could result in a tax problem. Recognizes Burkhardt and Larson It is important
to put the planning in place to ensure that these plans can continue to grow
tax deferred for future generations to come.
9. You own joint
tenancy property.
If one joint
tenant owner becomes mentally disabled, the property may become frozen.
Property may also pass to unintended persons at death says Burkhardt and Larson.
Any person who ends up with the property after the passing of a joint owner may
also find themselves inheriting a huge tax liability. You may also be exposing
your property interest to unintended creditors. Proper planning will prevent
this from happening reassures Burkhardt and Larson.
10. You have a
disabled child or are responsible for a dependent adult.
Disabled
children and dependent adults require special planning to ensure that they are
not going to lose any public assistance or benefits that they are currently
receiving recognizes Burkhardt and Larson. Are you putting someone’s government
benefits at jeopardy?
11. You have a
simple will in place now.
Simple wills are
not appropriate for everyone explains Burkhardt and Larson. Used improperly, a
simple will can lead to major problems, including subjecting someone to
unnecessary Colorado estate tax. Even a simple will may fail if you have not properly
titled your property. Joint ownership may cause a will to fail. Are you sure
that a simple will is right for you?
12. You have no
planning in place.
If you don’t
have a will or a trust, the state of California has written a will for you. Will
your property pass to those whom you want to share it with? Will your estate be
subject to litigation to decide who gets your property?
13. You have an old
estate plan in place.
Consider all the changes in your life and in the law that
have occurred over that period of time. Will you miss out on a planning
opportunity by not keeping your estate plan up to date?
At Burkhardt and Larson, we have provided clients all over California
with customized estate planning services tailored to meet each individual’s
needs.
There are many businesses claiming to be estate planning
"professionals" who are selling trusts, wills, living trusts and
other estate planning documents without the involvement or oversight of a
qualified attorney.
Often times, these documents and the advice that comes with
them can lead to problems, mostly in the form of expensive litigation. At Burkhardt
and Larson, our experienced attorneys will create the right plan for you and
your family.
If you are looking for sound advice on wills, trusts and
other aspects of estate planning, please contact Burkhardt and Larson today. Burkhardt
and Larson offers complimentary initial consultations, a published,
no-surprises, competitive schedule of fees, and special privileges and
discounts for members of credit unions and other organizations that sponsor our
group legal services plan.