Burkhardt and Larson on Estate and Wills

Burkhardt and Larson on Estate and Wills

Burkhardt and Larson provides sensitive guidance to individuals and families in the planning and implementation of the terms of their estate. Burkhardt and Larson assist our clients in developing and implementing the estate and gift tax planning strategies which maximize the financial objectives of our clients and minimize their potential tax burdens. Burkhardt and Larson draft wills, durable powers of attorney, living wills, and assist in the establishment and management of trusts and charitable foundations.

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

·         Get your property to your beneficiaries quickly

·         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.