Estate Planning Overview – Orange County Estate Planning Attorney
Making plans for the inevitable for any individual is very important; ensuring assets are distributed in the desired manner, fulfilling last wishes and the ease and comfort provided to those left behind can be accomplished with a well-crafted estate plan provided by an Orange County estate planning attorney. For an individual who is also the owner of a business, these considerations take on even more importance.
There are some fundamentals every person should consider when creating an estate plan. An Orange County estate planning attorney can assist in determining whether each of these is applicable to any individual’s particular circumstances:
- Create a will; a basic tool to name the individuals who inherit one’s property, name a guardian for minor children and specify burial instructions.
- Consider a trust; a vehicle that can avoid probate for assets that are transferred into the trust, such as real property.
- Create health care directives; specifies in advance what medical procedures are acceptable for continuing life and names a person to make those decisions during periods of incapacitation.
- Create a financial power of attorney; names an individual who will make financial decisions during periods of incapacitation.
- File beneficiary forms with financial institutions; most bank accounts, retirement plans, stocks, bonds and brokerage accounts allow for the owner to file a form which allows a transfer to the named beneficiary immediately upon the death of the owner.
- Consider life insurance
Sadly, many businesses tend not to outlive their founders. The value of a business can be significantly diminished with the death of the owner. However, anOrange County estate planning attorney can recommend several options, depending on the ownership structure and the wishes of the owner. One option is a buy-sell agreement, which is a contract that arranges for the transfer of a business interest upon the occurrence of one or more triggering events. A properly drafted buy-sell agreement can establish a value for the business which can be especially useful in consideration of estate taxes.
Contact an Orange County Estate Planning Attorney For Legal Advice
Advance planning is the key to estate planning. Don’t wait. Call an Orange County estate planning attorney at the Hogan Law Group, PC by dialing (877) 302-7759. Call today!