Estate Planning Attorney



 

Could this Happen to Your Family?


A young couple is just starting out in life with two young children and wills they've created from forms from an Internet website they heard about on the radio. They've arranged to leave everything to each other, and then to their children. While their children are still minors, both parents are tragically killed in an automobile accident. The wills are presented in probate court, and the proceeds are divided into two trusts, both supervised by the court and subject to annual accountings and appearances. The small estate is quickly depleted by maintenance fees and overly conservative investments, and while still in their early teens, the children run out of money. A simple will is an inadequate replacement for estate planning, especially when children are involved.

Estate Planning Attorney

Another young couple creates a well-conceived estate plan even before their first child is born. As the years go by and their financial planning does well, they stop reviewing it annually. The plan has done so well because of their continuing saving and sound investments that the estate is now subject to estate tax. When both die after living rich and full lives, the federal government takes 30% of everything they've built and saved. Estate taxes can reach as high as 55% and continue to change at the whims of Congress. If you fail to review your estate plan periodically, it may fail to provide the protection you desired for your loved ones.

A working husband and wife have their own home and a hefty life insurance policy. They've designed an estate plan to provide for their three children through detailed, individual trusts. They fail, however, to provide a backup guardian, and while this critical decision remains unmade, they are both killed in an airplane crash. The attorney can testify about who they wanted to raise their children, but a judge ends up making the critical decision of who will be the childrens' guardian. Per the terms of the trust, the court will place their assets into separate trusts for each child, increasing the maintenance costs and reducing the plan's flexibility. When one of the children incurs massive medical costs that depletes her trust, neither the trustee nor the other children can help in any way except to offer sympathy. The fiduciary laws that govern the children's trusts do not permit them to gift their money (even to another sibling in need), and the ill child's future is uncertain. You don't know the deadline for planning your estate. Estate and tax planning should NOT be postponed, especially where young children are concerned.

Life Insurance Policy

A young and active father dies from an unexpected heat attack. His surviving wife can still name a guardian for their young daughter, something they put off while both of them were still alive, because they thought they could "do it later." What they failed to consider was his separate property -- some from an inheritance that he didn't even know about. There's no will to guide the court, so half of his separate property is placed into a trust for the daughter. The wife's hopes to stay at home with their daughter evaporate with the restrictions the court places on the trust, and she is forced to return to full-time work to support herself and their child. Even if one spouse survives, a professionally crafted estate plan is still crucial to ensure your family's economic security. THE MAMOLA LAW FIRM, APC is conveniently located throughout Orange County. For additional information, please contact us at (949) 333-6543.




CAUTION: This website is to provide visitors with basic information. Every legal situation is different, and no information on this website is to be construed as legal advice on any specific question. Additionally, the information on this website is for informational purposes, no warranty is made as to the accuracy of any information contained therein, or its applicability to any particular situation. This website must not be used as a substitute for legal advice from qualified lawyer or legal counsel. No attorney & client relationship or privilege is formed by visiting this site or by sending my office any unsolicited e-mail. Therefore, initial emails must not contain any confidential information. I may already represent parties adverse to you and cannot advise or represent you until I check for conflicts. I am licensed only in California, and may offer my services only to those residing or doing business in California, unless associated with local counsel or lawyer in accordance with other states' laws. The Mamola Law Firm, APC is not currently licensed to practice in the State of Nevada.


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