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Member of California State Bar, Trusts and Estates Section, and Family Law Section
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California Estate Planning
Estate planning is a process. It involves people in your family, other individuals, and in many cases charitable organizations of your choice. It also involves your assets (your property) and the various forms of ownership and title that those assets may take. And it addresses your future needs in case you ever become unable to care for yourself.
With proper estate planning, you can determine:
- How and by whom your assets will be managed for your benefit during your lifetime if you ever become unable to manage them yourself.
- When and under what circumstances it makes sense to distribute some or all of your assets during your lifetime.
- How and to whom your assets will be distributed after your death.
- How and by whom your personal care will be managed and how health care decisions will be made during your lifetime if you become unable to care for yourself.
Many people mistakenly think that estate planning only involves the writing of a will, but estate planning can also involve financial, tax, medical and business planning. A will is part of the planning process, but you will also need other documents to fully address your estate planning needs. Estate planning is a dynamic process. Just as people and assets and laws change, it may well be necessary to adjust your estate plan every so often to reflect those changes.
There are many issues to consider in creating an estate plan, such as:
- What are your assets and what is their approximate value?
- Whom do you want to receive those assets and when?
- Who should manage those assets if you cannot, either during your lifetime or after your death?
- Who should be responsible for taking care of your minor children if you become unable to care for them yourself?
- Who should make decisions on your behalf concerning your care and welfare if you become unable to care for yourself?
- What do you want done with your remains after you die, and where would you want them buried, scattered or otherwise laid to rest?
Once you have some answers to these questions, you are ready to seek the advice and services of a qualified lawyer like Michael W. Cooper. Mr. Cooper can help you create an estate plan, and advise you on such issues as wills, trusts, probate, title to assets, business and tax planning, coordination of business strategies with long-term plans for business management succession, family legacies and charitable giving, and the management of your estate.
He is also sensitive to the needs and concerns of persons and families who must deal with the incapacity of a loved one, and can help them steer the best course for asset preservation and personal dignity in the face of managed care or catastrophic illness expenses.
WHO NEEDS ESTATE PLANNING?
You need estate planning whether your estate is large or small. For example, even if your estate is small, you should designate someone to manage your assets and make health care and personal care decisions for you if you ever become unable to do so for yourself.
If your estate is large, you and your lawyer will discuss various ways of preserving your assets for your beneficiaries and of reducing or postponing the amount of estate tax which otherwise might be payable after your death. If your estate is small, you may simply focus on who will receive your assets after your death, and who should manage your estate, pay your last debts and handle the distribution of your assets.
In either case, if you fail to plan ahead, a judge will appoint someone to handle your assets and personal care. And your assets will be distributed to your heirs according to a set of rules known as intestate succession. Contrary to popular myth, everything does not automatically go to the state if you die without a will. Your relatives, no matter how remote, and, in some cases, the relatives of your spouse, will have priority in inheritance ahead of the state. Still, they may not be your choice of heirs. Having an estate plan gives you much greater control over who will make your financial and health care decisions if you become incapacitated and who will inherit your assets after your death.
The value of your estate is important in determining whether your estate will be subject to estate taxes after your death and whether your beneficiaries could later be subject to capital gains taxes. Ensuring that there will be sufficient resources to pay such taxes is another important part of the estate planning process.
THE LAW OFFICE OF MICHAEL W. COOPER
Mr. Cooper provides a complete range of estate planning services. He will work with you to create and implement an estate plan specifically designed with you in mind, including your family, your business, your property and your personal wishes. Basic estate plans include the following:
- Revocable Living Trust
- Pourover Will
- Power of Attorney for Financial Matters
- Power of Attorney for Health Care with HIPAA Waiver (Advance Health Care Directive)
- Certificate of Trust
- Community or Separate Property Agreement
- Real Property Deeds to fund your Trust
Different types of trusts may be used to maximize federal estate tax savings, to provide for disabled beneficiaries with special needs (Special Needs Trust), or to make special provisions for your pet, such as:
- Married A-B Trusts and QTIP or QDOT Trusts
- Special Needs Trusts for Disabled Beneficiaries
- Charitable Gift Trusts
- Life Insurance Trusts
- Honorary Trusts (for the care of your pet)
The right combination of these documents will make your wishes known, protect your estate from over-taxation and government interference, and provide for your needs and the needs of your family. Since there may be changes in your life, these documents are flexible enough to accommodate new circumstances, such as having children, divorcing, remarrying, retiring, and so on. Mr. Cooper will work with you as time passes. He understands the value of establishing trustworthy, long-term relationships with his clients.
For more information, or to schedule an appointment, call the Law Office of Michael W. Cooper at 530-877-1383, or complete a contact form on this website, or send an email to m-w-cooper@msn.com, and Mr. Cooper or his staff will contact you to set up a free initial consultation.