West Covina, California, attorney at law for estate planning

 

The internet is a popular starting point for people looking for an estate planning attorney in Chandler, Arizona. Estate planning Attorney West Covina , probate, and elder law are just a few of the many services we provide.

What does it mean when we talk about estate planning?

Estate planning is based on the idea of risk mitigation, which entails lowering the risks that individuals, their loved ones, and business associates face. It's up to us to protect our assets from creditors and others who would prey on them in the event of our incapacity, manage our property, and transfer it in an orderly manner after our death. It also includes advising future generations on how to handle their financial support in the event of your passing. Planning your estate involves much more than just deciding who gets what when you pass away, as is commonly held by the public. Making decisions while you're still healthy and able to do so is part of the process. Even though you are still alive, you cannot look after yourself or make decisions after your death, which can last for generations.

The Testament, a Financial Power of Attorney, a Medical Power of Attorney (including the Mental Health Authority), and a Living Will are the four most crucial estate planning documents. To avoid the probate process, most clients choose to create a trust or a series of trusts. There are risks to not working with an estate planning lawyer Chandler to create an estate plan, which we'll discuss in this article.

The first line of defence in defending your assets is the purchase of an umbrella liability insurance policy. Couples should hold their homes under tenancy by the entirety (rather than joint tenancy), and essential exemption planning requires assets to be kept in forms that are not subject to judgment execution. This planning is essential.

A last will is a legal document that specifies who gets your possessions when you pass away when it comes to the law. It is also referred to as a Will. The final testament is frequently misunderstood. While a person is still alive, their testament has no effect.

In the event of a severe illness that necessitates months or years in a long-term care facility, your assets are unprotected.

Form a limited liability company under the auspices of an LLC (LLCs).

The use of more complex limited liability companies is part of the strategy. If the planning is particularly complicated, trust protector clauses with irrevocable offshore and domestic asset protection trusts may be utilized. If the trust is fully funded at the time of the grantor's death, their assets are safeguarded.

Using a Financial Plan to Safeguard Your Assets

In the context of a long-term financial plan, asset preservation involves making wise investment decisions and diversifying your portfolio. To better serve our client's interests, we are happy to collaborate with other highly qualified professionals in the fields of insurance, investment, and accounting who are also certified, professional financial planners. We at Hedtke Law Group are excited to work with you on this.

Hedtke Law Group members are dedicated to protecting their clients' assets while keeping their fees as low as possible. Customer savings are made possible by the bankruptcy law and creditor's rights knowledge provided by Mr. Hedtke.