Estate Planning LA

Estate planning is an essential part of wealth management. This is especially true if your estate has significant assets or complex issues. The estate plan can help to reduce taxes on your estate and simplify the transition of assets to the next generation. This ensures that your beneficiaries are protected. Estate planning in LA is about securing the most important things that are in your life. Your hard-earned property is one, but of course, the most important things are the future generations that your estate will help provide for after you’re gone. Estate planning in LA is not just for large value properties. Anyone with property can talk to his or her bank about this aspect of wealth management.

Estate planning in LA, along with wealth management specialists, should be able to help you with the following:

• Trust Planning

• Irrevocable Trusts

• Qualified Personal Residence Trusts (QPRTs)

• Grantor Retained Annuity Trusts (GRATs)

• Charitable Remainder Trusts (CRTs)

• Charitable Lead Trusts (CLTs)

• Intentionally Defective Grantor Trusts

• Life Insurance Trusts

• Dynasty Trusts

• Family Limited Partnerships (FLPs)

• Annuities

• Restructured Business Assets

Your estate planning in LA wealth management specialist can also assist you:

• Ensure your assets pass to the heirs of your choice

• Facilitate efficient administration of your estate

• Reduce income taxes payable after your death and adequately fund their payment

• Provide for management of property for minors or those who lack the skill or ability to do so themselves

• Provide for guardianship of minors

• Arrange your affairs in an orderly manner to minimize the burden on your family

Clear Instructions

When using the services of estate planning in LA, make sure you include instructions in your estate plan on who will receive your personal effects, such as jewellery, artwork, and collectables.  It’s not a good idea to assume that your loved ones can come to an agreement on who will receive what. Relatives may argue and fight over certain effects. No one wants to imagine his or her loved ones fighting after a funeral.

Review Your Estate Plan

It’s always important to update your estate plan with estate planning services in LA. Review the plan on a regular basis with your wealth management specialist, even if nothing important financially has happened in your life. You and your finances may not have changed that much, but the laws governing wills and trusts change over the years. It’s important to keep updating your estate plan to reflect the most current law.

Qualified Estate Attorneys

Along with a wealth specialist, you should work closely with an estate planning attorney in LA. The lawyer can help you with your last will and testament and make sure that everything is in order for the next generation.  Unfortunately, money can split a family after a loved one dies, but it doesn’t have to. A qualified estate planning attorney can help you divvy up your hard-earned estate to different family members. The amounts are always up to you, but make sure everyone you love is covered so your family members don’t have a major argument after your death.

Estate planning in LA is a part of wealth management and should be your top priority no matter how large your estate and wealth are.

Miller Kaplan is a leading CPA firm in Los Angeles, CA and we provide estate planning services that adhere to a comprehensive approach balancing our clients’ wishes for intergenerational wealth transfer and asset protection with parallel business and capital accumulation goals. For more on basic estate planning information, visit About.com.