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We work together with clients to achieve their estate planning goals.\u00a0 While creating an Estate Plan is on many people\u2019s To Do List, many simply \u201cdon\u2019t get around to it.\u201d\u00a0 However, not creating an Estate Plan often results in a multitude of tasks ending up on the To Do List of your loved ones if you become incapacitated or when you pass away.\u00a0 We can help you cross off this important item that you may have been thinking about for years.<\/p>\n
For many, the term \u201cEstate Planning\u201d is a confusing label.\u00a0 In essence, it comes down to properly prepared documents stating who you want to step into your shoes when you cannot take action and who should receive your assets after you pass away.\u00a0 We educate clients regarding the purpose of each step and counsel clients how best to achieve desired results.\u00a0 We offer knowledge, experience and understanding to help guide you in setting forth your wishes and decisions in an Estate Plan.\u00a0 If you do not set forth your wishes and decisions, then the statutory provisions set forth by the State of California will be followed.\u00a0 In other words, the government has an Estate Plan for you.\u00a0 But the government’s default plan is probably not the one you want.<\/p>\n
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[\/et_pb_sidebar][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.16.1″][et_pb_column type=”4_4″][et_pb_toggle title=”FAQs about Estate Planning ” icon_color=”#284671″ _builder_version=”3.19.10″ title_font=”||||||||” title_text_color=”#284671″ title_font_size=”22px”]<\/p>\n
Who needs an estate plan?<\/strong><\/p>\n Estate planning is for adults who want to act upon their rights to determine who may make decisions for them when they cannot and adults who want to state who will get their assets when they pass and how the beneficiaries will receive the assets.\u00a0 Some of the services available for various life stages include:<\/p>\n We want something simple, will you do a simple plan?<\/strong><\/p>\n We draft estate plans that fit each person\u2019s situation.\u00a0 If \u201csimple\u201d fits, then it may be an option.\u00a0 However, \u201csimple\u201d is generally the exception, not the rule.\u00a0 With second marriages, blended families, family members with special needs, and many more important factors, many clients end up learning that they not only need but actually want a customized estate plan.\u00a0 Those with first-marriage, two-parent households also find that they have specific wishes and prefer to document those in an estate plan that reflects their values and goals.<\/p>\n How much will an estate plan cost?<\/strong><\/p>\n It depends on which services you select.\u00a0 The adage, \u201cYou get what you pay for,\u201d is particularly applicable.\u00a0 It is not uncommon for prospective clients to come in with estate plans previously prepared, and the plans are improperly executed and\/or do not reflect what the signor intended the plan to say.\u00a0 Consequently, these issues may lead families into court, and there are no \u201cdo-overs\u201d after one\u2019s passing to alleviate the confusion and burden of an ill-prepared estate plan. \u00a0Therefore, we encourage clients to create an estate plan that suits their needs and update it when needed.<\/p>\n We don\u2019t have that much, why would we need an estate plan?<\/strong><\/p>\n Aside from setting forth who you want to step in your shoes if you become incapacitated, estate plans should not only address financial accounts and homes but also other important assets and concerns, such as digital assets or firearms.\u00a0 Acquiring knowledge about how an estate plan can affect all of your assets is a powerful tool to sharing your voice when you cannot express it or after your passing.<\/p>\n I heard celebrities such as Aretha Franklin, Prince and Amy Winehouse died without an Estate Plan.\u00a0 If they did not have one, why should I?<\/strong><\/p>\n Our goal is to minimize the time and cost necessary to wrap up one\u2019s estate so that family and friends can focus on healing from the loss and carrying on with their own lives.\u00a0 When you do not have an estate plan, usually a lot of extra time and extra money are required to work on, finalize and distribute an estate.<\/p>\n We have a new baby and have heard we should name a Guardian.\u00a0 Can you do that?<\/strong><\/p>\n Yes, we can discuss documents wherein parents nominate a Guardian who would care for minor children in the event of the parents\u2019 incapacitation or passing.<\/p>\n My child is leaving for college, why would a young adult need an estate plan?<\/strong><\/p>\n Due to privacy regulations, administrators, financial institution staff and medical personnel do not necessarily contact parents regarding their young adults. Young adults can authorize parents to be contacted or for parents to have access to financial accounts or university information, which may minimize administrative hurdles or be helpful in times of crisis.<\/p>\n We executed an estate plan 20 years ago, why should we update it?<\/strong><\/p>\n Our experience with clients who signed estate plans some time ago confirms that given the changes in the law, as well as one\u2019s own family life, it is unlikely that an old estate plan reflects current wishes upon incapacity or one\u2019s passing.\u00a0 Not updating an estate plan may end up costing an estate much more money than would have been spent to update it.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Estate Planning Process” icon_color=”#284671″ _builder_version=”3.16.1″ title_font=”||||||||” title_text_color=”#284671″ title_font_size=”22px”]<\/p>\n What is the Estate Planning Process?<\/strong><\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Glossary of Estate Planning Terms” icon_color=”#284671″ _builder_version=”3.16.1″ title_font=”||||||||” title_text_color=”#284671″ title_font_size=”22px”]<\/p>\n Glossary of Commonly Used Words and Terms in Estate Planning<\/strong><\/p>\n Annual Gift Exclusion<\/strong>:\u00a0 is the amount that someone can give to another during the calendar year without having to pay gift tax.\u00a0 The 2018 gift tax exclusion per beneficiary is $15,000 (see IRC section 2503 and periodic adjustment).<\/p>\n Applicable Exclusion Amount (AEA)<\/strong>:\u00a0 is the amount that someone can leave to heirs without paying estate tax (a transfer tax at death).\u00a0 The 2018 AEA is $11,180,000.<\/p>\n Basis<\/strong>: this is the tax value of an asset, usually measured by the date on which the asset was acquired.\u00a0 Capital Gains tax is paid based upon the increase in value\/gain from the owner\u2019s basis to the value when the asset is sold.<\/p>\n For example, if you paid $10 for an item and over time, it increases to $100, you have a basis of $10 and a \u201ccapital gain\u201d of $90.\u00a0 If you sell the asset, you pay a capital gains tax based on that $90.<\/p>\n Carry-Over Basis:\u00a0 if you give the above-noted property away during your life, the person who receives it has the same basis you had \u2013 this is \u201ccarry-over basis.\u201d\u00a0 If the person sells the property for $100, their basis is still $10, and they pay tax on the $90 gain.\u00a0 This is generally the less desirable gain because the person who sells the property has to pay the capital gains tax liability based upon the original owner\u2019s \u201ccarried-over\u201d basis.<\/p>\n Step-Up Basis:\u00a0 if you pass away owning an asset that has increased in value and it is then given to someone, he\/she will generally get a \u201cstep-up\u201d in basis to the date of death value.\u00a0 Example:\u00a0 you purchased an asset for $10, and by the time of your passing, the value of the asset increased to $100.\u00a0\u00a0 Beneficiaries then receive the asset, which is valued at $100, and they sell the asset for $100.\u00a0 Because the beneficiaries received the \u201cstepped up\u201d basis in your estate upon your passing, the beneficiaries have a capital gain of $0.<\/p>\n Strategies that target basis adjustment seek to eliminate carry-over basis and give step-up basis to beneficiaries.<\/p>\n Beneficiary<\/strong>:\u00a0 is the person, entity, or group for whom a trust is established.\u00a0 A beneficiary may be a present interest beneficiary, that is entitled to receive distributions from a trust at the present time, or a future interest beneficiary, entitled to receive distributions at some point in the future.\u00a0 They may be\u00a0vested<\/em>, where their rights under the trust may not be taken away, or\u00a0contingent<\/em>, where their rights are still subject to condition that may or may not occur in the future.<\/p>\n Bypass\/Credit Shelter Trust<\/strong>:\u00a0 this is the portion of a deceased spouse\u2019s property that gets charged against the decedent\u2019s Applicable Exclusion Amount.\u00a0 The bypass trust can provide benefits for the surviving spouse or other beneficiaries (or a combination), and the trust is typically designed so that the value of the assets allocated to the bypass trust do not get included in the surviving spouse\u2019s estate later when he\/she passes away.<\/p>\n Community Property<\/strong>:\u00a0 this refers to property acquired by a couple during marriage, or property that is combined or commingled between spouses.\u00a0 This only applies to community property states, which California is one of.\u00a0 The biggest benefit of community property is that the entire value of the property gets a basis adjustment (also known as a step-up) when one spouse dies.\u00a0 As an example, if a surviving spouse sells community property after the death of their spouse, the capital gain is based on the increase in value from the first spouse\u2019s death (where the basis got adjusted on both spouses\u2019 shares) to the value at the date of the sale.\u00a0 This allows the surviving spouse to save money on capital gains tax liability.<\/p>\n Decedent<\/strong>:\u00a0 is the person who died.<\/p>\n Disclaimer<\/strong>:\u00a0 is a legal \u201cno thank you.\u201d\u00a0 It is a technique that allows someone who is entitled to receive property to disclaim it and therefore allowing it to be distributed to someone or somewhere else.\u00a0 A disclaimer allows a surviving spouse to disclaim property into the bypass trust, providing flexibility that may be desired.<\/p>\n Executor\/Personal Representative<\/strong>: is the person who is named in a will to administer the estate of a deceased person and if applicable, the probate estate.\u00a0\u00a0 An administrator administers a probate estate where there was no will but there is a probate action.<\/p>\n Fiduciary<\/strong>: a party (person or entity) that owes legal duties to another and is held legally responsible for the fiduciary\u2019s actions. (A trustee is a fiduciary of a trust. An executor is a fiduciary of a Will).<\/p>\n Funding<\/strong>:\u00a0is the process of transferring property to the trust.\u00a0 The trust must hold title to property in order for the trust to work \u2013 similar to a car needing fuel to run. \u00a0If there is any property that has not been funded to the trust when the client dies, that property must generally go through state probate proceedings before anyone can do anything with the property.<\/p>\n General Power of Appointment (GPOA)<\/strong>: is a power that is reserved by a trust maker or given to someone else to direct how property in a trust gets distributed.\u00a0 General powers of appointment are included in the power holder\u2019s estate.\u00a0 To be a \u201cgeneral\u201d power of appointment, the person holding the power must be able to appoint the property to any one of the following: themselves, their estate, their creditors, or the creditors of their estate.<\/p>\n Irrevocable Life Insurance Trust (ILIT)<\/strong>:\u00a0 a form of irrevocable trust that is designed to own high-value life insurance. \u00a0A client establishes an ILIT and pays enough money into the trust to allow the trustee to purchase life insurance on the life of the client (and often, the spouse).\u00a0 When the insured person dies, the death benefit of the life insurance is paid into the trust but is not included in the gross estate of the client (and therefore, keeping it away from estate tax liability).<\/p>\n Intestate\/Intestacy<\/strong>:\u00a0 is the status of someone who dies without a will or trust in place.\u00a0 If you do not have an estate plan, your property will pass through the laws of the state where you reside.<\/p>\n Probate<\/strong>:\u00a0 the court proceeding that must be undertaken to transfer the property of a deceased person to surviving beneficiaries.\u00a0 They are generally a public proceeding and in California, the process can be time consuming and costly.\u00a0 One of the objectives to trust-based planning is to avoid probate and to save time, minimize the likelihood of disputes among heirs and to preserve privacy.<\/p>\n Revocable Living Trust<\/strong>:\u00a0 is the main document and planning solution that clients use to transfer their property so that a trustee can manage property if the client becomes incapacitated and\/or when a client<\/p>\n Settlor\/Trust Maker\/Grantor<\/strong>:\u00a0 in general, these refer to the individual who establishes a trust and are usually the same person.\u00a0 The Settlor\/Trust Maker establishes a trust and determines how it will operate.\u00a0 The Grantor put his or her property into the trust.<\/p>\n Survivor\u2019s Trust<\/strong>:\u00a0 in a joint revocable living trust, this term refers to the surviving spouse\u2019s share of the joint trust property, plus any separate property the surviving spouse had.\u00a0 The deceased spouse\u2019s property typically will flow into the marital and\/or bypass trusts.\u00a0 The survivor\u2019s trust<\/p>\n Trust<\/strong>: a formal legal relationship wherein the trust maker appoints a trustee to manage trust property for the benefit of beneficiaries: The trustee holds title to trust assets as a fiduciary.<\/p>\n Trustee<\/strong>:\u00a0 the one who manages and administers on a day-to-day basis the trust for the benefit of the beneficiary or beneficiaries.\u00a0 The trustee has a number of fiduciary duties to the beneficiaries to make sure that the trust is administered properly according to the terms of the trust and governing law and that the beneficiaries\u2019 interests are protected.\u00a0 There must always be a trustee for a valid trust to exist, and all trustees are held to a fiduciary standard.<\/p>\n Trust Protector<\/strong>: is someone besides a trustee or a beneficiary who through authorized special administrative powers can oversee trust administration of an irrevocable trust so the intent of the trust maker is carried out even when the law or circumstances change in the years after the trust was executed and when the trust maker no longer can change the trust. (This role is called Trust Advisor by some).<\/p>\n Will<\/strong>: among other details, a Will is a document that states final wishes such as who should take care of one\u2019s estate (an executor) and who should get one\u2019s assets (a devisee is the general term).<\/p>\n [\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section bb_built=”1″ specialty=”on” _builder_version=”3.16.1″ use_background_color_gradient=”on” background_color_gradient_start=”rgba(5,31,73,0.7)” background_color_gradient_end=”rgba(41,196,169,0)” background_color_gradient_start_position=”100%” background_color_gradient_overlays_image=”on” background_image=”https:\/\/hoefflinlaw.com\/wp-content\/uploads\/2019\/01\/architectural-design-architecture-buildings-830891.jpg” saved_tabs=”all” custom_padding=”46px|0px|62px|0px|false|false” prev_background_color=”#ffffff” global_module=”2291″][et_pb_column type=”1_2″ specialty_columns=”2″][et_pb_row_inner global_parent=”2291″ custom_padding=”34.1406px|0px|20px|0px|false|false” _builder_version=”3.16.1″][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”1_2″][et_pb_text admin_label=”Title” global_parent=”2291″ _builder_version=”3.16.1″ text_font=”||||||||” header_font=”||||||||” header_2_font=”Quattrocento||||||||” header_2_text_color=”#ffffff” header_2_font_size=”43px” header_2_font_size_tablet=”40px” header_2_font_size_last_edited=”on|tablet” header_2_line_height=”1.3em” text_orientation=”center” custom_margin=”||10px|” animation_style=”fade” animation_direction=”left” animation_starting_opacity=”100%”]<\/p>\n [\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][et_pb_row_inner global_parent=”2291″ custom_padding=”5px|0px|34.1406px|0px|false|false” use_custom_gutter=”on” gutter_width=”1″ _builder_version=”3.16.1″][et_pb_column_inner type=”1_2″ saved_specialty_column_type=”1_2″][et_pb_blurb global_parent=”2291″ title=”Address” use_icon=”on” font_icon=”%%249%%” icon_color=”#d18700″ icon_placement=”left” _builder_version=”3.16.1″ header_font=”||||||||” header_text_color=”#ffffff” header_font_size=”27px” body_font=”||||||||” body_text_color=”#ffffff” body_font_size=”17px” border_color_all_image=”#ffffff”]<\/p>\n 2659 Townsgate Road [\/et_pb_blurb][\/et_pb_column_inner][et_pb_column_inner type=”1_2″ saved_specialty_column_type=”1_2″][et_pb_blurb global_parent=”2291″ title=”Phone” use_icon=”on” font_icon=”%%264%%” icon_color=”#d18700″ icon_placement=”left” _builder_version=”3.16.1″ header_font=”||||||||” header_text_color=”#ffffff” header_font_size=”27px” body_font=”||||||||” body_text_color=”#ffffff” body_font_size=”17px” border_color_all_image=”#ffffff”]<\/p>\n (805) 497-8605<\/p>\n [\/et_pb_blurb][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][et_pb_column type=”1_2″][et_pb_text admin_label=”Title” global_parent=”2291″ _builder_version=”3.16.1″ text_font=”||||||||” header_font=”||||||||” header_2_font=”Quattrocento||||||||” header_2_text_color=”#ffffff” header_2_font_size=”43px” header_2_font_size_tablet=”40px” header_2_font_size_last_edited=”on|tablet” header_2_line_height=”1.3em” text_orientation=”center” custom_margin=”||10px|” animation_style=”fade” animation_direction=”left” animation_starting_opacity=”100%”]<\/p>\n [\/et_pb_text][et_pb_text global_parent=”2291″ _builder_version=”3.19.10″]<\/p>\n\n
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Our Location<\/h2>\n
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Westlake Village, CA 91361<\/p>\nGet in Touch<\/h2>\n