What benefits can you expect to receive when you hire an estate planning attorney? Here are some of the services provided.
- Draft a last will and testament – This is the most basic form of estate planning but should still be drafted properly by an attorney in your state as each state has its own laws of succession.
- Designate beneficiaries – You also want to review your beneficiaries periodically or when you experience a life-changing event (birth or death in the family, divorce, marriage, etc.).
- Set up a DPA (durable power of attorney) and designate a medical DPA – This can allow someone to make financial or medical decisions for you if you become incapacitated.
- Find a workaround for the estate tax, as needed – For very large estates, this is essential so that your heirs don’t pay exorbitant tax rates.
- Reduce or eliminate the need for your estate to go through probate court – Probate can get expensive and increase the amount of time it takes for your beneficiaries to receive their inheritance.
- Establish living trusts so you can control your assets while alive but ensure they go to the right individual(s) when you pass away.
Estate Planning Attorneys in San Diego
If you live in southern California, you can easily obtain all of these benefits by contacting Petrov Law Firm. Call 619.344.0360 to speak with an estate planning attorney who is experienced with California state laws. We can help you to begin a new estate plan or review an existing plan to ensure your wishes will be properly carried out.Read More
A living trust can help maximize the benefits your family gains from your estate planning. Here are some of the advantages of this method of financial planning.
- Affordable – While it is much cheaper simply to have a will than to set up a trust, you still have to factor in things like the time and money that will go to probate court. A trust gets the money to the right heirs faster and with minimal costs.
- Flexible – Some people avoid trusts because they think their estate is too small. However, this is a very flexible form of estate planning. The size of your estate doesn’t really matter – it won’t be too large or too small. Plus, if you have a sudden change in the size of your estate, a trust is equipped to handle it.
- Retain control – A living trust allows you to keep control of all your assets while you are still alive. It is not shared, such as when having a family member’s name on your accounts. The money or assets are not locked into the estate. You can add or remove what is in the trust at your own discretion and buy or sell as you please.
Southern California’s Estate Planning Attorneys
Keep in mind that the laws of succession are different from state to state, so you will want to find a local estate attorney, especially if you have just moved to California from another state. Petrov Law Firm in San Diego can help. Give us a call at 619.344.0360 to start your estate plan or review and update an existing plan.Read More
Estate planning is something that always seems to get pushed off until tomorrow. However, you never know when tomorrow may be the day your family needs that estate plan in place. Therefore, we’ve come up with a list of three things you can do today to get your estate plan rolling.
#1 Take Inventory of Your Assets
Even if you don’t think there is enough to your estate to justify planning ahead, a tangible inventory will convince most people otherwise. Think about your home, property, vehicles, collectibles, and other personal possessions. Then add in bank accounts, investment or retirement accounts, and insurance policies. Do you own a business? You may realize you have a lot more to leave behind than you thought.
#2 Think of What Your Family Will Need
Are you the primary breadwinner in the household? Do you have minor children who will need a first car and tuition for college? How much does a proper funeral and burial cost in your area? Once you think about things your family will need when you are not there anymore, it becomes clear that you need to plan ahead and that there are specific events you should be planning for.
#3 Contact an Estate Planning Attorney in Your State
Estate planning law varies from state to state, so you need an attorney who is experienced in local law. In southern California, you can trust the experienced estate planning attorneys at Petrov Law Firm. Give us a call today at 619.344.0360 to schedule a consultation.Read More
Estate planning plays a crucial role in making sure that your beneficiaries get the assets you wish to transfer to them when you pass on. There are two vital factors that play a role in making sure that your wishes are carried out.
- Have an estate plan – You may assume that the state will distribute your assets to the family members you want them to go to, especially if you want to leave everything to a spouse or your children. However, things are not always so cut and dry, and without proper estate planning, your assets may be tied up in probate court for months or years, with much of the estate being drained in the process.
- Review your plan annually – At least once per year, you want to review your plan to ensure that your current wishes are documented properly. This is also essential when you experience a change in life such as a birth in the family, death of a beneficiary, divorce, new assets, loss of an asset, marriage, moving to a new state, etc.
When you take the time to have a plan in place, this shows loving concern for those who will have to deal with the court system in order to receive their inheritance from you.
California Estate Planning Attorneys in San Diego
Since estate planning laws vary from state to state, you want a local attorney to help. Petrov Law Firm can help your family to be prepared for the future. Call 619.344.0360 to begin or revise your estate plan now.Read More
If you already have an estate plan in place before becoming a first-time parent, you are ahead of many other families. However, adding a family member is a major life change that requires an update to your estate plan. Especially when you become a first-time parent, whether the child is newborn or adopted, you need to think about the following scenarios:
- Planning ahead for legal guardianship – As long as your child is still a minor, you need to have plans in place for legal guardianship should an untimely accident befall you and your mate simultaneously.
- Setting up a trust – If something does happen to both parents of a child, just having a will is not sufficient. You want a trust in place that will protect the estate until your child reaches legal age. Be sure to choose a trustworthy successor trustee who will protect the estate for your child.
- Review life insurance policies – You may decide that you now need to carry more life insurance. This will ensure that your mate and child do not experience hardship if something should happen to you, especially if you are the family’s primary breadwinner.
Updating Your California Estate Plan
Any major change in life circumstances should result in a review of your estate plan. If you are now living in southern California, Petrov Law Firm can help you to update your plan in accord with state regulations. Give us a call today at 619.344.0360 to get started with an experienced estate planning attorney.Read More
When it comes to estate planning, there are many dos and don’ts. Here are three of the don’ts so that you can avoid the mistakes that people commonly make with this essential preparation.
- Mistake 1: Doing it yourself – Estate planning should not be a DIY project. Since the laws vary from state to state, you need an estate planning attorney in your state to help you draft documents accurately.
- Mistake 2: Delaying – People in their 20s, 30s, or even 40s will often put off estate planning. Unfortunately, we always think we have more time to make these vital decisions, but this is not always the case. Plan now for the unexpected, and don’t leave the future of your family up to chance.
- Mistake 3: Not doing it at all – Some people think that estate planning is unnecessary just because they don’t have a lot of money. That actually makes leaving things to your family the right way even more essential. You also can use estate planning to make medical decisions in advance and to appoint someone to handle financial or medical matters for you if you ever become incapacitated. Estate planning isn’t all about money.
Southern California’s Estate Planning Attorneys
When it comes to planning for your California estate, you want the professionals at Petrov Law Firm in your corner. Give us a call today at 619.344.0360 to learn more about what our estate planning attorneys can do to help you protect your family.Read More
One thing you will come across when researching estate planning is the ability to use a living trust to control your assets while you are alive and then leave them to your family later. Is this really a beneficial method of estate planning? Yes! However, there are some misconceptions that cause people to shy away. Let’s debunk a few.
- Myth: It’s too expensive – While it is true that an attorney will charge more to draft a living trust than a standard will, the savings will come for your family. Rapid transfer of assets without the costs of probate court makes an initial fee more than worth it.
- Myth: My estate isn’t large enough – If your estate isn’t huge, that is all the more reason to leave it all to your family and not to the court system. Probate court will absorb a larger percentage of a smaller estate, and it will waste valuable time.
- Myth: I will lose control of my assets – Not with a living or revocable trust. You are free to do whatever you want with your things while you are still alive. An irrevocable trust is a different story, but the tax advantages are beneficial if you do have an extremely large estate.
Preparing an Effective Estate Plan in Southern California
Petrov Law Firm has the estate planning attorneys to help you prepare for the future of your loved ones. Let us assist you in finding the most efficient way to leave behind an estate of any size. Call 619.344.0360 to get started today.Read More
Any significant change in your life circumstance should lead to a review of your estate plan. This is particularly true when your family changes size. A divorce certainly qualifies since you now have one less family member – your spouse. Here are a couple of reasons to immediately review your estate plan after a divorce.
- Some things don’t go through probate – If you have a POD bank account, a retirement account, a trust, or a life insurance policy, the assets will go to your assigned beneficiary without passing through probate court. Therefore, you are required to change the beneficiary while you are still living. If you die and your ex’s name is still on any of these documents, they will get the inheritance despite the divorce.
- You want to take care of your kids, even if you get remarried – Getting a divorce when you have kids adds another layer to estate planning, especially if you ever get remarried. Natural succession in California will pass everything to your new mate, so if you want kids you had with an ex to get an inheritance, it now has to be explicit in your estate plan.
San Diego Estate Planning Attorneys
Petrov Law Firm has the estate planning attorneys to help walk you through this process in the state of California. Whether you have recently moved into the state, experienced a life change, or just have never put an estate plan in place before, we’re here to help. Call 619.344.0360 to get started today.Read More
Probate court is a provision set up by each state to assist with succession when a person dies without a will or if they have a last will and testament only. It can really help a person’s family if there was no estate planning in place. However, this can take time and cut into the ultimate amount received due to court fees.
On the other hand, with a little planning, you can bypass probate and get the majority of your assets to your loved ones without the wait and expense. Here are three reasons to take advantage of trusts and other estate provisions that go straight to your beneficiaries.
- They get the money faster – Even if the trustee has instructions on how and when to distribute the money, the only delays would be due to your instructions and not for time spent in court.
- They get more of the money – While you may pay your successor trustee to handle the funds, there is no way to know how much would be used up in court, especially if your loved ones need to hire a lawyer to get your estate.
- No one knows who gets what – Probate court is public record, so everyone knows how much your assets were worth and who they went to. Proper state planning keeps your inheritance private to protect your beneficiaries.
San Diego’s Estate Planning Lawyers
Contact Petrov Law Firm today to get in touch with the area’s top estate planning attorneys. Just call 619.344.0306 to learn more about what we can do for you.Read More
Procrastination is common, especially when what we have to accomplish seems like a giant we need to slay. That can happen when it comes to estate planning. It may seem like a monumental task that is best left for another day. Or you may simply not want to think about your own mortality. However, you don’t want to make one of the three classic blunders regarding this crucial task. Here are three things to avoid:
- Waiting until it is too late – From car accidents to illnesses, there are so many things that could result in a healthy person being tragically taken or incapacitated. You need to have your estate plan in place now, just in case.
- Failing to review your plan after life changes – From a wedding or birth to a divorce or death, you need to review your plan every time you experience a major change in life circumstances. Moving to a new state also counts since your plan with have to reflect state legislation.
- Using a DIY will off the Internet – When you are planning for the future of your family, you don’t want to leave anything to chance. A professional can help ensure that your estate goes to your heirs instead of the government.
Estate Planning Professionals in Southern California
Don’t delay. Get help with your estate plan now. The pros at Petrov Law Firm can help you develop an estate plan from scratch or review and amend an existing plan. Call 619.344.0360 to get started today!Read More