As our clients know, skilled attorneys can save time and money in probate. When training new staff members at our law firm, I sometimes listen in on their phone calls with new clients. This integrated approach makes sure that not only asset protection but also that your healthcare, financial, and family wishes are honored throughout your life and after your death. They typically serve as the initial trustee (the person managing the trust) financial advisor Valencia and name a successor trustee to take over upon their death or incapacitation. The person who creates the trust, called the grantor or trustor, transfers ownership of their assets into the trus
Understanding Living Trusts Some of the ways trusts can help avoid probate include the following. This means that the trustee can distribute the assets to the beneficiaries in accordance with the trust's terms without requiring court approval. Probate is the legal process through which a deceased person's estate is administered. A revocable living trust is one of the most common types of financial advisor Valencia trusts used in estate plannin
Can I Leave Money to My Kids But Not Their Spouses? Explain your values about money to them and consider engaging in activities to discover and align your family’s shared core values. Talk to those who will be on the receiving end of your wealth transfer. Depending on your circumstances, a child or grandchild may stand to receive a significant sum through gifts, trusts or an inheritance. The purpose of your philanthropy should be to fulfill your charitable intentions, with tax savings a valuable benefi
A legacy trust, also known as a dynasty trust, is an irrevocable trust meant to help protect your wealth and provide benefits for multiple generations of your family while potentially minimizing the impact of state, estate, and transfer taxe
At EP Wealth, we work with clients to address these nuances early and integrate them into their broader estate and wealth management strategies. EP Wealth Advisors may cover some or all of the costs of preparation of foundational estate planning documents for select clients when using one of the independent attorneys we have contracted with for estate plans. Many people have a will, which is vitally important, but they may not have made decisions about how their wealth will be managed after they're gone. Click here for more financial education resources and to learn about other life transition planning services. Watch one of our webinar to better understand the basics of estate plannin
Estate planning can become more complex in situations that involve blended families, estranged heirs, children from prior marriages, or unmarried partners. At EP Wealth Advisors, we offer tax planning services that are key to estate planning, including potentially minimizing any tax burden for your heirs. As a first step, EP Wealth advisors will provide a one-on-one financial health assessment to determine the overall state of your financial advisor Valencia finances. Should you die before your children reach age 18, you can name a guardian in your estate plan if their other parent cannot care for them. Preparing for your wealth transf
FULFILL YOUR LEGACY WITH AN ESTATE PLAN In doing so, you can increase the likelihood they will choose your practice as they develop careers, portfolios, and advice needs of their own. Just as your client’s financial plan is crucial to controlling investments while they are living, an estate plan is crucial to ensure control of their legacy upon their death or incapacitation. Use our expert resources to help advise clients on the best way to preserve their wealth and legacy, while minimizing the impact of estate taxes on future generations. We are a committed group of financial planners who continuously strive to provide financial planning to our respective clients with excellence. Join a national community of engaged professionals for advanced education, meaningful peer connection, and conversations that move the profession forwar
Opt for Customized Plans Two-thirds of wealth receivers, as well as a similar percentage of wealth creators, say they want to talk to a financial advisor about wealth transfer, while half of wealth creators and 41 percent of wealth receivers also want to talk to an attorney. More than half of wealth creators surveyed by Northwestern Mutual — 51 percent — say that the wealth transfer they are planning will give their beneficiaries financial security or freedom. Primarily, trusts help mitigate or eliminate estate tax issues and avoid the often lengthy and costly probate process. In addition to the annual gift tax exclusion, permanent life insurance in trusts can reduce taxable estates and provide liquidity to pay estate taxes, helping preserve wealth for the rising generation. Given the amount of tax that can be imposed at one’s death, people with significant wealth often use sophisticated strategies designed to avoid wealth depletion by transfer taxes. Starting the conversation with your hei