Visalia Estate Planning Attorney
Estate planning helps protect your family, future, and peace of mind. At Fishman, Larsen & Callister, a Visalia estate planning lawyer can help you prepare for the future with confidence. We guide you through the complexities of wills, trusts, and powers of attorney to create a plan tailored to your needs.
Why Do You Need an Estate Planning Attorney?
Many people assume estate planning is for the wealthy. In fact, studies show that more than 72% of Americans don’t even have a will in place. Most people only begin planning for the future because of age. About 81% of those over age 72 have a will. Meanwhile, 34% started making plans because of the birth of a child.
Making an estate plan is about protecting your family, minimizing disputes, and ensuring your wishes are legally enforceable. Working with a skilled estate planning lawyer can help:
Avoid costly mistakes. An estate planning attorney helps make sure your documents are valid, thorough, and tailored to your circumstances and needs.
Reduce taxes and probate costs. An estate plan can minimize estate taxes, avoid certain legal fees, and help your heirs avoid a lengthy probate process.
Prevent family conflict. Estate planning attorneys can provide objective guidance and structure your plan to reflect your interests.
Plan for incapacity. It’s important to plan for the chance of incapacitation and who will receive the power to make decisions about your medical care.
Protecting minor children and dependents. If you have children under 18 or family members with special needs, you can designate a guardian, set up trusts, or ensure long-term care arrangements.
Fishman, Larsen & Callister can help you take all necessary steps to safeguard your legacy.
Elements of a Complete Estate Plan
An effective estate plan does more than simply distribute your belongings. It prepares you and your family for life’s unexpected turns. The following are some of the key components of an estate plan.
Last will and testament. A will outlines how your assets will be distributed and allows you to name guardians for your children.
Revocable living trust. A living trust holds your assets during your lifetime and transfers them to your beneficiaries upon your death without the need for probate. It offers more privacy than a will and allows for quicker distribution of assets.
Durable power of attorney. This allows you to appoint someone to manage your financial affairs if you become incapacitated. Without it, your family may have to seek a court-appointed conservator, which can be expensive and take a long time.
Advance healthcare directive. Also known as a living will, this lets you specify your healthcare preferences and appoint someone to make medical decisions on your behalf if you are unable to communicate your wishes.
HIPAA authorization. This lets you appoint agents to access your medical records and communicate with your healthcare providers.
Beneficiary designations. Certain assets pass directly to named beneficiaries. An estate attorney ensures these designations stay up to date and align with your overall plan.
Trust funding. Estate attorneys help you work on funding strategies for your trust and how your assets will be transferred.
Our Visalia estate planning lawyers understand that every family is different and every person has their own individual needs. We take a personalized approach to building estate plans and tailoring them to your wishes, concerns, and goals.
When Probate Is Unavoidable
Probate is a court-supervised process of validating a will, settling debts, and distributing assets. It can take a long time to complete, depending on the size and complexity of the estate. Many probate courts, including Tulare County Superior Court, are often backlogged. It may also come with significant legal fees and administrative fees.
When probate is unavoidable, our attorneys can help minimize delays, simplify court filings, and ensure the process runs more smoothly. We guide executors, administrators, and family members through every step of the probate process.
FAQs
Q: What Is the Difference Between an Estate Lawyer and an Estate Planner?
A: An estate planning lawyer is a licensed attorney who provides legal advice and prepares documents, such as wills, trusts, and powers of attorney. They handle probate, resolve issues, and ensure compliance with estate laws. Estate planners do not have to be attorneys. They may work in financial planning, helping clients organize assets and plan for asset transfer.
Q: What Is the Five by Five Rule in Estate Planning?
A: The five by five rule in estate planning allows a beneficiary to withdraw $5,000 or 5% of the trust’s assets annually. This helps avoid gift tax implications and gives beneficiaries access to limited trust funds. It’s used most often in irrevocable trusts to give beneficiaries some flexibility but not full control.
Q: What Are the Seven Steps in the Estate Planning Process?
A: Estate planning involves seven general steps. First, take inventory of your assets. Next, you’ll evaluate your family’s needs, consider dependents and healthcare decisions, and set goals accordingly. Choose fiduciaries, executors, trustees, and agents for powers of attorney. Then, you’ll draft all documents and strategically plan for reducing estate and income taxes. Finally, you’ll review and update your estate plans regularly.
Q: What Is the Difference Between Will and Estate Planning?
A: A will is a single legal document that outlines how your assets should be distributed after death and who you want to appoint as guardian over any minor children. Estate planning is a broader and more comprehensive process. It includes a will but also covers trusts, powers of attorney, healthcare directives, and asset protection. Estate planning is meant to manage your assets during and after death, minimize taxes, and avoid probate.
Contact a Visalia Estate Planning Lawyer
No matter what stage of estate planning you’re in, the Visalia estate planning lawyers of Fishman, Larsen & Callister can help. Our team listens to your concerns, answers your questions, and creates a customized plan that reflects your values and protects your family. It’s our goal to reduce stress and preserve the value of the estate for your loved ones.
Contact us today to schedule a consultation, and let us help you build your legacy.