Most people believe estate planning only benefits them after their death. However, these plans can also profoundly impact the remainder of a person’s life, providing their family with financial stability. In addition, estate planning can be beneficial to ensuring the proper transfer of assets, receiving government tax benefits, transferring businesses, and giving others the power to make decisions on a person’s behalf.
Long-term care planning in Orange County requires a dedicated lawyer’s expertise. A skilled estate planning attorney could help identify your assets, listen to your goals, and recommend plans that benefit your and your family’s future. Likewise, legal representatives could draft documents to ensure they have the intended legal effect and adhere to the law.
The Long-Term Protection of Assets
A comprehensive estate plan can have immediate and long-term benefits, including a reduction in future tax liability. Especially after retirement, this reduction can be vital to a person’s financial stability. One option offered in an estate plan involves placing high-value assets, like real estate, into a trust. This estate plan option allows individuals to continue living in a home while the trust pays all relevant taxes.
Effective estate planning can also set up the maintenance and inheritance of business assets. Especially for sole proprietors and small business owners, having a plan that orders a scheduled sale, bequeaths ownership to named heirs, or leaves instructions for boards of directors can ensure a company’s success. Likewise, the state’s intestacy law under California Probate Code § 6402 could help business owners avoid probate court that orders a forced dissolution of the company. A hardworking lawyer in Orange County could assist with identifying and locating assets and draft plans that maximize the property’s future value.
Estate Planning as a Means of Retaining Control
Adults in Orange County have the sole legal authority to decide their own affairs. This privilege includes the ability to make legal choices concerning their property and medical care. However, situations can arise where an individual is neither willing nor able to make these choices independently. Having a plan in place will ensure that a person’s wishes are carried out in the event of a catastrophic accident.
Advanced Healthcare Directives
Many individuals choose to draft an advanced healthcare directive. Under the law, CA Prob. Code § 4670 states that a medical directive outlines a patient’s medical wishes should they be left unable to make an informed decision. For example, these orders may include whether an individual wants to be placed on life support or whether they want to pursue experimental treatment.
Power of Attorney
A similar but distinct document that individuals can include in their long-term plan is a power of attorney, which enables another party to make decisions on an individual’s behalf. These documents can grant a person broad authority or power for only a specific purpose. A power of attorney often forms a vital portion of a long-term care plan as they can ensure that only trusted friends and family members have the right to act on behalf of a subject.
An Attorney Could Assist with Long-Term Care Planning in Orange County
A plan that outlines your long-term care is vital for all adults. As you age, paying bills and maintaining your property may become difficult. Likewise, potential health problems could jeopardize your ability to make decisions concerning your health and medical care.
However, a long-term care plan in Orange County could address many of these concerns. In addition, legal documents such as trusts, business succession plans, advanced healthcare directives, and powers of attorney can provide financial stability and ensure that only trusted individuals make choices on your behalf. Contact a lawyer now to explore your options.