Estate Planning 101: It’s All About Your Children

Creating an estate plan is not always an easy task. It is natural to want to avoid thinking about death. Some people believe that an estate is not of enough value to warrant working with an estate planning attorney. The fact is that if you do not put an estate plan in place, the state will take over the distribution of your assets. Every family is different, and every person, or married couple, has a general idea about passing on their hard-earned assets to their children. The rule is simply, “put it in writing.” Whether you have a young family, or are retired, estate planning is a powerful way to show your children that you love them.

 
Having a plan in place will protect your assets, often with significant tax savings, and your loved ones will greatly appreciate that you took the time to put your affairs in order. Without an estate plan, your children can be left dealing with tax issues, probate complications and other problems. Estate planning doesn’t have to be morose. At the end of the day, it’s really about passing on what you have built and saved to your children–something you’ve instinctively done since the day they were born!

Important Considerations for Estate Planning in Pasadena

Every family’s estate planning needs are different, so it’s important to consult an experienced estate planning lawyer in Pasadena. Christopher B. Johnson can walk you through the different options, and will help you address the most important questions in estate planning:

• How much should do you have to pass on to your heirs? We will help you to calculate your net worth. This means adding up all your assets, and subtracting what you owe (such as mortgages, credit card debt and other debts). We will discuss other financial matters, including the distribution of any life insurance benefits. We will help you to establish a strategy to manage your resources during your lifetime. Many estate planning strategies are effective for reducing taxes.
• Who will get your assets? This is a deeply personal question. The answer may influence which type of estate planning documents you put in place. If you do have these documents in place, it can lead to confusion or even contention among your loved ones.
• When will your loved ones be able to access the money or property you leave for them? You can give your loved ones direct access to certain assets, or you can establish various types of trusts to help to provide for their needs over time. Every family has different needs.

How an Estate Planning Lawyer Can Help

Christopher B. Johnson has 18 years of experience working with clients in the Pasadena area on both simple and advanced estate planning strategies. He helps clients find the right estate planning solutions to bring security and peace of mind. If you would like to begin the process of planning for your legacy, contact us at the CBJ Law Office to schedule a consultation.