Services

Estate Planning

 

            Estate Planning deals with the creation, protection, preservation, management and distribution of assets. Your estate is everything you own, including real estate, securities, cash, insurance policies, motorized and unmotorized vehicles and all household belongings. The idea is that even after you die, you ought to be able to control how your assets are managed and distributed, to minimize taxes and transfer fees, and to preserve the maximum value and utility of your estate for your loved ones.

 

Six Specific Goals of Estate Planning

 

            In order to accomplish the general objectives of estate planning, the specific goals are:

             (1) to minimize income taxes and thereby maximize the growth of the estate,

             (2) to avoid conservatorship court proceedings in the event the owner of the estate becomes mentally or physically incapacitated,

             (3) to provide management of the estate and care for the owner of the estate in the event the owner becomes disabled,

             (4) to avoid subjecting the estate to the expenses involved in guardianship court proceedings in the event any of the beneficiaries happen to be              under the age of legal majority (18 in California, and age 21 in many other states)

             (5) to avoid probate court proceedings upon the death of the owner of the estate,

             (6) to permit the owner of the assets to control the distribution of the estate after the owner’s death.

 

Protecting for the Unexpected

 

           Trusts are designed specifically to address problems such as:  What happens if you become physically or mentally disabled? What happens if you and one of your family members should pass away or die in an accident?  What if, when you die, your children aren’t old enough or mature enough to handle your estate responsibly. Supporting documents, such as Powers of Attorney and Nominations of Conservator, determine who will make decisions, both financial and health care related, for you in the event that you become disabled, either temporarily or permanently. These documents, among others, also set forth how and where you wish to be cared for, and under what conditions you may wish for life-sustaining treatment to be terminated.

 

             Trusts and their supporting documents assure that your wishes will be complied with even if you become unable to communicate. We have experience with Special Needs Trust provisions, delayed or gradual distribution of trust funds, and Life Estate Trust provisions that spread out inheritances over the course of the beneficiary’s lifetime and prevent the loss of the inheritance to lawsuits and divorce. You will receive a trust document that is specifically designed to suit your needs, and is easily amended to incorporate any new needs that may arise in the future.

 

 

Estate Administration

 

             Upon a person’s passing, the decedent’s estate must be administered by: following the instructions provided in the decedent’s valid trust agreement, providing a will in probate court when no trust exists, or enduring probate court proceedings when a person dies without either a valid trust or will.  Regardless of the type of estate administration that we handle, our extensive experience enables us to anticipate and handle problems that a layperson might not know how to handle or might not even recognize. When a family member is serving as administrator of a loved one’s estate, we will also endeavor to reduce the potential for family strife.

 

 

James F. Watts, A Law Corporation

11585 Sorrento Valley Road, Ste. 102, San Diego, CA 92121

Telephone: (858) 481-2880 • Fax: (858) 481-2885 • appointments@trust4u.net

An estate planning, trusts, trust and estate administration, and probate law firm that practices California law only.

Disclaimers

Our Website is for Informational Purposes Only:  The material on this website is for informational purposes only and should not be considered legal advice. Accordingly, you should not rely on any information on this website in deciding whether to act or not act, without consulting with a competent attorney who is licensed to practice law in your state and/or jurisdiction.

No Attorney-Client Relationship: No information on this website will establish an attorney-client relationship.  Until you have an initial consultation with one of the attorneys in our office, please limit the information that you provide to us to non-confidential information (in other words, information that does not necessarily need to be kept private).  To schedule an appointment, we simply need your name, phone number, and availability.  Providing this information to us will not in itself create an attorney-client relationship. 

California Law Only:  The attorneys at James F. Watts, ALC are only licensed to practice in California and are, therefore, limited to practicing California law only.  As a result, James F. Watts, ALC, limits its representation of clients to California law matters only.