An Estate Planning Attorney in Los Angeles Advice on Leaving Inheritance
Your real estate business is booming. But, as early as now, you must plan about who will inherit it when you are gone. If you are reluctant to give your real estate to a family member, you may wish to contact an estate planning attorney in Los Angeles first. There are many cases where heirs mismanaged the lump sum of money left by their parents or relatives.
They spent it too quickly because they lack guidance. By talking to an estate planning attorney in Los Angeles, you can set up a trust to prevent this issue.
What Is a Trust?
It is a legal tool that lets you put some restrictions on how to distribute your assets. To avoid giving your loved ones a lump sum of money, you could set up terms that would let them receive a certain percentage of your assets per year. You may also choose a trustee and give him an authority to choose when an heir would get the money and how much. But picking a trustee can be quite difficult without consulting an estate planning attorney. At Gomez and Simone Law, our estate planning attorneys recommend not to pick a sibling as it will only result in bickering among your family members. The best solution here is to choose a financial institution that offers a trustee service. Or, if you have a close family friend that you can trust, then you can pick him as your trustee. When setting up a trust, though, you must consider your intentions and goals. Consider leaving more to a loved one who has special needs. Or you may wish to put up a trust for your grandchild that can assist him with his college. It is also vital to advise your heirs about your plan on how to distribute your assets when you are gone. If you picked a trustee, you must invite him to your financial appointments with your heirs.
Consulting an Estate
Consulting an estate planning attorney will guide you through the federal and state tax laws. Our attorneys will assist you in choosing the type of trust that best suits your needs. There are different types of trust. Our estate planning attorneys will find the best type that could protect your assets from creditors. After you pass on, we make sure that your hard-earned money will be used appropriately by the people you love. Our estate planning attorneys at Gomez and Simone law firm have years of experience in setting up a trust or draw a will. They are sought-after attorneys in Los Angeles to set up a trust that makes sure your wishes are fulfilled after you pass on. At Gomez and Simone Law firm, our team of estate planning attorneys in Los Angeles will give you guidance and legal services that can resolve issues related to your real estate. You can call our attorneys today for a free 30-minute consultation. This free consultation is only valid for civil case analysis. You can reach us.