Estate Planning

1-877-cmsynergy/1-877-267-9637
Hyde Mulvihill APC Lawyers
216 W. Foothill Blvd (91016) PO Box 1007
Monrovia CA 91017
(626) 358-7471 Fax: (626) 358-2894

Estate Planning

Estate Planning is much more than a will, or even a living trust. You need to think about what assets you have, who you want to receive those assets when you are gone, and what will happen if you cannot take care of yourself.

Health Care. Most people want to designate someone to make health care decisions for them if they cannot do so themselves. This is called a Durable Power of Attorney for Health Care. Even if you are young and healthy, you should have one because accidents do happen. Make sure that the person you select knows what you want if something happens to you.

Asset Management. People often want to designate someone to make financial decisions for them if they cannot do so themselves. This is called a Durable Power of Attorney for Property Management. Make sure that the person you select to manage your assets knows what you want, in advance. This is NOT a substitute for a will or a living trust, because the person appointed under this agreement does not decide what happens to your assets when you dies.

Taxes. Tax planning is an important reason to use estate planning. If your estate is worth close to, or more, than the taxable amount (which will be $1,000,000 in 2006), you want to plan your estate to avoid paying unnecessary taxes. Remember, especially in California, if you own your home, it is part of your estate. Your home is valued at the time that you pass, not at the time that you purchase. Since home values have increased dramatically in the last decade, your estate may be worth more than you think.

Children. If you have minor children, nominating a guardian is very important. Your well meaning relatives may inadvertently cause a great deal of stress to your children by arguing who is the best person to become guardian. Avoid this by appointing a guardian as part of your estate planning.

Marriage. If you have been married more than once, you may have assets called "separate property." If you want that to go to your children instead of your spouse, you need to make sure that is part of your estate planning. Even though you trust your new spouse implicitly and are not worried that spouse will not give your children what was your "separate property", your current spouse may well have to pay taxes by giving property to your children after your death.

Hyde Mulvihill can help you with your estate planning needs. In fact, Cynthia Coulter Mulvihill received her Juris Doctor with a Certification in Tax Law.

If you are a California resident and need a will, please e-mail SHyde@cmsynergy.com. The initial consultation is free.