The Law Offices of William S. Dunlevy
Serving clients in Camarillo, Thousand Oaks and the surrounding areas of California
Call 877-335-3969

Estate planning is important to one's overall financial plan

Estate planning in California is not just for distribution of assets after death. It also has to do with managing money during life. One may have an overall financial plan but, without an estate plan incorporated into it, several unwanted outcomes may arise. An experienced estate planning attorney can explain what an estate plan is and why you will need one as part of your overall financial success and legacy planning.

Some of the reasons are generally stated below, but the maximum value from this discussion will be realized in conjunction with the estate planning meeting with the attorney, which may include a financial planning expert if desired. Estate planning is highly useful for planning one's cash flow needs prior to and after retirement. With a realistic picture of what a person needs to make it all the way through the different stages of life, provisions such as insurance and retirement vehicles can be put in place to provide the ultimate peace of mind about one's future financial survival.

Hopefully, the course of one's financial life may go even better than the established plans. That is why maintaining an ongoing relationship with the estate planning attorney is the prudent thing and right thing to do. Documents and legal instruments will be reviewed every few years to assure that they are in accordance with one's current wishes, goals and circumstances. 

Estate planning in California allows the individual to dispose of his or her assets in the manner desired and not by edict of an inflexible state statutory schemata. In addition, the transfer of assets after death can be expensive, depending on the facts and laws that apply, including transfer taxes and other fees and expenses. An effective estate plan will minimize the tax bite overall to the person and make it easier for the person's beneficiaries to inherit those assets. Estate planning also allows for charitable giving and for providing the maximum protection to preserving the assets of the family into future generations.

No Comments

Leave a comment
Comment Information