5 Estate Planning Tips for 2019

SAN DIEGO - April 4, 2019 - PRLog -- In California, statistics show that four out of every ten consumers has a will. 81% of the individuals in the studies were baby boomers who range in age from 53 to 71. 64% of those surveyed were Gen-Xers ranging from 37 to 52. It is these same statistics that show fewer numbers of consumers age 18 to 36 have even considered why they should create a will. A San Diego Estate Planning Lawyer can explain why wills are urgent for everyone and how consumers of all generations could use these five tips for estate planning in 2019.

1. Start Trust Funds Earlier

Parents should never wait until their child is older to start a trust fund. The benefits of a trust fund start with the fact that parents don't pay taxes on their contributions. There isn't a minimum balance for starting the funds, however, a starting point of at least $1,000 is more ideal. The trust fund could be used for any financial needs of the child in the future. The parents can also add stipulations that help the child get the most out of their inheritance.

2. Update Your Will with Each New Life Event

All estate owners should update their will with each new life event, according to the recommendations of a San Diego Estate Planning Lawyer. Each new change in their life could affect how their assets are divided among their family members. Additionally, California is a community property state and in the absence of a clearly stated will, the individual's spouse receives their entire estate. It is recommended that the estate owner updates their will when they get married, divorced, have another child, or purchase any new assets.

3. Use an Irrevocable Trust for a Larger Estate

A San Diego Estate Planning Attorney can help owners with larger than average estate set up an irrevocable trust. These types of trusts allows the owner to transfer any assets out of the estate and maintains full control over all their assets. These plans reduce tax implications and eliminate inheritance taxes entirely. The owner also identifies a successor who receives the trust and all its assets after the estate owner dies.

4. Create a Solid Plan for Debts

A solid plan for managing outstanding debts helps estate owners protect their family, too. A San Diego Estate Planning Attorney recommends setting up specific financial accounts to cover existing debts. The plans may include purchasing a whole life insurance policy to pay off debts after the owner dies. The opportunities reduce the amount of time the estate spends in probate. The probate process is required to help creditors collect outstanding balances from the estate.

5. Create a Future Healthcare Plan

A future healthcare plan allows the estate owner to choose a family member as a proxy. The healthcare proxy makes medical decisions about the owner's healthcare needs when the individual is incapacitated. The plan may also include a power of attorney that allows the proxy to manage financial affairs and assets for the owner, too.

The Katzner Law Group

The Katzner Law Group understands current estate planning laws. The attorneys at the practice assist estate owners in planning how their assets are divided after their death. The lawyers can also assist families who wish to dispute a will, or any assignments listed in the document. They help families get peace of mind and prevent outsiders from obtaining assets via fraudulent means. A San Diego Trust Lawyer at the firm helps families and estate owners get the best possible outcome in their cases.

In California, estate owners and their families are protected under estate laws. The state provides several opportunities for asset protection and fraud prevention. An attorney helps for estate owners and their families facing challenging situations related to assets and estates. To learn more about how a San Diego Trust Lawyer can help, contact the Katzner Law Group: https://katznerlawgroup.com/san-diego-estate-planning-attorney