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36330 Hidden Springs Rd suite e, Wildomar, CA 92595
(951) 412-2800
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Wildomar Probate Law 36330 Hidden Springs Rd suite e, Wildomar, CA 92595 (951) 412-2800 |
Estate Planning Attorney 36330 Hidden Springs Rd suite e, Wildomar, CA 92595 (951) 412-2800 |
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Wildomar Probate Lawyer 36330 Hidden Springs Rd suite e, Wildomar, CA 92595 (951) 412-2800 |
Wildomar Estate Planning Attorney 36330 Hidden Springs Rd suite e, Wildomar, CA 92595 (951) 412-2800 |
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(951) 412-2800
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36330 Hidden Springs Rd suite e, Wildomar, CA 92595Tax issues: When settling the estate, it’s crucial to determine your tax liability to the federal government and the state where you live. The surviving spouse can typically inherit an unlimited amount of assets at the national level without paying the federal estate tax. Still, you may need to consult an attorney with knowledge of federal estate planning law and estate planning law governing the state in which you live. Also, consider drafting a will. Given the complexity of estate planning laws, a will is likely to provide you with greater control over how your assets are bequeathed to heirs. In most estate plans, there are five essential documents involved. Three documents deal with death-related issues: the Revocable Estate Planning, The Last Will and Testament, and The Certificate of Trust. The other two documents deal with incapacity-related topics: the Durable Power of Attorney for Financial Management and the Advance Health Care Directive. The basic descriptions of these documents are as follows: So what role can ILITs play now, even with the current estate tax environment? Here’s what to consider if you weigh whether to open an ILIT. Who has to execute the trust? A Estate Planning is an estate-planning tool executed by the person forming the trust, or the grantor, and the trustee. Estate Plannings are popular choices because they allow an individual to pass assets to heirs without the estate going through probate.