Helping You Plan For The Future
Estate planning is a process that encompasses more than simply deciding how your assets are distributed after your death. It also involves carefully selecting the right people to make financial decisions for you if you become unable to make them for yourself, selecting the right people to make medical decisions for you if you become unable to make them for yourself, and selecting the right people to raise your children if you become unable to do so because of death or incapacity.
The Law Office of Thomas E. Rossmeissl is your premier estate planning firm. Mr. Rossmeissl has dedicated his practice to estate planning and related trusts and estate matters. When it comes to estate matters, he is the attorney for you. He will take the time to answer your questions and guide you through the process of making the best possible plan for you and your family.
What Is An Estate Plan?
An estate plan is a set of carefully prepared legal documents designed to address a number of issues: who will receive your assets after your death, and how that inheritance will be structured for their benefit; who will have legal authority to make financial decisions for you if you were to lose capacity; who will have legal authority to make medical decisions for you if you were to lose the ability to make them for yourself; and who will be the guardian of your minor children if you were to die or lose capacity while they are still minors. An estate plan typically includes a revocable living trust, a pour-over will, a durable financial power of attorney, an advance health care directive, a nomination for guardian and a nomination for a conservator. Together, these instruments provide a structure to make sure your estate can be managed and administered efficiently, with minimal court involvement.
Who Needs An Estate Plan?
Everyone needs an estate plan. Estate planning is not only for the elderly or for the extremely wealthy. A detailed estate plan is beneficial for individuals of all backgrounds, ages and stature. Mr. Rossmeissl works with clients across the economic spectrum. Regardless of wealth, many of the issues clients face are the same. They want to protect their family and loved ones in the event of death or incapacity. The right lawyer will ensure your plan is thorough, lawful and accomplishes your objectives.
What Does An Estate Plan Do?
An estate plan is a tool comprised of a number of specific legal documents. Each document serves a particular purpose. An estate plan can be simple or complex, depending on your specific needs. Estate plans have the power to:
- Identify how you want your wealth inherited in a way that makes sense for each beneficiary and makes it as easy as possible for family and loved ones to administer the estate after a death
- Take measures to avoid the time and expense of a court-supervised probate process and to streamline administration
- Minimize the impact of taxes
- Dictate your medical care plans and wishes
- Designate any funeral arrangements
The Law Office of Thomas E. Rossmeissl prepares revocable living trusts, irrevocable trusts, powers of attorney, advance health care directives, wills, nominations for guardians and other instruments to achieve these goals.
When Should I Update My Estate Plan?
An estate plan should be reviewed and updated periodically, especially after major life events. In California, you should consider updating your plan in circumstances such as:
- Marriage or divorce
- Birth or adoption of a child
- Death of a spouse, child, or other beneficiary
- Significant changes in your assets or net worth
- Moving to a new state
- Changes in state or federal tax laws
- A child or beneficiary becomes incapacitated
- Your executor, trustee or guardian can no longer serve
Even without major events, it’s wise to review your estate plan every three to five years. An outdated plan can lead to unintended consequences, so ensure your wishes are properly documented as your life circumstances evolve.
What Are Some Common Misconceptions About Estate Plans?
There are several persistent myths and misconceptions about estate planning in California:
- Myth: Estate plans are only for the wealthy. Reality: Anyone with assets, kids or strong preferences about their legacy needs an estate plan.
- Myth: I’m too young for estate planning. Reality: Tragic events can strike at any age, so it’s wise to have plans in place for your family regardless of your current age and health.
- Myth: Estate planning is too expensive. Reality: Proper estate planning now can prevent exponentially higher costs and headaches for your heirs later.
- Myth: A will alone is sufficient. Reality: A trust-based estate plan is often recommended to avoid probate and provide greater control.
Don’t let these misconceptions deter you from creating a comprehensive plan that protects your legacy.
What Mistakes Should I Avoid When Creating My Estate Plan?
Some critical mistakes to avoid when estate planning in California include:
- Neglecting to fund your revocable living trust properly
- Failing to coordinate beneficiary designations
- Naming improper guardians for minor children
- Not preparing advanced healthcare directives
- Having an outdated or invalid will
- DIY plans that don’t comply with state laws
- Unequal gifts to children without explanation
Working with an experienced and qualified estate lawyer like Thomas E. Rossmeissl can help prevent these mistakes.
Start The Planning Process Today
Mr. Rossmeissl will take time to ensure that he understands your goals and objectives and that the estate plan he will prepare for you will meet those goals and objectives. He provides counsel on various estate planning strategies, from selecting appropriate fiduciaries to make financial or medical decisions to selecting guardians who will be responsible for raising the children if a parent is unable to do so to various strategies for transferring wealth to the next generation. Located in Los Gatos, he serves clients throughout the surrounding areas, including Saratoga, Los Altos, Campbell, San Jose and throughout Santa Clara County. Call 408-883-3197 to schedule a consultation or fill out the contact form to get started.