Estate Planning designed for your peace and confidence.
Working with your Estate Planning Attorney and CPA, Laguna will help guide you on a path forward to achieving your legacy goals and getting the most out of your wealth. Our investment advisors in Santa Barbara can help you navigate the complexities of estate planning. When you are ready to have these conversations, Laguna will help you consider options and structure a strategy that’s suited for your goals and situation.
Frequently Asked Questions
This FAQ aims to provide answers to the common questions related to capital estate planning and help you understand the various elements involved in the process.
What Is Capital Estate Planning for Financial Affairs?
The goal of estate planning is to minimize tax liabilities, preserve wealth, and ensure that one’s beneficiaries are provided for in a manner that is consistent with their wishes.
Who Are Estate Planners?
What Is the Role of Trusts and Estates Planners in Estate Planning?
They work with clients to understand their financial situation and develop a plan that minimizes tax liabilities, preserves wealth, and provides for their beneficiaries in a manner that is consistent with their wishes.
Also, they may assist with the administration of trusts and the distribution of assets after passing away.
What Are Estate Taxes and How Do They Impact Estate Planning?
What Is the Probate Process and How Can It Impact Capital Estate Planning?
The probate process is the legal process by which a person’s assets are distributed after death. This process can be time-consuming and costly, exposing an individual’s assets and financial matters to public scrutiny.
Estate planners work with clients to understand the probate procedure and develop strategies to minimize the impact of probate on their estate, such as creating a trust or utilizing other legal documents.
What Is an Irrevocable Trust, and How Does It Impact Estate Planning?
Moreover, an irrevocable trust is different from a revocable trust because once the assets are transferred, the person cannot change the terms of the trust or reclaim the assets. Irrevocable trusts can be used to minimize tax liabilities, protect assets from creditors, or provide for beneficiaries with special needs.
How Do Trusts and Other Estate Planning Tools Impact the Assets' Distribution?
What Is a Revocable Trust?
Moreover, the assets in a revocable trust are still considered part of the grantor’s estate and may be subject to estate taxes.
How Can I Protect My Retirement Accounts Through Estate Planning?
Can I Use a Trust to Avoid Probate Court?
What Are Gift Taxes?
What Is Testamentary (Will) Trust?
Can I Create a Testamentary Trust Through My Will?
What Is a Bypass Trust?
This type of trust, also known as a credit shelter trust, is a type of trust that is designed to reduce estate taxes. It is created upon the first spouse’s passing and holds the deceased spouse’s assets.
The asset in the trust is not subject to estate taxes when the second spouse dies, allowing it to pass directly to the beneficiaries without being reduced by taxes.
What Is a Special Needs Trust?
The trust is created to hold the asset for the benefit of the person with unique needs without affecting their eligibility for government benefits. An estate planner can help you determine if a special needs trust is necessary for your situation and how to set it up.
What Is a Limited Power of Attorney?
Additionally, you may give a limited power of attorney to someone to manage your financial matters if you cannot do so due to illness or injury.
What Is a Living Trust?
Moreover, the grantor can continue to use and enjoy the assets during their lifetime. Upon the grantor’s death, the assets in the trust are distributed to the beneficiaries according to the trust document’s terms without the need for probate and an attorney.
How Can a Living Trust Help Avoid Probate?
SUBMIT A CLIENT PROFILE
We get to know you and learn about your investment and financial situation
DISCUSS YOUR GOALS AND DEVELOP A PLAN
We structure a plan for reaching your financial goals
IMPLEMENT YOUR PLAN WITH PEACE AND CONFIDENCE
We oversee your plan and guide you throughout your life’s changes