Estate Planning Summary
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The following Estate Plan Summary table illustrates the very minimum considerations that must be given in planning one’s estate. The subsequent “Don’ts and Do’s” slides warn of the main pitfalls to be avoided.
| What You Want to Accomplish |
No Will |
Basic Will |
Living Trust |
AB Trust |
QTIP Trust |
| Selectivity |
|
|
|
|
|
| Permits you to select the beneficiaries of your estate |
No |
Yes |
Yes |
Yes |
Yes |
| Permits you to select the executor of your will |
No |
Yes |
Yes |
Yes |
Yes |
| Permits you to select the trustees of your trust |
No |
No |
Yes |
Yes |
Yes |
| Permits you to select the guardians for your children |
No |
Yes |
Yes |
Yes |
Yes |
| Probate |
|
|
|
|
|
| Avoids the time-consuming and expensive probate process |
No |
No |
Yes |
Yes |
Yes |
| Timing of Distributions |
|
|
|
|
|
| Permits distribution of assets in stages rather than outright at the age of 18, e.g. 1/3 at 21, 25, etc. |
No |
No |
Yes |
Yes |
Yes |
| Protection |
|
|
|
|
|
| Prevents conservatorship of estate owner |
No |
No |
Yes |
Yes |
Yes |
| Protects beneficiaries’ assets from creditors |
No |
No |
Yes |
Yes |
Yes |
| Estate Taxes |
No |
No |
No |
Yes |
Yes |
| Assists married couples in reducing estate taxes |
No |
No |
No |
Yes |
Yes |
| Asset Preservation |
|
|
|
|
|
| Allows the first spouse to die to name beneficiaries of his or her assets while permitting the surviving spouse to utilize the assets and while still deferring estate taxes |
No |
No |
No |
No |
Yes |
These are bare minimum considerations that need to be given to an estate plan.
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| Areas of Practice: |
Bankruptcy
Business Organizations
Business Torts
Commercial Law & Contracts
Debtor/Creditor
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Wills & Trusts
Estate Planning In San Jose |
| About Us: |
We take pride in providing personalized legal services for your individual or business needs. Our practice includes: business start up and funding, business buying and selling, business succession planning, business reorganization, estate planning, power of attorney, end of life decisions, lawsuit protection and debt settlement or consolidation. We are also intellectual property attorneys with experience in electrical, software, mechanical and biotech technologies.
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