Estate Planning Benefits

Personal Planning Goals

Protection for You

  • Maintaining Control Of Your Assets
  • Avoiding Problems In Case Of Mental Disability
  • Durable Power or Attorney Planning
  • Authorize Release Of Protected Health Care Information
  • Avoiding Nursing Home Costs
  • Avoiding Life Support
  • Medi-Cal Planning
  • Assure Lifesyle
  • Protection of Retirement
  • Creditor Protection
  • Preservation of Privacy
  • Title and/or Transfer Issues
  • Unmarried Partner Issues

Protection for Your Spouse

  • Assure Standard Of Living
  • Creditor Protection
  • Remarriage Protection

Protection for Children and/or Grandchildren

  • Guardians/Protection For Minor Children
  • For Special Needs Children &/Or Grandchildren
  • Creditor Protection
  • From Lack of Financial Discipline
  • Divorce Protection
  • Promote Family Values Even After You Are Gone
  • Promote Children's Integrity & Initiative
  • From Inheritance Passing To Child's Spouse
  • From Inheritance Squandered By Person In Charge
  • Disinheritance of other heirs

Protection from Blended Family Issues

  • Fiduciary Selection/Protection
  • Retaining Family Management of Family Affairs
  • Professional and/or Corporate Trustees

Passing Value and Responsibility to Whom You Want, How You Want and When you Want

Avoiding Disputes & Frivolous Lawsuits

Clarity and Organization of Planning

Coordination of Estate Plan with Financial / Insurance Advisor

Litigation Support

Elder Abuse Issues

Fiduciary Duty Issues

Asset Planning Goals

Community and Separate Property Issues

Protection from Taxes

  • Estate Tax
  • Generation Skipping Tax
  • Gift Tax
  • Income Tax
  • Property Tax

Protection from Administration Expense and Delay

  • Avoid Probate
  • Avoid Conservatorships
  • Durable Power of Attorney planning

Protection/Succession of Business

  • When does owner want to transfer ?
  • Income needed during retirement ?
  • Who does owner want to transfer to ?
  • Family/Employees/Co-Owner/Outside Party ?
  • Shift Wealth to children ?
  • Charitable Gifts or Transfers ?
  • Reward Employees ?
  • Receive full value for business ?
  • Take business to next level ?
  • Maintain ownership indefinately ?

Insurance Planning

  • Long Term Care Insurance planning ?
  • Necessary to provide "fuel" for estate plan ?
  • Double the death benefit through trust planning ?
  • Business Succession planning ?
  • Liability Coverage as asset protection device ?

Charitable Planning
One Plan offers:

  • Lifetime:
    • Income stream
    • No management
    • Tax free compounding
  • Taxes:
    • No capital gain tax
    • Charitable Income Tax Deduction
  • Death:
    • No Estate tax
    • Replace gift to charity with Life Insurance

Another Plan offers:

  • Lifetime:
    • Gift to family at discount
  • Death:
    • No Estate tax

Other Plans offer:

  • Maintain control
  • Pass values to family
  • Reduce Income and Estate tax (or give up control and reduce income tax more)

Law Offices Of Michael J. Wittick, A Professional Law Corporation is located in Irvine, CA and serves clients with estate and wealth preservation matters throughout Irvine, Lake Forest, Laguna Woods, Laguna Hills, Foothill Ranch, Tustin, Aliso Viejo and the surrounding areas.

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7700 Irvine Center Drive, Suite 800, Irvine, CA 92618
| Phone: 949-753-2829

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