LAW 

    WILLS    TRUSTS    ESTATES

PRATT

                .                .

750 Menlo Avenue, Suite 200
Menlo Park, CA 94025
650.485.1771
analisa@prattlawpractice.com
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for complex tax liability problems or business management succession. 

 

Set forth below are examples of what an estate plan can accomplish:

 

  • Specify who will receive your property on your death (if you don’t specify this, the laws of California will do it);

  • Name an executor for your estate (the person who oversees the administration of a probate estate);

  • Name the trustee for your trust (if applicable);

  • Establish trusts for a spouse or minor children (minors cannot manage property themselves);

  • Preserve your share of your assets for your children or other beneficiaries (for example, if your spouse survives you and remarries after your death, your estate plan can prevent your share of the estate from passing to your spouse’s new spouse);

  • Help minimize death and other transfer taxes;

  • Provide some creditor protection for your children following your death;

  • Provide for the management of your assets if you become incapacitated and can no longer manage them;

  • Designate who will receive your life insurance proceeds, retirement plan benefits, IRAs, or annuities on your death (those types of assets usually will not pass under your will); and

  • Provide a vehicle for making lifetime gifts to your children through use of trusts or custodianship gifts.

 

ESTATE PLANNING

 

There are many legal strategies involved in estate planning. Pratt Law advises individuals, business owners and families about the best ways to plan for future security through wills, revocable living trusts, irrevocable trusts, durable powers of attorney, health care directives, gifts and other estate planning tools. Services range from basic estate plan packages to advanced trust instruments suitable