Estate Planning : International and Domestic Estate Planning Law Firm
Helping You Plan for the Future
At the Tax Law Offices of David W. Klasing we represent estate planning clients throughout the globe with convenient offices in Los Angeles, Orange County and the surrounding California counties. Our custom estate planning representation, ensure that your final wishes are honored and help you provide for your loved ones in your absence. Combining our financial planning legal, tax and accounting skills and knowledge, we are committed to helping you preserve your wealth for future generations. Estate planning is an important process that can be compassionately and effectively handled by a knowledgeable lawyer.
We help with:
- Representing the Executor/Trustee of an Estate
- Types of Estate Planning Services
- Wills and Trusts
- International Estate Planning
The Unique Experience of a Joint California Probate Attorney and CPA
In addition to my legal credentials as an Orange County and Irvine, California, estate planning attorney, I am a Certified Public Accountant (CPA). With a master’s degree in taxation that is specialized in the Estate and Gift area and more than 20 years of experience, I can help educate you about estate and income tax consequences of estate planning decisions.
I offer a wide range of estate planning services, including:
- Planning and drafting wills
- Drafting revocable/irrevocable trusts
- Creating generation-skipping trusts and family dynasty trusts
- Drafting living wills and living trusts
- Estate tax planning
- Heirship determinations
- Utilizing tax-exempt organizations and foundations in the estate planning process
- Charitable gift planning
- Business succession planning
- Integrating retirement plans into estate planning
- Preparation of estate and inheritance tax returns
- Preparation of family limited partnership and limited liability company tax returns
- Independent estate administration
- Probate and estate administration
- Drafting durable powers of attorney and directives to physicians
- Guardianship and conservatorship services
Estate Tax Representation
It is possible that your heirs may have to pay taxes on your estate after your death. These taxes must be paid before the estate is distributed, therefore cutting into the amount of inheritance your beneficiaries receive. The amount of estate taxes that are to be paid are dependent on the value of your state. It may be possible, through creative structuring of your estate, to minimize the amount of estate taxes that are to be paid. As an experienced CPA and tax attorney, I have the knowledge and experience needed to effectively explain estate tax issues to my clients. I can help clients structure their estates and estimate – based on the calculated value of the estate – the amount of estate taxes that may be paid. This helps you and your heirs plan for the future.
Probate can be a confusing process at times. The purpose is generally to ensure the validity of a will by a neutral judicial body. Through probate, the will can be evaluated and then the administration of the estate can take place. Though the intentions of the probate court are sound, the judge may not always make the right decisions for the heirs. Without thorough estate planning, especially without any type of will, the probate judge may decide to do whatever he or she wants with the estate, leaving beneficiaries and heirs with nothing. By having a knowledgeable attorney on your side through the probate process, we can take steps necessary in securing the proper evaluation and administration of the estate. As an experienced estate planning and probate attorney, I can aggressively stand up for your rights, the rights of the estate and rights of any heirs throughout the course of probating the will and estate.
Advanced Health Care Directives
In California, we refer to the documents previously called “living wills” as advanced health care directives. These are documents that are created by an individual to dictate the type of medical care he or she would like to receive, if any, if they cannot communicate their wishes. It is also possible in one of these directives to appoint a person to have power of attorney for health care for you. This allows them to make medical decisions on your behalf. I can sit down with clients who are seeking to compose an advanced health care directive and explain the benefits and any potential drawbacks.
Questions and Answers about Estate and Gift Taxes
- International Estate and Gift Planning for Non-Citizens
- What is estate planning?
- What is the purpose of estate and gift taxation and how are the two interrelated?
- Who is subject to estate and gift taxation?
- What sorts of property and property transfers generally are included in the gross estate?
- How are employment benefits treated with regard to the gross estate?
- Are pre-death transfers included in the gross estate?
- What types of joint interests are included in the gross estate?
- Is life insurance includable in a decedent’s gross estate?
- What types of transfers made during the life of the donor are subject to estate tax?
- What is the effect of a disclaimer or renunciation of property for estate tax purposes?
- When can U.S. estate taxes be assessed against a foreign estate?
- What are the estate tax consequences of a U.S. recipient receiving a gift or bequest from a foreign individual?
- How are distributions from foreign trusts treated for tax purposes
- Methods used to determine whether a trust is foreign or domestic
- Tax and reporting considerations of a foreign grantor trust
- Tax considerations of a foreign non-grantor trust with US beneficiary
Preventing Family Conflicts
I strive to protect both the assets and family relationships of my clients. I work to find the optimal balance between income and estate tax considerations and a client’s personal considerations when developing an estate plan. Among my services as your lawyer, I can help you plan for estate and final income taxes in order to avoid passing them on to your heirs and loved ones. With effective estate planning, I can help you prevent disputes among your family members concerning division of property and other matters.
If a dispute does arise between heirs or creditors, I am well-equipped to handle potential trust, estate and tax-related litigation. For all estate planning clients, my goals include minimizing tax liability, minimizing the problems and expenses of probate, reducing or eliminating capital gains on property transferred at death, ensuring property goes to the desired beneficiaries, and providing for adequate liquidity to cover taxes and other expenses at death.
For a reduced rate initial consultation about your estate planning issue, contact me online at my Irvine or Los Angeles (Westwood) estate planning offices or call 800.681.1295.