Estate Planning

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

Why You Should Hire a Dual Certified Estate Planning Tax Attorney and CPA

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California Domestic and International Estate Planning by Dual Licensed Attorneys and CPAs

Estate planning includes legal, accounting, income tax and financial planning considerations. If there is a business (or multiple businesses) involved, domestic and international estate planning can become difficult to navigate without the services of a knowledgeable and experienced professional. While it is never pleasant to think about your death, the reality is it can happen to anyone of us at any time. It is best to prepare ahead than to leave your loved ones hanging after your passing while your assets are tied up in court for years. At a minimum avoiding the expense, delay and hassle of probate that can cause up to 15% of your estate to evaporate in attorneys’ fees is easy to achieve.  On the other end of the spectrum, avoiding transfer taxes of up to 40% is another estate planning imperative.  Lastly, your estate plan help avoid power struggles and legal battles amongst your beneficiaries.

At the Tax Law Offices of David W. Klasing, our skilled California Estate Planning attorneys and supporting staff of CPAs and CPA candidates have decades of experience successfully assisting our clients with wills, trusts, advanced health care directives, and other estate planning and administration matters. Because of our unique background and training as both licensed Attorneys and Certified Public Accountants, we bring a breadth and depth of knowledge to the estate planning process that no other team of legal and financial professionals can. To set up reduced rate initial consultation, call our office at (800) 681-1295 today or schedule ONLINE today.

Types of Estate Planning Our Skilled Attorneys and CPAs Can Assist You With

Estate planning involves multiple components, which needs to be customized depending on the unique set of facts and circumstances underlying your financial situation, such as the size of your estate, the number of heirs involved, and the complexity and location of your domestic and international assets, including whether foreign or offshore bank accounts are involved. The following are some of the most common ways our seasoned estate planning attorneys and supporting CPAs at the Tax Law Offices of David W. Klasing can help you design your estate plan. Of course, we offer many other services as well, and our background as tax attorneys offers us particular expertise in how to minimize your, and your family’s exposure to the estate, transfer and associated income taxes.  Only after we thoroughly review your financial and other records, fully understand your testamentary desires and family dynamic will we be able to properly advise the best steps to take in your specific case, as each set of circumstances is unique.

Planning and Drafting Wills

One of the most common ways to begin estate planning is to complete an estate planning questionnaire and then meet with an experienced dual licensed Estate Planning Attorney and CPA like those at the Tax Law Offices of David W. Klasing.  After we fully understand your needs and desires, we will draft a custom estate plan for you. The prototypical estate plan at a minimum includes a will with a pour over provision, a living trust that may be designed to split at the death of the first decedent, a durable power of attorney, and a medical power of attorney.

A will is a legal document where you leave detailed instructions as to the distribution of your assets and property after your death. Furthermore, a will allows you to express other wishes you may have regarding a memorial service or preferences between burial versus cremation. Most importantly, a will protects you from dying intestate, or without a will, which can lead to serious legal complications including will contests by your beneficiaries and probate. Our attorneys can help you plan on your estate and reduce those wishes to writing so that it can be easily administered without the need for probate upon your passing.

In California, the requirements to legally execute a will are that you, the testator, are at least 18 yours old and of sound mind. The will must be signed by you, someone else at your direction and in your presence, or a conservator in a court-ordered will matter. Two witnesses must also sign it at the same time it is signed by the testator or their representative. A will cannot be oral and must be in writing.

Setting Up and Administering Trusts

The living trust is often thought of as the modern replacement of the traditional will.  The trust, like a will, will contain specific instructions about how and to whom your assets are to be distributed at a certain point in time, usually upon your death or the death of a spouse. However, the significant difference between a trust and a will is that money and assets in a trust will not have to pass through the probate court system.

By avoiding the costly and time-consuming probate process, you can make things smoother for your heirs when the transition occurs and pass on more of your estate to your heirs. While estate taxes may still apply assets transferred to your beneficiaries via living trusts, if the trust is made irrevocable, meaning that you cannot alter it once it is put into effect, estate taxes can be significantly reduced by effectively removing appreciating assets from your estate through life time gifts that can be transfer tax free if you have available estate tax exemption. Creating a trust, however, is a more complicated process than simply writing a will, and you will benefit from the guidance of an experienced Trust Attorney like those at the Tax Law Offices of David W. Klasing. We understand all the legal nuances and complexities involved in trust creation and will ensure that the trust is established and managed according to your wishes.

We also can provide the necessary trust accounting and domestic and international tax compliance which can be very complex with a tendency to result in draconian tax and information reporting penalties if not handled correctly.  We can also provide the representation to make sure your executor or trustee administers your estate in accordance with your direction and control or via testamentary written instructions through your estate plan.

Setting Up Advanced Health Care Directives and Power of Attorney

While many people think of estate planning as having to do with things that happen upon your death, other aspects can help your wishes be followed in situations where you are still alive but not in a condition to make decisions for yourself. For example, you can set up an advanced health care directive stating that you want to receive a specific type of treatment, whether you want to be kept in a vegetative state with little to no chance of recovery, and who you want to make any health care decisions under your directive. We can also help you designate a person who will have power of attorney over your assets, property, and businesses if you become legally incapacitated before your death. Our attorneys can help you set up these directives so that they are airtight and legally binding.

Call Our Veteran California Estate Planning Dual Licensed Attorneys and CPAs Today

While estate planning is not pleasant to think about, it is one of the most important things that you will do in your life, and it will likely make a big difference in how your legacy is defined for generations to come. At the Tax Law Offices of David W. Klasing, our skilled California Estate Planning Attorneys and CPAs can bring the advantage to your estate planning stemming from the advantageous dual perspectives of a Lawyer and a CPA. We will help you explore all the possible options and make the best plan for the future of your loved ones. To set up a reduced rate initial consultation, call us today at (800) 681-1295 on schedule ONLINE here.

Estate Planning and Tax Preperation FAQs

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 Attorney

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

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.