ESTATE PLANNING
PROTECT YOUR ESTATE & BE PREPARED FOR ANYTHING
Estate planning is the process of arranging and managing the disposal of a person's estate during their lifetime and after their death. An estate encompasses all of an individual's assets, including real estate, financial accounts, personal possessions, and more. The primary goals of estate planning are to ensure the efficient transfer of assets, minimize potential tax liabilities, and provide for the well-being of the individual's heirs or beneficiaries. The Law Offices of Jennifer R. Snyder can help you create an estate plan that works for your unique situation. Our law office is in Newark, CA and we have served clients from other Bay Area cities as well, including Fremont, Union, and Hayward.
COMPONENTS OF AN ESTATE PLAN:
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Will: A legal document that outlines how a person's assets should be distributed upon their death. It may also designate a guardian for minor children and an executor to manage the estate.
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Trusts: Legal arrangements that allow a third party (the trustee) to hold and manage assets on behalf of the beneficiaries. Trusts can be useful for avoiding probate, providing for minor children, and managing complex family situations.
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Power of Attorney: A legal document that grants someone the authority to make financial or legal decisions on behalf of the individual if they become unable to do so themselves.
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Healthcare Proxy or Advance Directive: These documents allow individuals to appoint someone to make medical decisions on their behalf if they are unable to do so. They may also specify preferences for medical treatment in certain situations.
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Beneficiary Designations: Ensuring that assets with designated beneficiaries, such as life insurance policies and retirement accounts, are up-to-date and aligned with the individual's wishes.
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Gift Planning: Strategies for gifting assets during one's lifetime to reduce potential estate taxes and provide financial support to heirs.