M. FRANKLIN PARRISH
There are more unmarried than married adults living in the United States today. In California, single individuals have unique planning needs that may need to be addressed even more urgently than married couples. At the San Francisco Bay Area Law Offices of M. Franklin Parrish, we assist single individuals, unmarried couples, domestic partners, and single parents, in achieving their personal and tax planning goals.
Contact us to discuss your unique objectives with a knowledgeable estate planning attorney serving the Pleasant Hill area.
Single Client Estate Planning in California
Every individual has the need for proper planning. In the United States, single individuals currently have an exemption (i.e., the applicable exclusion amount), of more than $5 million from federal estate taxation. Comprehensive estate and tax planning may help you achieve long-term asset protection, as well as avoid unnecessary federal income taxation and federal estate taxation.
However, in many cases most difficult estate planning issues are not tax-related but personal in nature. These matters are particularly relevant to unmarried individuals. Perhaps you have asked yourself the following questions:
- How will my assets be managed if I become incapacitated?
- At my date of death, where do I want my assets to go?
- What happens if my assets go through probate?
- Should I title assets jointly with another individual?
- If I were to die suddenly, would my assets be left to my minor child? When would real estate and other investments become available to my child? How should assets be managed while my child is still a minor? Would my ex-spouse have access to my estate?
- Do I want an 18-year-old to inherit my estate outright, or should it be managed in a Trust? Who should be the Trustee? At what ages should assets be distributed (i.e., 1/2 at 25 and the balance at 30)?
If you are a single parent without an estate plan, consider the possible consequences for your child if something were to happen to you. We can help establish the appropriate Trusts to ensure your distinct planning needs are met.
Guidance Through All of Your Estate Planning Needs
If you wish to manage your estate planning for the purpose of ensuring the proper care of a loved one with “special needs,” this process requires careful attention and acute knowledge of both California and federal laws. You do not want to disqualify your “special needs” loved one from receiving necessary government benefits by creating a faulty estate plan.
We guide our clients in the preparation of necessary estate planning documents, including but not limited to: irrevocable trusts, revocable living trusts, durable powers of attorney, and advance health care directives.
Contact Us for Answers to Your Estate Planning Questions
At the Law Offices of M. Franklin Parrish, we will listen to your objectives and advise you on the best options available to achieve them. Contact our Pleasant Hill office today.