Nowadays, estate tax planning is mainly for multimillionaires, if their assets are likely to exceed the exemption amount of $5,340,000 (for 2014).
But most people can benefit from estate planning, to determine who will inherit from them, and to help manage personal and financial matters in case of illness or incapacity.
If you own a house, you should retitle it into your revocable trust, or else statutory probate fees computed on the gross value of the house (ignoring any mortgages) can be exorbitant.
If you have a minor child, you need a will to appoint guardians, as well as a revocable trust to take care of an inheritance, rather than relying on cumbersome court procedures.
If you would like to leave a legacy to charity, your estate plan can accomplish that goal in various ways.
The Wexler Law Group assists clients with Federal Tax Planning, State Tax Planning, Charitable Planning, Estate Planning, and Nonprofit Organizations in San Diego, California as well as in: Del Mar, Carmel Valley, Solana Beach, La Jolla, Rancho Bernardo, Poway, Escondido, Encinitas, Carmel Mountain, Rancho Santa Fe, and Scripps Ranch, all in San Diego County.