Proper Estate Planning provides you and your family with the peace of mind and security that comes with knowing that your needs and your family's needs will be taken care of in the future. While many people associate estate planning with preparation for ones' passing, the truth is that estate planning may also be incredibly valuable should you become temporarily or permanently incapacitated.
Pratt Law offers sophisticated, high-quality, customized estate planning for individuals and families of all ages and configurations. Clients include individuals, married couples, families with children, business owners, high net-worth professionals, and those seeking to avoid probate and minimize or eliminate estate taxes.
Pratt Law offers sophisticated, high-quality, customized estate planning for individuals and families of all ages and configurations. Clients include individuals, married couples, families with children, business owners, high net-worth professionals, and those seeking to avoid probate and minimize or eliminate estate taxes.
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Estate Planning
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Provide a vehicle for making lifetime gifts to your children through use of trusts or custodianship gifts. There are many legal strategies involved in estate planning. Pratt Law advises individuals, business owners and families about the best ways to plan for future security through wills, revocable living trusts, irrevocable trusts, durable powers of attorney, health care directives, gifts and other estate planning tools.
Trusts
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There are a wide range of trust vehicles allowing you to accomplish a variety of legal, personal, investment or tax planning objectives. Types of trusts include Revocable Living Trusts, Irrevocable Trusts, . Often times, all three parties are the same person or a married couple.
In the case of a revocable living trust, for example, a person may create a trust and name himself or herself the current trustee who manages the trust assets for his or her own benefit.Depending on the situation, there may be many advantages to establishing a trust, including avoiding probate court, saving estate taxes, and protecting children of a prior marriage.
In the case of a revocable living trust, for example, a person may create a trust and name himself or herself the current trustee who manages the trust assets for his or her own benefit.Depending on the situation, there may be many advantages to establishing a trust, including avoiding probate court, saving estate taxes, and protecting children of a prior marriage.
Wills
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A will is a legal declaration that clarifies how you want your assets, property, personal belongings, money, and valuables distributed after your death. If a person dies without a will, he or she is said to have died "intestate, " and state law will determine how and to whom the person's assets will be distributed.
Financial Powers of Attorney
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A financial power of attorney is a written document giving another person the legal right to manage your financial transactions in the event you become incapacitated. A power of attorney is a vital part of any estate plan. The powers granted through a financial power of attorney depend on the terms of the document and vary widely.
Advance Health Care Directives
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Advance Health Care Directives (also known as durable powers of attorney for health care) are written documents that specify the type of medical care a person would want should he or she lose the ability to make (and communicate) his or her own decisions. These are the California equivalent of a "living will."
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