Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com When it comes to estate planning for young families, many people focus on wills and trusts. While those are essential, there are other critical estate planning documents that every family with children should have in place. These additional documents ensure that your wishes are followed and that your family is protected in all circumstances, even if you’re still alive but unable to make decisions for yourself. Equally important is the advance healthcare directive, especially for families in California. This document specifies your healthcare wishes if you can’t communicate them yourself. It covers not only your end-of-life decisions but also appoints someone to make healthcare decisions for you in other situations. Having this in place can prevent family disputes and emotional stress during a medical crisis, as it clearly outlines your preferences. Imagine being in a hospital room where family members disagree about your care—this document removes the guesswork and ensures your wishes are followed. These estate planning documents are not just for the elderly—they’re crucial for young families, especially those with children. They provide clarity and prevent conflict during difficult times, ensuring that your family can focus on what matters most. If you’re a parent in California, now is the time to ensure you have all the essential documents in place. Visit my profile to learn more about estate planning for families and schedule an appointment to create a comprehensive plan that includes not just a will or trust, but also these vital healthcare and financial documents. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com ELIZONDO a trust is a private document and usually doesn’t have to be filed with any government agency. One of the biggest advantages of a trust over a will is that it is a private document. The only people that have access to it or financial institutions where you might hold accounts, beneficiaries, and sometimes that can be it. We want to keep things out of probate court, which is open to the public and if you have no estate plan or an estate plan centered around a will, the world gets to know where all of your property goes and who gets it and how much they get. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Did you know that avoiding probate can be as simple as giving gifts while you’re still alive? By transferring assets to your loved ones during your lifetime, you can reduce the size of your estate and help your family avoid probate. This probate avoidance strategy is particularly effective for those who want to ensure their assets are passed on smoothly. Gifting assets like cash, real estate, or stocks while alive not only helps reduce your taxable estate but also allows you to witness your loved ones benefit from your generosity. Many people search for ways to avoid probate, and gifting is often overlooked as a powerful probate avoidance tool. By making annual gifts under the gift tax exclusion, you can transfer significant assets without triggering any gift taxes, further aiding in probate avoidance. Avoiding probate through gifting also provides the opportunity to see how your assets are being used, ensuring your legacy is carried out according to your wishes. Estate planning professionals often recommend gifting as part of a broader estate plan for probate avoidance, helping to reduce the potential for probate fees and delays. If you’re researching how to avoid probate, be sure to explore this strategy and consider consulting with an estate planning attorney or financial advisor to make sure you’re taking full advantage of this probate avoidance method. Start gifting now to protect your estate, minimize taxes, and ensure that your family avoids the probate process altogether. By incorporating gifting into your estate plan, you can provide financial security for your loved ones and achieve peace of mind knowing that you’ve taken steps to avoid probate and preserve your legacy. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A power of attorney (POA) is an important legal document that gives someone authority to make financial or medical decisions on your behalf, but many people aren’t sure where it should be kept or if it needs to be filed with a government agency. The answer is no, a power of attorney does not need to be filed with any government office. Instead, it should be kept in a safe, accessible place where your designated agent and family members can easily find it if needed. You might also want to provide copies to your agent and anyone else involved in your estate plan so they know where to find it. This ensures the document is ready to be used when needed without any unnecessary delays. If you’re in California and need help setting up a power of attorney as part of your estate plan, click the link in my bio to learn more or schedule a consultation.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com In this video, I’m talking about how a primary residence still qualifies for the homeowner’s property tax exemption, even if it’s placed in a living trust. Many people worry that transferring their home into a trust could cause them to lose that valuable tax break, but the good news is, as long as you meet the usual requirements, your primary residence continues to qualify. I’ll break down how this works and why putting your home in a living trust doesn’t change your eligibility for the exemption. If you’re in California and have questions about setting up a living trust or protecting your home, click the link in my bio to learn more or schedule a consultation. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Probate is the legal process that occurs after someone passes away, during which their estate is administered, debts are paid, and assets are distributed according to their will or state law if there is no will. While probate serves a necessary purpose, it can be a lengthy, costly, and public process that many people prefer to avoid. When an estate goes through probate, the court oversees the distribution of assets, which often involves a significant amount of paperwork, court fees, and attorney costs. This process can take months or even years to complete, delaying the transfer of assets to your loved ones. Additionally, probate is a public process, meaning that the details of your estate, including the value of your assets and who inherits them, become part of the public record. This lack of privacy is another reason why many people want to avoid probate. For those researching how to streamline their estate planning and protect their family from unnecessary hassle, avoiding probate is often a top priority. There are several probate avoidance strategies, such as creating a living trust, updating beneficiary designations on accounts, and gifting assets during your lifetime. By implementing these strategies, you can ensure that your estate is handled efficiently and that your loved ones receive their inheritance without the delays and costs associated with probate. If you’re concerned about the challenges of probate and live in California, follow the link in my profile to make an appointment with me personally. Let’s work together to create a plan that minimizes probate and protects your legacy for your family. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Wondering if a bank account with a Transfer on Death (TOD) beneficiary needs to go through probate? This is a common question in estate planning, and understanding the answer is crucial for anyone aiming to protect their assets and ensure a smooth transfer to their loved ones. When you set up a bank account with a TOD designation, you’re instructing the bank to transfer the funds directly to the named beneficiary upon your death. This can be a powerful estate planning tool that helps you avoid probate, the often time-consuming and costly legal process that many estates must go through. By bypassing probate, your beneficiary can access the funds more quickly and privately, without court involvement. This method is particularly beneficial for those looking to streamline their estate planning and ensure their financial wishes are honored. However, while a TOD account can avoid probate, it doesn’t address all the complexities of estate planning. For example, if you become incapacitated, a TOD designation won’t help manage your financial affairs during your lifetime. Additionally, if your designated beneficiary predeceases you, or if you forget to update your designation after a major life event, like a divorce, your account might still be subjected to probate. Moreover, it’s important to remember that a TOD designation applies only to the specific account it’s set up for. Other assets, such as real estate or investments, may still need to go through probate unless you’ve taken additional steps, like setting up a living trust or other estate planning tools. Creating a comprehensive estate plan that includes a living trust, wills, powers of attorney, and healthcare directives is essential for avoiding probate and protecting your assets from creditors and taxes. A TOD account is a good start, but it should be part of a broader strategy to ensure your wishes are fulfilled and your family is taken care of. If you’re in the process of estate planning and want to ensure that your bank accounts and other assets are protected, I’m here to help. Contact me today to get started! Follow the link in my profile to schedule a consultation and learn how to protect your assets and provide for your loved ones. Don’t leave your estate planning to chance—take control of your legacy now. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Why is estate planning for young families essential? Protecting your assets and ensuring your children are cared for is crucial, but many young families overlook the importance of having an estate plan. Estate planning isn’t just for the ultra-wealthy or elderly—it’s a necessity for anyone with dependents. Hi, I’m Michael Pevney, an estate planning attorney based in Southern California. I create personalized estate plans for young families across the state, ensuring their financial and emotional well-being. While I’m located in Orange County, much of my practice is remote, allowing me to assist clients throughout California. Whether you’re in Los Angeles, San Diego, or San Francisco, I’m here to help you protect your family with comprehensive estate planning for young families. Why Estate Planning is Essential for Young Families: Estate planning for young families ensures your children are cared for and your assets are distributed according to your wishes if something happens to you. This isn’t just for the ultra-wealthy or elderly—every parent needs an estate plan to secure their family’s future. 1. Guardianship: One of the most important aspects of estate planning for young families is appointing a guardian for your minor children. Without a designated guardian, the court will decide who raises your children, which may not align with your wishes. Naming a guardian in your will or a separate legal document is crucial in estate planning for young families. 2. Life Insurance: Life insurance provides financial security for your children, covering their living expenses, education, and other needs. We’ll discuss different types of policies and how much coverage is needed in your estate plan for young families. Designating a trust as the beneficiary ensures the funds are used wisely for your children’s benefit. 3. The Role of a Will: A will is a legal document that outlines how your assets will be distributed after your death. It’s critical for ensuring your property goes to the people you choose and helps avoid family disputes. A will is essential for young families as part of a comprehensive estate planning strategy. 4. Trusts for Added Protection: For families with young children, a trust can be more effective than a will. A revocable living trust allows you to control how and when your children receive their inheritance, protecting them from poor financial decisions and external risks like creditors or lawsuits. Trusts are a key tool in estate planning for young families. Estate Planning is Not Just for the Wealthy: Many people believe estate planning is only necessary for the ultra-wealthy, but estate planning for young families is crucial for anyone with young children. It’s about ensuring your children are taken care of, both emotionally and financially, if you’re no longer there to do so. Other Essential Estate Documents: Beyond a will and trust, there are other essential documents every young family should have: Advance Healthcare Directive: Specifies your medical wishes if you become incapacitated and names the person to make healthcare decisions on your behalf. Durable Power of Attorney: Grants someone the authority to manage your finances if you’re unable to do so yourself, ensuring your financial affairs are handled smoothly. These are crucial components of estate planning for young families. Your Next Steps: If you’re a young parent, now is the time to start your estate planning journey. Set up a will, trust, and other essential documents to ensure your family is protected no matter what happens. Estate planning for young families doesn’t have to be complicated. If you live in California and need help with estate planning for young families, reach out to me. You can find more information about my profile #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com 🏡 Thinking about gifting your home to your children? Before making this major decision, it’s crucial to understand the pros and cons. Gifting your home might seem like a great way to pass on your assets while avoiding probate, but there are significant implications to consider when it comes to estate planning, taxes, and long-term financial security. In this video, we break down the key factors that homeowners need to evaluate before transferring ownership of their home to their children. The Pros: One of the primary benefits of gifting your home to your children is that it can help simplify the transfer of assets. By gifting your home while you’re alive, you can bypass probate, which is the legal process of distributing your estate after death. This can save your family time, money, and stress, ensuring a smoother transition of property. Additionally, gifting your home can provide your children with immediate ownership, which could be beneficial if they plan to live in or manage the property. Another potential advantage is the reduction of your taxable estate. If you have a significant estate and are concerned about estate taxes, gifting your home might lower the value of your estate and reduce potential tax liabilities for your heirs. This strategy could be part of a broader estate planning effort to minimize taxes and ensure more of your assets go directly to your loved ones. The Cons: However, gifting your home isn’t without its risks. One of the biggest concerns is the potential tax implications for your children. When you gift a home, the recipient inherits your original cost basis. This means that if your children sell the property later, they could face significant capital gains taxes, especially if the home has appreciated substantially since you purchased it. In contrast, if they inherited the home after your death, they would receive a “step-up” in basis, potentially saving them thousands of dollars in taxes. Another downside is the loss of control over the property. Once you transfer ownership, your children legally own the home, and you no longer have the final say in what happens to it. If your children face financial difficulties, such as bankruptcy or divorce, the home could be at risk of being sold or claimed by creditors. This is an important consideration, especially if you plan to continue living in the home after gifting it. Additionally, gifting your home could create family dynamics issues. If you have multiple children, transferring the home to just one child could lead to disputes and feelings of unfairness among siblings. It’s important to communicate openly with your family and consider how this decision might impact relationships. Is Gifting Your Home Right for You? Gifting your home to your children can be an effective estate planning strategy, but it’s not a one-size-fits-all solution. Before making this decision, consider consulting with an estate planning attorney who can help you navigate the complexities of tax laws, property rights, and long-term care planning. By weighing the pros and cons, you can make an informed choice that protects your assets and supports your family’s future. Watch the full video for more insights on this important topic and learn whether gifting your home aligns with your estate planning goals. #EstatePlanning #HomeOwnership #GiftingProperty #FamilyFinance #TaxPlanning #ProtectYourAssets #RealEstate #MedicaidPlanning #AvoidProbate #FillThatBucket

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com what’s the best way to find an estate planning lawyer? Make sure they ask a lot of questions of you and focus on what your goals are in your estate planning endeavor/journey. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty