Estate Planning: Securing Legacies and Family Harmony

Introduction: The Importance of Estate Planning

Estate planning encompasses a wide range of legal strategies that aim to protect and organize individuals’ legacies, their loved ones, and their philanthropic endeavors. It involves navigating complex areas such as estate and income taxes, wills, trusts, gifting, special needs planning, creditor protection, powers of attorney, health care directives, HIPAA planning, and more.

Understanding the Challenges: Trusted Palm Desert Attorneys

When it comes to proper estate planning, Palm Desert-based firm Sanger & Molever understands the significance of addressing both the legal and emotional aspects of the process. With expertise in Federal and state estate tax laws, they provide comprehensive solutions for clients, considering both the technical and sensitive issues that arise within families, particularly those involving blended families from second marriages.

Navigating Blended Families: Tailored Solutions for Business Owners

Blended families often require meticulous planning to ensure the smooth transfer of assets. While standard A-B-C form trusts satisfy tax requirements, they may not adequately address circumstances where a family-owned business plays a crucial role. Sanger & Molever recognizes this challenge and offers tailored estate planning solutions. For instance, in cases where the family business involves children from different marriages, they can create a separate entity, such as a limited liability company (LLC), to isolate the business. By drafting an LLC operating agreement, Sanger & Molever can ensure that children “in-the-business” can continue running it after their father’s passing, while guaranteeing fixed cash distributions to the stepmother. This arrangement avoids conflicts and provides financial security for all involved parties.

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Mitigating Conflict: Estate Planning for Blended Families and Family Businesses

In situations involving blended families or family-owned businesses, careful estate planning becomes even more crucial. By specializing in addressing conflicts that may arise over control of the business, Sanger & Molever can help mitigate future disputes and promote family harmony. Their comprehensive approach to estate planning considers not only the typical A-B-C trust structures but also the unique needs and dynamics of blended families and businesses.

Adapting to New Tax Laws: Ensuring Optimal Income Tax Basis

Even if you don’t have a blended family or a family-owned business, it’s essential to review your estate plan in light of recent tax law changes. The 2017 tax act significantly impacts estate tax laws, making it necessary to evaluate and potentially update your old estate plan. Sanger & Molever’s experienced lawyers can assist in determining whether your documents, which may include formula clauses and Bypass Trust funding, require revisions for income tax basis planning.

Regular Reviews: Maintaining an Effective Estate Plan

Estate planning should not be a one-time event. Changes in laws and personal circumstances necessitate regular reviews of your plan. Sanger & Molever recommends reviewing your estate plan every 3-5 years to ensure it aligns with your current needs and goals. A periodic review can help address changes in family dynamics, redefine fiduciary roles, respond to legal updates, and fine-tune tax provisions for optimal results.

Experience and Dedication: Counsel You Can Trust

With a wealth of experience, Howard Sanger and Jeff Molever have guided numerous individuals and couples through the intricacies of estate planning. Their expertise extends to traditional marriage situations as well as non-traditional lifestyles. Sanger & Molever’s commitment to providing sound advice and guidance offers clients peace of mind in securing their legacies.

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For more information on estate planning services, visit Garrity Traina, Palm Desert’s trusted legal destination.

Sanger & Molever
Caption: Howard Sanger and Jeff Molever – Experienced attorneys dedicated to ensuring your estate plan meets your unique needs.