Culver City Probate & Tax Attorney
Planning for the future, tackling tax issues, and undertaking trust administration when someone with a living trust dies are not everyone’s cup of tea. Yet at some point in everyone’s life, one or all three need to be addressed. Fortunately, you can leave the crossing of the T’s and the dotting of the I’s to our experienced attorney at the Law Office of Mitchell A. Port.
Californians who own a house or have other property valued at more than $166,250 should create an estate plan to avoid errors with cost implications for their heirs.
Having an estate plan will avoid the cost and complications of probate while maximizing your protection from federal estate tax. Your plan can distribute your assets over time to beneficiaries, which is particularly helpful for minors who would be unable to manage their inheritance in one lump sum. Estate planning is not just about what happens after you die. The plan can establish durable powers of attorney for property management and healthcare decisions on your behalf should you become incapacitated.
Estate plans can include but are not limited to wills and trusts.
Having a will lessens the burden on your beneficiaries because it outlines how you want your assets distributed. Every will must name an executor who ensures that the terms of your will are followed. A will can assign guardianship of minor children as well as someone to manage their inheritance.
Trusts are used to manage your assets while you are alive and distribute them upon your death. A trustee is named to manage the trust. Trusts usually include real estate, investments, stocks, vehicles, and family heirlooms.
There are two types of trusts:
- Revocable Living Trust. This trust can be revoked or changed. It manages assets and protects you if you become ill.
- Irrevocable Living Trust. This trust cannot be changed or revoked but is particularly useful for tax or asset protection.
Probate Administration in Culver City
There are techniques that can help heirs avoid probate when a loved one dies (we help with that), but there are times when probate cannot be avoided. We have decades of experience in identifying and distributing assets to beneficiaries while working toward eliminating creditors’ claims against the property.
Other probate services we offer at the Law Office of Mitchell A. Port include:
- Will Contests
- Probate Litigation
- Removal of Executors and Trustees
- Tax Controversies (such as unpaid income taxes owed by the deceased)
Conservatorships & Guardianships
When an adult cannot manage their personal care, medical decisions, or finances because of incapacity or disability, California law requires a conservatorship be established.
A guardianship gives someone other than a child’s parent the right and responsibility to care for the child. This can be necessary if the parents have died, are deemed unfit, or are incarcerated.
There are two types of conservatorships:
- General Conservatorship. These conservators have extensive authority to make financial, health, and other decisions for another person.
- Limited Conservatorship. This type of authority is confined to specific decisions, such as financial or health.
There are two types of guardianships:
- Guardianship of the Person. This guardian maintains legal and physical custody of the child and is charged with providing for their food, shelter, healthcare, and education.
- Guardianship of the Estate. This guardian is responsible for managing a child’s income, investments, and other property until they turn 18 years old.
Power of Attorney
A power of attorney gives another person the authority to act on your behalf. We have experience in establishing and contesting a named power of attorney.
The three types of power of attorney in California are:
- General Power of Attorney. This gives the named agent authority over a variety of legal matters, except for healthcare decisions.
- Limited Power of Attorney. This document gives the person the authority in strictly defined situations, such as handling a real estate transaction.
- Power of Attorney for Health Care. This person can make decisions about your medical treatment and other health care decisions.
Tax Disputes & Settlements
We work with individuals, estates, and businesses in tax disputes. As a lawyer and former Internal Revenue Service revenue/collection officer, Attorney Mitch A. Port has tremendous, related experience from tax liens and property seizures to unfiled tax returns and U.S. Tax Court cases.
Responsive Probate & Tax Help in Culver City
Backed by almost 40 years of experience, the Law Office of Mitchell A. Port offers creative and cost-effective solutions that work for your situation. With Mitch being our sole practitioner, you never have to worry about your case being given to a junior partner.
If a personalized approach is what you want for your estate, probate, and tax needs, contact us today at (310) 526-3433 or use our online form to schedule a free consultation.