Estate Planning Attorney in Los Angeles
Helping Your Family Plan for the Future
Estate planning allows for the orderly transfer of property to your heirs, charities, and other beneficiaries after your death and for the proper management of your property and health care in the event that you become incapacitated while you are alive. A simple estate plan should include a will, a living trust, a durable power of attorney for property management, and an advance health care directive.
If you live in California and own real property (such as a house) or have other property valued at over $150,000 (such as investments), it is important that you work with an attorney who is knowledgeable about California probate law and can advise you on which estate planning documents will work best for you.
California does not have its own estate tax, but residents may still be subject to the federal estate tax. Currently, the federal estate tax exemption is over $11 million. This means an individual can leave their heirs something over $11 million and married couples can leave something over $22 million without paying any federal estate tax. These numbers fluctuate over the years.
At the Law Office of Mitchell A. Port, we provide comprehensive estate planning, tax planning, business succession planning, charitable planning, and wealth transfer services to you and your loved ones. Our firm serves clients throughout Los Angeles and in Orange, Santa Barbara, and Ventura counties. With his experience in estate planning, Mitch Port can offer practical and cost-effective solutions to your estate planning needs.
Our Estate Planning Services
Our Los Angeles estate planning attorney understands that it can be a daunting task to create and implement an effective and comprehensive estate plan. That is why we want to handle the legal legwork for you.
Let us help you with:
- Living trusts, insurance trusts, personal residence trusts, charitable remainder trusts, special needs trusts, and dynasty trusts
- Advance health care directives
- Durable powers of attorney for property management
- Administration of estates and trusts
The federal laws and regulations related to estate planning are numerous and often complex. Attorney Mitch Port's experience and sharp skills allow him to navigate the estate planning process smoothly while helping you avoid errors with significant and costly implications.
The benefits of setting up an estate plan include:
- Avoiding the cost, delays, and trouble of probate
- Maximizing your tax shelter from federal estate tax and possibly leaving your entire estate tax-free to your beneficiaries
- Providing for the distribution over time of your property to beneficiaries who are currently too young to receive a lump sum or are unable to manage their entire inheritance
- In the event that you become incapacitated, or for individuals who are incompetent, the use of durable powers of attorney for property management and the advance health care directive stating one's medical wishes allows for the orderly continuation of your personal affairs and health care according to your specific instructions
Complex Estate Plans
For those with larger estates or whose personal situations are more involved, complex estate planning techniques are applied to accomplish your goals.
Such goals may include:
- Providing for children from a prior marriage after your death
- Increasing the amount of property that can be protected by the tax shelter from estate taxes
- Asset protection planning
- Using capital gains tax avoidance techniques when selling your property
- Providing for family members with special needs
Our firm also handles probate matters, which means that if you are a beneficiary who wishes to contest a will or report a lost will, we can represent you and help you resolve this issue before a California probate court.
Estate & Tax Planning for Same-Sex Couples
Estate and tax planning for same-sex couples is an emerging area of law that requires special knowledge of:
- California domestic partnership law
- The tax treatment of domestic partnerships by California and the federal government
- The tax treatment of health benefits provided by the employer of one partner for the benefit of the other partner
- The gift tax implications when property is transferred between partners
- The rules regarding support payments after a California domestic partnership is terminated
The Law Office of Mitchell A. Port has the legal experience necessary to meet the estate planning needs of clients involved in same-sex relationships.