Most people have some idea what estate planning is about, but much of what they “know” is actually false. Prior to working with clients, we want them to recognize that the “truth” about estate planning is probably different from their preconceived notions. Take a look at the following information and see if it changes your way of thinking about estate planning. Our “Truth About Estate Planning” presentations go into the details behind these issues so please feel free to check in for these events. (Please sign-up for email updates to receive event specific details)

Estate planning is a Process, not an event. Every estate plan goes through three steps:

(1) Your plan is developed and written;

(2) Time will pass until your plan is needed, during which changes in your assets and the law often cause you plan to fall out of date; and

(3) Administration of your plan at your death or incapacity.

Creating Your Total Estate Plan™ allows you to stay in control throughout the estate planning process. At a minimum you need to have a solid working relationship with a counseling oriented attorney.  This relationship lets you learn what is possible and then develop your plan to do whatever you want. Your attorney’s formal updating program will assure that you keep it current, and that you and your family stay in touch with it. Also remember that getting a settlement fee disclosure and commitments now keeps your family from losing control at your death.

There is no Magic Bullet that will free you from ever working with an attorney again.  Unfortunately many people have the viewpoint of never wanting to work with an attorney. The fact is you need to have a comfortable relationship with an attorney who you know will continue to work with you on an ongoing basis. “Call if you need to update” will fail in the long run as a way of keeping your plan up-to-date. Just leaving your family to “call the attorney” after your death would put the attorney in control of your plan and the costs at that point, so you need an attorney who will fully disclose and limit those costs.  This is one of the reasons why everything we do at Chhokar Law Group, P.C. is done on a flat fee basis explained fully to the client before ever signing anything.

Estate Planning requires teamwork. You can trust and follow the advice you will get from your different professionals if you get them to confer and agree on the advice they are giving you.  Your attorney should have solid professional networks with financial advisors to be able to meet your needs as well as have the ability to coordinate with your personal financial advisors so everyone is on the same page.

Your estate plan won’t work without proper asset titling. Proper asset titling is crucial to the success of your estate plan, whether your plan is designed as a will or a trust. The will or trust is your set of instructions to your family. You need to review all asset titles and make sure the assets will follow your instructions.  This is one of the driving forces behind Your Total Estate Plan™ — we make absolutely sure every one of your assets is titled appropriately and your trust is funded properly.

Estate Planning is about your personal goals more than avoiding probate and taxes. Personal goals can include things like: how you want to live your life; how you want your spouse and children cared for; how your children should be raised even if you die early; what priorities you have for your heirs’ education; protecting your spouse (and your assets for your children) from a new spouse after your death; keeping control of your assets and your care within the family in the event of your incapacity; protecting your estate from nursing home costs; protecting assets from divorces or creditors of the children even after they inherit; and promoting your family’s intangible and spiritual values.

You understand how attorneys charge. Attorney fees for estate planning are always some percentage of the estate, no matter how they are calculated. Our allocation of the fees allows you to explore all planning options by reducing your costs and eliminating hourly fees that often far exceed the initial estimate given to the client at the outset by the attorney.  A good estate planning attorney will make known to the client in advance exactly how much you are going to be charged and exactly what services are provided with that fee.

You can have peace of mind, knowing that your Estate Plan will work!

You can do it through the proactive and systematic process utilized by Chhokar Law Group, P.C. that is specifically designed to develop customized plans for each client in order to satisfy the particular needs of our clients.

For additional information we invite you to check out our website, www.socalassetprotection.com. Also, we invite you to set up a consultation with us; bring your family members and your professional advisors.