Benefits of Estate Planning; Exemption Amounts
Complete your Trust with us and I can assure you we will save you and your family thousands. It sounds like one of those ridiculous ads on the internet “one simple trick will help you lose 20 pounds overnight.” But let me tell you exactly how a Trust can save you and your family money.
California has one of the highest average net worths in the nation. That number is currently $950,000. This number is highly skewed given the multitude of billionaires in California, but if we removed those outliers, we are left with an average somewhere closer to $500,000.
Now, what exactly does a Trust do to help you save that money? The answer is simple. It helps you avoid probate. Probate is the process that, after someone dies, their money is distributed to their heirs.
That $500,000 will cost your family at least $250,000 to get through probate. And that’s not including the time that they would be waiting, currently about two years in California, before that money would even be distributed to your heirs.
That’s not the only benefit, of course.
A Trust can provide certainty for your family to make sure your money goes where you want it, rather than where the government decides it should go.
Additionally, a Trust can provide significant protection in terms of medical recovery claims. It can allow for special needs planning for your family. And additionally, it can even help with your charitable intentions.
If you have any questions, feel free to give us a call here at NM Law. Thank you, and have a good day.
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