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Background |
| For over 20 years I have provided quality legal, Certified Public Accounting, and consulting services for numerous individuals, partnerships, and corporations. |
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I have provided estate planning and probate services for clients in all ranges of asset size -developing plans that specifically meet their goals and objectives.
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I also understand the fiduciary duties of trustees and other service providers having been Bank of America's senior fiduciary and ERISA counsel for over 8 years.
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Recently, I taught Estate and Gift Tax in the San Jose State University Masters of Tax program. Currently I am teaching Executive Compensation in SJSU's program.
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I have spent several years with Deloitte & Touche and BDO Seidman counseling families, executives and their companies.
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| Goals:
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My goal is to provide professional, courteous, and confidential estate planning legal services at a reasonable fee.
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I enjoy working with families and helping them achieve the comfort and peace of mind that comes with a suitable estate plan while passing assets in a tax-efficient manner.
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The value of having the appropriate documents to deal with health care and life and death situations should not be underestimated and I will make certain that estate planning services that I provide effectively address those concerns.
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| Licenses and organizations: |
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I am a member of the California Bar Association and American Bar Association Trusts & Estates section, as well as the Real Property section.
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In the past I have been a member of several estate planning organizations such as the Los Angeles and Beverly Hills Estate Planning Councils.
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I was the chair of the Los Angeles County Bar Associations Gift Tax Committee.
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As a Certified Public Accountant I focused mainly on individual income taxes.
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| What is estate planning?
Answer: Estate planning is the process that enables individuals and couples to determine who will receive assets upon death and, more importantly, how those assets will be administered and distributed for many years following the death of the person establishing a trust (called the "settlor" or "trustor"). Although a will is a necessary part of an estate plan it is not useful in providing for the terms under which assets will be dealt with for a substantial period following death. A trust is necessary to accomplish that goal. Further, through the proper use of a trust it is possible to reduce estate taxes (if any might be due) and avoid probate of the assets held by the trust. Finally, a trust helps maintains the privacy of the settlor's affairs, whereas the probate of a will is a public matter.
What is a trust?
Answer: A trust is an agreement under which the trustee (the person responsible for following the terms of the trust) agrees to manage, distribute, maintain and otherwise deal with the trust assets in accordance with the terms of the trust. It is common for the settlor or settlors to name themselves as trustee during their lifetimes because they will want to retain control over the assets. Normally, the trust is revocable and amendable during the settlor's lifetime(s) - meaning that it can be cancelled or changed as the settlor deems appropriate.
What are some real life situations that indicate a trust and estate plan are most beneficial?
Answer:
- Children and grandchildren - With only a will your assets will be distributed 100% when they reach 18.
- Owning a financial interest in a business - Can provide for management in case of disability or death.
- Special needs situations where dependents have a disability.
- Divorces or second or third marriages - Depending upon the situation it may be best to maintain the identity of assets.
- Owning real estate - In California it's likely to have substantial value and probating it (under a will) could be a waste of money.
- To provide for health care decisions - Often proper documentation is required to make medical decisions for a loved one, particularly when there is no recognized family relationship.
- Disagreements with heirs - It is best to clearly spell out how assets are to be managed and distributed to avoid or minimize family arguments.
- Creditor protection - To some extent trusts can protect beneficiaries (not the settlor) from creditors.
- Family members are bad at managing money - Here the idea is protect them from themselves.
- Reduction of estate and income taxes is a goal - An appropriate estate plan can reduce taxes in the right situation.
- There is a desire for privacy - A trust can help maintain the privacy of the parties and the management and distribution of assets.
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