The interest of your heirs can be protected through the use of wills and trusts which when properly drafted can also help reduce taxes and probate fees. As an experienced estate planning attorney for more than ten years, Judd Matsunaga of Elder Law Servicies of California can help with the proper legal drafting of wills and trusts.
Listed below are four important aspects of estate planning that can help to preserve the value of your estate and ensure the efficient administration and disposition of your estate’s assets.
1. A will is the begininng of an estate plan and deals with all matters pertaining to the final distribution of your estate’s assets. A will is a legal document that speaks on your behalf upon your demise. Without a will the courts will decide the manner in which your estate’s assets will be distributed – which may not be in accordance with your wishes.
2. A trust is a legal document that can be designed to address any unique situation that you may have in regard to the distribution of your estate assets. For example, a spendthrift trust can be set up to protect the interests of a beneficiary who is not good at handling money. A trust can be set up for the protection and administration of assets for minor children, a spouse or for any other beneficiary.
3. Your estate’s executor will need to know the location of all of your assets and vital documents. A complete and proper record of your assets and vital documents will eliminate the possibility of assets being lost.
4. It is important to understand that most estates are illiquid, meaning that most of the estate’s assets are not readily convertible into cash. For example, real estate, long term financial investments, business interests, rental properties and such might not be easily and quickly sold for cash.
This means that proper funding arrangements need to be made in advance to avoid the possibility that your estate’s valuable assets would have to be liquidated at fire sale prices in order to pay taxes and other estate settlement expenses. These expenses can easily add up to thousands and even millions of dollars for larger estates. A qualified estate planning attorney like Judd Matsunaga can help you plan accordingly to avoid such a situation.
By implementing the above estate planning strategies you can ensure that all your affairs are properly organized and depending on the size of your estate, you could potentially save thousands if not millions of dollars. Your heirs will be relieved that you made all the proper arrangements and that all your affairs were left in order. To learn more on how estate planning can benefit you and your heirs call Judd Matsunaga with Elder Law Servicies of California at 1-800 403-6078 for a free consulation.
I absolutely HATE having to deal with things I don’t understand like taxes and estate planning and that is why it is so important for me to have a professional like Judd Matsunaga to depend on. Judd is a competent and well informed estate planning attorney in Los Angeles, and I have to believe that his knowledge of estate planning law is unsurpassed. Judd is also fun to work with!
E. Nichols
Medi-Cal Planning is about asset preservation. The high costs of nursing home care have been the cause of many middle-income families losing their homes and life savings. With Medi-Cal planning, those families could have preserved their major assets and could have had their nursing home bills paid for by Medi-Cal.
Medi-Cal is California’s Medicaid health care payment program. It is funded jointly by the state and federal governments. Medi-Cal is designed to pay for the medical care of those California residents who have very limited income or resources. However, with some planning, people in the middle-income tax brackets can qualify as well. Medi-Cal planning is complicated and often times the rules are updated each year. There are many rules governing which assets a person can keep, which assets can be transferred and to whom, and how much can be transferred at one time. If Medi-Cal Planning is done incorrectly, then it could lead to a period of ineligibility or disqualification. Elder Law Services of California has expert elder law attorneys available to provide you with a free consultation if you or a family member are considering applying for Medi-Cal.
The expert elder law attorneys at Elder Law Services of California can help you through the application process and design a plan for you that will preserve the maximum amount of your assets and income. Some accountants and financial planners will attempt to provide the same services for their clients. However, they may not know the intricacies of this area of law and are not authorized to give legal advice. Call attorney Judd Matsunaga today at 1-800 403-6078 for a free consultation.
Judd Matsunaga is a Los Angeles based attorney and founding partner of Elder Law Services of California, a Professional Law Corporation. In addition to his legal practice, Mr. Matsunaga operates a full service real estate company as a Licensed Real Estate Broker – JM Properties.
Mr. Matsunaga graduated from UCLA with a Bachelors of Science degree in Economics and then from the University of West Los Angeles School of Law. His career includes employment with Magana, Cathcart & McCarthy, a large Century City plaintiff’s law firm, and with Barth, Green & Kelly, a real estate defense firm.
Currently, Mr. Matsunaga specializes in Elder Law, which includes Medi-Cal planning, Estate Planning, Probate, and is a noted speaker and published writer on the topics of: (1) Estate Planning; and (2) Medi-Cal planning for Long-Term care.
Mr. Matsunaga is also available to speak at Senior Centers, Retirement Homes, Nursing Homes, as well as other civic organizations throughout Los Angeles, Ventura, Orange and San Diego Counties.
In addition to his business pursuits, Mr. Matsunaga is active with several religious organizations, and is an avid golfer and amateur magician.
Judd Matsunaga is also a member of or associated with :
- The National Academy of Elderlaw Attorneys (NAELA)
- Los Angeles County Bar Association (LACBA)
- California Advocates for Nursing Home Reform (CANHR)
We had never faced anything quite like this and we had no idea of where to begin. Fortunately for us, a neighbor suggested we call Elder Law Services of California. We made an appointment to meet with Judd Matsunaga, an attorney at Elder Law Services. From the get-go we felt comfortable with his advice and confident in his ability to help us. Judd carefully answered every one of our questions. Throughout the whole interview we were both cared for and cared about. It’s definitely representation that we could count on.