Managing your Wealth with A Top Estate Planning Lawyer Folsom, CA Families Trust
Managing your life’s work and wealth can be a very complicated task if you are not a financial expert or you do not have the help of a top estate planning lawyer in Folsom, CA. You want to have the best information available if you are navigating a complicated set of laws and you want to make sure assets are being protected and preserved. At Yee Law Group, PC, we want to understand a client’s unique situation, family needs, financial goals and help manage those strategies. We can help coming up with long-term or short-term plans to make sure you have a clear understanding of the process and then help you execute. Our attorneys can help you with building trust, a will, or help you manage the probate process.
An experienced, top estate planning lawyer serving Folsom, CA can construct a portfolio that will contain your strategies that reflect your goals. We then counsel our clients and educate them regarding their financial assets, what they own and what are the potential loss or increases that it can gain. We want to make sure that you can add value to your portfolio and have a risk-reward profile. We also offer ways to protect your portfolio while also allowing some flexibility to protect your assets. Our team at Yee Law Group, PC consist of attorneys and financial advisors that have many years of experience. Our goal is to make sure that your assets are being preserved, managed, and meeting your financial goals. We can help you with:
Trusts, wills, estate planning probate
Making sure your life’s legacy stays within your family is one of the most important things you’ll ever do to protect your wealth. Yee Law Group, PC believes in the value of family and ensuring that they are taken care of even when you are not here. We have Folsom, CA’s top estate planning lawyer who can help you determine your trust and who the administrator will be, they can help you draft a will and make sure that your financial assets are being properly managed after you are gone. We will also help set up an estate plan so your property is also well protected. We are also committed to helping clients’ families during the probate process so they understand how to manage the wealth and deal with insurance policies and stocks and bonds you may have. This also caters to your individual situation and family makeup.
Yee Law Group, PC can counsel you on how to manage any stocks bonds, or asset allocation. Based on a time-framed strategic plan, our portfolio manager can help you develop a plan of investment. This plan will of course take into consideration your personal goals, risk tolerance, and timetable. Our experts utilize an in-house risk assessment that will determine where the smartest investment can be.
We work with clients to manage their balance sheets and cash flow, we work to manage all of your investments and properties. We then outline a financial plan that suits your needs. We collaborate with analysts and accountants to counsel you through the process. We want to make sure that you can increase your wealth in a sustainable manner. Our lawyers at Yee Law Group, PC want to see you and your family excel financially and make sure that you are being smart about protecting your wealth and have a safety net. We can also advise you on certain financial products such as life insurance.
Our biggest goal at Yee Law Group, PC is to ensure you and your family have the top estate planning lawyer Folsom, CA residents trust, as well as the tools to excel. Call us for a free consultation at 916-919-8839.
Tips for Reminding Yourself to Update Your Estate Plan
No one wants to consider a world that they are no longer a physical part of. However, a top estate planning lawyer in Folsom, California possesses the skill to help you face the significant legal tasks associated with planning for this inevitability. Perhaps one of the most significant challenges faced by many is remembering to make the necessary updates to an existing estate plan over time. Although updating an estate plan may seem relatively unimportant, it’s actually key to ensuring your loved ones have a clear and updated plan to refer to and that your wishes remain enforceable and respected. Failing to work with a top Folsom, CA estate planning lawyer to update your estate plan whenever doing so is necessary and/or appropriate can result in familial strife and decisions being made that do not fully reflect your wishes.
It’s not unusual for our clients to express concern regarding how they will remember to keep their estate plan up to date. Our team at Yee Law Group, PC is happy to do what we can to make sure your estate plan remains up to date throughout the years. Here are some tips to help you begin this process:
Consider a Yearly Review
Although you really don’t have to update your estate plan yearly, it may be a good idea to at least review your plan annually. Reviewing your estate plan each year can give you the opportunity to look over your estate plan and consider the past year of your life. Have you experienced any significant changes? If the answer is yes, chances are you should consult with a top Folsom, CA estate planning lawyer in order to determine whether you should update your estate plan at this time. Making this a routine task that you do each year may be a helpful way of staying up to date on your estate plan. Some may choose to do this on each birthday, while others, may review their estate plans in the new year. Whatever you choose, reviewing your plan on a yearly basis can be a solid way of ensuring your plan stays updated.
Know What Actions May Trigger a Need to Alter Your Plan
Not everyone is aware of the changes that could occur that should prompt them to update their estate plan. Having a clear picture of what changes warrant the need for an updated estate plan, can help to ensure that it happens. Signs or situations that may require an updated estate plan include:
- Death of Beneficiaries
- Birth or Adoption
- Change in familial relationships
- Guardianship changes, should the person you appointed no longer have the ability to care for your children
- Reflect any changes to financial situations, such as an inheritance, better job, increase in assets
Don’t Make These 6 Estate Planning Mistakes
While every situation is unique and your own estate plan will be different there are some common problems and mistakes that can recur. These types of mistakes and problems are avoidable. Here are 6 estate planning mistakes and problems:
- You don’t understand that plan. Sometimes when hiring an estate planner people rely heavily on the planner or attorney to make sure everything is correctly in order and in the client’s best interest, however, that is not always the case. Sometimes that means you could sign documents that you haven’t read or understand fully. You want to hire an estate planning lawyer who makes sure that you understand the basics and how your plan will work for you and your beneficiaries. You need to understand the fundamentals of your plan. The Yee Law Group, PC ensures that our clients understand their plans. We walk them through their plan and the documents.
- Outdated beneficiary designations. Always remember what your will says doesn’t affect who inherits certain assets. These types of assets include retirement accounts, annuities, and life insurance. These assets have separate beneficiary designation forms and failure to update them could mean that they won’t go to the beneficiary you intended it for when creating your will. People tend to forget this because they filled out these types of forms when they first opened the account years ago. Sometimes an ex-spouse could receive the asset because a beneficiary form wasn’t properly updated.
- Not updating asset ownership. You could own some assets with your name on it along with others in a joint title with a spouse, an adult child, or someone else. These forms also need to be updated to make sure it reflects the current ownership.
- Failure to fund revocable trusts, or living trust. Often times when an attorney prepares a trust agreement and all the interested parties sign it the owners skip a step, which means legal title to these assets need to be transferred to the trust. This can be tedious and a step that most people forget to do. For example, automobile registrations have to be changed to reflect that the trust is the owner.
- Not updating power of attorney. Every estate plan should include powers of attorney. You need at least two for financial matters and for medical care. You need to keep this information up to date to ensure your wishes are met.
- Not updating the plan. You should always be in touch with your estate planning lawyer when a change occurs, or routinely check in with your lawyer to make sure everything is correct and in order. You should contact your lawyer when there is a major life change in your family like a birth, death, divorce, or marriage. You should also reach out to a lawyer when there are any changes in your net worth, the composition of your estate, job status, and residence. Lastly, if there is a change in your goals or in the law would also require you to meet with your estate planning lawyer.
With an outdated will, you stand to leave your loved ones in a serious lurch. Not only may they be left to pick up the pieces, but they may also be faced to contend with an estate plan that does not clearly outline what you would have wanted. Help your loved ones by updating your estate plan with the assistance of a top Folsom, CA estate planning lawyer whenever it becomes important to do so.
We Can Help
Not only can we help you create a well-executed estate plan, but we can also prompt you to update your plan at key times. Don’t put off the creation and modification of these vital documents before it’s too late. An estate plan that has not been updated may actually fail to outline your final wishes clearly. As a result, your family stands to wade through a mess in the event of your passing. The process doesn’t have to be a cumbersome as one may think. In fact, once you have already put an estate plan in place, making small updates over time is virtually painless.
Estate plans aren’t just documents to be filed away and forgotten. They are living, breathing documents. We can help assure that your plan is ever-changing and updated so that your loved ones have a clear idea of your wishes after you pass. Contact a top Folsom, CA estate planning lawyer today so that we can begin to assist you.
“Michael Yee and his staff were great at helping us set up our living trust . They were very professional , knowledgeable and helpful with all our questions and made the whole process very comfortable and easy . It only took 2 weeks to complete the whole process . I highly recommend their services and strongly encourage anyone seeking legal services to contact them.”