Estate Planning & Asset Protection in Orange County, CA

At Phancao & Shaffer, LLP, we realize death and incapacity are unpleasant topics to think about.  Yet planning ahead for such events will ultimately spare your family from unnecessary pain and financial hardship.

However, estate planning in California is more than simply drafting a will or setting up a trust.  Instead, individuals and families can rely on estate planning to protect them in the following areas:

Please click on a link above to jump to the estate planning area of your choice or otherwise keep reading about estate planning in Orange County, CA below.

Children’s Protection Planning

Have you ever thought about what would happen to your kids if something tragic happened to you and/or your spouse?  Did you know that without proper documentation, foster care can take your kids out of the house and into the hands of strangers until a court appoints a guardian in your place?

Not to mention, without proper planning, your children would not have access to your assets or finances without going through an expensive and time-consuming process to unfreeze your funds.  Your assets could be distributed outright to your children before they are mature enough to handle such a great responsibility, ultimately putting your inheritance at risk of immediate loss.

Fortunately, these situations are avoidable with estate planning, as parents can name guardians for their kids, and set up specific legal documentation to ensure their children are protected -physically, financially, emotionally and spiritually in a way they want, by the people they want, when they are gone.

Yet time is of the essence when planning to protect small children.  Tragedy can strike at any moment and parents must take immediate action to ensure their kids are cared for according to their wishes should something happen to them.

The process may be daunting, but it is easier than ever with the help of a CA guardianship attorney.  Simply call 714-966-2646 to set up your Vision & Design Meeting (normally a $750 value) at no cost to you with the lawyers of Phancao & Shaffer, LLP today.

Providing for Incapacity

Most people wrongfully assume that a will can provide for their family if they become incapacitated in an accident, or that their spouse or adult children can automatically make medical and financial decisions if they were unable to speak on their own behalf.

Yet neither is true, as a will does not become effective until a person dies and both a spouse and adult children would have to petition a court to declare you “legally incompetent” before gaining the right to handle your medical or financial affairs.

Not to mention, this process can be lengthy, costly and stressful.  Battling a court to unfreeze essential funds or to gain the right to make important quality of life and medical decisions on your behalf is the last thing any family wants, or needs, in a time of tragedy.

Fortunately, by setting up a living will (also known as an Advanced  Health Care Directive), you can easily appoint someone you trust to handle your affairs and immediately make decisions regarding the medical care you would want (or not want) if you were incapacitated in an accident.

Simply contact our trusted advisers at 714-966-2646 to get started with the process.

Avoiding Probate in California

Probate is unavoidable in California if you simply rely on a will to pass on your assets to your children or loved ones.

For those unfamiliar with the processes, probate is an expensive and time consuming proceeding in which the California probate court will verify that your will is indeed valid, identify and inventory your property, appraise your property, pay debts and taxes and distribute the remaining property as the will directs.

Worst of all, it’s completely open to the public.  That means every con-artist in town is privy to the name of your loved-ones and the amount of money you’ve left behind at the time of your death.

Not to mention, the California probate court is completely in control of the process until the estate has been settled and distributed.  That means if you are married and have children, your family may not have immediate access to the finances necessary to cover living expenses while your estate tied up for weeks or even months in court.  California is known to have one of the most complex probate court in the nation.

Yet with proper planning, probate in California can be avoided, and your family can receive your assets in a manner that is quick, inexpensive and private during an otherwise stressful and emotional time.

Simply call our Orange County probate attorneys now at 714-966-2646 to get started with the process.

Planning for Death Taxes

Believe it or not, Uncle Sam will review your estate one more time following your death to determine what you owe under the federal estate tax.  The amount of this tax depends on the size of your estate and how well your estate plan works. Fortunately, there are a number of strategies a CA probate lawyer can implement to avoid the death tax on your behalf.

For more information on how to work with a lawyer to proactively shield your inheritance from the death tax at the end of your life, call our California estate planning law firm now at 714-966-2646 for immediate assistance.

Nursing Home and Medicaid Planning

With effective nursing home and Medicaid Planning in California, you don’t have to sacrifice the assets you worked so hard for over the years to cover your healthcare expenses or qualify for Medicaid assistance.

Instead, our California Medicaid attorneys can help you protect your assets and bank accounts from nursing homes or other health-care facilities using the following legal tools/ resources:

  • Guided permissible transfers
  • Specialized trusts
  • Care contracts
  • MediCal-Medicaid Grats
  • Intrafamily qualified annuity agreements
  • Intrafamily promissory note sale transaction contracts
  • Special needs and supplemental needs trusts

Yet timing is critical when planning ahead for nursing home stays or end-of-life care.  The earlier you plan, the more assets we can help you protect for the benefit of your surviving loved ones.

To get started with your nursing home or Medicaid planning in California, call our elder attorneys at 714-966-2646.

California Charitable Bequests or Planned Giving

Proper estate planning will allow you to provide for the charitable organization or cause of your choice during your lifetime or after your death.  You can also set up your giving plan in such a way to draw a stream of income for life, earn a higher investment yield or receive a reduction of your capital gains/ estate taxes.

For more information or to get started with your giving plan in California, call our estate planning attorneys now at 714-966-2646.

Asset Protection

Without proper planning, your business and personal assets are vulnerable to loss from fraud, accidents, bad business deals or frivolous lawsuits.  Yet the California asset protection attorneys of Phancao & Shaffer can help you shield your wealth from common financial risks such as:

  • Professional malpractice liability
  • Personal liability of corporate officers and directors
  • Lawsuits by former business partners
  • Personal injury suffered on your premises
  • Personal injury resulting form a motor vehicle accident
  • Liability as guarantor for the debts of another
  • Liability arising from misconduct

We understand that insurance alone will not adequately protect you from the threats above. That is why our CA asset protection law firm works directly with our clients to implement proven, legally-sound strategies that will help preserve their wealth and safeguard their assets.  Such strategies often include the use of special trusts, business entities and other legal agreements.

Our California asset protection lawyers will also protect your finances, real property and other assets in such a way as to minimize their exposure to potential creditors.  When your wealth is shielded by a trust or other entity, creditors will be dissuaded by the fact that you own very little assets under your personal or business name.

We also assist clients needing asset protection in the following areas:

  • Domestic and offshore trusts;
  • Domestic and offshore and domestic business entity formation;
  • Exempt asset protections under state law; and
  • Negotiation and preparation of pre and post-marital agreements

Considering our many contacts in the Financial and Banking Industry, we are able to provide our Clients with trustworthy sources to meet their needs, be it domestic or offshore.

For more information on asset protection in California or to immediately speak with a CA asset protection attorney, please call 714-966-2646.

The P&S Team is Associated With
Better Business Bureau Wealth Council Big Brothers Big Sisters Los Angeles French Embassy Pacific Symphony