Estate Planning for Bay Area Residents & Business Owners
Do You have a Will or Estate Plan?
The old adage, “the only two certainties in life are death and taxes”, makes us all laugh good-naturedly while simultaneously making us feel ill-at-ease. Why? A 2011 phone survey by Harris Interactive may answer this query. This survey found that 92% of adults, under the age of 35, do not have a Will! These statistics don’t get much better when all adult ages are combined. Surveying adults of all ages found that more than 50% of adults do not have a Will!
But, why worry about it at all? Won’t your dependents and loved ones receive your monies and Estate without a Will? Doesn’t Probate just take a little longer and cost a little bit more? Why do you need a Healthcare Proxy/Advance Health Care Directive? Does having an Estate Plan really save you significant and burdensome taxes; examples include Inheritance Tax issues, Estate Tax questions and Gift Tax Exclusion queries?
Here are a few facts about Wills and Trusts you may not be aware of:
- The California legislature has already drafted your Estate Plan. This Estate Plan is called the Probate Code and is a plan that you can opt out of if you choose. Almost always, opting out is far less expensive and a lot less time consuming. For example, the Probate Code has a formula stating the maximum fees allowed by law for ordinary services for executors and their Lawyers. These allowable fees are daunting and should illustrate the need for an Estate Plan. Hiring Jonathan C. Watts to draft and implement your Estate Plan not only means that your dependents, loved ones etc. will be provided for, but also that your loved ones won’t be faced with the profound emotional drain of probating your Estate. Additionally, your hard earned monies and investments will not be frittered away through an incredibly costly and laborious Probate process.
- Healthcare Proxy or Advance Health Care Directive. Without a thorough Estate Plan, chances are that you’ll not have a comprehensive and carefully thought through Healthcare Proxy. A Healthcare Proxy grants, to the person you designate, the power to make medical decisions, including end-of-life choices that will need to be made if you’re incapacitated. What if you don’t choose someone? Your loved ones will be burdened with the responsibility of going to court and spending a lot of money and time acquiring a guardianship for you. This isn’t something you want your loved ones burdened with at a time when you need their attention and care focused on making sure you’re getting the best health care you can.
- Truly top-notch Estate Planning requires that your Estate Plan be reviewed and revised by a Tax Lawyer. Not only does Jonathan C. Watts have extensive experience with his Estate Planning practice, but he also complements this experience with a current and thorough understanding of Taxation Law. Jonathan received an LL.M. in Taxation in August, 2011. This insightful and relevant knowledge on Taxes, both Federal and State, has proven pivotal as Jonathan has expertly crafted Estate Plans for his clients that are comprehensive, thorough, detailed and tax conscious. You’ll need a Lawyer that will, “keep his finger on the pulse”, of the political changes and both short and long-term consequences that will likely result from these political changes. Much has been written about the end of the Estate tax exemption, now $5,120,000.00, and it’s reversion to 2001/2002 exemption amount of $1,000,000 on 1/1/2013. Having a savvy and insightful Estate Tax Lawyer will prove not only invaluable but also will likely save you and your Estate a lot of money.
Estate Planning Lawyer Jonathan C. Watts “Gets It!”
Jonathan understands that you, as his client, have an additional challenge when it comes to having your Estate Plan developed. It’s our natural discomfort and dread of talking about our own death. Very likely, that is why the statistics are so dismal and the reason why the Harris survey reports that a high percentage of American adults have chosen to avoid the whole topic entirely. Jonathan’s personal goal is to demystify for you the often convoluted and perplexing nature of Wills and Trusts. Most importantly, Jonathan will strive to assist you in taking as much stress and angst out of the emotionally taxing nature of preparing your Estate Plan.
This is just a basic overview and is not legal advice specific to your situation. If you would like to speak with Jonathan about your situation, please email him at jcw@eastbaybusinesslawyer.com or call 925-217-3255.
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Business Lawyer Jonathan C. Watts understands that investing some time in getting your contracts in order, handling common legal transactions, or negotiating a lease should be cost-effective. And for those facing a current legal crisis, Jonathan C. Watts understands that “winning at all costs” can be an empty victory for a small business attentive to the bottom-line.
Jonathan C. Watts is also a Tax Attorney and is able to advise you and guide you to wise choices at the same time he is reviewing or drafting your mission-critical daily documents. Moreover, with virtually every business having a web presence these days, Jonathan’s Internet Law Expertise will help you protect yourself in your Internet Business activities. Jonathan’s clients get maximum value for every penny spent, without padded hours for unnecessary “additional services.”
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Call my office to talk to me personally or to schedule an appointment. My offices are open 9 am – 5 pm, Monday through Friday, and I make every effort to take your phone calls personally.
Call Jonathan: (925) 217-3255 |
| e-Mail Jonathan C. Watts |
|
Map to Office |
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Call my office to talk to me personally or to schedule an appointment. My offices are open 9 am – 5 pm, Monday through Friday, and I make every effort to take your phone calls personally. Call Jonathan: (925) 217-3255 |
