Estate planning for Licensed Private Fiduciaries revolves around preparing for the management of someone’s estate when they pass away. It involves tasks like drafting wills, setting up trusts, and ensuring that the individual’s wishes regarding their assets are carried out smoothly. Licensed Private Fiduciaries need to focus on minimizing taxes, avoiding probate delays, and ensuring that everything is legally sound. Our attorneys at Goff Legal can handle the legal complexities and craft a solid plan that meets your client’s needs.
What are Licensed Private Fiduciaries (LPFs)?
Licensed Private Fiduciaries (LPFs) are entrusted with managing the affairs of individuals who are unable to do so themselves due to incapacity or death. LPFs are licensed by the state and must adhere to strict regulations and ethical standards. Their duties may include managing finances, making healthcare decisions, and administering estates. LPFs act in the best interests of their clients, ensuring their wishes are carried out, and their assets are protected.
At Goff Legal, we have over nine years of experience working with LPFs and understand fiduciaries inside out. We’re also an associate member of the Professional Fiduciary Association of California (PFAC). Our team boasts a wealth of expertise in California estate, trust, and guardian matters, backed by a solid track record in litigating will contests, dispute resolution, probate litigation, and other forms of disputes. We serve as a reliable source of information for keeping fiduciaries accountable and updated on their legal obligations.
Common reasons for estate planning for LPFs:
- Ensuring smooth asset management upon the client’s death or incapacity
- Minimizing tax liabilities associated with estate transfer
- Avoiding the complexities and delays of probate proceedings
- Protecting assets and preserving wealth for future generations
- Facilitating the distribution of assets according to the client’s wishes
- Establishing powers of attorney to manage financial and healthcare decisions
- Providing for the care and support of dependents or beneficiaries
- Planning for business succession or charitable giving
- Addressing special circumstances, such as blended families or individuals with special needs
- Adapting to changes in laws or personal circumstances over time through periodic reviews
Strategies we use for estate planning for LPFs
Conducting a comprehensive asset evaluation
Before estate planning, it’s crucial to conduct a thorough evaluation of the assets. LPFs must have a clear understanding of the scope and nature of the estate they’ll be managing. This includes identifying all assets, such as real estate, investments, retirement accounts, and personal property, as well as assessing their values and any associated liabilities.
Drafting customized trusts and wills
Our team works closely with LPFs to design trust and will structures that align with the client’s goals. Trusts offer flexibility, privacy, and control over asset distribution, while wills provide a clear roadmap for the disposition of assets that fall outside the trust. We craft these documents to ensure they reflect the client’s wishes and comply with relevant legal requirements.
Minimizing tax liabilities
Minimizing tax liabilities is a key consideration in estate planning for LPFs. Our attorneys use various tax planning strategies to help preserve the value of the estate for future generations. These strategies may involve establishing tax-efficient trust structures, leveraging estate tax exemptions, and using gifting strategies to transfer assets while minimizing estate taxes.
Preparing for unexpected events
LPFs must be prepared for unexpected events that could impact estate management, such as the client’s incapacity or death. We assist LPFs in developing comprehensive contingency plans to ensure continuity in estate management in such scenarios. This may involve appointing successor fiduciaries, establishing powers of attorney for financial and healthcare decisions, and implementing safeguards to protect the interests of beneficiaries.
Conducting ongoing reviews and updates
Estate planning is not a one-time event; it requires ongoing review and updates to accommodate changes in laws, personal circumstances, and financial goals. Our team emphasizes the importance of regular reviews with LPFs to ensure that estate plans remain current and effective. We stay abreast of legislative changes and proactively advise LPFs on any necessary adjustments to their estate plans to maintain their relevance over time.
Schedule your consultation with our attorneys
Goff Legal, PC is your partner in estate planning, trust administration, and fiduciary representation. As a female-owned law firm, we prioritize client satisfaction above all else, ensuring that calls are returned promptly and clients never get lost in the shuffle. Schedule your consultation to discuss your estate planning strategies. Let us guide you through the complexities of estate management, ensuring peace of mind for you and your clients.
