ESTATE PLANNING

Estate planning is the process of organizing and preparing for the management and distribution of your assets after your death or in the event you become incapacitated. Cornejo Law LLC's goal is to ensure that your wishes are followed, your loved ones are provided for, and that your estate is handled in the most efficient and tax-effective way.

 

Key components of estate planning include:

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1. Will: A legal document that outlines how your property and assets will be distributed after your death.

2. Trusts: Legal arrangements that allow a third party (trustee) to hold and manage assets on behalf of beneficiaries. Trusts can help avoid probate and offer tax benefits.

3. Power of Attorney: A document that appoints someone to make financial or legal decisions on your behalf if you become incapacitated.

4. Healthcare Directives: Instructions on medical treatments and decisions you want to be made if you are unable to communicate your preferences (like a living will or healthcare proxy).

5. Beneficiary Designations: Naming individuals who will receive specific assets like life insurance policies or retirement accounts.

6. Guardianship Designations: If you have minor children, naming someone to care for them if you pass away.

7. Tax Planning: Structuring your estate to minimize estate taxes or other potential taxes upon transfer of wealth.

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Proper estate planning can help you avoid probate, reduce taxes, and ensure that your estate is passed on according to your wishes, while also protecting your family and beneficiaries from potential legal or financial challenges.

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Contact Cornejo Law LLC to help with all your financial needs.