The Planning Pyramid

For preparing good and efficient estate planning it is necessary understanding the basics of the planning pyramid

. Starting from the individual estate owner it goes upward through family, wealth, wealth expansion, and tax savings.

Involved in estate planning process are various elements and the efficient planner needs to appreciate the value of each of such elements. Estate owner, whose estate forms the subject of exercise made by the estate planning attorney, forms the base of the planning pyramid. On the other hand the tax saving process forms the top of the same pyramid. In between you have wealth expansion, wealth, as well as family in that order.

Falling prey to common misunderstandings is a regularity rather than exception when it comes to avoiding probate. Misconceptions that lead to wrong conclusions are often the belief that having a trust would be sufficient avoiding probate and accomplishment of objectives. With such belief people often form trusts that end up in a fiasco and do not help prevent probate at the end of it. Among many such misconceptions based on twisted versions of the realities, this is only one. In Orange County alone there are many such people who have already fallen victims of misconstrued concepts.

Being only a contract the trust honors the intention of the parties to it. Providing for the private administration of estates on disabilities or death cases, they won't require going through the probate courts, an administrative nightmare of sort. Irony of the circumstances is that it is like saying that a business plan would suffice for the business to succeed. This, unfortunately, is rarely the case. Just as business won't success with a shoddy plan, estate management won't succeed with a badly drafted one. Solution lies in getting the best probate attorney for planning out the estate management. Good news for those searching for such attorneys is that they are not only available but can now be contacted online with the help of an informative and reliable quality website.

Things that should never be overlooked are that hardly 50% of the drafts on estate management achieve the client's objective and the services of an efficient Trust Planning Attorney would really be indispensable therefore for the purpose.

by: Peter Gitundu

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