Granada Hills Estate Planning Attorney

About Granada Hills, CA

Granada Hills is a suburban neighborhood in the Los Angeles, California area, and is located in the San Fernando Valley. Granada Hills is relatively lightly populated, with approximately 54,000 residents as of the 2008 census. Granada Hills is a higher income, and highly diverse, portion of Los Angeles, and is known for its mid-century modern architecture. In fact, many of its homes have historical significance and have been featured in movies or on television. Other areas of Granada Hills are known for their cedar tree-lined streets, and some areas have even been declared Los Angeles Historic-Cultural Monuments because of their cedar trees.

FAQ: Why is it important to make a comprehensive estate plan?

Your estate plan will specify your wishes upon death or incapacitation. A properly structured estate plan can help you avoid taxes, avoid the time and expense of probate, and ensure that your loved ones are provided for upon your death. Importantly, a clearly drafted and updated will can minimize any conflicts between your loved ones after your death. Many estate planning documents are necessary formalities, but it is also important to include family members in the estate planning process so that they are not surprised—and are less inclined to challenge your wishes—after your death.

FAQ: I’ve read that the new tax law exempts over $11 million of my assets from estate tax. Why do I still need an estate plan if my family gets along and I have significantly fewer assets than this federal exemption amount?

First of all, the new tax reform law only temporarily increases the exemption—after 2025, it will be cut in half to about $5.6 million unless Congress acts to extend the new rules. Since it is impossible to predict when you will die, or how the tax code could be changed, federal estate taxes might continue to be an issue. But an estate plan is about much more than avoiding estate taxes—it’s about specifying what you want to happen with your hard-earned assets after you are no longer here to make those decisions for yourself. For many clients, it’s about ensuring that loved ones are protected financially. Even if your family gets along, conflicts can arise that can be difficult to predict or resolve. Further, while there is no state-level estate or inheritance tax in California, your estate may be subject to California probate even if it is much less valuable than the amount exempted from federal tax.