Many people are confused as to whether or not that they need an estate plan. This is particularily true as pointed in an article in the New York Times dated April 26, 2013 entitled Estate Planning Remains a Moving TargetUnder the New Tax Law by Paul Sullivan, that with the new estate tax laws exempting estates under $5,250,000 and 10,500,000 for married couples in 2013, some people eroneously believe that they don't need an estate plan. In my experience as an estate planning lawyer here in Orange County, California for more than 30 years, the issue of estate taxes, while significant to Orange County residence, is not the main focus of their estate plans. We have found that most of our clients want to avoid the California probate process and protect their loved ones. In the New York Times article while generally accurate there is a recommendation to set up a will. Unfortunately for homeowners and other Orange County residence with even modest assets a will without a living trust will subject their estate to the probate process at their death. You can read the complete aritcle here: http://www.nytimes.com/2013/04/27/your-money/estate-planning-under-the-new-tax-law.html?pagewanted=all&_r=0.
New York Times Article Is Right About Need For Estate Plan
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