The Collins Law Firm is deeply committed to our community, and Venice, CA is an area that many of our clients call home. Venice, California is a beachfront neighborhood west of the city of Los Angeles. Originally called “Venice of America,” the city was founded in 1905 by Abbot Kinney, a tobacco millionaire. His vision was to turn the marshy seaside town into a resort and entertainment complex. Kinney’s entertainment complex vision was realized, and it included dance halls, a gigantic indoor saltwater plunge, two roller coasters, carny concessions, and fun houses that survived until the 1960s.
In the 1950s and ’60s, the area attracted musicians, poets, and writers. Venice became a popular hangout in the ’50s for the Beat Generation and for hippies in the ’60s. Venice became a center for political and community activism during this period. The legendary singer Jim Morrison called Venice home, and he wrote many of his poems and song lyrics in Venice.
Although today’s Venice may not be exactly what Kinney envisioned, the area is alive with a carnival spirit. Venice is known for its canals, beaches, and oceanfront walk. A great place to people-watch, the boardwalk is alive with unique street performers, artists, vendors, and mystics.
Venice, CA Estate Planning Services
There is no one-size-fits-all estate plan. Estate planning encompasses a broad spectrum, and the optimal courses of action will vary on a case-by-case basis.
Different people have different specific objectives and priorities. This is why it is important to develop a working relationship with an estate planning law firm that is going to provide you with personalized attention.
There are multiple different vehicles of asset transfer used in the field of estate planning. The vehicle or vehicles that are right for you will depend on the circumstances. Many people assume that a last will is the only logical choice, but you do in fact have other options.
Some people have estate tax concerns. These individuals would utilize more advanced estate planning strategies. This can definitely enter the picture for homeowners in Venice, CA, because this is an affluent area. Your home is part of your estate for tax purposes, so you should evaluate your financial position relative to the estate tax exclusion.
Asset protection can be a priority, especially if you’re a business owner, and you may have someone in the family with a disability. There is also the matter of spendthrift concerns. Some people are simply not very good at handling money, and this can be disconcerting when you are evaluating the proclivities of people on your inheritance list. Fortunately, there are estate planning instruments that can be utilized to address all of these circumstances.
Probate and Estate Administration
Putting the appropriate legal devices in place is certainly part of the plan. However, there is also a human element.Your surviving heirs are likely to need legal guidance after you pass away. Yes, the estate planning documents exist. But what comes next?
If you use a last will to direct future asset transfers, probate will be a factor. Probate is a legal process that takes place under the supervision of the probate court.
When you are executing a last will you should include the selection of an executor or executrix. This is the person who is charged with the responsibility of administering the estate. An executor is a male serving this role, and an executrix is a female estate administrator.
There are legal complexities that go along with the probate process. As a result, the executor will generally require the services of a probate lawyer.
Once again, comprehensive postmortem planning will involve connecting your executor with a probate attorney. You could arrange for the attorney who assisted you while you were creating the will to act as probate lawyer after you pass away.
In this manner the executor makes a single phone call to your attorney, and he or she will have immediate guidance as the postmortem process is initiated. Ultimately, this will facilitate an efficient transfer of assets to your loved ones.
Our firm can also help with the estate administration phase if you decide to use a trust as a vehicle of asset transfer instead of a last will.
Venice, CA Estate Planning Consultation
You are discussing very sensitive subjects when you consult with an estate planning attorney. We thoroughly understand this, because we have had the same experience.
During consultations, we listen, we empathize, and we strategize. Our goal is to gain an understanding of your objectives so we can recommend a plan that leads to the fruition of these specific goals. If you’re ready to get started, call us at (310) 677-9787 or send us a message through our contact page.
