c. 2013 San Diego Real Estate and Estate Planning Law
Why Should I Create an Estate Plan?

In present day America everyone must deal with two primary
problems: The high Cost of Living (Inflation) and Tax Erosion.  
Regardless of your station in life, you need to have an estate
plan.  If you own real estate or own a business you must have a
plan in order to secure yourself and your family from inflation
and taxes.

Classic estate planning was based on thrift and sound
investment.  The modern estate plan takes into account these
classic principles and weaves you through our tax saturated
modern society.  The alternative to structuring your estate plan
is the default method.  

The default method of estate planning represents a failure to
take advantage of the opportunities that exist for estate
building.  Surprisingly, young professionals, corporate
executives, doctors, lawyers, and otherwise successful
entrepreneurs everywhere fall into this default method for
failing to plan ahead.  Like a ship captain sailing blindly into the
night with no destination in mind, you cannot reach your goals
without an estate plan.  

This plan should be made as soon as one starts upon a career.  
For if one plots his course at the beginning he will arrive long
before, perhaps decades before, those who fail to plan early.

What exactly is an Estate Plan?

It is the creation, preservation, and utilization of family
resources to obtain the maximum support and security of the
family both during the lifetime and after the death of the
planner.  Therefore, a good estate plan takes into account both
short and long term objectives for estate building.  The
immediate elements of your plan must include a home, an
income, savings, and life insurance.  
Why is life insurance
important to my estate plan?

Not only will your goals establish an estate, but a standard of
living.  Establishing an estate plan will enable you to avoid the
modern syndrome of "keeping up with the Joneses" while
sacrificing estate building.

What is the Primary Factor in Building an Estate?

Believe it or not, the single most important factor in estate
building is determination.  Without the conscious decision and
active desire to make estate building an integral part of your
financial planning from now until the day you die, you will not
reach either your short or long term financial goals.  If you've
ever read
The Millionaire Next Door, you know that it is often
not the family with the nicest car or largest house that is the
multi-millionaire on your street.

Questions you must ask in Creating an Estate Plan

When do you plan to retire? What income will you, your
spouse, and your family need when you retire?  What income
will your spouse or loved ones have should you die or become
disabled?  What standard of living do you want to maintain?  
Will a college fund be set up for your children or grandchildren
to allow them to attend a university and graduate school?  Do
you want to leave an inheritance or leave money to charity?  It
should be evident from the scope of these questions that in
order to reach these goals, these questions need to me
addressed as early in one's career as possible.  Asking these
questions early will allow you to scrutinize your standard of
living carefully, before you get so caught up in everyday life
that you fail to maximize every opportunity you had to build a
personal legacy.

The First Step

Inventory your assets.  For those early in their careers this may
consist of the money in your wallet or the savings in your bank
account.  For those in their middle earning years this may
consist of a house, some investments, a bank account, and life
insurance.  Whatever your assets: How much annual income
do they produce?  This answer may well be nothing even for
most highly paid professional.  You must seek to change this
now and begin building an estate.  This number gives an
accurate picture of the ability of your estate to provide security
for you and your family in the event of your retirement,
disability, and death.  The capital in your estate should never
be encroached upon.  The instant you are forced to dip into
your capital, it loses a portion of its income producing
capacity.  The production of income and the inviolability of
capital are paramount objectives of your estate plan.

If you've read the foregoing, we hope you will be inspired
enough to get going with your estate planning.  We are here to

Check our
Estate Planning Questionnaire that you may use as
a checklist for your own estate.

Do I need a living trust?
Will v. Living Trust
What is the purpose of an Advanced Health Care
Do I need to change my will or trust?

Recent Developments in California, 2017 Update
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happy to speak with
you about your
estate plan.
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(619) 322-5695

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