There are many Irrevocable Trusts available with very specific uses for each. Clients who are concerned about paying estate taxes due to large estates that exceed the current Federal Estate Tax Exemption of $5,340,000 should consider an Irrevocable Trust. Also, clients who have been previously married or who are married to a non-citizen spouse. Further, philanthropic clients who desire to leave a large sum to a charity can benefit from an Irrevocable Trust. Please see the links to the right for more info on some of the most popular irrevocable trusts.
The field of Elder Law is constantly growing as more and more of the population is retiring and are faced with various issues including a longer life expectancy. People are living longer and the need to plan for the high costs of retirement are of utmost concern for many. Elder law encompasses estate planning, but it also deals with deeper issues such as Medi-Cal Planning and conservatorships. There are various assets that are exempt and it is imperative that an elderly client knows how to protect their assets so that their wealth is transferred to their loved ones and not to the government. Also, it is important that older California residents elect a Trustee and Agent to act on their behalf so that a conservatorship can be avoided.
The Law Offices of Jack B. Friedell prepare premarital agreements because sometimes the best estate planning takes place prior to the creation of an estate or marital union. Therefore, we will often advise clients who have been previously married or who are wealthy to consider a premarital agreement as a way to protect their assets and ensure that their assets remain in the family.