No one wants their family relationships to turn sour after they’re gone. Protect your loved ones with proper estate planning and asset protection from Ainer & Fraker, LLP.
When it comes to estate planning and asset protection, it can be stressful to navigate the unknown. Most people want to work with a team of professionals who prioritize the family's best interests. Ainer & Fraker, LLP is a law firm specializing in estate planning and asset protection, with a focus on helping families maintain family harmony.
What is Family Harmony Estate Planning?
The concept of family harmony estate planning is based on the idea that families should be able to resolve their differences without resorting to litigation. This can be achieved through estate planning strategies such as mediation and negotiation.
An estate plan can look good on the outside, but other information about family dynamics can actually paint a different picture and lead to litigation. Ainer & Fraker strives to help families find solutions that work for everyone involved. By taking a collaborative approach, they can help families avoid the stress and expense of going to court.
What are Estate Planning and Trusts?
Estate planning is the process of creating a plan to manage a person's assets and possessions after they die. The goal of estate planning is to ensure that their loved ones are taken care of and that their wishes are carried out.
A trust is a legal entity that can hold assets on behalf of another person. Trusts are often used in estate planning to help manage assets and minimize taxes.
There are many aspects to estate planning, including wills and trusts, asset protection, probate litigation, and more. The attorneys at Ainer & Fraker help their clients create a comprehensive estate plan that meets their unique needs and keeps family harmony.
Why is it Important to Have an Estate Plan and Trust?
An estate plan is important for many reasons. First, it gives a person peace of mind knowing that their loved ones will be taken care of after they die. Second, it ensures that their wishes are carried out. And third, it can help to avoid probate litigation, which can be costly and time-consuming.
If a person does not create their own will and trust, then they automatically default to their state's probate laws. This means that their assets will be distributed according to the state's laws, which may not be in line with their wishes.
Creating an estate plan is an important way to protect a person's assets and ensure that their loved ones are taken care of after they die.
Not All Estate Plans and Trusts Are Created Equally
It's important to work with a team of professionals who can help you create a comprehensive estate plan that meets your unique needs.
John E. Fraker, JD, LLM said it best, "... a trust will help, but you need to work with a law firm who has experience in litigation, as well as drafting because they're the ones who know how to keep your family out of court."
The attorneys at Ainer & Fraker have over two decades of experience helping families in the San Francisco Bay Area navigate the estate planning process and probate litigation.
If a person decides to cut corners and go for the cheapest option with their estate plan, then their family might end up paying for it after they pass. In many cases, the emotional toll that litigation takes on a family following a loved one's death far surpasses the financial worth of the case. Ainer & Fraker, LLP makes an effort to keep as many families out of the litigation system as possible to preserve family harmony.
A Cheap Estate Plan Can Cost The Family Everything
One estate plan the attorneys came across had been prepared by another attorney at a high-volume trust mill. A woman, with no children, had passed away leaving $2 million for her niece and she had made many amendments to her trust towards the end of her life. She decided to leave her home to her caregiver, which is a violation of California law without the proper documentation, which was missing from the estate plan. After about a year and a half in litigation, costing hundreds of thousands of dollars in legal fees and settlements to the family, the price of the cheap estate plan ended up costing her family nearly 25% of the estate.
With proper counsel and legal advice, this could've been avoided. The family could've stayed out of court and kept their family harmony.
Plan to Keep the Peace
One client came to the firm with a "blue-ribbon" estate plan. It was drafted and updated for years by top-tier firms in the area. After speaking with the client, they discovered that the other attorneys did not have a full understanding of the family dynamics when creating the plan. By default, they had the eldest child as the trustee for the estate.
The attorneys at Ainer & Fraker quickly notified him that this was a fast lane to litigation for the family following his passing. The children would be in court against one another battling to defend the person's final wishes, and it could result in loss of family harmony. They were able to appoint a third-party trustee, as a "lightning rod", in the case there were any disputes with the plan. This family is now able to have peace of mind knowing that there will not be litigation following the passing of their loved one.
Talk To An Experienced Attorney Today
By ensuring that everyone is aware of what's going on and has a voice in the process, they can make the best decisions for themselves and their loved ones. With more than 20 years of experience, Ainer & Fraker has the knowledge and expertise to help you protect your assets and preserve your peace of mind.
For more information about Ainer & Fraker, LLP today by visiting http://www.ainerfraker.com/.
