Living in Los Angeles can be a glamorous existence. It's a city that is rich in art, culture, and history, not to mention the beauty that comes with living in the fabled Golden State. High income and high net worth individuals in LA are well situated to enjoy a beautiful world, and many of them love the idea of passing on their wealth and legacy to their children, their children's children, and so on down the line. It's a compassionate idea, but many people find that there is more to estate planning in Los Angeles than can be done by one person, no matter how financially successful they are.
Those with a high income or a high net worth probably know quite a bit about money. More specifically, there are many laws surrounding money and the things that can and cannot be done with it. Even a very knowledgeable person may benefit from legal assistance when finalizing estate planning in Los Angeles. Ignorance of a law is no defence, and it is better to secure the help of a professional in order to avoid even the accusation of theft, tax fraud or other financial mistakes that can ruin your reputation and your legacy.
One very common area where high net worth people seek help with estate planning in Los Angeles is the setting up and maintenance of trust funds. A trust fund is an account intended to benefit another person or a company, and there are many ways to go about setting up and caring for a trust fund. Because trust funds can be made irrevocable, they are an excellent way of making certain that the intended recipient will receive their money without anyone else tampering with it or illegally obtaining it. An accountant can help with creating and securing a trust fund for family or professional purposes.
Insurance and Taxes
Estate planning in Los Angeles, for high income and high net worth individuals, is complicated by the need to comply with all insurance and tax regulations. Insurance is a large part of estate planning; it helps to make certain that an inheritance or a trust fund will remain safe for generations to come. Making certain that all taxes are paid is another way to ensure the safety of your finances. Financial professionals can also help to diminish the amount of taxes you pay, and they can do so in a way that avoids breaking the law.
Finding a Financial Professional
When looking for someone to help with estate planning in Los Angeles, it's important to find someone who will form a relationship with you and your family. Whether you are working on professional finances or strictly personal money affairs, you need someone who understands your needs, your wants, and your hopes for the future. Talk to different people from different firms to get an understanding of the services that are being offered. Your estate will be passed down to your descendents, so make certain that your choice is one that you are one hundred percent satisfied with.
Miller Kaplan is a leading CPA firm in Los Angeles, CA and we provide estate planning services that adhere to a comprehensive approach balancing our clients’ wishes for intergenerational wealth transfer and asset protection with parallel business and capital accumulation goals. For more on basic estate planning information, visit About.com.