Once you have decided to create or update your estate plan, you will eventually need to talk with an estate planning attorney. He or she can draft your will or trust so that it accomplishes your goals, like how you want to distribute your estate, whom you want to be your executor or personal representative and what charities you wish to support.
But first, check and review these estate planning starters. It will save time and lead you to the options that meet the needs of your beneficiaries, protect your estate and keep your potential taxes as low as possible.
Do not forget to ask your attorney about preparing for incapacity with powers of attorney and a living will or advance directive. A health care power of attorney appoints a trusted individual or individuals to make medical decisions on your behalf in the event you are unable to and a financial power of attorney appoints an agent to handle all financial transactions on your behalf in the event you are unable to do so. A living will or advance directive documents your wishes regarding life-sustaining care. It can be as detailed or as simple as you like.
A gift in your estate plan is a flexible way to extend your support for CalArts into the future. Let us know if you have any questions about making a gift from your estate or if you have already done so. We would love the opportunity to thank you. Preferences regarding anonymity will be respected, of course.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.