From Probate to Protection: Why Estate Planning Starts Now
In this episode of Letters of Intent, hosts Pankaj Raval and Sahil Chaudry welcome Justin Gordon, a trusts and estates attorney who practices with his father at Gordon and Gordon. Justin shares insights on estate planning, including the differences between wills and trusts, common misconceptions, and why everyone should consider getting their affairs in order regardless of age.
Key Takeaways:
- Estate planning is relevant for everyone, not just the elderly or wealthy
- Without a will or trust, California law determines who receives your assets
- A trust can help avoid probate court, which is expensive and time-consuming
- Estate planning includes healthcare directives and financial powers of attorney
- Only 0.5% of families need to worry about federal estate taxes (those with over $28M)
- The no-contest clause in trusts can prevent challenges if properly structured
- Siblings who don't get along should not be named as co-trustees
- Online reviews can be valuable marketing tools for attorneys
- Communication is crucial for maintaining client satisfaction
- Estate planning is a gift to your loved ones, reducing stress during difficult times
🔗 Learn More:
Website: carbonlg.com
Connect with Pankaj: https://www.linkedin.com/in/pankaj-raval/
Connect with Sahil: https://www.linkedin.com/in/sahil-chaudry-6047305/
