Estate Planning & Administration

ESTATE PLANNING & ADMINISTRATION SERVICES

“There is no ‘one-size-fits-all’ estate plan or estate administration process. Many plans and planning tools work well for a majority of clients. Some work well for many clients. Others work well for only a few. Only an experienced attorney knows the difference and how to design, prepare, implement and operate a customized estate plan or how to conduct an estate administration appropriate for a given client.” STEVE YAHNIAN, Attorney/CPA, Yahnian Law Corporation

Detailed Description of the Estate Planning and Administration Services we Provide

A detailed description of our Estate planning and Administration services is set forth in the following paragraphs.

Asset Preservation Planning

Asset Protection involves Legal ways to preserve your assets.

Asset protection is the process of

analyzing how title is held to each asset and
structuring ownership in a way that provides protection against
- creditors,
- divorce,
- taxes, and
- litigation

Properly analyzed, designed and implemented, asset protection can provide significant advantages to

Business owners;
Property owners,
Professionals such as doctors and lawyers,
Real estate developers, and
Heirs or beneficiaries.

Through proper planning, assets can be protected during the owner’s life and during the life of beneficiaries or heirs.

Maximum asset protection can be achieved through the use of:

Insurance;
Available state and federal exemptions;
Entities such as limited liability companies and corporations;
Irrevocable trusts [including qualified personal residence trusts (QPRTs) and qualified terminable interest trusts (QTIPs)];
Equity Strips; and
Properly structured sales of assets.

Although there is no absolute form of asset protection, proper planning can

eliminate or reduce reciprocal liability between and among businesses, assets, and persons and
greatly improve one’s ability to negotiate a fair and reasonable settlement.

Business Succession Planning

Yahnian Law Corporation has been substantially involved in the counseling, planning and design of Business Succession strategies and plans over the years. These services involve the following:

Complete explanation of common succession techniques
Review, analysis, plan, design, documentation and implementation of succession plans
Using succession plan to achieve your business and tax goals
Drafting and using buy-sell agreements
Succession plans for professional practices
Managing difficult family issues
Planning and Management of third party employee and manager issues
Use of Closely held and Family Entities such as Family Limited Partnerships, LLCs and Corporations
Integration of trusts and other entities to achieve business succession
Integration of creative compensation planning
Wills and Trusts forms for combining business succession plan and client’s estate plan
Business valuation methods and protocols; how to select an appraiser
Valuation Discounts
Management Succession

Captive Insurance Companies

Captive Insurance companies are a novel planning technique involving the creation of an insurance company owned by the closely held business owner to service his small businesses. A captive insurance company can be used to accomplish the following, among other objectives:

income tax savings
estate tax savings
asset protection
business succession

Charitable Gift Planning

We design and prepare planned giving programs, and advise charities and donors regarding the tax and other benefits of such programs.

Particular emphasis is given to advising clients regarding the income tax aspects of charitable contributions as well as the creation and implementation of charitable remainder trusts and pooled income funds.

We also assist clients regarding valuation issues and the implementation of private foundations as a vehicle for effecting charitable gifts.

Elder Law and Medi-Cal Planning

Our Elder Law and Medi-Cal Planning services

Government benefits and resources
Planning to stay at home
Long-term care insurance
Financial management and health care decisionmaking
Medi-Cal

Estate Planning

Steve Yahnian is one of a limited number of lawyers statewide who has been designated aCertified Estate Planning, Trusts and Probate law specialist by the California State Bar Board of Legal Specialization.

We prepare estate plans of all kinds and complexity, and for all sizes of estates. We incorporate into the planning considerations of our clients’ estates income tax, estate and gift tax, generation-skipping transfer tax, charitable trusts, life insurance, pension law, property tax, and the potential future need for long-term nursing or custodial care.

Particular emphasis is given to tax planning for family wealth transfers, including the creation of intra-family gift programs involving outright gifts, gifts of stock in family corporations, the creation and implementation of family partnerships and grantor annuity and income trusts.

In Summary, Yahnian Law Corporation provides the following Estate Planning services:

Wills;
Living Trusts;
Life Insurance Trusts;
Family Limited Partnerships and other Entities;
Family Foundations;
Charitable Remainder Trusts;
Powers of Attorney;
Health Care Planning;
Retirement Plan Strategies and Optimization;
GRATs
Qualified Personal Residence Trusts
Intentionally defective grantor trusts
Long Term Care Planning
Nonprobate and nontrust transfers
Taxing income of estates and trusts
Income tax basis and real property tax
Marital deduction planning
Valuation planning strategies and freeze techniques
Life insurance
Annuities,
Employee benefits and IRAs
Charitable giving and asset protection
Health care decisions and Medi-Cal planning

Estate Planning for Special Assets

Succession planning for the family business
Vineyards, farms, and ranches
Business entity valuation planning strategies
Vacation homes
Companion animals/pets
Disposition of a professional practice
California residents with out-of-state property
Charitable giving of works of art and other collectibles
Patents and copyrights
Restricted securities and compensatory stock

Estate Planning for Farmers, Dairymen and Ranchers

Economic Aspects of Farm Estate and Tax Planning
Preparation for Planning
Joint Tenancies and Spousal Partnerships
Interspousal Property-Holding During Lifetime and Succession at Death
Applications of Trusts
Gift Planning
Partnerships and Limited Liability Companies
The Farm Corporation
Multiple Entities
Installment Sales and Private Annuities,
Leases,
Family Loans,
Like-Kind Exchanges
Life Insurance
Retirement Planning for Farmers and Ranchers
Valuation of Intangible Property
Valuation of Real and tangible Personal Property
Special Use Valuation
Deferred Payment of Estate Taxes
The Special Use Value Recapture Tax
Family-Owned Business Interest
Post-Mortem Income Tax Planning for Farmers
Post-Mortem Estate Tax Planning
Planning for Multistate Farm Property
Estate Planning for the Financially Distressed Farmer
Farm Specific Accounting and Reporting Rules

Estate and Gift Tax Returns

We represent personal representatives, trustees, beneficiaries and heirs in audits by the Internal Revenue Service or Franchise Tax Board regarding estate tax returns. We prepare or, where requested, assist accountants in the preparation of federal and California estate tax returns, gift tax returns, fiduciary tax returns and final federal income tax returns of the decedent.

International Estate Planning

Our international estate planning services include:

coordinating and developing an estate plan for individuals who have family and/or assets in multiple countries that will deal with potentially conflicting laws, minimizing to the extent possible double taxation, and carrying out the individual’s estate planning objectives;
analyzing and advising on U.S. residency issues from a U.S. income tax perspective for a non-U.S. citizen person, living in the U.S. on a temporary basis;
analyzing and advising on U.S. residency issues from a U.S. transfer tax perspective (i.e., gift, estate and generation skipping transfer tax) for a non-U.S. citizen person, living in the U.S.;
advising the non-U.S. person on acquisitions of U.S. situs assets;
coordinating and developing an estate plan to minimize and/or eliminate U.S. estate taxes on U.S. situs assets for the non-U.S. person;
advising on the possible tax consequences and reporting requirements associated with making a gift or bequest to a U.S. beneficiary and developing a tax efficient plan to minimize U.S. transfer taxes both at the donor level and the donee level;
advising on the U.S. income tax and transfer taxes that may arise for the married couple when one spouse is a U.S. citizen and one spouse is not;
advising on the U.S. income tax, transfer tax, and reporting rules associated with establishing a non-U.S. trust that does or may have a beneficiary who is either a U.S. citizen or resident;
advising on how to avoid inadvertent triggering of gift taxes when transferring funds or making gifts to beneficiaries residing in the U.S.;
developing and implementing estate plans to minimize U.S. estate taxes on a non-U.S. person’s U.S. assets;
providing pre-immigration and expatriation tax planning; and
advising on U.S. tax and reporting obligations associated with the ownership of foreign assets and interests in foreign trusts, foreign corporations and foreign partnerships.

Living Trusts

Yahnian Law Corporation provides complete and comprehensive Living Trust planning, design, preparation and implementation services. Those services include the following:

Complete preparation including Pourover wills, powers of attorney, funding, beneficiary designations for retirement plans, annuities and life insurance and letter of instructions for operating the trust
Managing property during client’s lifetime
Transferring property at death
Drafting and tax considerations
Creation of trust, distribution provisions
Marital deduction QTIPs and QDOTs
Survivor’s trust, bypass and disclaimer trusts
Payment of taxes, debts, and administration expenses
Trustee powers and duties
Revocation and amendment
Funding the trust and related documents

Powers of Attorney and Health Care Directives

Assisting clients with medical decisions, including do not resuscitate orders, organ donation, and end-of-life decisions
HIPAA and CMIA
Using power of attorney for estate planning decisions when the principal loses capacity
Alternatives to using power of attorney and advanced health care directives, and ethical obligations of the attorney in drafting documents and enforcing their terms, including judicial proceedings
Reverse mortgages

Probate Administration

We represent fiduciaries in the administration of estates.

Our practice includes petitioning for appointment of personal representatives in estates, preparing and evaluating inventory and appraisements, monitoring the creditors’ claim process, petitioning for instructions regarding interpretation of wills or for instructions regarding actions to be taken by the personal representative, and petitioning for preliminary and final distributions.

We also advise personal representatives regarding their fiduciary duties, the sale of assets in the estates, and the preparation of accountings and reports.

Special Needs Trusts: Planning, Drafting, and Administration

Public benefits primer including SSI, Medicaid, Medicare, VA, Section 8, and more
Establishing Medicare set-aside trusts
Required and recommended first and third-party SNT provisions
Considering SNT alternatives
Pooled SNTs with a full description of every California pooled trust
SNT administration and appropriate distributions
SNT taxation, accounting, termination, purchase of a home, and hiring of caregivers
Third-party SNTs

Summary Estate Procedures

We represent beneficiaries and heirs in obtaining assets that may be passed by a summary probate procedure. We prepare and record affidavits of death of joint tenant for the passage of joint tenancy assets to the surviving joint tenant. We prepare affidavits for the passage of personal property under $100,000. We prepare affidavits for the passage of real property under $10,000. Our practice also includes petitioning to the court for determination of succession of real and personal property if the property is valued under $100,000 and petitioning for the determination and confirmation of property passing or belonging to the surviving spouse. We also assist in the transfer and distribution of assets under the summary probate procedures.

Trust Administration

In addition to estate planning activities in drafting a trust instrument, we also represent trustees and beneficiaries in administration of trusts.

Our practice includes petitioning for transfer of assets into the trust after the death of the trustor in the event title was incorrectly cleared, funding subtrusts, petitioning for instructions regarding the interpretation or modification of trusts, monitoring the creditors’ claim process, petitioning for instructions regarding actions to be taken by the trustee, petitioning for termination of trusts, and petitioning for resignation of trustees and for the appointment of successor trustees.

We also advise trustees regarding their fiduciary duties, the sale or distribution of trust assets, and the preparation of accountings and reports.

Trustee’s duties, standards, and powers
Rejection of trust; resignation and removal of trustee
Investments and management of trust assets
Recordkeeping and accounting
Trustee compensation and attorney fees
Creditor’s rights against trust and beneficiaries
Income taxation of trusts and estate tax returns
Administering single-person trust after settlor’s death
Administering the married couple trust after the death of each spouse
Subtrust funding and long-term administration
Modification, revocation, and termination of trust

Wills

Review of existing wills
Preparation of wills and codicils
Gifts to charity and noncharitable gifts
Charitable split-interest trusts
Powers of appointment
Marital deduction QTIPs and QDOTs
Bypass trusts and disclaimer trusts
Trusts for children
Tax payment and “spendthrift” clauses
Powers and duties of executor and trustee
Disinheritance

You can reach us by calling

(559) 733-8505