Bay Area Estate And Tax Planning Law Firm

Administration Of Non-Trust Assets

Non-probate assets allow individuals to pass property and money to the next generation while avoiding the probate process. However, if individuals are not careful, these assets may be subject to heavy taxes upon their death. At the Law Offices of Connie Yi, PC, I help my clients structure their non-probate assets in a way that reduces their overall tax liability, preserves assets and funds for the next generation, and ensures beneficiaries are appropriately designated.

Located in Pleasanton, California, attorney Connie Yi has been providing effective and efficient legal counsel to individuals throughout the Bay Area for more than 10 years.

Cupertino Law Firm Assisting With The Administration Of Non-Trust And Non-Probate Assets

When you pass away certain types of property — often referred to as non-probate assets — avoid the probate process and transfer automatically to your named beneficiaries.

Examples of these types of assets include joint bank accounts, jointly held real property, qualified retirement plans and life insurance. Because you select a “payable-on-death” beneficiary at the time you execute these documents, money and property pass automatically to the selected individual and avoid probate.

I am attorney Connie Yi. I help clients structure their non-probate beneficiary designations in a manner that reduces their tax liabilities and ensures property and funds get passed to the appropriate person.

Individuals who have trusts often choose to name the trust as the beneficiary of their retirement accounts and life insurance policies. This helps ensure funds are managed by a responsible trustee for the benefit of trust beneficiaries and protected from creditors. However, if trust documents are not properly written, annuities may be converted to lump-sum payments that result in heavy taxation.

When clients come to me for estate planning advice, I examine all of their assets — including their non-probate assets — and draft comprehensive trust documents that ensure annuities preserve their form, tax liabilities are reduced, and money and property are preserved for beneficiaries.

Contact An Experienced Tax Lawyer

Life is constantly changing. After a major life event — such as marriage, divorce, birth or death — it is important to re-evaluate your beneficiary designations to ensure the appropriate person is named.

I help clients ensure that their non-probate beneficiary designations are updated so the appropriate friends or family members receive their property and funds upon their death.

Contact the Alameda County Law Offices of Connie Yi, PC, at 888-312-6978 to schedule a consultation. I speak fluent Mandarin and Cantonese.