If you are seeking a California Certified Specialist in estate planning, trust and probate law attorney in Long Beach, California, you have come to the right place. Paul D. Velasco, founder of Velasco Law Group and Peter Sahin, a long time attorney at the Velasco Law Group are both certified as specialists in estate planning, trust and probate law by the State Bar of California Board of Legal Specialization – a distinction held by less than one percent of all attorneys in California.
Long Beach: A Dynamic Residential, Business and Tourism Mecca
Long Beach is a city within the Los Angeles metropolitan area of Southern California. As of 2010, its population was 462,257. Long Beach is the second-largest city in the Los Angeles metropolitan area and is home to the Port of Long Beach, which is the second busiest container port in the United States. Manufacturing sectors include those in aircraft, automotive parts, electronic equipment, audiovisual equipment, petrochemicals, precision metals and home furnishings. Long Beach lies in the southeastern corner of Los Angeles County and borders Orange County.1
Long Beach is also home to a vibrant and active LGBTQ community. The LGBTQ Center of Long Beach serves over 25,000 people a year and offers an array of services including support groups, workshops and seminars, youth services, free HIV & STI testing, legal assistance, domestic violence services, employment referrals, mental health counseling, cultural and social activities.2
From eclectic neighborhoods to sandy beaches, you’ll find Long Beach to be an urban waterfront playground. Visit museums, tour a 1930s ocean liner and watch sea lions at Long Beach’s aquarium. Enjoy live performances and cruise Naples canals. Spot dolphins at play on your way to Catalina Island.3
The offices of Velasco Law Group are located at 333 W Broadway, Suite 100 Long Beach, CA 90802 in the heart of the city of Long Beach. We are near the Governor George Deukmejian Courthouse and close to a variety of restaurants in Downtown Long Beach. Long Beach is home to a number of beautiful hotels and Long Beach airport is a wonderfully relaxed and trendy airport. The oceanfront is minutes away by car from our office location.
Supporting Our Clients in Long Beach
The legal team at Velasco Law Group is dedicated to helping clients in Long Beach and the greater Los Angeles and Orange County area. We are able to provide legal services in English and Spanish. We take the time to understand each client’s requirements and develop customized plans. Our key practice areas include estate planning/wills/trusts, estate administration, probate, estate litigation, and conservatorships. These services help you plan for and control the distribution of your estate to save money, avoid litigation and provide for your family and heirs.
Key Trends in LGBTQ Estate Planning
Though the most significant changes in estate planning for LGBT people have occurred in the area of same-sex marriage, proper estate planning for single persons is perhaps even more crucial. Failure to prepare an estate plan at all could cause a person’s legal heirs to inherit their assets when he or she dies – regardless of whether those heirs were loving and supportive during the person’s lifetime. Our attorneys consider the comprehensive picture of each client’s assets (including assets that pass by beneficiary designation, such as IRA’s, annuities, and other retirement plans) to create a well-thought-out estate plan that ensures that the client’s assets are distributed to the individuals and/or charities they wish to benefit. If you are in any of the situations described above, we invite you to call us to schedule an appointment to review your existing estate plan, or to discuss preparing your first estate plan.
What Long Beach Residents Need to Know About Estate Planning
Estate planning is a gift that you give to your loved ones. The most universal reason for which most of us ignore estate planning is taking our days of health and living for granted. Another reason is not taking the time to become aware of what happens if we don’t plan for the event of death. The cold hard fact is that if you don’t prepare, the State of California will decide for you. Without a plan, the future of your assets is decided entirely out of your or your family’s hands. Left unprepared, a single family member or many members can be left with a very uncertain future and the regret of not having been able to fulfill your wishes.
Estate Planning Tips for Long Beach Residents
Beneficiaries are a key component of estate plans, and the magnitude of the benefits they will receive and whether or not they will receive them can change over time. A major life change—a marriage, divorce, birth, or death—can cause a shift in beneficiary designations. For example, one’s spouse may need to be added or removed as a beneficiary, depending on circumstances. These are important changes that need to be reflected in your estate plan. As a general rule, estate plans should be reviewed on a regular basis, every three years or so, in order to make any necessary changes.
Avoid Common Mistakes with Beneficiary Designations
Many estate planning experts warn against a few common mistakes made with beneficiary designations. One such mistake is naming your estate as a beneficiary of your retirement plan. Doing this would result in the estate going through probate and having certain limitations for distribution. The latter will only occur as a lump sum or within 5 years of the decedent’s death and both options are taxable. Experts recommend distributions go through spousal and non-spousal beneficiaries, who may have less of a tax burden.
Another mistake experts warn against is having outdated beneficiaries in your estate plan. It is crucial to keep track of your beneficiaries and update them when need be. For example, if a divorce occurs, and the beneficiaries of an estate plan are not updated, your ex-spouse could receive your assets—against your wishes. If a new child arrives, outside of your prior marriage, you would most likely want to add them to your plan, especially if your other children have already been named as beneficiaries.
If you have questions regarding estate planning/wills/trusts, estate administration, probate, estate litigation, conservatorships, pet trusts and LGBTQ estate planning, please contact the Velasco Law Group HERE.