Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can be determined by the specific goals of the client, and may be as simple or complex as the client’s needs dictate. Guardians are often designated for minor children and beneficiaries in incapacity. –Wikipedia
Estate Planning also involves planning for Protecting Assets, Postmortem Asset Structures and Management as well as Implementing the Estate Plan. –Steve Yahnian
Another commentator states: “Estate planning is broadly defined as the process of accumulation, management, conservation, and transfer of wealth considering legal, tax, and personal objectives. Estate planning is planning in anticipation of a person’s inevitable death. The goals of estate planning are the effective and efficient transfer of assets. An Effective Transfer occurs when a person’s assets are transferred to the person or institution intended by the transferor. An Efficient Transfer occurs when transfer costs are minimized consistent with the greatest assurance of effectiveness. Some estate planning experts define estate planning more narrowly to include only conservation and transfer, ignoring the accumulation factor in the broader definition above.” Dalton, Estate Planning
When a person dies, all of his or her possessions – real estate, money, stocks, personal belongings, etc. – become a part of his or her estate. Estate administration refers to the process of collecting and managing the estate, paying any debts and taxes, and distributing the remaining property to the beneficiaries and/or heirs of the estate. The beneficiaries of an estate are determined by will, and if there isn’t a will, by the intestacy (which means dying without a will) laws of each state. The beneficiaries of a trust are determined by the Trust.
Whenever a person dies, his or her estate needs to be collected and managed. Estate administration involves gathering the assets of the estate, paying the decedent’s debts, and distributing the remaining assets. When someone passes away, his or her estate often goes through a court-managed process called probate or estate administration where the assets of the deceased are managed and distributed. If the decedent owned his or her assets through a well drafted and properly funded living trust, it may be that no court-managed administration is necessary. Instead, similar to a will probate, the living trust will be administered. The length of time needed to complete the probate of an estate or living trust administration depends on the size and complexity of the estate and the local rules and schedule of the probate court, tax laws and other applicable laws.
Steve Yahnian has handled a substantial number of estate matters over the years. He has specialized in preserving and increasing client wealth, counseling on business succession, protecting client assets and minimizing their taxes.
Along with his legal credentials, Mr. Yahnian also holds a Master's of Law in Taxation, as well as in Estate Planning, Trusts and Probate Law.
He has extensive experience helping his clients devise strategies to mitigate their estate's tax liabilities in an effort to preserve more of their wealth for future generations.
He is also well-versed in preparing important tax planning documents such as family limited partnerships, family LLCs, family Corporations, Management Corporations, Irrevocable life insurance trusts, Qualified personal residence trusts, Charitable remainder and Charitable lead trusts, Grantor trusts and Special needs trusts.
Mr. Yahnian also provides Asset Protection planning to his clients.
Aside from estate planning, Mr. Yahnian also provides general counsel and support to business owners for matters, including entity formation, buy-sell agreements, partnership and shareholder agreements, business succession, tax-free exchanges and more.
His separate accounting practice provides him with experience as a California CPA. That experience serves him well as he works with his clients' other accountants, if any, and their financial advisers to evaluate their business decisions. He also conducts financial due diligence in an effort to structure and negotiate transactions with the objective of achieving the most favorable outcome possible.
Mr. Yahnian represents a broad constituency of individuals, private business owners, business executives, and landowners in all aspects of estate planning, estate and trust administration, business planning and tax planning
- Preparation of revocable trusts, wills, durable powers of attorney and advance health care directives
- Taxation planning, including estate, income, and gift tax
- Preparation of tax planning documents, including irrevocable life insurance trusts (ILITs), grantor trusts, qualified personal residence trusts (QPRTs), charitable remainder trusts (CRTs), charitable lead trusts (CLTs) and special needs trusts.
- Advice and counsel regarding business succession planning, including formation of family limited partnerships and family limited liability companies
- Advice and counsel to successor trustees regarding trust funding and asset allocation, estate tax returns, and distribution of assetsBecause of his experience as a Certified Public Accountant, Mr. Yahnian is able to work closely with CPAs in evaluating business decisions, structuring and negotiating transactions and conducting financial due diligence.
STEVE YAHNIAN is both an Attorney and a CPA, and also possesses the CFP (Certified Financial Planner) designation. All of the knowledge that those certifications and designations represent is brought to bear as Mr. Yahnian analyzes, designs, plans, prepares, organizes, implements and instructs on the operation of an estate plan or represents an estate during an estate administration. Mr. Yahnian, as a CPA, also prepares tax returns, many quite complex and sophisticated. As a result, he prepares and is cognizant of the issues involved in the preparation of gift tax and estate tax returns.
Other Advisors, CPAs and Attorneys often refer their clients or client situations to STEVE YAHNIAN when the estate issues or problems are beyond their experience, time constraints, workload or skills. At their request, we either take over the matter completely or alternative, remain in the background reviewing their work, the situation or circumstances, as they develop, thus enabling the other professional who engages us to assist them, more effectively address the issues, or represent their clients and reach a successful resolution and/or obtain an optimum result.
YAHNIAN ESTATE PLANNING serves as the estate information resource and conduit for those seeking estate planning or estate administration services, from the more modest sized estates to the extremely wealthy. Once you contact YAHNIAN ESTATE PLANNING, you will be referred to either YAHNIAN LAW CORPORATION or DSA ACCOUNTING for the appropriate professional services.
YAHNIAN ESTATE PLANNING is, among other roles, an estate planning and administration Advocate. Our client objective: Strategically and creatively design and prepare estate plans, and efficiently and effective administer trusts and estates. As always, another of our objectives is to legally minimize or reduce taxes. We do this by using knowledge of the law, experience, cutting edge learning, and multi-faceted legal practice areas of business law, estates law, real property law, tax, asset protection, and oftentimes, family law, In addition to this, STEVE YAHNIAN is also a CPA (California). This means he is cognizant of accounting principles and puts them into practice where advantageous in planning or administering estates. We accomplish all of this by reviewing the spectrum of applicable law and planning strategies, both conventional and cutting edge. Then, by putting into practice these planning techniques we purpose to design estate plans and in the correlative, reduce our clients’ taxes. We also handle probates, trust administrations, and fast track estate administrations when the estate representative comes to us for those type of services.
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