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Legacy Planning

For most people, estate planning is a process they do not enjoy. Nobody likes to think about who will receive their assets if something were to happen to them. Or who should make decisions on their behalf, or how much of their wealth will pass to their heirs. But the consequences of not creating an estate plan are far worse than the discomfort of having the conversation.

Estate planning is about protecting the people and things that matter most to you. Without a plan, the State of California will decide for you. They might distribute your assets in a way you never intended. And it is not a quick or cheap process.

We believe that having a strong estate plan in place is essential. Bull Oak coordinates estate planning alongside your financial plan, investment strategy, and tax return. This is not a separate workstream. It is part of how we manage your entire financial life.

Why Estate Planning Matters More in California

Community Property Rules

California is one of nine community property states. Any assets acquired during a marriage are generally owned equally by both spouses, regardless of who earned the income. This has significant implications for how assets are titled, divided, and transferred. Without proper planning, the default rules may not reflect your intentions.

Probate is Expensive and Slow

California probate fees are set by statute and based on the gross value of the estate, not the net value. On a $2 million estate, probate fees can exceed $60,000. The process itself can take 12 to 18 months. A properly funded revocable living trust can avoid probate entirely.

No CA Estate Tax

California does not impose its own estate tax. However, the federal estate tax exemption is $15 million per individual in 2026. For high-net-worth families, coordinating gifting strategies, trust structures, and beneficiary designations around this threshold is critical to preserving wealth across generations. The annual gift tax exclusion is $19,000 per recipient in 2026, allowing families to systematically transfer wealth out of their estate over time.

CA Income Tax After Death

Inherited IRAs and other retirement accounts remain subject to California income tax when distributed to beneficiaries. Planning the timing and structure of these distributions can meaningfully reduce the tax burden on your heirs.

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Who Needs Estate Planning

  • You have a net worth above $1 million
  • You own real estate in California
  • You have children or dependents
  • You are remarried or have a blended family
  • You hold significant retirement account balances
  • You own a business
  • You have not reviewed your estate documents in three or more years

What We Do

Estate planning is a collaborative process. Bull Oak will work alongside your estate attorney to make sure your financial plan and your legal documents are aligned. If you don’t have an estate attorney, we can recommend several we trust in San Diego.

Here is what Bull Oak handles on the financial planning side:

Beneficiary Review and Coordination

Your beneficiary designations on retirement accounts, life insurance, and transfer-on-death accounts override your will. We review these annually and after any major life event to ensure they align with your current wishes.

Trust Planning Coordination

We work with your attorney to ensure that your revocable living trust, irrevocable trusts, and any other trust structures are properly funded. An unfunded trust is worthless, and an unfortunate mistake a lot of people make. We help make sure you avoid this mistake and that your accounts and assets are titled correctly.

Tax-Efficient Wealth Transfer

We model scenarios for gifting strategies, Roth conversions, and charitable giving that reduce the size of your taxable estate while maximizing what your heirs receive. This is where having your financial advisor and CPA under one roof makes a real difference.

Charitable Planning

For clients who want to leave a legacy beyond their family, we help structure charitable giving through donor-advised funds, charitable remainder trusts, and qualified charitable distributions from IRAs.

Life Insurance Analysis

We review your existing policies to determine if coverage is adequate, unnecessary, or could be restructured. For high-net-worth clients, life insurance can play a role in estate liquidity planning.

Ongoing Updates

Estate plans are not one-and-done documents. Life changes, and laws change. We revisit your estate plan periodically, often during our fall planning meeting, and coordinate with your attorney when updates are needed.

Based in San Diego. Working Nationwide.

Most of our clients are in San Diego, but we work with families across the country. State laws vary. We coordinate with local estate attorneys in your jurisdiction to make sure everything holds up.

You have worked too hard to leave this stuff to chance. Let’s get it organized.

Bull Oak New Office

Frequently Asked Questions

What is the difference between a will and a trust?
A will is a legal document that outlines how you want your assets distributed after death. It goes through probate, which in California is expensive and time-consuming. A trust, specifically a revocable living trust, allows your assets to transfer to your beneficiaries without going through probate. Most California residents with meaningful assets should have both.
Does Bull Oak write wills and trusts?
No. We are financial advisors, not attorneys. We coordinate your estate plan with your estate attorney to make sure your financial accounts, beneficiary designations, and trust funding align with your legal documents. If you need an estate attorney, we can recommend several experienced professionals in San Diego.
How often should I update my estate plan?
At a minimum, every three to five years or after any major life event: marriage, divorce, birth of a child, death of a beneficiary, significant change in net worth, or a move to a different state. We review estate planning annually with our clients during our fall planning meeting.
How does California probate work?

California probate fees are statutory and based on the gross value of the estate. On a $2 million estate, combined attorney and executor fees can exceed $60,000. The process typically takes 12 to 18 months. Proper trust planning avoids probate entirely for assets held in the trust.

Can Bull Oak help with inherited assets and estates?

Yes. We regularly work with clients who have received an inheritance and need help organizing, investing, and planning around those assets. We also coordinate with estate attorneys during the estate settlement process.

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Download our free 5-step guide on building wealth, lowering taxes, and retiring on your own terms.