Imagine working your whole life to build something—a business, a family, a legacy—only to have it tangled up in court for months, or even years, after you’re gone. It happens more often than you think. And the sad part? Most of it could’ve been avoided with one thing: a solid estate plan.
In this episode of Letters of Intent, hosts Pankaj Raval and Sahil Chaudhry sit down with trusts and estates attorney Justin Gordon of Gordon & Gordon to talk about the real-world impact of estate planning—why it matters, when to do it, and how to make it as painless as possible.
If you’re a business owner, entrepreneur, or just someone with a family to protect, this blog’s for you.

What Even Is Estate Planning?
Let’s start simple. Estate planning is more than just deciding who gets what when you die. It’s about control. It’s about avoiding unnecessary court involvement. And—if we’re honest—it’s about giving your loved ones peace of mind during one of the hardest times of their lives.
At its core, estate planning includes:
- A Will: Directs who gets your assets after death.
- A Trust: Helps avoid probate court and can also help manage your affairs if you’re incapacitated.
- A Financial Power of Attorney: Appoints someone to handle financial matters if you can’t.
- An Advance Healthcare Directive: Names someone to make medical decisions if you’re unable to.
- Guardianship designations for minor children.
You don’t need to be wealthy. You don’t need to be old. But you do need a plan.
Let’s Talk About Death (It’s Not That Weird)
One of the most powerful moments in the podcast was when the group dove into the cultural and emotional side of death. Western culture often avoids the topic. As Justin Gordon says, most people think of estate planning as something to do “later.” But as Pankaj reminds us, “Nothing is guaranteed.”
If you love your family, estate planning is one of the most thoughtful things you can do for them. It’s not about preparing for the end. It’s about preparing your loved ones to move forward.
Probate: The Legal Limbo You Don’t Want
Here’s what happens if you die without a will or trust in California:
You enter probate.
Probate is a public, court-supervised process to transfer your assets. It’s slow (often more than a year), expensive (think thousands in attorney’s fees), and frustrating.
And worst of all? The state decides who gets what.
In one client story shared on the podcast, someone passed away at 53 with no will. The family was left navigating court procedures, fees, and newspaper publications just to claim what was rightfully theirs. Don’t do this to your people.
Trusts vs. Wills: What’s the Difference?
Many people think a will is enough. Sometimes, it is—but not if you own real estate or have over $184,500 in assets (the probate threshold in California).
A Will:
- Only goes into effect after death
- Doesn’t avoid probate
- Public record
A Revocable Living Trust:
- Goes into effect while you’re alive
- Helps avoid probate
- Can manage your affairs if you become incapacitated
- Keeps your wishes private
Business owners, pay attention: If your LLC interests or business shares aren’t placed into your trust, you could still wind up in probate court—even if you had a trust drafted. The key is making sure your assets are actually transferred (aka “funded”) into the trust.
Estate Planning for Business Owners: A Must-Have
Entrepreneurs and small business owners tend to focus on growth—but not always on protection. Here’s where estate planning intersects with your business:
- Who takes over your shares if something happens to you?
- Have you assigned your LLC or S-Corp interests to a trust?
- Does your operating agreement allow for transfer on death or into a trust?
- Do you have a buy-sell agreement?
Justin explains how a thorough estate plan includes corporate cleanup: reviewing operating agreements, preparing assignments of interest, updating stock ledgers, and ensuring businesses don’t get frozen in legal limbo if an owner dies.
Family Dynamics Can Get Messy—Plan Accordingly
Many parents assume their kids will “just work it out.” But sibling dynamics can explode after a death—especially when money’s involved.
Justin shared that some clients insist on naming all children as co-trustees, hoping they’ll cooperate. Spoiler: They usually don’t. That’s why he often recommends using a professional fiduciary—a neutral third party licensed to serve as trustee or executor. It can save families from expensive litigation, and even worse, long-lasting emotional damage.
Common Misconceptions Debunked
Let’s clear a few things up:
❌ “I’m too young for an estate plan.”
If you’re over 18 and own anything (or have kids), you’re not too young.
❌ “I don’t have enough money to justify a trust.”
If you own a house in California, you do.
❌ “A will is enough to avoid probate.”
Nope. A will still goes through probate. Only a trust avoids court.
❌ “I have a trust. I’m good.”
Did you fund the trust? If your assets aren’t in it, it’s just an expensive piece of paper.
What About Estate Taxes?
The good news? Most people won’t owe estate taxes. The federal exemption is currently around $14 million per person ($28 million per couple). Even in high-cost California, that’s more than enough for 99% of families.
But laws can change. So it’s worth checking in every few years with your estate attorney.
“We Just Can’t Agree on a Guardian…”
If you’re a parent, this might be the hardest part of estate planning. And for some couples, it’s the reason they delay the whole process.
Justin’s advice? Don’t let the perfect be the enemy of the good. Name someone. Even if you’re not 100% sure. It’s better than leaving it up to the court.
You can always revise your documents later. But get something in writing now.
Where to Start (Even If It Feels Overwhelming)
Starting is the hardest part. That’s why Justin offers a free consultation to help clients get comfortable, answer questions, and walk them through the process.
Most estate plans don’t require annual maintenance. Once it’s done, you can check it off your list. And if your life changes—marriage, divorce, new kids, new house—you can update it.
Here’s what to do:
- Schedule a consultation with an estate planning attorney.
- Gather your documents: titles, deeds, financial statements, business records.
- Have conversations with your family—especially about guardianship and your wishes.
- Follow through. Don’t just create documents—make sure your assets are properly titled.
Final Thoughts: Estate Planning Is a Gift
At the end of the day, estate planning isn’t just about protecting your assets. It’s about protecting your family.
As Sahil says at the close of the podcast:
“Estate planning is a gift to your loved ones. Don’t avoid it.”
And if you’re a business owner, it’s one of the smartest, most considerate moves you can make for your team, your investors, and your legacy.
Ready to Start?
Whether you’re building a family or a business—or both—Carbon Law Group can help you get your estate in order with confidence.
📩 Reach out today to schedule a consultation
📞 (323) 543-4453
🌐 carbonlawgroup.com