Estate planning, Leucadia, CA, can be overwhelming most especially if it is your first time. But this should not be a reason to put it aside. The best time to plan your estate is now to ensure your financial assets go to your intended heirs.
Working with an estate planning expert can guide you through the process. That means you should be able to hurdle the paperwork and the legal aspects it involves, helping you establish a solid estate plan.
It is worth noting that your family probably does not need to worry about paying estate taxes. That is because, in 2021, only those who have assets exceeding $11.7 million pay the estate tax unless, of course, the proposal in Congress that would cut the exemption in half gets approved. Bear in mind also that, at the state level, different states have different estate tax rules. Some states do not require payments for the estate tax, including California. With the help of a lawyer who is an expert in estate planning, Leucadia, CA, you should be able to deal with estate taxes without any problem, keeping your assets intact.
But here are some tips for you to start with your estate plan off right:
Draw up a will – considered the fundamental of estate planning; this specifies how your assets get divided after your passing. It is surprising to know that only about 33% of 2,500 surveyed Americans, published by Caring.com, say they have a will. People should realize that, without a will, someone else will decide on their estate, and that is through probate courts.
Get through your beneficiaries – you need to ensure that the names in your list of beneficiaries are the ones you choose. Some accounts, such as retirement funds and insurance policies, let owners name the beneficiaries who will receive such assets. And, the fact that a beneficiary or TOD designation supersedes anything written in a will, it is good to re-assess your beneficiary information from time to time.
Establish a trust – recommended most especially if you have a sizable estate – and if you are not confident your heirs are wise enough to handle your money. A trust allows you to appoint a trustee to facilitate the distribution of your wealth. And, the fact that it avoids probate, you can ensure that your assets are intact.
There are other ways that you can do to keep your assets intact by establishing an estate plan. An estate planning attorney can help you deal with every possible way for asset preservations.
Online looking for an expert who can help you with estate planning, Leucadia, CA? Contact us today at (858) 558-1191.