Estate Planning Tips for First-Timers in Los Angeles

If you want your estate planning process to go smoothly, starting the process on time and starting it well could be the best option. When you begin the work early, you save yourself from the stress that accompanies late estate planning.

If you want to achieve effective estate planning, the need to work with a reliable and competent estate planning attorney Los Angeles cannot be overemphasized. At The Law Offices of R. Grace Rodriguez, we are dedicated to providing quality legal services you cannot find elsewhere. We are always ready to hear from you.

If you are a beginner in this process, you need to consider tips to make the process work. This is why we have come up with this article to enlighten you on those tips. Let’s explore more.

Tips for Proper Estate Planning for First-Timer

Create A List Of Your Assets And Debts

The first step to plan your estate is to make a list of your assets and debts. When you work directly with an estate planning lawyer, one of the first things that you will be asked for is your net worth. When you make a concise list of all your assets, you will be sure of your net worth.

Asides from your assets, you also need to do a rough estimate of your debts as well. After creating a list of all the debts you owe, you subtract the value of your debts and the entire value of your assets. When you do this, it will be easier for you and your lawyer to start the planning.

Plan For Digital Assets As Well

One mistake that many people often make is that they only make estate plans for physical assets. When they die, their beneficiaries cannot find their digital assets. It is wrong. You should also make plans for your digital assets too. Digital assets include photos, videos, electronic awards and certifications, virtual money, and cloud bank accounts.

Account For Taxes

When working on your estate plan, please ensure that you account for federal and state taxes. Although these taxes are always due within nine months of death. With effective estate planning, you can account for helping your family with this responsibility.

Convert Your Retirement Accounts To Roth IRA Accounts

If the only retirement accounts you have right now are traditional IRAs or 401(k)s, your loved ones are going to have a big tax bill after you pass away. The only way you can avoid this is to convert them to Roth accounts.

Ensure That You Avoid Probate As Much As You Can

Going through probate will be the last thing you can ever wish for your loved ones to pass through after your demise. This is why you need to work with a competent real estate attorney. Talk to your lawyer about your desire to avoid probate so you can make arrangements accordingly.

Document Your Parental Wishes For Your Minor Children

If you have minor children, you should make sure that you prepare a document that gives the details of their well-being. It is not enough for you to name a guardian for your child; you must also set down rules on how the guardian will raise the child.

Gift Money Now

Another way to prevent your loved ones from dealing with tax liabilities is to gift money to them while you are still alive. The IRS allows you to gift more than $10,000 a year. So, as long as you remain in that range, the more you give away now, the fewer taxes they may have to deal with later.

All these tips listed above are essential information you should pay attention to if you want to do your estate planning. Since you do not know what the future holds, it is always advisable that you plan for certain eventualities that may occur.

Plan Your Future with the Law Offices of R. Grace Rodriguez

You need the right professionals on your side to have a successful estate planning experience. Most people know they need an estate planning attorney, but they don’t know who to trust with the task.

If you want to get effective estate planning, the best move is to work directly with the Law Offices of R. Grace Rodriguez. Your future is safe with us. We are a heart-centered practice. That is, we are compassionate, patient and understanding as we guide you through the estate planning process. Our goal is to provide you with the best possible solution and ensure that you get the best legal service you have been looking for.

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