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
Account For Taxes
Convert Your Retirement Accounts To Roth IRA Accounts
Ensure That You Avoid Probate As Much As You Can
Document Your Parental Wishes For Your Minor Children
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.