Top Elder Law & Probate Attorney Robert Brumfield Reveals Top Tips To Successful Estate Planning – Bakersfield, CA.
Sep 2, 2023
Leading estate planning lawyer founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA highlights a number of top tips for creating an excellent estate plan. For more information please visit https://www.brumfieldlawgroup.com
Bakersfield, CA, California, United States - September 2, 2023 —
An estate plan on death or incapacitation that is written down and clear will empower executors and family members to take swift action, Bakersfield attorney Robert Brumfield revealed today.
For more information please visit https://www.brumfieldlawgroup.com
He highlighted a number of top tips for creating an excellent estate plan with no room for confusion and a smooth transition of assets to beneficiaries. "Don't rely on hearsay and helpful advice from loved ones and friends when drawing up a plan," he said.
"Professional advice from an estate planning and elder law attorney, a financial professional, a tax professional, and an accountant are essential to a robust, shock-proof estate plan that reflects your needs," Brumfield said.
Attorneys specializing in this field can often highlight probate laws that some assets aren't subject to this process.
He added: 'A good estate plan should be well written and clarify everything you want to accomplish regarding protecting your family and distributing your assets. It lessens the potential for confusion on what should go to whom, limits the chances of family fights and potential litigation."
Documents should assert a financial power of attorney for the estate and healthcare power of attorney if you become ill or injured and can no longer make decisions independently.
Brumfield said there should be clear instructions about what treatments you do and do not want if you cannot speak for yourself and a Trust or a last will that names beneficiaries for assets.
"These directions should, if they apply, nominate a guardian to look after children if they are still minors. If children are involved, consider a Trust that holds money for them and what it may be used for."
One area often overlooked is digital assets – images and documents stored on social media or 'in the cloud'. "Assign all your login names and passwords to a trusted person close to you, so they can gain access and be able to shut down your online presence."
He added: "A plan should be created before you become incapacitated or too sick to do so. This includes, among other things, planning for taxes due within nine months of death. Putting money away for that tax day may prevent assets you wanted to allocate to loved ones from being sold off."
Planning can also be beneficial if long-term care needs have to be factored in. Speak to a financial advisor and elder law attorney to discuss options and the little-known Income in Respect of a Decedent (IRD) issue.
He said: "If you die and have income, such as savings bond income and individual retirement account payouts that haven't been taxed, your estate will have to foot the bill."
Finally, review estate plans regularly and update beneficiaries to prevent potential conflicts after death. He concluded: "A plan should be reviewed and updated every three to five years to reflect changing circumstances in life, income, and family."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: 661-464-7770
Website: https://www.brumfieldlawgroup.com
Release ID: 89106235
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