Estate Planning Attorneys in Bakersfield
Ensuring That Your Family Is Financially Secure Well Into The Future
Estate Planning | A solid estate plan is critical to your family’s well-being. When choosing estate planning attorneys, it is important to ensure that they can formulate your plan and execute it. A compassionate estate planning attorney with the resources of an experienced litigation firm can make sure that your wishes are fully carried out. Young Wooldridge, LLP focuses on tax matters, perhaps the most important component of any effective estate plan.
How Can Estate Planning Protect My Assets?
By planning ahead, you can help facilitate a smooth transition for your family and your assets. Bakersfield estate planning attorneys can help you choose which financial planning tool best meets your needs:
- Wills and probate — A will is the most basic estate planning document. It enables you to control, within certain limits, how your property will be distributed. Probate is the legal process of authenticating and executing the will. Will contests are not unheard of in probate proceedings. A will contest is generally based on an alleged invalidity, such as forgery or fraud. When it comes to taxes, however, a simple will does not provide the most protection. Estate tax attorneys can help save your family thousands of dollars.
- Trusts — Your assets may be deposited into a trust, both for tax purposes and for distribution purposes. A trust can be a testamentary trust (part of your will) or an inter vivos trust (created while you are living). With an inter vivos trust, you can initially serve as the trustee and transfer it to your beneficiaries when you die. There are tax implications with each type of trust, so it is important to understand what each offers. The legal team at Young Wooldridge reviews your individual situation and your goals to help create a trust best suited for your needs.
What Tax Rules Apply To Estate Planning?
You may have important questions about the type of estate plan that is best for your family.
The tax code is constantly changing, sometimes with major revisions and rewrites. An experienced estate planning attorney at Young Wooldridge can keep you informed of these changes and help you make good financial decisions regarding:
- Estate tax — Currently, the tax code allows for an $11.7 million exemption. For all practical purposes, most estates are immune from estate taxes; one estimate is that only 1,900 estates will be taxed in 2020. However, estates with personal property value greater than $166,250 or real property value in the excess of $55,425 could be subject to probate without proper estate planning. An estate planning attorney may be able to use trusts and other devices to keep your assets out of probate and limit exposure to potential estate and gift taxes.
- Gift exemption — Some people give their inheritance to their children in advance as an annual or monthly gift. The recipient does not have to report the gift as income for federal income tax purposes. Current rules allow you to give up to $15,000 per person per year. An experienced financial planning attorney in Bakersfield can partner with you to determine the best way to distribute your assets.
Protecting Bakersfield Families Since 1939 With Thorough Estate Plans
Located in downtown Bakersfield, Young Wooldridge, LLP offers the resources of a large firm and the personal service of a small firm, both of which can be invaluable during the estate planning process. Contact Young Wooldridge, LLP at 661-327-9661 or online to schedule your confidential consultation.