The word estate has really confused a lot of people to think that only the wealthy have to undergo estate plan. This has left many families in chaos after the death of any family member. Apart from the notion that “I ain’t wealthy enough to embark on estate planning”, another factor that makes people delay this decision of estate plan is the fear associated with managing the step ups relating to income taxes and inherited assets. This refers generally to processes covering the valuation of assets and how related taxes will be levied on 401K and local IRA often inherited by an outsider aside the spouse of the deceased upon his or her death. This fear arises from the fact that no one will hinder the state from getting their share of the pie. Since they are part of the system, they will be there to get their due. The answer to any of these confusions is your Estate Planning Los Angeles Attorney who has helped a lot of client to sort through similar complex situations relating to their estate planning. As a professional, he will guides through the major strategies needed in planning your estate and also explain other confusing process to you. These are: • Drawing up a will • Checking and updating the names of beneficiaries • Setting up a trust, etc The first thing you must understand is drawing up your will. Unfortunately, a lot of people go through life without one. There is just a thin line between wisdom and ignorance. While it is not everyone that is rich that is drawing a will, there are more people who feel it is not important. The first repercussion your estate will suffer without a will is its division in probate court. Everyone knows how that process can stress your beneficiaries through expensive footing of bills. Have you thought about the winner if your estate is poorly planned? Your attorney, of course! Another effective strategy, which an expert Estate Planning Los Angeles Attorney will make you understand is checking and naming appropriate beneficiaries. Experience has shown that not all properties usually are distributed through a drawn will. As a result of this, life insurance policies, retirement funds and other similar accounts should be planned with owners properly naming their beneficiaries for such assets. Does it sound odd to hear that a will may not be well defined? This depends on many factors. The planner of the will may feel there is still more time for him or her to decide. While they linger in the choice of beneficiary for their assets, the clock ticks. The effect of not properly naming a beneficiary leads in assets or accounts going through the probate court. Another factor that triggers this situation is the absence of reviewing beneficiary details after major changes have occurred. As a preventive strategy, your Estate Planning Los Angeles Attorney will ensure you update all major changes that occur in your lifetime such as the birth of a new child into the family, marriage or even divorce on your will. For all your estate planning-related matters, the Leventhal Law Group, P.C offers free and no obligation consultation with a qualified attorney. Call 818-347-5800 for a free consultation today!