Best Estate Planning Attorneys in Bakersfield

FAQs

• What is the non-emergency contact number for the local police station in Bakersfield, California?

  The non-emergency contact number for the Bakersfield Police Department is 661-327-7111.

• Where can I get a copy of police reports for incidents related to my case in Bakersfield, California?

  You may get a copy of police reports for incidents related to your case at the Records Section of the Kern County Sheriff’s Headquarters, located at 1350 Norris Road, Building B in Bakersfield, CA. Its public hours are Monday, Wednesday, and Friday from 8:00 a.m. to 12:00 p.m. and Tuesday and Thursday from 12:00 p.m. to 4:00 p.m.

• When is a Bakersfield estate subject to estate taxes?

  Estates in Bakersfield with personal property value exceeding $166,250 or real property value greater than $55,425 are subject to estate taxes or the probate process. However, the estate tax exemption in California is currently $12.06 million for single individuals and $24.12 million for married couples. In order to minimize exposure to estate taxes, individuals are advised to work with an estate planning attorney in the creation of trusts and other devices.

• How does a gap analysis assist Bakersfield succession plans?

  Gap analyses are essential to succession plans in Bakersfield, as they help determine achievement gaps and potential solutions. According to the California Department of Human Resources, the aim of a gap analysis is to determine leadership succession candidates and strategies for developing their talents. The analysis should also consider the skills and qualifications imperative to the business's success.

• How are powers of attorney beneficial to Bakersfield business owners?

  Apart from a succession plan, business owners in Bakersfield are advised to create a financial power of attorney for protection during emergencies or long-term complications. This allows them to delegate to a trusted family member tasks such as financial decisions during day-to-day operations, the filing of business taxes, and business transactions.

• How often must buy-sell agreements in Bakersfield be reviewed?

  Business partners in Bakersfield are generally advised to review buy-sell agreements annually, as it would allow them to revisit each other’s interests and the value of the business, ensure that the buy-out triggers and conditions are still valid, and recalibrate the terms to match financial changes. In the event of a partner’s retirement or death, a proper buy-sell agreement protects each party’s investment and interest in the business.

• What are advanced estate solutions in Bakersfield?

  One of the most common advanced estate solutions in Bakersfield is a revocable trust or a living trust, which allows individuals to manage assets during their lifetime and bypass the probate process. For those with a child or grandchild with special needs, a special needs trust helps provide them with lifetime financial support and medical care, living arrangements, and appropriate employment.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.