As your parents, grandparents and other loved ones set up estate plans, they may name you as a beneficiary for certain property or assets in the event of their passing. When these inheritances may be more substantial, planning for how you will manage them in the future can be essential to minimizing your costs while maximizing the value of the inheritance.
At the Law Offices of Darrell C. Harriman, our North Hills and San Fernando Valley inheritance planning attorney has been helping people appropriately plan for their future inheritances for more than 30 years. In addition to assisting people in the development of wills and other estate planning tools for their future inheritances, our trusted lawyer is also experienced at devising unique, effective inheritance planning solutions to meet our clients’ needs and wishes.Factors to Consider with Inheritance PlanningAs you move forward with inheritance planning, there may be various issues and factors to consider, only some of which may include:
The type of asset(s) or property that will be inherited – The best options for inheritance planning for liquid assets can be far different than those for property, bonds, securities and other types of assets. Our Los Angeles area attorney is skilled at evaluating various types of inherited assets to develop the most appropriate options for them for the future.
The financial situation of the beneficiary – A beneficiary’s current financial standing can be critical to inheritance planning, as it can make spending or saving an inheritance more important (or something that beneficiaries may want to avoid).For instance, when beneficiaries may have significant debt, inheritance planning may be focused on paying down debt and setting up retirement savings. In contrast, when beneficiaries may be financially sound, inheritance planning may be more appropriately focused on making a variety of investments to further improve beneficiaries’ financial standing.
Whether the beneficiary has an existing estate plan – If beneficiaries do not already have estate plans in place, then the promise of some future, substantial inheritance can make it critical for beneficiaries to start their own estate planning.Alternatively, when beneficiaries do have estate plans in place, inheritance planning may involve revising the terms of people’s wills (and other estate planning documents) to account for the inherited property and/or assets.
The bottom line is that there is a lot to consider with inheritance planning, and having our inheritance planning attorney assisting you can help you put the best plans in place for a future inheritance.San Fernando Valley Inheritance Planning Attorney at the Law Offices of Darrell C. Harriman
Do you need help with any matters regarding inheritance planning? If so, the trusted San Fernando Valley inheritance planning attorney at the Law Offices of Darrell C. Harriman is here for you. For more than three decades, our San Fernando Valley inheritance planning attorney has been dedicated to providing his clients with personalized, highly responsive service, as well as superior representation for their important estate and inheritance planning legal matters.Contact Us Today
Let’s talk about your inheritance planning needs today. You can contact our firm by calling (818) 892-7093 or by filling out the contact form on this page.
From our offices based in North Hills, we provide the highest quality legal services to our clients throughout the San Fernando Valley, Simi Valley, and the greater Los Angeles area.