The Bakersfield Attorney urges families to be prepared or face serious losses through probate fees or the estate tax.
Bakersfield, CA -- (SBWIRE) -- 07/17/2013 -- Recently congress set the “federal” estate tax exemption at the level of $5,125,000 per person providing certainty for now regarding the size of an estate which would be taxable following decades of constant change in the arena. The size of the federal estate tax exemption has left many with a false sense of security with respect to the type of planning that needs to occur with respect to their estate. For example, in California although less than one percent of the population will be subject to the “federal estate” tax, nearly anyone who owns their home or has an estate that exceeds $150,000 will have an estate subject to probate!
Probate and Administration fees act as a hidden tax on estates, for example, the probate and administration fees on a two hundred thousand dollar estate are fourteen thousand dollars, or seven percent of the estate. For that price, the state of California oversees the administration of a person’s estate over a period of one to two years while their heirs wait. David C. Bynum, Attorney at law is a Bakersfield based Estate Planning Attorney that aims to save those in the local area significant sums when passing their assets on to loved ones. He prepares wills and living trusts to guarantee that his client’s loved ones receive as much of their estate as possible as soon as possible. A simple Bakersfield living trust can be administered privately in as few as five months.
With years of experience drafting Wills in Bakersfield, revocable trusts, pour over wills, general assignments, powers of attorney, and advanced health care directives for estates ranging from one hundred thousand to over one hundred million dollars, David also offers more advanced legal protections of assets including irrevocable life insurance trusts, and grantor retained annuity trusts.
The importance of David’s services has been evidenced by a recent Forbes article which expanded on the implications of a New York Times story explaining that a possible forty million dollar haul from a real estate developer may fall to government hands because the man signed no will before he was deceased, and no heirs could be found. His wishes for the money were therefore unknown and could not be acted upon.
Mr. Bynum explained, “Dying without a will leaves the decedent’s assets wide open to interference from government and for them, this is big business. It’s one of the few areas in which fees can be quickly collected because all the assets are there for the taking. By establishing a living trust people can avoid the kind of fiasco that is currently going on in New York. The truth is, this is an extreme example, but the smaller examples affecting middle class families are far more hurtful and damaging to the legacy the deceased leaves behind.”
About David C. Bynum, Attorney at Law
David C. Bynum is an Estate Planning Attorney that ensures that in the event of a person’s passing, their assets pass efficiently to their heirs, rather than being lost to probate fees, devalued by legal tie ups, or taxed. David serves Bakersfield, Kern County, and Santa Barbara county. For more information, please visit: http://www.bynumlegal.com/ Google+