Leading Attorney Doug Newborn Shares Key Tips For Successful Estate Planning – Tucson, AZ
Tucson, Arizona, United States – August 29, 2022 —
A clear estate plan on death or incapacitation will help the family if and when those moments arise, leading Tucson Estate Planning Attorney Doug Newborn advised this week.
For more information please visit https://dougnewbornlawfirm.com
The Founder of Doug Newborn Law Firm, PLLC, revealed top tips for creating an excellent estate plan with no room for confusion and a smooth transition of assets to beneficiaries.
He said: “The first tip is not to rely on hearsay and ‘helpful advice’ from loved ones and friends. Get professional advice from an Estate Plan/Elder Law attorney, a financial professional, a tax professional, and an accountant so you can build an estate plan that reflects your needs.”
They can discuss probate laws as you may find some assets will not need to go through this process.
‘’Secondly, a good estate plan should be well written and clarify everything you want to accomplish regarding protecting your family and distributing your assets. It lessens the potential for confusion on what should go to whom, limits the chances of family fights and potential litigation between warring loved ones, while allowing the family to grieve.’’
Documents should assert a financial power of attorney for the estate and healthcare power of attorney if you become ill or injured and can no longer make decisions independently.
He added that there should be clear instructions about what treatments you do and do not want if you cannot speak for yourself and a Trust or a Last Will and Testament that names beneficiaries for assets.
“These directions should, if they apply, also nominate a guardian to look after children if they are still minors. If children are involved, consider a Trust that holds money for them and what it may be used for because if you don’t create a Trust for your children, the Court may require one and will then have to substitute its judgment for yours.”
Newborn said one area often overlooked is digital assets – images and documents stored on social media or ‘in the cloud’. “Assign all your login names and passwords to a trusted person close to you, so they can gain access and be able to shut down your online presence.”
He emphasized: “A plan should be created before you become incapacitated or too sick to do so. This includes, among other things, planning for taxes due within nine months of death. Putting money away for that tax day may prevent assets you wanted to allocate to loved ones from being sold off.” An estate planning attorney can clarify these further.
Planning can also be beneficial if long-term care needs have to be factored in. Speak to a financial advisor and Elder Law attorney to discuss all these options and the little-known issue of the Income in Respect of a Decedent, or IRD.
He said: “If you die and have income, such as savings bond income and individual retirement account payouts that haven’t been taxed, your estate will have to foot the bill.”
Finally, review your estate plans at least once a year and keep beneficiaries updated to prevent potential conflicts after death. “To be effective, a plan should be reviewed and updated every 3 to 5 years at the very least to reflect changing circumstances in life, income, and family,” he concluded.
Name: Doug Newborn
Email: Send Email
Organization: Doug Newborn Law Firm, PLLC
Address: 7315 North Oracle Road, Suite 230 Tucson, AZ 85704
Phone: (520) 276-0236
Release ID: 89080292
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