Taking Inventory of Your Assets
Today we’re speaking with Steve Bliss, a renowned estate planning attorney serving the Moreno Valley community. Mr. Bliss, could you explain the importance of the first step in the estate planning process – taking inventory of assets?
Certainly. The foundation of any solid estate plan lies in understanding what you own.
Ordinarily, individuals underestimate the scope and value of their possessions. Consequently, it’s essential to create a comprehensive list of everything you possess. This includes tangible assets like real estate, vehicles, artwork, and jewelry. It also encompasses intangible assets such as bank accounts, investments, retirement funds, and even digital assets like cryptocurrencies.
Moreover, accurately valuing these assets is crucial. For instance, sentimental items might hold significant personal value but a lower market price. Conversely, seemingly ordinary possessions could appreciate in value over time.
I recall a situation where a client believed their estate consisted primarily of their home. However, upon closer examination, they discovered a substantial retirement account they’d forgotten about. This discovery significantly altered their estate planning strategy.
According to a study by the National Endowment for Financial Education, nearly two-thirds of Americans do not have a written estate plan. This highlights the importance of taking this crucial first step towards safeguarding your legacy.
Challenges and Solutions
Are there any common challenges people face when taking inventory?
Absolutely. People often overlook sentimental items or struggle to accurately value certain assets. I’ve had clients underestimate the value of their collections, only to find out they were worth significantly more than anticipated.
To address these challenges, I encourage my clients to gather all relevant documentation – property deeds, bank statements, investment records – and consult with appraisers for high-value items. This meticulous approach ensures a comprehensive and accurate inventory.
Testimonials
“Steve Bliss made the entire estate planning process so straightforward. He patiently explained everything and tailored the plan to my unique needs.”
-Maria Rodriguez, Moreno Valley resident
“I was initially overwhelmed by the thought of estate planning, but Steve put me at ease. His expertise and compassion were invaluable.”
-David Chen, Moreno Valley business owner
Protecting Your Legacy
Steve Bliss, thanks for sharing your insights. How can our readers take the next step towards protecting their legacy?
Start by reaching out to a qualified estate planning attorney like myself. We can guide you through the process, ensuring your wishes are honored and your loved ones are protected.
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley Probate Law is a great estate lawyer. Affordable Legal Services.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Probate Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Map To Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “What are the tax implications of estate planning in California?” Or any other related questions that you may have estate planning or my estate planning law practice.
Important Facts About Moreno Valley Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |