On January 12, 2023, award winning journalist Andrew Lisa published an article on Yahoo! Finance/GoBankingRates that featured multiple quotes from our very own attorney, Seth Bier, titled How To Pass On Your Wealth, According to Experts.
Below are Seth’s excerpts:
“Typically, the largest estate costs are associated with probate court,” said Seth Bier, a Los Angeles estate planning attorney and founder of Bier Law. “In California, attorneys and personal representatives are entitled to a statutorily set percentage of the estate. It is known as the 4-3-2-1 fee, and it requires an estate to pay the attorney a minimum of 4% of the first $100,000, 3% of the next $100,000, 2% of the next $800,000 and 1% of the next $9,000,000.”
“Communication is key,” Bier said. “A well-constructed, comprehensive plan can accomplish one’s goals, but if they do not have the often-challenging conversations with their loved ones about their decisions and wishes, they open the door to conflict. They must express their wishes to everyone involved if they want them respected and understood, and these conversations will help avoid conflict and bring a family closer during these difficult emotional times.”
Bier used sentimental memorabilia and family heirlooms as an example. They’re often overlooked but typically cause the most turmoil, even if they have little or no monetary value.
“Fights over family treasures often destroy thoughtful plans and end up in ugly, expensive court battles,” he said.
