Burbank Estate Planning Attorney
Burbank Estate Planning Lawyer
“Failing to plan is planning to FAIL.” - Ben Franklin
Trusts - An Overview
“LA LAW Estate Planning Attorneys see families in crisis every day! We understand how critical it is for you to take control of your life and your assets before something bad happens!”
Unlike the probate process, Trusts are completely private documents. A well drafted trust prepared by an estate planning attorney can effectively keep you in control of your assets and your life…even after your death. Trusts can be used to help you qualify for Medi-CAL or to protect your property from creditors. Only those directly named in the trust will be made aware of the trust assets and distribution after your death. Trusts known as credit shelter trusts or life insurance trusts can also have tax advantages for the both the beneficiaries and the donor.
Revocable Living Trusts
Trusts can also be set up to help one qualify for Medi-CAL and also as a shelter from creditors. Seek the advice of an experienced Estate Planning Attorney to set up a will and/or trusts that will protect your estate both during your lifetime and in the event of your death. You may ask, "Why should I have a Living Trust?" People ask this because they may have a will, or have titled their property in Joint Tenancy, or perhaps they simply are reluctant to contemplate their incapacity or death.
However there are several reasons why a Revocable Living Trust can be beneficial to your estate planning.
A Revocable Living Trust is a trust document that you work with an estate planning attorney creates while you are alive that defines your estate and your wished for who will speak for you upon your incapacity or death. This trust can be revokes (cancelled) or changed at any time while you have capacity to do so. A Revocable Living Trust is used, plan for incapacity, picks a trusted person to manage your estate young or disabled children and possibly a spouse, to avoid probate and to reduce or in some cases, avoid estate taxes.
The cornerstone of any estate plan is a revocable living trust. Upon your death, a revocable living trust avoids the need for the intrusive court probate process, along with its high fees and time delays in settling the estate. It provides an efficient way of distributing your assets upon your death. If you become incapacitated, a revocable living trust can provide a way of avoiding a court-ordered Conservatorship. It can also reduce your estate taxes. Most of all, it legally documents your wishes in case of your incapacity or death. It is important to explain all of the aspects of your family and your final wishes to an experienced estate planning attorney to create your trust. This will prevent a potential crisis or family problem when you are no longer able to make your own decisions.
Having an Estate Planning Attorney Create a
Revocable Living Trust does the following:
Eliminates the need for your heirs or surviving spouse to be subjected to the agony and unnecessary costs of the probate process; Allows for the management of your trust assets if you become incapacitated; Provides the vehicle to potentially eliminate estate or inheritance taxes or at least minimize these onerous and confiscatory taxes; Provides a means for your appreciable assets to be transferred to your beneficiaries with a "stepped-up valuation", which means that potential capital gains tax would be avoided.
Why do You Need Estate Planning Documents?
“LA LAW Estate Planning Attorneys see families
in crisis every day!
We understand how critical it is for you to take control
of your life and your assets before something bad happens!”
Beware of bargain shopping or doing your own trust or other estate documents! It is critical to seek out a trusted estate planning attorney when preparing a legal plan that will help you control your life and assets. We have had many clients that have come to us when a crisis happens in their life that have major problems with estate documents (that were prepared by a cheap Legal Assistance Company or just an inexperienced family attorney that created their documents in the first place). It is always best in these important life defining documents to make sure they are not a cookie cutter documents that could cost your family’s estate a lot of money, or could limit your right to make final decisions regarding your assets or your personal care at the end of life.
When families get into a crisis situation at or near the death of a loved one, many of these inadequate trusts lack many of the needed strategies that family members are left to live with major problems or must spend thousands of dollars in court correcting the errors. Sad to say, that often there is nothing that can be done. If you do not use a competent Estate Planning Attorney that understands the dynamics of your assets and family situation, you may not know that your estate has a problem until it is too late.
The LA LAW Estate Planning Attorneys have years of experience in protecting their family and clients with wills and trusts. We make very effort to provide close personal attention to you and your plans. We will protect and care for you as if you are a part of our own family. Deciding to create your will and / or trust is one of the most important decisions in your life and we are here to help guide you through this legal process.
Estate Planning Documents- Why do You need Them?
Wills, Trusts, Power of Attorney Forms, Health Directives all give directions to be followed upon your incapacity or death. They answer questions like:
• What will happen if you become incapacitated and not able to make decisions about your body or your finances?
• Who will make medical decisions for you?
• Who will take over your personal financial affairs?
• Who will be the guardian of minor children?
• When you die, what will happen to your property and other assets?
• Who will inherit your estate?
• How much will each beneficiary inherit?
• Are there specific gifts to be given to specific people?
Estate planning is an important life planning process to ensure you have answered and documented the above questions. Mostly importantly, estate planning documents will define your wishes so that they will be adhered to upon your death or incapacity. We also feel that each person above the age of 18 must ensure that a trust individual will be making health care and financial decisions in the event of becoming incapacitated. Next, the estate must be protected in order to maximize the assets that will pass on to your heirs after you die in the easiest legal way possible. Without an estate plan, a major part of your estate could be eliminated by estate taxes and probate fees. Estate planning can give you peace of mind and save thousands of dollars for your family and heirs.
We are proud to be a part of the complete solution to your family’s crisis, not just the lawyers that create the legal documents. We understand the issues surrounding the care of aging loved ones and what it takes legally to meet your needs and goals, while giving your family the peace of mind that your loved ones are getting the best care possible in a complex and confusing situation.
Please contact our office for a free initial consultation with Joseph McHugh or Ali Woodward, LA LAW’s California Elder Law Attorneys. Or you may wish to call our office or check our web site for the date of our next free public class or workshop to learn more about elder law and the legal ways you can stay in control of your assets and your life!
Best Advice- Seek Experienced Legal Counsel!
If you are over 18 years old and do not have legal documents in order, it advised to seek experienced legal counsel. The LA LAW Estate Planning Attorneys have the knowledge to make this as easy as possible and ready to help you understand your options and then begin this process if it can not be avoided. Our estate planning lawyers prepare custom estate plans that address you and your family’s particular circumstances and long term goals.
The ‘No Matter What Documents’
Sadly, death or mental incapacity due to illness or accident may strike at any time. Executing these documents NOW, while healthy and competent will prevent the need for unnecessary court intrusion and expense, and unintended consequences! It is important to understand legal ways to protect yourself and your estate… even if you are not wealthy! An LA LAW Estate Planning Attorney offers the following information as a guide to help simplify the different ways for you to protect your estate, your body and your final wishes:
Power of Attorneys – An Overview
Health Directives – An Overview
What is HIPAA?
HIPAA Medical Release Forms – An Overview
Wills – An Overview
Trusts – An Overview
If you were asked, "What would happen to your assets if you were gone tomorrow?"… Our Estate Planning Attorney can help you have peace of mind & be able to confidently say “Yes, I know exactly what will happen!”
After a thorough review of the best strategies for your estate plan and our fees for the scope of work, we will structure a comprehensive estate plan created specifically to protect your assets and allow you to stay in control of your life and your money.
Our Law Office is located in Southern California; however, we serve many clients throughout the state and love an occasional road trip to help all of our clients, their family and friends.
We are very proud of the many personal and professional referrals we receive from happy clients and colleagues. Please contact our office today to schedule a free consultation.
Take advantage of a free phone consultation or appointment for a free 30 minute consultation to review your individual situation and determine if you would benefit from our experience and legal services.
Call us at: (818) 241-4238