Estate Planning- The Basics
- Revocable living trust - this document is a probate avoidance device which you NEED if you reside in CA and have real property or assets over $150,000. It's a place for you to lay out wishes and determine who gets your money when you die. It is referred to as "revocable" because it can be changed at any time and is called a "living" trust because you make these changes during your lifetime.
- Pour over will - a document which directs your administrator to follow your directions in your revocable living trust. It allows your appointed trustee to pour over left behind property and possessions from your will into your trust on your behalf, should something happen to you. It takes items that were left out of your will and pours them into your trust for you.
- Enhanced Power of Attorney, Asset Management - this document allows someone to act for you when you are unable to do so for yourself. If you are in an accident or get dementia, this document allows someone of your choosing to pay your bills and manage your affairs. By choosing our firm, you will get an "enhanced POA" which allows for flexibility planning for your long term care needs if you become unable to do so.
- Advance Health Care Directive (ADHD) - this document allows someone to make medical decisions when you are unable to do so. It also sets out your specific end of life wishes and decisions.
Estate Planning- The Incidentals
- Discretionary trust - do you have a loved one who has creditor problems, marital problems, drug or alcohol problems? Are you concerned about leaving money outright to them? We have your solution! We can craft your trust to include provisions and directions that will allow the money left to your loved one to be protected from creditors, spouses and bad decision making by limiting their access to a standard decided on with you, but usually for their health, education, maintenance and support. You can still provide for your loved one and protect them from themselves.
- Continuing trust - do you have young children or grandchildren? If so, you want to leave them an inheritance, but you don't want them to have access to it now, or have a parent or other guardian spend it. We can provide the protections for the minors in your life to ensure that they have the greatest protections, are cared for during life and have the means to start their adult life with all of the benefits you could want.
- Gun trust - do you own firearms? If not properly handled upon your death, you could potentially cause your loved one to commit a felony. In order to transfer a firearm, your trustee must follow certain rules and procedures. By choosing our firm, you will be ensuring that your trustee will be properly certified and will transfer your firearms pursuant to you wishes and in accordance with the law, without the need of court supervision. If you fail to provide for the transfer in your trust, your loved one will have to open a probate and the transfer of the firearm will be subject to court scrutiny.
- Pet trust - don't forget about your non-human family members! Your pets have provided you with love and companionship throughout your life, so make sure that you have provided for their well-being when you are gone. Whether it is a simple direction to your trustee, or leaving money for their care, we will assist you in finding the best transition for your beloved pets.
- House trusts - is there a loved one who you want to use your home after you are gone but not own it outright? We can assist you in leaving your home to someone for their life and then to your other beneficiaries when they pass away.
- Education trust - do you want to set aside money to encourage and support a loved one get an education? An education trust is right for you. Using this type of trust ensures that the funds left to your loved one are used for educational purposes. Your trustee controls the disposition of the money in this trust and can confirm that it is used for education expenses.
- Family pot trust - If you have minor children, you naturally want to provide for them in the event something happens to you - but how do you do it? Most people naturally think: "I want to leave everything I have to my children equally." While this is everyone's intent, that is not possible in reality with minor children. One child may have to go to the doctor more than the other, or have sport expenses or schooling expenses or dental expenses. No parent ever spends the equal amount on all children during their life which is why we don't plan for that after you're gone. The family pot trust allows for trustee to spend money on your minor children as needed; just like you would do if you were still alive. The remaining amount when your children reach adulthood will be split equally, but this allows for the proper care of all of your children in order to protect against the uncertainties in the future.
- Charitable remainder trusts – Do you want some of your money to go to a charity upon your passing? Allows for you to convert a highly appreciated asset like stock or real estate into lifetime income. Your income taxes are reduced now and your estate taxes when you die.
- Grandchildren trusts- Do you have grandchildren that you want to leave money to specifically? Our office can help you lay out the specific requests of leaving assets to your grandchildren in your trust. Whether your grandchild(ren) are adults or minors, we can help to make sure they are left with the assets or educational funding that you wish for them to have upon your passing.
- Special Needs Trust - What is a special needs trust, and why do I need one? A special needs trust is necessary when caring for someone with special medical needs. This trust can help to protect eligibility for government benefits, as well as help lay the framework for care and management of assets. It can further protect assets from creditors and predators and extend the life of assets.
- Long Term Care Planning – Medicaid is a security blanket when a loved one needs the care of assisted living, but cannot afford it on their own. Our office can assist you with getting the financial assistance and long term care that your loved one requires.
- Medi-Cal – Medi-Cal is there to assist in the preservation/transfer of assets in an effort to prevent spousal impoverishment when one spouse is in need of long term care. If you or a loved one needs assistance but cannot readily afford it, our office will help with applying for and using Medi-Cal for your specific needs.
- VA Benefits Planning – A&A and Compensation (Agent Orange)-Our office can assist Veterans with getting the benefits and healthcare that they deserve. We deal with Aid and Attendance compensation for veterans and their spouses, along with well-deserved pension benefits and healthcare needs.
Administration for Estates and Trusts
- Trust administration – during life and after death (all trusts above)- A trust administration is simply a transfer of property from a family member who has died to the designated person, or "beneficiary" that is identified in the revocable living trust left by the late family member. If you have property that you want transferred to a specific family member when you pass, our staff can assist you with ensuring your wishes are carried out after your death.
- Probate - Do you need probate? If your deceased loved one did not have estate planning prior to their passing, or commonly referred to as "intestate", you will need probate. It is the process by which the court will award the estate of the deceased. You can prevent a probate by ensuring you and your families have an estate plan in place.
- Conservatorship - If you have a loved one that cannot care for themselves or manage their own finances, chances are you will need to have a conservatorship for that person. Our office will help you through the process of the court appointing you or a loved one to be the "conservator" of the family member that needs the assistance, or "conservatee". This is usually used in the case of an elderly family member or a young adult who was impaired in an accident.
- Guardianship - A guardianship is similar to a conservatorship, except a guardianship is used in the case of the minors in your family that require special care.