WHAT SERVICES DO WE OFFER?
Wills, Trusts, Probate, Medi-Cal Planning, Powers of Attorney, Advance Health Care Directives and Estate Tax Issues
WHAT IS A REVOCABLE LIVING TRUST?
A Revocable Living Trust is a separate entity, which holds title to property. You create the trust and manage it during your lifetime. After your lifetime, someone whom you choose steps in and distributes the property to your selected beneficiaries.
WHAT ARE THE BENEFITS OF A LIVING TRUST?
For most people, the primary benefit of a Living Trust is that the estate can be distributed without going through the court probate process. This reduces or eliminates attorney fees, court costs, and months of court time.
WHY A “REVOCABLE” TRUST?
There are many types of trusts. The fact that a trust is revocable means that the creators can change the provisions of the trust if they desire.
HOW MUCH ARE PROBATE FEES?
In California, combined attorney and executor fees on probates are based on a percentage of the gross value of the estate. These fees are 8% of the first $100,000; 6% of the next $100,000; and 4% on everything above that up to one million dollars. Additionally, there are court filing fees, county probate referee fees, and publication fees. Example, a $300,000 estate could cost approximately $20,000 to probate.
WHAT IS THE MINIMUM REQUIRED TO MAKE A LIVING TRUST?
All estates with a gross value of less than $150,000 will not have to be probated. If you own your home, or, your gross estate is larger than $150,000, a living trust can provide you with substantial benefits.
WHAT OTHER BENEFITS DOES A LIVING TRUST OFFER?
Within your living trust package, you can provide for:
1. Guardianship for Minor Children;
2. Income Tax Benefits For Your Surviving Spouse and/or Children;
3. Management of Funds for Children with Special Needs;
4. Spendthrift Provisions for Continued Management of Funds;
5. Avoidance of Conservatorship in the Event of Incapacity;
6. Reduction or Elimination of Estate Taxes;
7. Flexibility in Qualifying for Medi-Cal and Reducing Estate Recovery Claims.
WHAT DOES A LIVING TRUST PACKAGE INCLUDE?
Revocable Living Trust; Pour-Over Wills; Durable Powers of Attorney for Property Management; Advanced Health Care Directives, Authorization to Access Medical Records; Assignment of Personal Property; Abstract of Trust; General Assignment; Preparation and Notarization of Deeds and Transfer Documents.