The Benefits of Establishing a Trust
While trusts can be very beneficial for certain people, they are not the universal solution to optimal estate planning. Read the information below to help you determine if establishing a trust may be a beneficial tool for you. Who Should Create a Trust Though trusts are often a useful means for planning an estate, creating one may not make sense for you. Regulations over trusts vary from state to state. However, typically, trusts can be helpful for people who own a home and other property, have a net worth exceeding $200,000 or who want the distribution of their assets to …
What Occurs in a Probate Hearing?
Probate is a process of authenticating a will and testament, that is overseen by the court system. It entails finding and determining the monetary value of someone’s assets, paying their last taxes and bills, and transferring what is left to the rightful or chosen beneficiaries. The court will decide whether a will is valid, appoint an executor, and then see certain duties are carried out with the estate. The laws for probate vary by state, so it’s important to understand the laws for where you live. Will Validity and Distribution of AssetsState laws list what is required for an estate …
4 Tips For Estate Planning
Creating an estate plan can seem like an intimidating process, so many people tend to put it off until the last minute. However, there are many advantages to thinking about your estate planning goals before a serious life event occurs. Anyone with cash and assets should consider making an estate plan, as an estate planning lawyer. It can be hard to figure out where to start when it comes to creating an estate plan. Here are some tips for you to consider if you are thinking of starting an estate plan. Start Planning Early Estate planning can be a long process …
Top Five Questions to Ask Your Trust and Estate Planning Attorney
One of the main benefits of hiring the right estate-planning attorney is the benefit of not having to make some of the tough decisions on your own that accompany the estate process. Unfortunately, if you make the wrong decision when hiring a legal representative, you could be stuck with much more than making tough decisions, such as extensive legal bills. Here are the top five questions to consider during your search for a legal representative. What is the law firm’s legal experience? It is vital to have an experienced legal team with a long list of successful cases when it …
Is an Irrevocable Trust Right For You?
Estate planning requires careful attention to detail as well as extensive planning to ensure that you are creating the right plan for both you and your family’s future. Many often struggle when having to make the decision of which trust is right for their situation- especially when it comes to irrevocable trusts. At Heritage Law, LLP, we make it our number one priority to inform you of all of your estate planning options. What is an Irrevocable Trust? You have two choices to fit your situation: revocable and irrevocable trusts. While a grantor could modify a revocable trust throughout his …
Joint Tenancy vs. Living Trust: How to Protect Your Property
As we get older, we must protect our assets and specifically designate them, so that our final wishes are met. When it comes to property, like a home, the two most common options are joint tenancy and a living trust. As leaders in Orange County trust and estate planning legal services, the attorneys at Heritage Law, LLP want to provide you with the best information to make an informed decision. Joint Tenancy When a couple purchases a home, typically they are co-owners. This type of ownership creates a right of survivorship, which means that when one owner dies, the other …
Why You Need Estate Planning to Protect Your Assets
There’s no doubt; you felt a shockwave when you heard that pop singer, Prince, had died. There is a myriad of thoughts that always runs through our heads when we hear about surprising high-profile celebrities dying – most of which lead back to the inevitability that we are mortal. And while we may have little in common with the pop-icon, one similarity is protecting our assets and ensuring that our final wishes are met. Regardless of how much wealth we accumulate, the adage, “you can’t take it with you,” still applies. After the initial days of celebrity and fan reaction …
The Important Documents You Need to Redraft After Getting Divorced
Divorce is an opportunity for unhappy people to start clean. Before turning to the next chapter in life, some important documents may require revision. The following is a list of some documents you must remember to revise in order to jot down your new joyous journey. Title Changes Beyond your last name, there are some important titles you should consider changing quickly. If you shared titled to the home you once shared with your former spouse then the deed should be revised to reflect the current owner. Any real property should also be refinanced in order to eliminate any obligation …
Special Needs Trusts: How to Take Care of Your Loved One After You’re Gone
You may dedicate your entire life to raising a special needs loved one but do you know how they’ll get by after you’re gone? Family members and friends with special needs require extra care and protection that you will no longer be able to provide when you pass away. Make sure your final wishes are clear by knowing which Special Needs Trust (SNT) is best for your beneficiary. First-Party Trusts Supplemental Security Income (SSI) may be a tremendous help in affording basic needs but it may not be enough to provide your loved one with the lifestyle you envisioned. A …
How a Living Trust Can Save Your Loved Ones Thousands in Property Taxes
Passing your home down to your loved ones after you pass away might be a dream of yours but this generous act could end up being a taxation nightmare for them. Luckily, you can help your beneficiaries avoid financial heartache by protecting this asset in a living trust. Here’s how to save your loved one thousands of dollars in taxes when they inherit your home and the mistakes you must avoid. Step-Up Basis Rule The value of a home typically increases with time but so does the amount of tax you must pay on the gain. However, there is a …
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