ESTATE PLANNING

 

LIVE WITH PURPOSE. PLAN WITH PURPOSE.

 

Are you focused on your family? Building a business? Committed to a cause? An Estate Plan will allow your legacy to live on even after you do, meaning that what you care about most in life will continue to be cared for in your absence or incapacity.

When it comes to Estate Planning, you may not know exactly what you need, but you do know that you want to protect your loved ones and your assets.

At Law Offices of Bruno Flores APC, we are sensitive to your individual positions and concerns. We translate the language of law into information you can clearly understand. We are happy to answer your questions. No question is too naïve.

With professional guidance the process of Estate Planning is not long and complicated, as many fear it will be.

Upon completion you will have peace of mind and a plan that is specific to you –  that turns your wishes, your values, your purpose into a legacy for the ones you love.

Keep reading for more information or contact us and we will fill you in.

 

 

 

INTRODUCTION TO ESTATE PLANNING

 

Estate Planning involves the creation of wills, trusts, and other legal documents to ensure that your assets are distributed according to your terms. Advanced planning will help avoid probate court and minimize estate taxes. These legal documents also allow you to specify your wishes regarding healthcare and other family matters.

These documents may include, but are not limited to:

  •  Revocable Living Trust
  •  Irrevocable Living Trust
  •  Last Will and Testament
  •  Pour Over Will
  •  Statutory Power of Attorney
  •  Durable Power of Attorney
  •   Advance Health Care Directive
  •  Medical Authorization Release Form – as required by HIPAA laws
  •  Certificate of Trust
  •  Assignment of Personal Property
  • Deed Transfers
  • Personal Property Memorandum
  •  Community Property Memorandum
  • Community Property Agreement
  •  Guardianship Nominations – allowing you to select in advance who will care for your minor children in the event you are unable to (and ensuring that others will be prevented)

 

TRUST ADMINISTRATION
 

Trust administration involves all of the administrative procedures that may be necessary once a trust has been created. This may be during or after the lifetime of the person who created a revocable trust and may include trust amendments or restatements, transfers of asset, and distributions of assets within an estate. Trust administration helps to ensure timely distributions, avoid disputes, and execute other necessary administrative procedures that may be required within a certain time period after a death has occurred.

 

COMMONLY ASKED QUESTIONS

 

DO I REALLY NEED AN ESTATE PLAN?

Do you have:

  •   A family?
  •   A business?
  •   A home?
  •   A cause?
  •   A preference regarding healthcare?

If you answered yes to any of the above questions the answer is YES.

It is time to come and see us.

WHICH ESTATE PLANNING OPTION IS RIGHT FOR ME?

No two people are the same, so we want to ensure that you are getting the Estate Plan that suits your needs and your family’s. We will listen closely to understand your needs and provide appropriate legal counsel. Whether you have just a few assets that you want to make sure are protected or an extensive array of assets with a very specific plan in mind, we will help you create it.

WHAT IS A TRUST?

A Trust is a legal document that specifies how your assets will be distributed to your beneficiaries.

There are several types of Trust. The Trust most often being referred to is known as a Revocable Living Trust. This type of trust is one created by you (and your spouse if desired and depending up the state you live in) during your lifetime, and can be changed, updated or terminated by you during your lifetime. This means you can set it up, change it as many times as you like, or get rid of it – whatever you choose. It becomes irrevocable – meaning you can no longer update, change or terminate it upon your death.

Still not clear? Think of a Trust like a big shoebox that belongs to you and holds all of your valuables (metaphorically). You control your “box” and you can swap it out for a bigger or smaller box, decide who controls the box and/or who gets the stuff that is in the box while you are alive and/or after you are deceased. You have full control of the box and what goes in and out of it. You can put your house in the box (well, let’s say the title to your house for visual ease), your jewelry, your cars, your favorite paintings, etc. While there are some rules and limitations, you get to decide what box you hold, who controls it if you can’t, what is inside of your box and who gets what you have put inside your box when you are gone.

DO I REALLY NEED A TRUST?

Yes. If you want to: 

  •   To avoid Probate Court
  •   To ensure assets are distributed according to your wishes
  •  To ensure your assets are controlled by someone you trust
  •   To avoid estate taxes