A Living Trust is part of an Estate Plan
Estate planning is the process of arranging for the disposal of an individual’s estate in the event of their death or incapacity. An Estate Plan typically includes a trust, a will, Power of Attorney, Durable Power of Attorney for health care, and a certification (abstract).
Desert residents often have special estate planning needs due to the area’s unique demographics and tax laws. For example, people who own property in the desert may want to consider creating a trust to avoid probate. Probate is a court-supervised process for distributing a person’s assets after their death.
Going through probate can be costly and time-consuming (6 months to 30 months), so many desert residents choose to avoid it by creating a Trust. Trusts can also be used to manage assets during an individual’s lifetime and to provide for loved ones after their death.
If you are considering creating an estate plan, it is important to consult with an experienced local Estate Planner who can help you create a plan that meets your unique needs.
Why do you need an Estate Plan
If you live in the desert or anywhere else in California, you need an estate plan. An estate plan is a set of legal documents that allows you to control what happens to your property and your dependents after your death. A well-crafted estate plan can protect your assets from creditors, minimize taxes, and ensure that your loved ones are taken care of according to your wishes.
While it is important for everyone to have an estate plan, it is especially crucial for those with complex financial situations or large families. If you die without an estate plan, the state of California will dictate how your property is distributed, which may not be in line with your wishes.
Jim Lawless has over two decades of experience creating living trusts in partnership with an elder-law attorney, and can help you create an estate plan that meets your unique needs and gives you peace of mind knowing that your loved ones will be taken care of after you’re gone.
How do you create an Estate Plan?
Desert residents who want to create an estate plan have a few different options available to them. First, they can create a will, which is a document that specifies how their assets should be divided after they die. Keep in mind that if your assets are over $150,000 (including the market-value of your home), your estate will have to go through probate.
Alternatively, they can create a trust, which is a legal entity that can hold and manage the property on behalf of another person.
Trusts can be used for a variety of purposes, including avoiding probate, protecting assets from creditors, and minimizing taxes. Finally, desert residents can also create Advance Healthcare Directives, which specify their medical care preferences in the event that they become incapacitated.
Estate planning is a complex process, but working with an experienced attorney can help make it easier.
What are the benefits of having an Estate Plan
The desert is a beautiful place to live. The sun shines almost every day, the temperatures are moderate, and there are plenty of things to do. But it is also a very expensive place to live. If you don’t have your finances in order, it can be very difficult to make ends meet. That’s why it’s so important to have an Estate Plan.
There are many different types of Estate Plans, but one of the most common is a revocable living trust. With this type of trust, you can decide how your assets will be distributed and who will manage them after you die. You can also change the terms of the trust at any time, as long as you’re alive and mentally competent. This type of flexibility is important in the desert, where life can change quickly.
Another benefit of having an Estate Plan is that it can help you reduce or eliminate taxes on your estate. When you die, your estate is subject to both state and federal taxes. But if you have a proper estate plan in place, you can minimize the amount of taxes that your family will have to pay. This can save them a lot of money in the long run (plus minimal stress for your loved ones during a difficult time).
If you live or own property in the desert, it is extremely important to have your living trust accurately created for you by an elder-law attorney. An estate plan can protect your family and save them money. It’s an investment that will pay off for years to come.
Who should have an Estate Plan
The cost of creating a living trust varies depending on the size and complexity of your estate, as well as the attorney’s fees. With a typical starting price of $3,000, an elder law attorney can help you create a trust. If your estate is more complex, then the cost up may
increase for their services. The range of attorneys’ fees in the desert for living trusts appears to be $3000 to $8000.
If you use our company, PEACEofMINDRetirementPlanning, we can get you a Living Trust for the low cost of only $1,795 using an elder-law attorney.
Furthermore, a living trust can give you peace of mind knowing your assets will be distributed as you see fit. However, before making this decision, compare the costs and benefits with an experienced elder-care attorney to get tailored information for your circumstances.
The bottom line is that there is no one-size-fits-all answer when it comes to Estate Planning costs. The best way to keep costs down is to do some research and compare different options before making any decisions. With careful planning, you can create an estate plan that meets your needs without breaking the bank.
If you have property or assets with a market value exceeding $150,000, it is important to have a comprehensive estate plan in place. An estate plan can include a trust, a will, Powers of Attorney for financial and healthcare decisions, and advance directives. A well-crafted estate plan ensures that your wishes are carried out and that your loved ones are taken care of financially if something happens to you.
Call us today (PEACEofMINDRetirementPlanning) at 1-888-887-2581 to set up your Living Trust for $1,795.