Ask Living San Diego lawyer specializing in Bankruptcy,Estate Planning, Personal Injury, Workers Compensation. http://www.jamessextonlaw.com/Living-Wills-and-Trusts/ Wed, 17 Mar 2010 16:30:04 +0000 Joomla! 1.5 - Open Source Content Management en-gb What if I want to change my trust later? http://www.jamessextonlaw.com/Living-Wills-and-Trusts/What-if-I-want-to-change-my-trust-later.html Changing your trust later is not a problem. Once you establish your revocable living trust, you can amend or revoke it as often as you feel is necessary. Most often people make changes to their trust to amend the person in charge of distribution (trustee), or to amend those receiving their assets (beneficiaries).

To learn more about wills and trusts, come attend one of our free wills and trusts estate planning workshops, click here to learn more.

Or, you can call our offices at (619) 737-9159 to schedule a free consultation.

]]> Living Wills and Trusts Thu, 24 Apr 2008 17:14:10 +0000 My spouse and I feel that we have planned for death as we hold everything in “joint tenancy.” Are we going to avoid probate? http://www.jamessextonlaw.com/Living-Wills-and-Trusts/My-spouse-and-I-feel-that-we-have-planned-for-death-as-we-hold-everything-in-joint-tenancy.-Are-we-going-to-avoid-probate.html No, if you die, you’re spouse will own everything you own. And if your spouse dies, you will own everything they own. But, the problem arises when the last of you dies. Then, you can expect a probate as “joint tenancy” only puts off the reality of probate. A trust is the only way to avoid probate. Probate is espensive and takes a long time.

To learn more about wills and trusts, come attend one of our free wills and trusts estate planning workshops, click here to learn more.

Or, you can call our offices at (619) 737-9159 to schedule a free consultation.

 

]]> Living Wills and Trusts Thu, 24 Apr 2008 17:10:15 +0000 I have heard about something called the death tax, is there any way to avoid it? http://www.jamessextonlaw.com/Living-Wills-and-Trusts/i-have-heard-about-something-called-the-death-tax-is-there-any-way-to-avoid-it.html Yes, in fact there are many ways to avoid or reduce the death tax. If you live in California, the best way to avoid the death tax is through a trust. For example, if you are married you can double the $1,500,000 exemption, although few take advantage of this method.

To learn more about wills and trusts, come attend one of our free wills and trusts estate planning workshops, click here to learn more.

Or, you can call our offices at (619) 737-9159 to schedule a free consultation.

 

]]> Living Wills and Trusts Thu, 24 Apr 2008 17:07:32 +0000 If I already have a will why would I also need a trust? http://www.jamessextonlaw.com/Living-Wills-and-Trusts/if-i-already-have-a-will-why-would-i-also-need-a-trust.html Although you’ve done some planning, your will must be “probated”. Probate is a formal public procedure of the Superior Court and most probates take about two years. Anyone has the ability to pull your probate file and find out all about you, seeing what you own, owe and whom will be receiving your estate after probate. In addition, during this time your estate will be frozen. Trusts save your loved ones from this difficult hassle, as trusts do not go through probate.

To learn more about wills and trusts, come attend one of our free wills and trusts estate planning workshops, click here to learn more.

Or, you can call our offices at (619) 737-9159 to schedule a free consultation.

]]> Living Wills and Trusts Thu, 24 Apr 2008 17:06:26 +0000 Why would I even consider having a will and trust in place at all? http://www.jamessextonlaw.com/Living-Wills-and-Trusts/why-would-i-even-consider-having-a-will-and-trust-in-place-at-all.html It is critical to prepare the proper estate planning documents to save your family thousands of dollars in probate fees, as well as provide quick, easy distribution of your assets the way you want them distributed, not the way the State of California wants them distributed.

To learn more about wills and trusts, come attend one of our free wills and trusts estate planning workshops, click here to learn more.

Or, you can call our offices at (619) 737-9159 to schedule a free consultation.

]]> Living Wills and Trusts Thu, 24 Apr 2008 17:04:17 +0000 How do I avoid the high costs of probate? http://www.jamessextonlaw.com/Living-Wills-and-Trusts/how-do-i-avoid-the-high-costs-of-probate.html Probate is necessary when an individual dies without the proper estate planning documents and his/her assets exceeds $100,000. The cost for probating an estate is based on the estate’s gross asset value, which generally means including all that you own, but nothing that you owe. For example, if you own a home worth $800,00 with a $790,000 mortgage, the gross asset value is $800,000.

Please find below a helpful chart that shows the minimum probate fees as set by California law relative to the estate’s gross asset value. These fees to settle an estate in court do not include special fees for the sale of assets, tax preparation, and litigation.

 

Gross Asset Value

of Entire Estate

Minimum Probate Fees WITHOUT

Proper Estate Planning

Probate Fees

WITH

Proper Estate Planning

$400,000

$22,000*

$0

$500,000

$26,000*

$0

$750,000

$36,000*

$0

$1,000,000

$46,000*

$0

$2,000,000

$66,000*

$0

$3,000,000

 

$86,000*

 

$0

 

$4,000,000

 

$106,000*

 

$0

 

To learn more about wills and trusts, come attend one of our free wills and trusts estate planning workshops, click here to learn more.

Or, you can call our offices at (619) 737-9159 to schedule a free consultation.

 

]]> Living Wills and Trusts Thu, 24 Apr 2008 16:57:47 +0000