Why do I need an estate plan?

A well thought out estate plan ensures that your plans for your medical care, guardianship
for minor children, and management and distribution of your assets will be carried out
according to your wishes and not left to the State or others to decide.

What happens if I don’t have a plan?

The government’s estate plan is called Intestacy and your assets will be distributed
under State law. These statutes almost never match how you would have divided your
assets yourself. Documents to appoint an Administrator must be filed with the Probate
Court and their approval must be obtained.

The court will appoint guardians for your minor children. The probate court may
appoint a conservator to make decisions about your medical care if you are unable
to do so. Without a valid plan all decisions about your estate will have to be approved
through the probate court system.

What should I consider before I begin?
  • Who will be the executor of your Last Will
  • Who will be the successor trustee after you if you draft a trust
  • Who should be the Guardian for your minor children
  • Who will make financial decisions for you if you cannot make them yourself
  • Who will make health care decisions for you if you cannot make them yourself
  • How you want your end of life medical care handled
  • If you want to make any anatomical gifts at your death
  • How you want your estate to be distributed at your death
What’s the difference between having a “Will” and a “Living Trust”?

A last will is a written document that states who you wish to be the guardians for
your minor children and how you would like your assets distributed at your death.
The last will names an executor to facilitate the management of your assets during
the probate process.

Trusts are a legal construct that allows you to create a separate legal entity to
hold your assets. A trustee is named who manages the assets for the benefit of you
and your beneficiaries. Revocable living trusts are created and funded during your
lifetime and you often name yourself as trustee to maintain control of the assets
until your death or incapacity. A testamentary trust is created after your death
by a provision in your will. Trusts are very flexible and there are many different
types. The type of trust used is dependent on your specific goals and circumstances.

A Living Trust offers protection should you become incapacitated by allowing your
successor trustee to manage your assets without interruption. Please note that even
with a Living Trust you should still have a will known as a “pour-over” will. These
wills make sure that any assets, which may not be in your Living Trust at the time
of your death, “pour-over” into the trust. Your Trust Package will include all of
the necessary estate planning documents including a “pour-over will”.

How will I know whether I need a “Will” or a “Living Trust”?

We offer FREE email support to answer these types of questions. Based on your particular circumstances we can assist you with making the right decision.

If I set up a Living Trust, can I be my own trustee?

Yes. In fact, most people who create Living Trusts act as their own trustee. If
you are married, you and your spouse can act as co-trustees. During your life, you
will have complete control over all of the assets in your trust. In the event of
your incapacity your hand-picked successor trustee assumes control over your affairs.

Is a Living Trust valid in all states?

Yes, a Living Trust is valid in all fifty states, plus the District of Columbia

Isn’t a Living Trust only for the rich?

No. A Living Trust can help anyone protect his or her family. Any person with an
estate large enough to require probate may derive meaningful benefits from a Living
Trust.

Will a Living Trust save on Estate Taxes?

A living or a testamentary trust may help save on taxes in certain circumstances.
The estate and gift tax laws are complex and fluid. Trusts are flexible vehicles
that are often used in tax planning. Your individual situation will determine what
trust type, if any will help best preserve your assets.

Will a Revocable Living Trust protect my assets should I have to go into a nursing
home?

No. Because you maintain complete control over your assets titled in your Living
Trust, those assets are considered available for your use should you have to go
into a nursing home.

What type of Living Trust do we need?

There are a number of different trust types for a married couple; all of which are
typified by the result after the first death. The factors which go into determining
the correct type of trust are the size of the estate, the tax laws, the underlying
ownership of the trust assets and the comfort level the couple has with the degree
of control the survivor should have over the trust.

We are not married; can we still have a Joint Living Trust?

You have the option to prepare a Joint Trust along with all of the matching supporting
documents for a “Non-traditional Couple”.

My spouse is not a U.S. citizen; are there any special problems?

Yes. A non-citizen surviving spouse can be required to pay substantial estate taxes
at the first death if a proper estate plan is not in place. Depending on the size
of the estate, it may be necessary to have your Living Trust set up as a “Qualified
Domestic Trust” to avoid the payment of any taxes at the first death. The program
will create the appropriate trust for you based on the information you provide.

What do I have to do after I create a Living Trust?

You need to make sure that you title appropriate assets in the name of the trust.
Once a trust is created and funded, it will continue on until it is revoked or it
is distributed pursuant to its terms. There are no on-going costs or fees to establishing
a Living Trust; nor are there any separate accountings or tax returns required during
your lifetime. IRS Regulations provide that a revocable living trust uses the tax
identification number — your Social Security Number — of the Grantor as its identification
number and no separate tax returns should be filed for the trust. Instructions on
how to transfer or title assets into the name of the trust will be provided.

What should I do if I want to use your services?

Developing an estate plan is a smart and caring act on your part. Whether you use
our service or someone else’s you are taking the first step to gaining control of
your affairs and your loved ones will be very grateful.

This program is designed to make the building of a basic estate plan as easy and
economical as possible. Completing the on-line interview yourself allows you to work
at your own pace, ask yourself the important questions and see the plan come together.

It also allows you to save on fees as we do not have to enter the data ourselves.
Please follow the instructions below to begin and we will be in contact with you
as you proceed and when necessary.

  • You will complete a Registration Form and then log-in information will be sent to
    you by e-mail so you can proceed, and so we can contact you if there are any changes
    in federal or state law which might affect your trust;
  • You will login to the system and begin the interview process which will take you
    screen by screen through the context sensitive question and answer process. You
    can save your answers and come back at a later time to finish. At the conclusion
    of the interview, you will have provided all the necessary information to assemble
    a custom estate plan for your individual situation.