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 Cheaper may not be better.
Mass marketed, “one-size-fits-all” trusts may, or may not, suit
your estate planning needs. A poorly
drafted, “fill-in-the-blanks” trust could be a waste of money, and
cause your family serious complications upon your death.
“Free”
living trust seminars, presented by non-lawyers, who are “here today,
and gone tomorrow”, cannot provide your family the safety, and
flexibility that only a local attorney can offer.
The benefits of using a revocable trust to transfer
your assets upon your death, and avoid the costs and delay of probate, is
well-known. Signing a
“cookie-cutter” trust may be seem like the answer to your estate
planning questions. But, whom do you
call when you have questions about your trust, or need to make changes to
your documents when your family conditions change?
During
your lifetime most revocable trusts may be amended to keep up with changes in your family.
However, after your death, most trusts become irrevocable and, if
there are mistakes, your family must go to court to change an irrevocable
trust. This can include portions of
a married couple’s trust that become irrevocable after the death of the
first spouse.
While the mistakes may be minor, the procedure to fix
them can be time consuming and expensive. It
may require notifying all the beneficiaries, and potential beneficiaries
of the mistake, and obtaining their permission to fix the problem.
The process can be daunting.
Have your estate plan done correctly, and
tailored to your family, the first time. Avoid
limiting yourself, or your family, to the language of a preprinted trust
instrument. Upon your death, a local
attorney will be there to help your family through their time of grief in
ways that mass marketers are just not able to do.
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In these economic times, it is important to get the most out of your legal dollar. The Law Office of James F. DeMartini can provide affordable solutions.
The end of a marriage can be emotionally draining. Legal disputes only add to the stress. The cost of a litigated divorce can be enough to keep you in a difficult relationship.
There are options.
The Collaborative Process provides parting couples with a constructive alternative to an adversarial courtroom battle. By using the Collaborative Process, you can minimize the conflict, for the sake of your children and yourself.
The process begins with a pledge not to go to court and an honest exchange of information by both spouses. After working collaboratively with each other and neutral professionals, the process ends with a solution that serves the needs of the parents and the children.
Paula S. Hall, an attorney at the Law Offices of James F. DeMartini, provides the support necessary to guide clients through the legal issues during the emotional process of divorce. Ms. Hall and her clients often work with a team of financial specialists, child specialists, and mental health professionals to help clients make informed and intelligent decisions to solve the client’s problems and meet the client’s goals. The team is created to address the client’s specific needs.
The lifelong responsibilities of parenting remain, even after a divorce. By maintaining respect and encouraging cooperation using the collaborative process, Ms. Hall helps parents and children retain family ties while starting new ones.
Relationships sometimes end, but Ms. Hall can help her clients through the process respectfully, and compassionately, to a new beginning.
Mediation is another alternative to litigation. Mediation helps clients reach a mutually satisfactory agreement in a less expensive and less adversarial manner. The two parties meet with a neutral mediator, with or without the assistance of attorneys, to discuss their needs and interests and to work out solutions. Mediation is helpful in maintaining a healthy relationship in the future. A healthy relationship can be an integral part of a successful co-parenting plan.
To stretch your legal dollar even further, come prepared to the initial consultation to make the most of your appointment time. Bring a list of your assets.
The Law Offices of James F. DeMartini also offer affordable services in Estate Planning, Probate, Trust Administration, and Litigation.
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Parents. If you have young children, you need a will to nominate a guardian to take care of your children if something happens to you and your spouse. With a properly drafted trust, you can even instruct the guardian exactly how to spend your money on behalf of your children.
Homeowners. Probate Avoidance. If you own real property, you want the title to pass to your heirs quickly and avoid the cost and delays of probate. Probate is the court supervised administration of your estate. Probate generally costs 3% of the value of the assets being passed to the heirs, plus filing fees with the court. Probate takes a minimum of 4 months, generally much longer. The cost of probate is money that could go into the pockets of your children or heirs.
A trust generally passes the assets to the heirs just as soon as the bills are paid. If your home is below market and must be sold to pay bills, it is especially important to avoid probate, as there may not be enough money left to pay for probate after the mortgage is paid off.
Planning for incapacity. A complete estate plan with a trust can avoid a costly conservatorship process. The successor trustee can take over immediately, upon your incapacity and take care of your affairs. Remember incapacity does not just mean Alzheimers. Incapacity could be the result of an accident, a head injury by falling off a ladder, for example.
Estate Tax Savings. If your estate is large, a trust is important for estate tax savings. A properly drafted trust for a married couple can save thousands in potential estate tax. |
