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It’s a hard subject to think about, but one that has to be addressed. Accidents happen. Diseases appear out of nowhere. What will your family do if - for whatever reason - you’re no longer here to take care of them? Here are the answers to that question and other commonly asked questions we receive.
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Who will take care of your children?
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Can you picture your children being raised by a stranger? Do you have preferences as to which family members, friends, or other adults should raise your children? If so, you need to have a will or living trust written and executed by a licensed and experienced attorney. If you do not write and properly execute a will or living trust (also known as a family trust), you are leaving your children’s future up to the whims of the courts. Right now, you care for every detail of your children’s lives. Don’t neglect this all-important decision. Make sure you provide for them even if you are no longer here.
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What will happen to your assets?
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Without a properly written and executed living trust, access
to your assets could be tied up in probate court for an average
of nine months to two years. In addition, over 10% of your money
can be lost in court and attorney fees ("the death tax").
A properly written and executed will and trust prepared by Nancy
Pack-Rayman can spare your loved ones the burden of probate court
and the lack of funding for your children's education and other
critical needs.
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What happens when you die without a living trust?
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Each year over half of all Americans die without a properly written will or trust, costing their heirs large fees and a secure future. If your estate is worth over $100,000, and you do not have a living trust, your entire estate will be placed in probate. Probate can end in as little as nine months or it can take as long as several years. None of your assets (including cash and personal effects) can be distributed until the probate estate is closed by the court. Will your life insurance provide everything they need in the meantime?
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When do I need a will?
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You should have a properly executed will prepared by a licensed professional if:
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- you have children: your children's future depends
on it. If you die tomorrow without a properly executed will
or trust you are leaving your children’s future up to chance.
The courts will decide where and by whom your children will
be raised… not you.
- you have a revocable living trust: then you need
a "Pour-over will" to be sure everything is moved
to your living trust.
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When do I need a revocable living trust?
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A revocable living trust is a document that lets you transfer most of your assets into a "trust" for you and your heirs benefit, and avoid their having to go to probate court. You may need the protection of a revocable living trust if you:
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- have over $100,000 in assets (this is everything including cars, furniture, jewelry) or own real property worth over $20,000. Keep in mind that "assets" are not equal to "net worth." Just count your assets and not the debts associated with them.
- want to ensure that your assets are delivered to your heirs promptly without getting tied up for months or years in probate.
- want to ensure the bulk of your assets go to your heirs rather than being used to fund probate court activities.
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Why do I need my attorney and accountant involved? Can't I just use canned software?
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Like all software programs, most will and trust software is a
good tool only in the hands of someone trained to use it. If you
are not an attorney or an accountant, do you really want to trust
your children's future to a piece of software? Nancy Pack-Rayman
is an experienced attorney who will prepare your will and trust
with the utmost of care. Nancy and the others at her firm are
trained professionals who keep up with the latest legal changes.
After Nancy creates your will and trust, your accountant will
verify that the data is accurate before it is presented to you
for signature.
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I see living trust packages offered for as low as $395. Why should I pay more for your services?
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Our services are personalized and tailored to your individual
needs. Beware of "Trust Mills" and "Annuity Scams"
that attempt to sell you investments under the guise of "estate
planning." We do not sell annuities or other investments.
Our sole business is to provide individualized and caring legal
services for all of your estate planning needs.
In addition, we are attorneys, not paralegals. Attorneys must
complete a three-year doctorate program and pass 17 hours of testing
to be admitted to the bar. There are no educational or other requirements
necessary to call yourself a paralegal. Your family’s future
hinges on the accuracy and validity of your will and trust. It
is important to have these documents prepared by a professional
who has been trained in all the details of complicated estate
laws.
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Will my tax liabilities change because of setting up the living trust?
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No, the government has set up specific exclusions for these types
of trusts. There should be no tax consequence as a result of setting
up a living trust. Remember, your own accountant will be involved
to make sure that the trust tax rules apply to your individual
situation.
In fact, setting up a revocable trust can offer huge tax benefits.
Revocable living trusts are government- approved methods of reducing
"death taxes." They also help ensure that more of your
assets are passed to your heirs.
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I am very busy and don't have time to take care of this now. Can't I wait till I am older?
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Unfortunately, there are no guarantees in life. Do not put off taking responsibility for your family's future. Nancy Pack-Rayman makes the process very easy since she has so much experience in this area. Give us a call for a free consultation and let us take one more important item off of your "to do" list.
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Okay, I'm ready to secure the interests of my family’s future. How do I get started?
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Contact us today either by calling 818-360-5832, or by filling
in the form below. We will
set up a free phone consultation to determine exactly how we can
help you achieve financial security for your loved ones' future.
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