Estate Planning as a Career

Do I Need a Trust?

June 12th, 2009 Filed under: ab trust,Executor Fees,sample wills,Trusts attorney — Estate Planning Author

Most people when faced with this question, or whether they have an “estate” get a blank look in their eyes, and say no, but would be surprised to learn that they do have an estate and would benefit from this important service.

General Rule: If you have an estate valued at over $100,000 you should have a trust.

“Estate” Includes:

1. Value of all Real Property Interests

2. Time Shares

3. Boats, Cars, Other Personal Recreational Vehicles

4. Business interests including partnerships, sole proprietorships, corporations, LLP and LLC interests

5. Value of all Brokerage, Corporate Stocks, Corporate Bonds, Mutual Funds, Treasury Bills, and Savings Bonds

6. Retirement Assets including: IRA, Keogh, 401(k), 403(b)Qualified Plan, Employer Plan, Deferred Comp, Annuity, Pension Plan, Roth IRA,

7. Value of all Insurance Policies – Whole and Term

8. Amounts in Checking, Savings, CD’s, Money Market Accounts

9. Value of Notes and Deeds of Trust

10. All other personal property including clothing, furnishings and other household goods.

Reasons for Planning:

1. Avoiding probate

2. Minimizing estate taxes

3. Self-directed distribution of wealth to heirs

4. Proactive management of health and assets in the event of incapacity.

If you or your family own any of the above assets, please discuss these with a local estate planning attorney in your area to determine the appropriateness of including a trust into your family’s estate plan. Planning might include wills, Advance Health Care Directives, Durable Powers of Attorney for Property and other documents to ensure the timely transfer of your assets upon your death. Only a complete assessment of your individual circumstances can reveal the appropriate plan for you.

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Daniela Lungu, principal of the Law Offices of Daniela Lungu, is an established local attorney specializing in asset protection through business and estate planning. Estate planning is often the key step in planning for the future, to ensure timely and accurate wealth succession. For a complimentary consultation of your legal needs, please call (925) 558-2710 or e-mail lungu@lungulaw.com. Additional information about Daniela Lungu and various forms of planning can be found at http://www.lungulaw.com

The preceding should not be considered tax or legal advice. Please consult with your financial and legal advisors for information appropriate to your specific circumstances.