Assure the right people will inherit your assets, in the right amounts, at the right times, and upon the terms you designate. The Living Trust not only does this, but avoids court conservatorship and probate proceedings and helps reduce or eliminate federal estate taxes for a married couple. Our cutting-edge Personal Asset Trust℠ enhances the protection of your beneficiaries' inheritance from spouses, divorces, lawsuits, creditors, loss of government needs-based benefits and additional estate taxes when they pass their inheritance to the next generation.
A one page "snapshot" summary of the key provisions of your Trust, to assist you and your successor trustees in understanding how your Trust will work.
A backup to the Trust, this Will transfers any assets left outside the Trust at death into it. This Will also names guardians of your minor children, if any.
Authorizes someone to manage any property outside the Trust if you become incapacitated and to take certain critical, last minute estate planning actions.
For married couples, this can avoid needless capital gains taxes if the survivor sells appreciated assets and can help fully utilize each spouse's estate tax exemption.
Includes a Durable Power of Attorney for Health Care, which authorizes the person(s) of your choosing to make health care decisions for you if you become incapacitated. Also includes a Living Will, which may authorize withdrawal of life support when there is an irreversible coma or terminal illness.
Permits the persons that you've named to make your medical and financial decisions immediate access to your health information when the need arises, without having to go to court.
A special card for you to keep in your wallet which allows your emergency health care providers immediate fax access to your Advance Health Care Directive and HIPAA Authorization, when necessary.
The Living Trust "Owner's Manual" includes copies of the estate planning documents (as described above), as well as the following items.
Title Transfer Guidelines and instruction letters for transferring your assets into your Living Trust. (At the time we sign your Trust, we typically also sign all deeds transferring your California real estate to your Trust. These letters are for use with your other assets.)
Summary copy of selected portions of your Living Trust in case a bank or other institution requests it when you transfer assets to your Trust.
A key item to keep in your wallet, readily available, so when you acquire new assets you correctly place them into the proper legal name of your Trust.
A checklist of the very first steps your successor trustee should take immediately upon your death or incapacity. (Each client's surviving spouse or other successor trustee is also entitled to a free meeting to assist them upon your death or incapacity.)
More detailed instructions to your successor trustee regarding the immediate administration of your trust upon death or incapacity.
Your instructions for funeral and burial and for distribution of certain, usually less valuable items of personal property, such as family memorabilia, antiques, jewelry and home furnishings.
Where your important documents and assets can be located and the people to notify upon death or incapacity, along with their addresses and phone numbers.
This helps identify when you may need to come in to update or revise your plan. (Each client is offered the opportunity to come in for a free review of their estate plan every three years.)
This explains how a well-drafted and maintained Living Trust plan works and serves as a helpful review for you in the future, as well as an invaluable aid to your successor trustee and beneficiaries.
This Manual takes over where the Owner's Manual leaves off. This Manual is chock-full of helpful, plain-English checklists and easy to follow, step-by-step procedures based on our firm's unique experience in handling over 3,000 trust administrations after clients have passed. This Manual will prove to be invaluable to your successor trustee(s), as well as help minimize potential legal fees, aggravation and anxiety! This Manual includes:
A Few Important "Do's" and "Dont's":
Most people have never served before as a Trustee of a Living Trust. These easy to follow instructions will quickly identify the things they should do and, maybe even more importantly, the things they shouldn't do!
Checklists of Actions:
Plain-English checklists to assist the Trustee, whether the trustmaker has just become ill or disabled, whether an individual or the first spouse of a married couple has passed away, or the surviving spouse of a married couple has passed away — so the Trustee knows what critical items need to be done in each of these circumstances.
Working with Advisors and Beneficiaries:
Some helpful tips on how to successfully work with attorneys, financial advisors, accountants and trust beneficiaries to ensure a smooth administration of the Trust.
Trustee Duties, Powers and Liabilities:
These Chapters will assist the Trustee in knowing what powers and duties they may have in their role as Trustee, as well as what limitations they may have!
A "Quick Start" DVD and Much, Much More:
A short DVD to get the Trustee started (particularly if he or she doesn't want to read a Manual!) as well as helpful tips and guidance on various aspects of serving as Trustee, such as Investing, Recordkeeping, Income and Estate Taxes, Distributions to Trustees, Transitioning to Another Trustee and Termination of the Trust. This Manual is a must-have companion to the Living Trust Owner's Manual!
The "PAT" Beneficiary Manual is the third and final volume of our unique Living Trust "trilogy", providing a complete A through Z guide to everything a client's beneficiaries need to know to properly set up and utilize our unique "Personal Asset Trust℠". This indispensable tool is the critical "missing link" that will help a client's loved ones avoid costly mistakes that could wipe out their inheritance!
This Manual includes a short “Quick Start” DVD to get the beneficiary started with properly using the "PAT" (particularly if he or she doesn't want to read a Manual!). From investing, purchasing, refinancing and selling assets to recordkeeping, income taxes, estate taxes and financial and estate planning for the beneficiary, this Manual comes complete with just about anything and everything any beneficiary needs to know to properly setup, implement and utilize his or her "PAT"!
Free Phone Calls - To help you and to answer your questions after you set up your trust with us.
Free Meeting To Review Your Plan - Every 3 years, to make sure your estate plan is up-to-date with any law changes and newer planning strategies, and continues to accurately reflect your planning wishes.
Free Seminars - On new services and strategies, law changes, advanced estate planning, and various financial and tax planning subjects.
Free E-mail Newsletter - Published monthly, to keep you Informed of the Latest Estate Planning Developments and Strategies.
Specially Discounted "Upgrade" Packages - When law changes require important revisions of your Living Trust Estate Plan in the future.
Free Post-Death Consultation With Your Successor Trustee - To help assure your Trust will be properly implemented when the time comes.
All of the above "Most Complete Living Trust Package" is individually tailored and prepared for a fixed fee, quoted in advance, and agreed to by you in writing before any work is done. Your initial consultation, to review your particular situation and needs, and to quote the fixed fee, is free of charge. You may also require additional Advanced Level Estate Tax or Asset Protection Planning, which will be quoted separately as needed.
The Law Firm of Kavesh, Minor & Otis, Inc. serves clients throughout Torrance & the Surrounding Areas.
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