Has your Living Trust been kept up to date according to your wishes and intentions?
Will your living trust property protect your loved ones from losing their inheritance to divorces, lawsuits, creditors and government claims?
Does your Trust use a special "legacy" provision to build your family's wealth, free of estate taxes, for several generations?
Does your Trust (plus other special signed document) permit your surviving spouse to potentially save hundreds of thousands of dollars in capital gains taxes?
If you are married, do you have the right kind of "A-B" trust (husband and wife trust) so that your surviving spouse can avoid needless paperwork and fees, and so your IRAs won't cause needless estate taxes?
Are your health care directive documents and your Living trust (propertly updated for recent laws caled HIPAA and CMIAA), so the person you have named as your successor trustee can act promptly when you are ill or disabled, rather than be forced to go to court?
Do you have a simple and valuable Emergency Card to make sure your Health Care decision making documents will be immediately available if and when you are rushed to the hospital?
Are your company retirement plans and IRAs properly protected by your Living Trust?
According to IRS rules, these IRA accounts may someday represent the largest assets your loved ones will inherit and, even if they are only $100,000, your family could lose millions if these accounts are not planned for properly.
Does your Living Trust have the flexibility to adapt (after you are gone) to new tax laws and the changing needs and circumstances of your beneficiaries (so your trust will continue to work the way you intended?
Do your Trustees and beneficiaries have an Owner's Manual and Trustee Manual they can turn to for guidance when the time comes?
Trusts and Estate Planning are complicated matters. For further information and advice, contact an qualified attorney in your state and jurisdiction who is experienced in trusts and estate planning.
Harrison & Christi Long
Realtors and Advisors
Explore Group, Coldwell Banker Previews
Irvine, California
949-854-7747
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The information set forth here is not the providing of legal services or services of an accountant. If a person wants or needs such professional services, he or she must contact and retain counsel or a qualified accountant. There are risks associated with the acquisition and ownership of real estate.
