Law Office of Derryl H. Molina

(408) 244-4992

ESTATE PLANNING

 

Home      Estate Planning      Trusts      Wills      Elder Law      Wealth Management     Mediation    Probate  

 

 

 

EVERYBODY OVER THE AGE OF 18 NEEDS SOME ESTATE PLANNING

Everyone needs a:

Will

Durable Power of Attorney

Advance Health Care Directive

MORE COMPLEX SITUATIONS REQUIRE A TRUST

 

The following charts will help you to determine 1) if you need  Estate Planning, 2) if your needs are simple or complex, and 3) what kind of estate planning is right for you.  Please answer the questions honestly and contact the Law Office of Derryl H. Molina if you want some assistance with your Estate Planning needs.

 

Table  1    PLANNING

Yes _____  No _____            Do you have a will?

Yes _____  No _____            Does your spouse have a will?

Yes _____  No _____            Do you have minor children?  Does your will name a guardian for the children?

Yes _____  No _____            Do your assets, including house and personal property, over $100,000?

Yes _____  No _____            Do you have a Living Trust?

Yes _____  No _____            Does the trust name three levels of successor trustees?

Yes _____  No _____            Does the trust name three levels of beneficiaries?

Yes _____  No _____            Do you have a document naming someone to take care of your affairs if You become disabled?

Yes _____  No _____            Do you have a current Advance Health Care Directive?

Yes _____  No _____            Have you considered who you want to make health care decisions foryou if you cannot?

Yes _____  No _____            Does your will or trust specify how death taxes will be paid?

Yes _____  No _____            Do you want to make any gifts to charities after your death?  Have you included these gifts in your estate planning    documents?

 

Yes _____  No _____            Do your planning documents set forth clearly how your personal property will be distributed?

Yes _____  No _____            Do your planning documents set forth care provisions for your pets?

Yes _____  No _____            After you signed your planning documents, did you amend or replace them whenever you changed your mind about any provisions?

                                          

 

Table   2     MAINTENANCE/REVISION

Yes _____  No _____            Has the value of your assets changed substantially since you signed your planning documents?

Yes _____  No _____            Have you changed the kind of assets you own since you signed your estate planning documents?

Yes _____  No _____            Has your marital status changed since your estate planning documents were signed?

Yes _____  No _____            Have you had children since your estate planning documents were signed?

Yes _____  No _____            Have your children had children?

Yes _____  No _____            Have any of your children been married, divorced or died since your planning documents were signed?

Yes _____  No _____            Have you, your spouse, or child become physically or mentally incapacitated since your planning documentss were signed?

Yes _____  No _____            Have you bought, sold, or refinanced a piece of property since your planning documents were signed?

Yes _____  No _____            Are you contemplating selling stock or other valuable assets with a low cost basis?

Yes _____  No _____            Have you changed your residence to another state since your planning documents werre signed?

Yes _____  No _____            If you have a Living Trust or a Durable Power of Attorney, does it empower the trstee to sell, buy, or transfer property upon u                                                                        your  incapacity to protect it from Medi-Cal recovery?

 

 

 

COMPARATIVE COSTS

ESTATE PLANNING VS. LACK OF ESTATE PLANNING

(Disclaimer:  The numbers on this chart are estimates only, and are subject to change without notice.)

ESTATE SIZE

Per person

COST OF PROBATE

10 - 15 % +

FILING FEES COST OF TRUST

Living Trust

COST OF TRUSTEE

No comp.  -     .05%

ESTATE TAXES

2007-2010..55%

$500,000

$50K-75K

$485

$2500

None     $2500

None    

    

$800,000

$80 K-

120K

$635

$2500

None     $4000

None          None

 

$1,000,000

$100K-150K

$1135

$2500

None     $5000

None          None

 

$2,000,000

$200 K-300K

$2635

$2500        $5000

 

None  $10,000

None

 

$5,000,000

$500K-750K

$3635+.02% of value over $3.5M

 

$2500        $5000

None  $25,000

$2,200,000

$10,000,000

$1,000,000

 

$3635+.02% of value over $3.5M

 

$2500        $5000

None  $50,000

$4,950,000

$20,000,000

$2,000,000

$3635+.02% of value over $3.5M

 

$2500     $5K+$5K

None$100,000

$10,450,000

The information on this website is for educational purposes only and should not be considered legal advice or an attorney-client relationship. For clarification of any material of this website or to seek help on your particular issue, feel free  to contact  The Law Office of Derryl H. Molina at  (408) 244-4992 or email  Derryl H. Molina at attderryl@comcast.net