ESTATE Planning – Will/Trust/Advance Health-Care Directive:
Protect What You EARN! Protect What You OWN !!
1) Estate planning allows you to choose who gets what.
2) Estate planning affords you the chance to name your children’s guardian in the event of your early death.
3) Estate planning reduces taxes on what you leave behind.
4) Estate planning minimizes the chances of family strife and ugly legal battles.
Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service. Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.
If you have,
– MINOR kids (even major kids to pass the legacy)
– $150k and above worth of assets (as per CA law)
Estate Plan – Will/Trust is NOT Optional, but MUST and even if you are H1b holder in California.
Why Estate Planning? 2-Reasons:
1) Assets in USA is not automatically inherited to kids if parents are no more (Unlike India inheritance law)
2) Kids custody is decided by Court if both parents are no more. This is important for H1b parents – if unexpected happens (even grand parents can not claim). If parents die without leaving a will, it is up to the court to decide who will become the child’s legal guardian.
Once kids become major, they will have to go through Probate process to claim the assets.
How to do? 3-Steps:
1) Gather list of assets/bank accounts, wishes, Beneficiaries and trustee (Guardian)
2) Send the details via Online to Our referral network Attorney; Attorney reviews, prepares draft documents and confirm with client via eMail or in-person.
3) Schedule Notary Signing with Notary – Gale Ranch Notary and document walk-through with Attorney.
Keep the signed binder in safe-place.
1) What is Will?
A will lays out your wishes for after you die.
While your big-ticket assets, such as a home, should be owned by your trust, you likely have other smaller keepsakes –a china collection, watches etc.. – that you want to give to a specific person. A will is where you spell this out.
A will is also where you can write down your funeral wishes.
2) What is Trust?
After you create a trust you can move the ownership of key assets –such as a home and other property – into the trust and appoint yourself as the trustee, meaning you call all the shots on how to use and manage those assets while you are alive. You also appoint someone to be your successor trustee. If you become incapacitated, the successor trustee can step in easily and manage your affairs. Or, when you die, the successor trustee takes over without the need to get any court approval.
3) What is Advance Health-Care directive?
An advance directive helps loved ones, and medical personnel make important decisions during a crisis. Having an advance directive in place ensures that your wishes regarding your health care are carried out, even when you’re unable to make your wishes known.
4) Why Attorney vs Online software?
Attorney reviews individual situations/assets and needs and manually prepared.
5) Can we list India Properties in US Estate-Plan?
Laws in India is different and the estate plan executed in USA is not binding in India. However, for information purpose for the kids, it may be useful to list in the assets list but not for legal purpose.
6) If I have properties in different states, do I need additional trusts?
Trust is prepared for each property separately for the respective county. So there will be additional $100 or so for each additional property.
7) After Will/Trust Preparation, if new property is acquired do we need to change the will/trust?
Yes, the new property needs to be updated. Or even if you change the Trustee to new person, the will/trust needs update. But it will be minimal charges.
8) After the Estate Plan is done- what is next?
Attorney register the property in the county under the new Trust. Keep the executed (Notary signed) copy in a safe place (locker). Inform kids and trustee about the details and whereabouts the Estate Plan (or share the scanned PDF). Attorney keeps 1-copy and it will be available if reference needed later.
I am scheduling week-end appointments with Tony and he gives life-time 30-minutes FREE legal consultation for his clients if Estate PLAN is done through him (Later after prep. too). He provides Entity Formation and General Corporate Representation, Contracts and Reals Estate law guidelines.
Usually it costs about $2000-$3000. But you can do cost-effective via our referral network. Please send me eMail Govind@GaleRanchNotary.com or Text/Whatsapp (925)322 3131.