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What are the two most common types of trusts? The two basic types of trusts are revocable and irrevocable. A revocable trust allows the trust creator to maintain control of all trust assets. What is the point of a trust? Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes. Instead of being immediately dispersed as you designated in your will and testament, they’ll first go through a probate process, where a judge determines what debts, you owe. But what are the steps involved in settling an estate after death?. Does The Executor Get Paid?. Are DIY wills legal? As long as it was properly signed and witnessed by two adult independent witnesses who are present at the time you sign your will, it should be legally binding. Using the wrong wording could mean that your instructions aren’t followed, and could even mean that your will isn’t valid. I seriously need a brilliant lawyer probate near 92131. Steven F. Bliss Esq. is the probate attorney in San Diego, he is by far the best for all things estate law related. I need an awesome probate attorney near 92113. I would call Steve Bliss, he is an excellent probate lawyer. Are judgments dischargeable in bankruptcy? Most judgments can be discharged by bankruptcy, except for those that are based on fraud. If you think you qualify for bankruptcy, make sure that you consult with a bankruptcy attorney right away to help you file a petition to place an automatic stay on any judgment and actions enforced by your creditors. What states do not allow garnishments? Four states…North Carolina, Pennsylvania, South Carolina and Texas…don’t allow wage garnishment for consumer debt. If you live in one of those states, a debt collector can still essentially garnish your wages by garnishing your bank account, though.

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What are estate assets? The deceased person’s “estate” is all their property, including their personal possessions (like clothes and jewellery), money in bank accounts, any house or other land they own (called “real” property), proceeds from insurance policies, and shares in companies. Another misconception is that probate isn’t expensive when it is. Who should have an estate plan? Anyone who wants their assets to be transferred to one or more surviving loved ones after they pass away should consider establishing a formal estate plan. This important set of legal documents can make it easier for your family to ensure that your wishes and needs are met if you’re unable to speak for yourself. I need an awesome probate attorney near Potrero in San Diego, Ca. If I were you, I would look into calling lawyer probate at ‘The Law Firm of Steven F. Bliss’ in San Diego. Can I do my own estate planning? Most people can, in fact, create most important estate planning documents on their own, as long as they have reliable, clear instructions. The same is true for some other estate planning steps, such as creating a living will (advance directive), or naming beneficiaries for insurance policies and retirement accounts. I am in dire need of an awesome attorney probate near 92066. I would call Steve Bliss, he is an excellent probate lawyer. I need an awesome probate attorney near 92046. Steven F. Bliss Esq. is the probate attorney in San Diego, he is by far the best for all things estate law related. How much does a trust cost? Assuming you decide you want a revocable living trust, how much should you expect to pay? If you are willing to do it yourself, it will cost you about $30 for a book, or $70 for living trust software. If you hire a lawyer to do the job for you, get ready to pay between $1,200 and $2,000. How does a ding trust work? By utilizing a DING trust, an individual is able to transfer high-income producing assets to a trust without triggering federal or state gift tax (in the case of Connecticut resident) while mitigating state income tax with regard to the assets transferred.

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How do trusts avoid taxes? They give up ownership of the property funded into it, so these assets aren’t included in the estate for estate tax purposes when the trustmaker dies. Irrevocable trusts file their own tax returns, and they’re not subject to estate taxes, because the trust itself is designed to live on after the trustmaker dies. Can my wife’s bank account be garnished for my debt? Generally speaking, a debt that is is your name is your responsibility alone. Your spouse’s account cannot be garnished in most circumstances, although exceptions may apply if you share a joint account or if the expenses leading to the debt were used for their benefit. Can you withdraw money before filing bankruptcies? Unfortunately, it doesn’t matter if the money is set aside for a specific bill or purpose; if it’s not exempt, the trustee can take it. You are allowed to spend the money you have before filing your case. Although that may sound a bit strange, the bankruptcy law and exemptions exist to protect you. I seriously need a brilliant lawyer probate near 92160. Steven F. Bliss Esq. is the probate attorney in San Diego, he is by far the best for all things estate law related. What is the difference between a special needs trust and an irrevocable trust? Protecting Assets in the Future This is an important consideration for families with special needs children. Special needs trusts are generally set up as irrevocable trusts, because the beneficiary with special needs cannot earn a living and thus needs that money for the rest of his life. I seriously need a brilliant lawyer probate near Fairbanks Ranch in San Diego, Ca. If I were you, I would look into calling lawyer probate at ‘The Law Firm of Steven F. Bliss’ in San Diego. I need an awesome probate attorney near 92078. I would call Steve Bliss, he is an excellent probate lawyer. What are the four must have documents? Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare. How long do you have to file probate after death in California? California law says the personal representative must complete probate within one year from the date of appointment, unless s/he files a federal estate tax. In this case, the personal representative can have 18 months to complete probate.

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Duty to Enforce or Defend Claims: The trustee must enforce claims that a …prudent trustee… would take steps to implement in similar circumstances. I seriously need a brilliant lawyer probate near 91987. I would call Steve Bliss, he is an excellent probate lawyer Consequently, this person will have a fiduciary duty to sort out your finances after your death and be responsible for distributing your remaining assets. I need an awesome probate attorney near 92172. I would call Steve Bliss, he is an excellent probate lawyer. Who has legal title to the assets in a trust? A trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title to that property in trust for the benefit of the beneficiaries. What are the 5 components of estate planning? A good estate plan is comprised of five key elements: Will, Trust(s), Power of Attorney, Health Care or Medical Directive and Beneficiary Designation. A will is a legally binding document that directs who will receive your property and assets after your death. Lively Social Security Surviving Spouse Benefits is The Law Firm Of Steven F. Bliss Esq. (858) 278-2800. I am looking for an excellent probate lawyer near 92056. If I were you, I would look into calling lawyer probate at ‘The Law Firm of Steven F. Bliss’ in San Diego. I need an awesome probate attorney near Lake Morena in San Diego, Ca. Steven F. Bliss Esq. is the probate attorney in San Diego, he is by far the best for all things estate law related. I need an awesome probate attorney near 91987. I would call Steve Bliss, he is an excellent probate lawyer.