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Below are some of our most frequently-asked
questions. If you have additional concerns which are not
addressed here, feel free to contact
us or visit our links page
for a number of internet resources pertaining to legal matters.
1. What is a living trust and should
I have one?
A living trust provides a means of asset
management while you are living, and like a will, sets parameters
for asset transfer upon your death.
The cost of a living trust versus a will
can vary depending on your planning objectives. The benefits
of a living trust as opposed to a will also vary from case
to case. You should consult me or another attorney to determine
which instrument best suits your situation.
Find
out more.
2. Will a living trust eliminate taxes?
Not necessarily. A living trust can eliminate
the probate process, and it is often used as one element
of a plan to eliminate or minimize taxes. Consult me or another
attorney to determine whether a living trust suits your objectives.
3. Should I avoid probate?
Probate is the term applied to the court-supervised
administration of an estate. Specifically, it is the process
by which assets are gathered; debts, taxes and other expenses
are paid; and remaining property is distributed to designated
beneficiaries.
People often seek to avoid probate believing
it is more costly than other means of estate administration,
such as a living trust. This isn't always true. Many people
also assume that since probate is court-administered, the
state will take a portion of the estate as a fee or tax.
This is also not true. Avoiding probate will not necessarily
result in decreased costs, fees or tax obligations.
In some cases, a probate proceeding may
be desirable as a means of assuring that assets are passed
to heirs free from the claims of creditors. Like other estate
planning decisions, whether to avoid probate should be considered
in the context of your circumstances. You should consult
me or another attorney with further questions.
Find
out more.
4. How do you charge for your services?
My client relationships begin with an
initial consultation. Some initial consultations require
a small fee.
During the initial consultation, I will
provide a detailed estimate of the cost of my services. In
most cases, my fees will be based on my current hourly rate.
The total cost will vary depending on the amount of time
required. I routinely provide a written fee agreement to
ensure a thorough understanding of my fees and how they are
to be paid.
I provide detailed, written statements
of services each month. These statements include a complete
itemization of all activity that has occurred during the
previous 30 days. I put forth every effort to be clear about
the cost of my services, and encourage open communication
about these statements should any questions arise. |
