Estate Planning - the Incidentals from Black & McGhee, A. P. L. C.:
Discretionary trust - do you have a loved one who has creditor problems, marital problems, drug or alcohol problems? Are you concerned about leaving money outright to them? We have your solution! We can craft your trust to include provisions and directions that will allow the money left to your loved one to be protected from creditors, spouses and bad decision making by limiting their access to a standard decided on with you, but usually for their health, education, maintenance and support. You can still provide for your loved one and protect them from themselves.
- Continuing trust - do you have young children or grandchildren? If so, you want to leave them an inheritance, but you don't want them to have access to it now, or have a parent or other guardian spend it. We can provide the protections for the minors in your life to ensure that they have the greatest protections, are cared for during life and have the means to start their adult life with all of the benefits you could want.
- Gun trust - do you own firearms? If not properly handled upon your death, you could potentially cause your loved one to commit a felony. In order to transfer a firearm, your trustee must follow certain rules and procedures. By choosing our firm, you will be ensuring that your trustee will be properly certified and will transfer your firearms pursuant to you wishes and in accordance with the law, without the need of court supervision. If you fail to provide for the transfer in your trust, your loved one will have to open a probate and the transfer of the firearm will be subject to court scrutiny.
- Pet trust - don't forget about your non-human family members! Your pets have provided you with love and companionship throughout your life, so make sure that you have provided for their well-being when you are gone. Whether it is a simple direction to your trustee, or leaving money for their care, we will assist you in finding the best transition for your beloved pets.
- House trusts - is there a loved one who you want to use your home after you are gone but not own it outright? We can assist you in leaving your home to someone for their life and then to your other beneficiaries when they pass away.
- Education trust - do you want to set aside money to encourage and support a loved one get an education? An education trust is right for you. Using this type of trust ensures that the funds left to your loved one are used for educational purposes. Your trustee controls the disposition of the money in this trust and can confirm that it is used for education expenses.
- Family pot trust - If you have minor children, you naturally want to provide for them in the event something happens to you - but how do you do it? Most people naturally think: "I want to leave everything I have to my children equally." While this is everyone's intent, that is not possible in reality with minor children. One child may have to go to the doctor more than the other, or have sport expenses or schooling expenses or dental expenses. No parent ever spends the equal amount on all children during their life which is why we don't plan for that after you're gone.
The family pot trust allows for trustee to spend money on your minor children as needed; just like you would do if you were still alive. The remaining amount when your children reach adulthood will be split equally, but this allows for the proper care of all of your children in order to protect against the uncertainties in the future.
- Charitable remainder trusts – Do you want some of your money to go to a charity upon your passing? Allows for you to convert a highly appreciated asset like stock or real estate into lifetime income. Your income taxes are reduced now and your estate taxes when you die.
- Grandchildren trusts- Do you have grandchildren that you want to leave money to specifically? Our office can help you lay out the specific requests of leaving assets to your grandchildren in your trust. Whether your grandchild(ren) are adults or minors, we can help to make sure they are left with the assets or educational funding that you wish for them to have upon your passing.
- IRA Stretch Trust – Stretching an IRA trust simply allows an IRA to be stretched over multiple generations. It allows for your IRA to extend into the financial life of your children and even grandchildren after your death. This can also help to ensure that the IRA remains tax deferred for as long as possible.
- Special Needs Trust - What is a special needs trust, and why do I need one? A special needs trust is necessary when caring for someone with special medical needs. This trust can help to protect eligibility for government benefits, as well as help lay the framework for care and management of assets. It can further protect assets from creditors and predators and extend the life of assets.
- Long Term Care Planning – Medicaid is a security blanket when a loved one needs the care of assisted living, but cannot afford it on their own. Our office can assist you with getting the financial assistance and long term care that your loved one requires.
- Medi-Cal – Medi-Cal is there to assist in the preservation/transfer of assets in an effort to prevent spousal impoverishment when one spouse is in need of long term care. If you or a loved one needs assistance but cannot readily afford it, our office will help with applying for and using Medi-Cal for your specific needs.
- VA Benefits Planning – A&A and Compensation (Agent Orange)-Our office can assist Veterans with getting the benefits and healthcare that they deserve. We deal with Aid and Attendance compensation for veterans and their spouses, along with well-deserved pension benefits and healthcare needs.