Here is an
estimate of how much Probate could cost you:
If you own
in assets:
You can expect to pay:
$50,000
$5,000 - 8,000
$100,000
$9,000 - 15,000
$200,000
$15,000 - 20,000
$500,000
$27,000 - 40,000
$1,000,000
$47,000 - 80,000
*Assets include cars, houses, furniture, bank
accounts, stocks, bonds, cash, businesses, and
other items that can be sold.
Who needs a Living
Trust?
A living trust is the most basic form of estate planning. We recommend that anyone:
A.) With dependent children,
B.)
Anyone with over $75,000 in assets,
C.) Persons over 40 years of age or 50 if
single,
D.) Anyone with Major Medical Illness,
F.) Anyone with a Family Member who has
Major
Medical Illness,
A living trust
avoids probate and ensures your assets pass
along to your family without Probate costs. It
avoids infighting between heirs in ways that a
Will cannot.
Why do I need a
Living Trust?
A Living
Trust allows your assets to go to you heirs and
avoid the expensive Probate
costs. It also can be used to set up estate
planning wishes you want carried out after your
death.
The main
reason to avoid Probate is the high cost
incurred. Probate Costs are so high because of the lengthy court
process needed for the court to obtain the
authorization to transfer and determine who
should receive the property of a deceased
party. This procedure takes on average one year
and includes numerous hearings. Even for the most
straightforward of Probate cases, Legal fees
alone can easily amount to between $8,000
-$15,000.
What are the
Probate Fees?
Probate
Fees for Legal work are set by Probate Code
Section 10810-10814. The first $100,000 is
charged at 4%. The next $100,00 is charged at
3%. The next $800,000 is charged at 2%.
Furthermore there is an administrator
fee/executor fee that is equal to the attorney
fee.
So for
example, a $100,000 will be charged a 4%
($4000) Attorney Fee + an additional 4% ($4000)
executor fee. So, legal and executor fees alone
will cost $8000. Additional Fees will include:
Appraisal Fee, Court Representative Fee,
Additional Legal Fees for extra services,
Filing Fees, Motion Fees, Court Fees, Court
Reporter fees, and others.
How do you Avoid
Probate?
A
properly set up living trust is the best way to
avoid Probate. This legal entity persists death
and allows You (Grantor) to appoint for
manager (trustee) to pass along your assets to
your heirs (beneficiaries). Your trust persists
after your death and since it is the owner of
the assets, said assets do not go into probate.
However, only assets placed into the trust
receive this protection. Properly maintaining
your trust is essential component of your
estate planning procedure.
How do I Know my
Trustee will Perform his Duty?
Your
Trustee has a "fiduciary duty" to ensure the
wishes of the Grantor. This Fiduciary
responsibility is one of the best understood
and well defined relationships in law today.
There are stringent court requirements to ensure the
assets are passed along to the beneficiaries.
Therefore it is relatively safe to appoint a
close relative as a successor trustee. However,
for more complex estate plans, it is a good
decision to appoint your attorney or financial
advisor.
About Our Law Firm:
The Law Offices of Roman P. Mosqueda is an
experienced law firm that has been serving the
Southern California community since 1985 with
hundreds of Living Trust and Asset Protection
clients from high net-worth individual to newly
married couples.
We sit down with clients for 30 minutes to an
hour to understand your family and your unique
circumstances. Then we recommend the best Trust
for you. Not only do we strive to create the
best Trust for our clients, but we also help
our clients every step of the way during the
Maintenance and Transfer process.
We also offer more complex trusts such as:
Insurance Trusts (ILIT), Charitable Remainder
Trusts, Irrevocable Trusts, Dynasty
Trusts, UniTrusts, and other lesser know
trusts.
We have been in the business for over 25 years;
so we KNOW the ins and outs of how to avoid
probate and protect your assets.
If you have a quick question for the Attorney
before you come in, feel free to give us a call
at (213) 252 - 9481 or email us at
MosquedaLaw@gmail.com.
How to Get Started:
Our office offers a FREE Initial
Consultation where you can to talk to an
attorney regarding your Living Trust and Asset
Protection needs. This is the perfect
opportunity to have all your questions answered
by an attorney and learn your options. Call
(213) 252 - 9481 to set up your consultation
today.
*Feel free to bring your parents and children
as well so we can make a plan that covers your
entire family.
Our Offices
Are
Located At:
Los Angeles:
3055
Wilshire Blvd., Suite 425
Los
Angeles, CA 90010
Woodland Hills:
12800 Oxnard Avenue., Suite 900
Woodland Hills, CA 91367
For A Free Confidential
Consultation
Call:
(213) 252 - 9481
