Probate Attorney: What is Probate?
Probate is the legal method of managing the estate of a deceased person, resolving all claims against the estate, and sharing the departed person’s belongings and possessions. If a person passes away with a will, these are occasionally called testamentary probate procedures. If they passed away without a will, the person is said to have died intestate. Read more about Probate here.
Trust Attorney: What is a Trust?
A trust is a bond wherein one party maintain a property for the benefit of another party. It is a separate legal item that holds ownership to your assets. An owner, also called a “settlor,” “trustor” or “grantor,” creates a trust, who transfers property to a trustee. As a grantor, you can continue to keep control over these assets and do with them as you wish by selecting yourself as the Trustee. But it is the trust that maintains ownership and this little change can make a huge difference in how your estate is treated when you die. Read more about Trusts here.
Trust administration is the method by which processes a trust following the passing of the trust’s settlor or creator, complying with the articles of the trust. The administration must transpire when there is a death of a settlor of a trust, even if a trust has two settlers. A surviving spouse settlor will also need to complete the administration of the joint trust with their spouse.
Estate administration is the general term for the management of a decedent’s estate. Estate administration can comprise one or more simplified procedures, a probate proceeding, and/or a trust administration. In principle, an estate administration (by any method) requires:
- defining and valuing the decedent’s assets and property
- confirming who is authorized to the decedent’s assets
- determining and settling the decedent’s lawful debts and taxes
- transferring the decedent’s assets to the rightful beneficiary or beneficiaries.
Estate Planning Attorney: What is Estate Planning law?
This section oversees the laws, procedures, and practices connected with planning for one’s estate if an individual becomes incapacitated. Moreover, it is more crucial when a person passes away. It incorporates the activities and tasks of Executors and Administrators as well as the creation and management of:
- Last Testaments and Wills
- Trusts and Living Trusts
- Medical Powers of Attorney
- Do Not Resuscitate (DNR) Orders
- Advance Directives
- Associated Tax issues
- Additional various other related topics.
The laws and legal rules that govern most of these areas are created primarily on the state level and therefore vary considerably. The Uniform Probate Code (UPC) has sought to clarify, modernize, simplify, and unify these laws all throughout all the U.S states and D.C., but to date, only about 30% have completely adopted the Code, while some of the remaining states have only implemented parts of it. Read more about Estate Planning here.
What is Charitable Planning?
Charitable planning is, first and foremost, all about supporting your philanthropic causes. For many, the most typical form of charitable gift is the direct contribution of cash or property. It is the gift made during a pledge drive, the money you leave in the collection plate at church, or the bag of given clothes you donate to Goodwill. Unfortunately, direct contributions often are not the most practical ways to give. That is where charitable planning comes in.
Moreover, with the use of exceptional estate planning methods and tactics, you and your chosen charities can get more out of the giving you are already doing.
How Charitable Planning Advocates Your Chosen Charities
Your preferred a chosen charities can get a notable boost from your charitable planning:
- Predictable future gifts made as part of an overall estate plan presents your chosen charity with planning and budgeting certainty.
- Your chosen charities can receive charitable gifts sooner—often during your lifetime, rather than waiting until you pass away
Wealth Transfer Planning
Wealth Transfer Planning is a series of choices and actions taken with the goal of preparing your beneficiaries for their inheritance, keep family harmony and allow the family to make better judgments about what they inherit. Wealth Transfer Planning comprises the following:
- Communicating your valuables and family goals
- Sharing your plans to beneficiaries as well as discussing critical matters like time frames and other matters for transfers.
- Introducing family members to your advisors to better address their inquiries.
- Foster a greater understanding by the heirs of the family assets and promote a reliable foundation of investing, making them sufficiently prepared when the time comes.
- Discussing the options for methods of transfer, including direct gifts, the use of trusts and the importance of philanthropy if appropriate
- Encourage family members to build their own and personal estate planning documents so that they are better prepared to accept their inheritance.
Our Firm: Powell & Roberts Inc.
40 years of combined estate planning experience perfecting the specific technical skills and experiential understanding that few estate planners have.
For the last decade, estate planning underwent significant reforms. Tax laws have relaxed, lessening the demand for complexity in many estate plans. However, law firm billing practices escalated, leading most law firms to concentrate on complicated work for greater net worth estates to justify and maintain top billing rates. It is more challenging than ever to obtain experienced and season estate planners who understand your estate plan should be no more and no less complex than you need. That is what Mark and Tracy began to do when they founded Powell Roberts, Inc.
Unlike many of today’s estate planning firms, Powell Roberts, Inc., has a notable trust administration practice. It means Powell Roberts, Inc. is there to help after a death of a family member or loved one. Our willingness to head into probate court whenever required and our relationship with California Licensed Professional Fiduciary Matt Flemming means we can advise you through all throughout phases of planning and administration.
Powell Roberts Inc.
959 S Coast Dr Suite 380,
Costa Mesa, CA 92626
Ladera Ranch is a 4,000-acre highly prosperous census-designated place (CDP) and master-planned community situated in south Orange County area, just outside the city limits of Mission Viejo, Rancho Santa Margarita, and San Juan Capistrano. Positioned along Antonio Parkway and Crown Valley Parkway, construction of the Ladera Ranch community began in 1999 on parts of the Avery, Moiso & O’Neill families’ 23,000-acre Rancho Mission Viejo cattle ranch, which was the biggest remaining working farm and ranch in Orange County.
The Ladera Ranch development has nine villages. Inside each village, there are ten or more neighborhoods. There are also parks, playgrounds pools, and open areas within each village. The Covenant Hills village is a guard-gated community in Ladera Ranch. It is close to the general public but is available to all card-carrying residents of Ladera Ranch. As of the 2010 United States Census, Ladera Ranch had a total population of 22,980.