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
Santa Ana, California is the second most population-dense city and is the county seat of Orange County, California. According to the U.S. Census Bureau, the estimated population of Santa Ana back in 2011 was at 329,427, making Santa Ana the 57th most-populous city in the United States.
Santa Ana is a location situated in Southern California, adjacent to the Santa Ana River, about 10 miles away from the California coast. In 2011, Forbes ranked Santa Ana as the fourth safest city of over 250,000 residents in the United States.
Santa Ana lends its name to the Santa Ana Freeway (or I-5), which runs through the city. It also shares its name with the nearby Santa Ana Mountains, and the Santa Ana winds, which have historically fueled seasonal wildfires throughout Southern California. The current Office of Management and Budget (OMB) metropolitan designation for the Orange County Area is Santa Ana–Anaheim–Irvine, California.
Santa Ana also is home to several parks. Disneyland and Knott’s Berry Farm amusement parks are both found northwest of Santa Ana, several kilometers away. Beaches located around 20 minutes to the south, accessible by the 55 freeway. Huntington Beach and Newport Beach, as well as other coastal communities, offer shopping, dining, boating, swimming, and surfing.