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Table 1 PLANNING
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Yes _____ No _____ Do you have a will? |
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Yes _____ No _____ Does your spouse have a will? |
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Yes _____ No _____ Do you have minor children? Does your will name a guardian for the children? |
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Yes _____ No _____ Do your assets, including house and personal property, over $100,000? |
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Yes _____ No _____ Do you have a Living Trust? |
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Yes _____ No _____ Does the trust name three levels of successor trustees? |
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Yes _____ No _____ Does the trust name three levels of beneficiaries? |
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Yes _____ No _____ Do you have a document naming someone to take care of your affairs if You become disabled? |
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Yes _____ No _____ Do you have a current Advance Health Care Directive? |
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Yes _____ No _____ Have you considered who you want to make health care decisions foryou if you cannot? |
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Yes _____ No _____ Does your will or trust specify how death taxes will be paid? |
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Yes _____ No _____ Do you want to make any gifts to charities after your death? Have you included these gifts in your estate planning documents? |
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Yes _____ No _____ Do your planning documents set forth clearly how your personal property will be distributed? |
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Yes _____ No _____ Do your planning documents set forth care provisions for your pets? |
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Yes _____ No _____ After you signed your planning documents, did you amend or replace them whenever you changed your mind about any provisions?
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Table 2 MAINTENANCE/REVISION
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Yes _____ No _____ Has the value of your assets changed substantially since you signed your planning documents? |
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Yes _____ No _____ Have you changed the kind of assets you own since you signed your estate planning documents? |
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Yes _____ No _____ Has your marital status changed since your estate planning documents were signed? |
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Yes _____ No _____ Have you had children since your estate planning documents were signed? |
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Yes _____ No _____ Have your children had children? |
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Yes _____ No _____ Have any of your children been married, divorced or died since your planning documents were signed? |
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Yes _____ No _____ Have you, your spouse, or child become physically or mentally incapacitated since your planning documentss were signed? |
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Yes _____ No _____ Have you bought, sold, or refinanced a piece of property since your planning documents were signed? |
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Yes _____ No _____ Are you contemplating selling stock or other valuable assets with a low cost basis? |
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Yes _____ No _____ Have you changed your residence to another state since your planning documents werre signed? |
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Yes _____ No _____ If you have a Living Trust or a Durable Power of Attorney, does it empower the trstee to sell, buy, or transfer property upon u your incapacity to protect it from Medi-Cal recovery? |
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COMPARATIVE COSTS
ESTATE PLANNING VS. LACK OF ESTATE PLANNING
(Disclaimer: The numbers on this chart are estimates only, and are subject to change without notice.)
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ESTATE SIZE Per person
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COST OF PROBATE 10 - 15 % + |
FILING FEES |
COST OF TRUST Living Trust |
COST OF TRUSTEE No comp. - .05% |
ESTATE TAXES 2007-2010..55% |
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$500,000 |
$50K-75K |
$320 |
$2500 |
None $2500 |
None
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$800,000 |
$80 K- 120K |
$320 |
$2500 |
None $4000 |
None None
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$1,000,000 |
$100K-150K |
$320 |
$2500 |
None $5000 |
None None
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$2,000,000 |
$200 K-300K |
$320 |
$2500 $5000
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None $10,000 |
None
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$5,000,000 |
$500K-750K |
$320
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$2500 $5000 |
None $25,000 |
$2,200,000 |
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$10,000,000 |
$1,000,000
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$320
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$2500 $5000 |
None $50,000 |
$4,950,000 |
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$20,000,000 |
$2,000,000 |
$320
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$2500 $5K+$5K |
None$100,000 |
$10,450,000 |
The information on this website is for educational purposes only and should not be considered legal advice or an attorney-client relationship. For clarification of any material of this website or to seek help on your particular issue, feel free to contact The Law Office of Derryl H. Molina at (408) 244-4992 or email Derryl H. Molina at [email protected]