- Client in Charge of all aspects of Estate
Client can change their Living Trust at anytime, for any reason, and can also withdraw or add assets at their own discretion
The Probate process is expensive and time-consuming, as well as public. An estate with gross assets in excess of $100k is subject to attorney and trustee fees which can easily amount to tens of thousands of dollars, all of which can be avoided by the creation of a Living Trust. Not only is it expensive, the process usually takes more than a year to complete and the contents of the estate and the identity of specific distributes are matters of public record. In contrast, the administration of a trust is private and confidential.
- Delay and/or reduction of Estate Tax
An Estate Tax (also known as an Inheritance Tax) is a tax on your estate if it is more than certain amount. The Estate Tax can be deferred and/or reduced by transferring assets into a valid Living Trust and by utilizing other Estate Planning tools.
- Retain Control of Quality of Life Decisions
In the event a person is incapacitated or unable to care for or speak for themselves, Durable Powers of Attorney(DPA) can direct, control and authorize your representative to make decisions affecting the quality of your life. Each person requires a separate DPA for healthcare decisions and for financial issues.
If a person is deemed mentally incompetent or unable to care for themselves, a"Conservator"may be appointed by the Court to take control of the person's finances and make healthcare decisions. The timely creation of Comprehensive Durable Powers of Attorney can avoid the cost, uncertainty and anxiety of a conservatorship.
A Boden Living Trust Package is a comprehensive body of documents that address major issues concerning the protection of your family and your Quality of life decisions. Our basic Living Trust Package includes a Revocable Living Trust, Pour-Over Will(s), Durable Power of Attorney for Healthcare decisions and Durable Powers of Attorney for Financial Affairs.
In situations of high net worth Clients, a comprehensive analysis of your situation may be performed in conjunction with specialists in Accounting, Tax and Financial Planning.
