by Matthew Crider | Dec 3, 2018
Estate Planning Initial Meeting
Transcript:
Hi, I’m Matthew Crider. I’d like to thank you for asking us to help you with your estate planning. I wanted to send you this short video so that you could have some idea of what to expect for our very first meeting.
Before our very first meeting, we’re going to send you a packet of information. In that packet is a brief questionnaire that we will ask for you to complete in advance of our first meeting.
Once we do meet, we’ll have about 45 minutes to an hour to get to know each other. During that meeting, I’m going to ask you questions about your family, your loved ones, your property, your assets, and so on.
I’m also going to ask you questions about what your goals and objectives are. That’s very important so that, as we continue with our planning, we have your goals and objectives clearly in mind.
At the end of the first meeting, we’re going to have a clear idea of where we’re going. After that, we’re going to schedule the next meeting, which is the design meeting. I’ll send you some information about the design meeting in another video.
For now, thank you again for asking us to help you with your estate planning.
by Matthew Crider | Jun 20, 2018
What is the difference between elder law and estate planning? If you do estate planning, does it mean that you don’t need to do elder law planning? Elder Law and Estate Planning attorney Matthew Crider discusses the importance of both in this video.
TRANSCRIPT
WHAT IS THE DIFFENCE BETWEEN ESTATE PLANNING AND ELDER LAW?
People often ask us about the difference between estate planning and elder law. The two go hand-in-hand. One way they are similar is that both are more universal than they initially seem. Estate planning is not only for those with large estates. Elder law is not only for the elderly.
But there are also important distinctions between them.
ESTATE PLANNING
Estate planning focuses on an individual’s assets. How they should be held while the individual is still living? How they should be distributed after that individual dies?
An estate planning attorney can use tax-planning strategies to minimize estate taxes. Proper estate planning can also use substitutes for a will, to minimize the cost of probate.
Of primary importance to many clients is the ability to make specific choices regarding the beneficiaries on each of his or her assets. With the help of an estate planning attorney, you can create a plan that reflects your wishes about how your property should be distributed after your death.
Without an estate plan, the court will distribute your assets according to the strict requirements of the law. Which may be different than what you want.
Additionally, an estate planning attorney can create a plan that includes protecting the needs of minor children or family members with disabilities, so that each family is best provided for according to their unique and individual needs.
ELDER LAW
Elder law is a broad field that encompasses many different areas of the law. It is not just for the elderly. And it can be most effective when started before someone is at an advanced age.
Elder law focuses on providing a plan to continue living according to one’s wishes as that person gets older, while remaining in good financial standing.
Depending on the individual’s circumstances, this plan can include trusts, gifts to family members, buying long-term care insurance in anticipation of potential future needs, or qualifying for Medi-Cal or VA benefits.
Elder law planning also may include many of the estate planning tools, such as trusts and Powers of Attorney to avoid the need for a conservatorship. The plan should also include medical planning. This is so that the individual can name someone to make health care decisions if that individual can’t anymore.
A proper elder law plan should be a comprehensive, holistic plan, taking into account the specific needs of the individual and his or her future needs as he or she ages.
Attorneys practicing in the fields of estate planning and elder law share a common goal. To help the clients achieve their wishes while protecting their property and assets for themselves and their loved ones.
It is important to reach out to a qualified elder care and estate planning attorney for help in ensuring that you have planned for your future.
by Matthew Crider | Jun 12, 2018
TRANSCRIPT
Hi I’m Matthew Crider
One question I get a lot is “who should I pick as my successor trustee?”
A little background is in order. A trust is a legal relationship where a trustee holds legal title to property for another person, called a “beneficiary.” The trust document will name the trustee.
There are several different types of trusts. The simplest one is a revocable living trust. In this type of trust, usually the person who creates the trust is the trustee during his or her lifetime. Then, when the person who creates the trust dies, another person takes over as trustee. This trustee – known as the successor trustee – is named in the original trust document.
If you create a trust, you will need a separate person or institution, called a “trustee,” to manage the trust either now or in the future. Choosing the right trustee is crucial to making sure your wishes are carried out. The choice is important because being a trustee can be a difficult job. The trustee’s duties include making proper investments, paying bills, keeping accounts, and preparing tax returns. Bottom line, the trustee is supposed to follow the terms of the trust, for the benefit of the trust beneficiaries.
The law isn’t very strict about who may serve as your successor trustee. As long as the person is legally competent, meaning he or she is over 18 years of age and is capable of managing his or her own affairs, that person can be trustee. The trustee has a duty to manage the trust for the benefit of the beneficiary.
Time and again, I’ve seen people pick someone for the role of successor trustee who shouldn’t be the trustee. When this person – the successor trustee – takes over management and control of the trust assets, bad things can happen: For example, the trustee may mis-manage the trust property. The trustee may use the trust assets for his or her own benefit. And so on.
So how do you chose the right person as successor trustee?
First, the main consideration when selecting a trustee is picking someone who is trustworthy. You want someone who is going to follow your wishes as you’ve expressed them in the trust document.
Next, the trustee must have the ability to manage the trust. This means that the trustee is detail oriented.
Third The trustee does not need legal or financial expertise, but he or she must have good judgment.
If you don’t know anyone who meets these qualifications, you can look into hiring an independent trustee. This can be an individual or an institution who has some financial knowledge: Some examples include: a bank or trust company, a professional trustee, an financial advisor, a CPA, or a lawyer.
Of all the cases I’ve worked on where the beneficiaries have sued the trustee for mismanagement, none have involved a professional trustee. That’s not to say it doesn’t happen; Just that, in my experience, it’s the family member trustee who mismanages the trust property, not the professional trustee.
Choosing the right person to serve as your trustee is an important decision. In fact, I suggest that it is THE most important decision you can make about your estate. More important than who gets what, and when they get it.
Spend some time thinking about who you want to serve as your successor trustee.
If you have any questions, I’m Matthew Crider, and I’m here for you. Thank you for watching.
by Matthew Crider | Jul 27, 2017
Can a Will help you avoid probate?
by Matthew Crider | Jul 27, 2017
What is Wrong with Probate in California?
