“You do not have to be wealthy to have an estate. In fact, most of our families fall into a modest to middle-class income tier (generally estates that can be valued at $200K to $1 million)”
What is an “Estate?” An Estate means all the assets you have accumulated during your lifetime-including real estate, stocks, bonds, savings, business interests, retirement plans, life insurance and personal effects.
When you die, what does it cost to carry out your wishes? Many people believe it’s simply the cost to create the document that plans their estate: their will or trust. If your attorney draws up a will for you, it may cost between $150 for a basic, simple Will to upwards of $3000 for a more complex Will. However, upon your death, your estate will still go through the probate process. Wills don’t get you out of court, they GUARANTEE it! What’s worse is that a Will is a public document. Anyone can read it. This explains why a will is one of the most expensive legal documents in this country and why many attorneys prefer to draft a simple will rather than spend the time and effort creating and funding a trust.
Remember that the average trust costs upwards of $3000-$5000 to set up, but there’s NO probate. That’s right! Your estate will skip Probate. USA Estate Planners will prepare your trust using our parent company, AmeriEstate, for much less than the average cost of a Virginia attorney, with many more benefits included at no additional cost. Trust are private documents and cannot be contested. Only your beneficiaries and the Executor has access. Most Likely to Be Contested, High Costs to Settle
Remember, of all legal documents, a will is the most likely to be contested. A will is also one of the most expensive legal documents because of the total costs to settle an estate. This explains why a will is one of the most expensive legal documents in this country and why many attorneys prefer to draft a simple will rather than spend the time and effort creating and funding a trust.
Make the most of your estate planning time and dollars, create a revocable living trust USA Estate Planners and Ameriestate. The average length of Probate is 18 months but it’s not unheard of for Probate to last much longer if families become contentious or the Will is contested.
When you add someone to your assets as a Joint Tenant, you are in effect making them a “co-owner” of your assets, thereby losing control. This strategy can be risky for several reasons.
Liability. This exposes you to lawsuits, bankruptcy and personal guarantees. Ex: You decide to cosign with your son or daughter on their first home loan purchase. 3 years later, they can’t afford the mortgage and let it go. You now have a lien on your credit and a home you may not be able to afford.
Distribution: Requires co-owners consent to sell or re-finance
If your co-owner becomes incapacitated, you may have to deal with the courts regarding the use of your shared assets.
Capital gain taxes. If you were to add your child onto your mortgage and title of the house and you die, your child decides to sell it, they now owe capital gains taxes all the way back to your original purchase price.
Education. Consultation. Delivery and Notarization.
USA Estate Planners are here to help you understand your estate plan. Through our hour-long seminar, we educate you to understand what you need to do to prepare for this stage in your life.
Then, you will follow up with an attorney to design a specific plan that meets your needs. At no additional charge to you.
Finally, one of our retirement and estate planning experts will hand deliver your trust to you in the comfort of your home or our office. Our experts know the difference between a TSP, 401K, IRA’s and life insurance and how those should be titled. They will work with you to make sure you understand this process.
Your successor trustee might feel unsure about how to distribute your property according to your trust and want to have some counsel and advice. Often, the successor trustee will go to an attorney to review the trust document and learn how to proceed. With our company, USA Estate Planners, there is no need to do that. We have specialist who are there to help your heirs understand your plan and will direct them entirely at no additional cost.