Pets receiving an inheritance! It may sound extreme, but planning for your pet’s future is not about money, it is about security for both of you. Just as responsible parents plan in advance to appoint a guardian to care for their children, responsible pet owners need to plan in advance for their pets. If you are a pet owner, you should have two plans in place:
1) If you are unable to properly care for your pet due to an illness or other incapacity
2) If you are unable to properly care for your pet due to your death.
According to ASPCA, approximately 62% of households in the United States have at least one pet. Yet, only 17% of pet owners have taken legal steps for their pet’s protection. There are some very easy and cost-effective options which you can take advantage of now. Don’t delay, your pets are counting on you!
Option 1 (Every pet owner must do this):
Carry a Pet Identification Card with you at all times. This can either be a physical card that you carry in your wallet or purse, or additional information contained in your I.C.E. (In case of Emergency) contact on your cell phone. The information on the Pet Identification Card should include:
a) a picture of your pet
b) the pet’s name
c) the location of the pet
d) any special needs of your pet
e) who to contact to take care of the pet. This card can advise a police officer or other emergency personnel that you have a pet that also needs assistance.
Posted in Pet Trusts
Tagged animals, Anker Hymes Schreiber, ASPCA, Inheritance for Pet, KC Knox, KC Marie Knox, Los Angeles, Pet Identification Card, Pet Inheritance, Pet Protection, Pet Trust, Pet Trust Attorney, Pet Trust Law Firm, Pet Trust Lawyer, Pet Trusts, probate, role of trustees, Trusts, Valencia, wills, Woodland Hills
Everyone’s estate plan will vary depending on an individual’s assets and desires on how to distribute those assets. However, at a minimum, everyone’s estate plan should include the following:
Contact Anker, Hymes & Schreiber, LLP today to speak with our experienced Estate Planning Attorney in Los Angeles regarding your estate plan.
Posted in Estate Planning
Tagged Advance Healthcare Directive, Anker Hymes & Schreiber LLP, asset distribution, assets, business, Durable Power of Attorney, Estate Plan, Estate Planning Attorney, HIPAA, Los Angeles, pour-over will, power of attorney, revocable living trust
A revocable living trust allows couples to effectively double the estate tax exemption (currently $5,000,000). If you only had a will, as opposed to a trust, which left everything to your surviving spouse, you would lose your exemption.
The trust lets you keep your exemption, which could potentially save over $1,000,000 in taxes.
For specific questions about setting up a living trust and estate taxes, please contact our Estate Planning Attorney in Los Angeles today at (818) 501-5800.
Posted in Living Trust
Tagged Anker Reed HSC, Anker Reed Hymes Schreiber, business, couples, economy, Estate Planning, Estate Planning Los Angeles, Estate Tax, Estate Tax Exemption, Estate Taxes, living trust, Los Angeles, revocable living trust
Whomever you named as successor trustee will take over the administration portion of our trust and distribute your assets in the manner you specified.
Please see the following previous posts for additional information regarding trustees:
Posted in Assets
Tagged administration portion, assets, attorney, business, California Lawyer Magazine, economy, Estate Planning, Law Firm, lawyer, Los Angeles, probate, setting up a trust, successor trustee, Trust, trust administration, trustees
A revocable living trust can be drafted and executed in a short time frame. There are no recurring costs for management or administration. So long as your trust is fully funded at the outset (which our Trust Attorney in Los Angeles can assist you with) then all you have to do to maintain it is to review the terms of the trust every couple of years and put any new assets that you acquire into the name of your trust.
For additional questions about living trusts, please contact our trust attorney in Los Angeles at Anker, Hymes & Schreiber, LLP today: (310) 519-0324.
Posted in Living Trust
Tagged (310) 519-0324, Drafting a living trust, Estate Planning, Estate Planning Attorney Los Angeles, Living Trust Attorney, name of your trust, no recurring cost, revocable living trust, Trust Attorney, Trust Attorney Los Angeles, Trust Law Firm
NO! You will not lose control of your assets that are in the trust.
You will be the trustee of your trust during your lifetime. You are able to buy, sell and borrow just as you were when your assets were held in your name as an individual. Here is more information regarding setting up a trust.
If you still have questions, please contact our Trust Attorney in Los Angeles today to schedule a consultation.
Posted in Trusts
Tagged assets, consultation, control of assets in trust, lifetime, Los Angeles, setting up a trust, Trust, Trust Attorney, trust law, trust lawyer, trustee
Wills can be of various degrees of complexity and can be utilized to achieve a wide variety of family and tax objectives:
- If a will provides for the outright distribution of assets, it is often characterized as a simple will.
- If a will establishes one or more trusts, it is often characterized as a testamentary trust will.
Alternatively, the will may leave probate assets to a preexisting living trust, where it is characterized as a pour-over will. Aside from providing for the intended disposition of your property, there are a number of other important objectives that may be accomplished, such as:
- Designating a guardian for minor children
- Eliminating the requirement for bond
- Designating future custodians for minors
For specific questions about drafting a will, please contact our will attorney in Los Angeles today at (818) 501-5800.
Posted in Wills
Tagged Designating a guardian, Designating future custodians, distribution of assets, drafting a will, living trust, Los Angeles, pour-over will, probate assets, simple will, tax objectives, testamentary trust will, Trusts, will attorney, Wills Attorney, Woodland Hills
If you do not have a trust there will undoubtedly be a probate proceeding upon your death. Probate is a court supervised proceeding necessary to transfer your assets to your heirs. The probate proceeding is costly in terms of both time and money. Furthermore, all probate proceedings are public record.
Having a trust in place insures a less costly and smoother transition of assets to their designated heirs.
For more information about setting up a trust, please contact our trust attorney in Woodland Hills.
Posted in Probate, Trusts
Tagged designated heirs, probate, probate court, probate proceedings, public record, setting up a trust, transfer of assets, Trust, Trust Attorney, Trusts
A revocable living trust is a legal document that designates what you own and who you want it to go to and when. Because this document is revocable, it may be modified during your lifetime.
The revocable living trust avoids the need for probate and/or conservatorship proceedings. Additionally, it can allow you to reduce or even eliminate taxes.
Most importantly, the revocable living trust allows you to see your compete financial picture which may help you better prepare for the future.
For additional questions about setting up a living trust, please contact our Trust Attorney in Los Angeles today.