Living Trusts & Wills

Living Trusts & Wills by Fishbein Law Group

Have you made plans to distribute your assets and care for your family when you pass away or become incapacitated? If so, you may have relied on a will or joint ownership. However, if you haven’t prepared a will, your state will determine how your estate is distributed according to its laws.

Each of these methods, including state provisions, carries risks that can ultimately lead to significant expenses, such as probate and estate taxes, which can diminish the value of your estate. Careful planning is essential to ensure that your hard-earned assets go directly to your loved ones without unnecessary costs or delays.

Failing to plan your estate could result in a substantial portion of your wealth going to the government and legal fees instead of your heirs. The top estate tax rate is a staggering 55%, and probate costs can consume 5% to 25% of your estate’s gross value. Moreover, the probate process often takes a year or longer, adding stress and frustration for your surviving family members during an already difficult time.

Simply placing all your assets in joint ownership or leaving everything to your spouse in a will is not an effective estate planning strategy. It’s important to review your financial situation and consider the potential probate costs your loved ones might face if no changes are made.

With a Living Trust, You Can:

– Avoid probate delays and related financial and emotional costs.
– Reduce or eliminate estate taxes.
– Maintain flexibility, as the trust can be modified or revoked anytime.
– Retain control of your assets, even in cases of incompetency or after death.
– Prevent the need for a conservatorship if you become physically or mentally incapacitated.
– Preserve your privacy, as the trust remains confidential.
– Ensure a quick distribution of assets to beneficiaries.
– Save your loved ones’ time, money, and future heartache.

Living trusts are cost-effective, easy to establish, and simple to maintain.

We encourage you to refer to the chart below to better understand your options and the consequences of various estate planning strategies. Additionally, we strongly recommend contacting our Living Trust Tucson office at (520) 797-1400 for a detailed consultation, which is provided at no charge.