Published : Friday, September 27, 2019 | 2:39 PM
To avoid the kind of problems that beset the estates of celebrities like Prince and Aretha Franklin, it’s a wise idea to make plans for the distribution of your assets now.
The Hayes Law Firm understands the importance of educating their local community about the importance of sound estate planning, and host free monthly estate planning workshops at their office in South Pasadena located in the historical Baranger Studios building off Mission Street near Trader Joes (South Pasadena).
William K. Hayes, Esq., owner of The Hayes Law Firm will host free Estate Planning Workshops on Oct. 26 and Nov. 2nd to give you valuable tips and understanding.
We sat down with The Hayes Law Firm staff in South Pasadena to ask them a few questions about their firm’s monthly estate planning seminars, and other community education projects they have in the works, like the Your Trust, Your Pet, and Your Legacy: Estate Planning 101 seminar. Attorney Hayes will be presenting this seminar at the Pasadena Humane Society on Wednesday, November 13th at 6:00 p.m.
“The main purpose of an estate plan is to set up a trust to avoid having a person’s assets go through probate,” Salgado said. “Probate is an expensive and time-consuming process. With a fully executed estate plan you avoid that cost while having the power to leave your assets to your loved ones on your terms rather than having the court decide.”
If a loved one who has passed did not have an estate plan instructing how to handle assets post-death, then the courts take over. By the time the matter is settled — in many cases, it can take years, and can cost many thousands of dollars.
“Estate planning is unlike any other area of law and is something that really does apply to every single person on the planet, each of us will die at some point,” Fiorito said. “For those with minor children, it is especially important to designate a legal guardian who you feel comfortable raising your children should the circumstance arise. Parents who choose not to properly plan, are subject to having court-appointed guardian care for their minor children.”
In the case of celebrities such as Prince, Franklin and more recently, Tom Petty, the families have been upended as their children try to decipher how the deceased wanted the assets to be distributed. But money is not the only issue at hand.
“Even if you don’t have many assets, you want to make sure that you have all the proper estate planning documents in place that will give written instruction as to what you want to have happen to you if you are in a car accident or if you get some type of a debilitating chronic illness that requires Long Term Care,” Mr. Hayes said. “Your estate planning should account for Long Term Healthcare costs. If you haven’t prepared for Long Term Healthcare costs, then you really haven’t planned at all. Estate planning really covers a very wide variety of issues that come up.”
“Additionally, creating a Will or financial plan on your own leaves you susceptible to gaps in your plan” Salgado warns.
“We take care of all the heavy lifting,” she emphasizes. “We do all the funding, which is one of the biggest mistakes that people make when they create their own trust. They’ll create a trust document, but they’ll never fund it. And when we talk about funding, what that means is switching the asset over to the Trust name. Often times that gets missed and cause’s the persons assets to go through probate even though they have created a trust because the assets were never correctly put into the trust. So we take care of all that for our clients.”
“Another mistake would be if the documents are unclear,” she said. “If it’s a very short form, it’s open to interpretation, which can open it up to beneficiaries contesting it, often resulting in costly litigation.”
The estate planning workshop is intended to show how to protect the family and assets with Living Trusts, Medi-Cal Trusts, and Powers of Attorney.
Other topics covered include:
• Why internet, do-it-yourself and bargain-priced plans almost always end up in court.
• Why it is extremely important that your home is put into a living trust.
• Why putting your child’s name on your deeds or financial accounts could result in foreclosure, bankruptcy, creditor’s liens, and the inability of your family to properly inherit.
• How to obtain Long Term Care and avoid $9,337 in average monthly costs.
• How to avoid losing your home & other assets due to Medi-Cal liens.
• How to avoid court supervision of your life in the event that you become disabled.
• How to protect your children’s inheritance.
The FREE Estate Planning Workshop will be held by The Hayes Law Firm (www.losangelestrustlaw.com) on Saturday, October 26, 2019 from 10:00 a.m. to 12 noon, and Saturday, November 2,, 2019 from 10:00 a.m. to 12 noon at 729 Mission Street, Suite 300, South Pasadena, CA 91030. Your Trust, Your Pet, and Your Legacy: Estate Planning 101 seminar will be held at the Pasadena Humane Society on Wednesday, November 13th at 6:00 p.m. to 7:30 p.m. For more details, call (626) 403-2292. Additionally, The Hayes Law Firm is actively seeking opportunities to get further involved in the Pasadena and South Pasadena communities; If you’d like for their firm to present at your organization, inquiries can be sent to email@example.com.