FREQUENTLY ASKED QUESTIONS
Frequently Asked Questions About Estate Planning
Estate planning is the process of creating a comprehensive plan for the management and distribution of your assets and property after your passing.
It involves creating legal documents, such as a will, a trust, power of attorney, etc., to ensure that your wishes are carried out and your loved ones are protected.
Estate planning is important because it allows you to control what happens to your assets and provide for your loved ones in the event of your death or incapacity.
That’s why we’ve developed a process to help you transfer your most important personal assets to your loved ones – your intellectual, spiritual, and human assets – who you are and what’s important to you.
A Last Will is a legal document that allows you to specify how some of your assets should be distributed upon your death. However, other assets may not be distributed based on your Last Will, but rather on the beneficiary designations that you have set up.
Unfortunately, a significant portion of the adult population in the US does not have a Last Will, and for those who do, many Last Wills are not comprehensive enough to cover their specific situation.
The only way to ensure that a Last Will is valid is by filing it in probate court, which is a public and time-consuming process that may delay your family’s access to your assets.
Probate is the legal process of settling a person’s affairs and distributing their assets after death. The outcome of probate is largely dependent on whether the deceased had a valid will.
However, even in cases where no will exists or the will is deemed invalid, the probate process is similar. The court appoints someone to oversee the probate process and manages the legal actions which include, determining the validity of the will (if any), appointing an executor or administrator, locating, and valuing assets, notifying, and paying creditors, filing, and paying taxes, and distributing assets to beneficiaries. In short, probate is a court process against yourself for the benefit of your creditors.
Though this process is necessary, it can be a difficult and costly experience for loved ones, taking a long time and being highly inconvenient, and sometimes messy, unless the deceased had a proper estate plan in place.
Yes! While you may be able to create your own will or trust using online templates, it is highly recommended that you consult with an attorney who specializes in estate planning.
Estate planning is a critical aspect of securing the future of your loved ones and the assets you have worked hard to acquire. The best outcome for you and your family can be achieved by working with a lawyer who has extensive experience in estate planning and can address the unique needs of your family.
Unfortunately, some families experience collapse after the death of a loved one due to lack of proper planning or because they used an online platform that was not tailored to their specific needs and ultimately failed them.
We believe in fostering a lifelong relationship with our clients, so that you have a lawyer for life to be there for your family when you cannot. It is important to ask questions and ensure that the estate plan put in place will be effective when it is needed and not just a pile of paper that is ineffective in protecting your assets and loved ones.
No! Estate planning is important for everyone, not just those who are wealthy. Everyone has an estate that is valuable and should be protected.
Estate planning is not just about transferring financial assets and personal belongings, it is also about capturing and transferring intangible gifts such as values, insights, stories, and experiences.
This is a valuable and meaningful way to ensure that your loved ones continue to feel your presence and guidance even after you’re gone.
Think of a Trust as a “Will substitute.” What we mean is that just as a Last Will distributes your assets upon death, a Revocable Living Trust does the same.
The upside of a Trust over a Will is that a Trust need not be filed with the probate court to be effective, whereas a Last Will must be filed with the probate court to have any effect. As a result, a Trust remains a private document pertaining to your private affairs, while a Last Will becomes a public document after you pass away no matter how private you were during your lifetime.
Of course, there are additional types of trusts as well that serve different purposes, and each family’s unique situation must be taken into account to design the right overall estate plan, which may include one or more Trusts.
We ensure that your plan is reviewed every 3 years (free of charge) to keep up with any changes in your assets, family situation, and laws. We aim to build a lifelong relationship with our clients, as things change throughout life, and we make sure that your plan adapts to those changes.
Cost is a common concern when it comes to estate planning, and we understand that it can be a sensitive topic when choosing a professional to guide you. To address this, we have designed our fees on a flat-fee basis, so you know exactly what you’re committing to and there are no surprises.
We cannot quote fees online or over the phone, but we invite you to attend one of our upcoming events where we will provide information about our unique meeting process and fee schedule. This will give you the opportunity to learn more about how to take the next steps at the best time for you and your loved ones.
Frequently Asked Questions About Kids Protection Planning
A will that only names guardians for your minor children is often not sufficient to protect them. Such wills often contain mistakes that could put children at risk of being placed in the care of strangers or individuals that the parents would not want to raise them. It is important to have a comprehensive estate plan that addresses all possible scenarios and includes measures to ensure the well-being and safety of your children.
Having a will alone may not be enough, especially if you have minor children. A comprehensive estate plan that takes into account all possible scenarios and includes various legal instruments such as a will, trust, durable power of attorney, and healthcare directive can provide a more complete protection and peace of mind for the family.
Don’t let a judge, who doesn’t know you or what matters to you, decide who raises your children or handles the money you’ll leave behind.
When it comes to protecting your children’s future, it’s important to work with a lawyer who has a wealth of experience in handling kids protection planning cases.
This will ensure that you and your children receive the best possible outcome. Raising your children is a vital responsibility, but without proper planning, their future can be at risk in the event of your death. Many families struggle after the loss of a parent due to lack of planning or using inadequate online platforms.
To avoid this, we recommend building a long-term relationship with an estate planning attorney who can guide you in creating a comprehensive plan to protect your children’s future, even when you’re no longer there to care for them.
The Kids Protection Plan® is a very important part of your Estate Plan, if you have minor children, and that is why we included it in all the Estate Plans that we prepare for families/or single parents with minor children.
Cost is a common concern when it comes to estate planning, and we understand that it can be a sensitive topic when choosing a professional to guide you. To address this, we have designed our fees on a flat-fee basis, so you know exactly what you’re committing to and there are no surprises.
We cannot quote fees online or over the phone, but we invite you to attend one of our upcoming kids protection planning events where we will provide information about our unique meeting process and fee schedule. This will give you the opportunity to learn more about how to take the next steps at the best time for you and your children.
Frequently Asked Questions About Asset Protection Planning
Asset protection in estate planning refers to the strategies and techniques used to safeguard one’s assets from creditors, lawsuits, and other legal claims.
This can include the use of trusts, limited liability companies, and other legal entities to separate ownership and control of assets, as well as strategies to minimize potential liabilities.
The goal of asset protection is to ensure that one’s assets are available to provide for one’s family and other beneficiaries, rather than being consumed by legal judgments or other claims.
An appropriate asset protection trust can be used to safeguard certain types of assets from creditors and legal claims in the future. Once we determine which assets are suitable for this purpose in your case, you can transfer those valuable assets into the trust to protect them while you’re alive and also from the IRS when you pass away.
Determining which assets should be transferred into an asset protection trust depends on various factors specific to your situation. This can include your state of residence, the location of your business, the location of your physical office and registered agent, and the location of your assets, among other things.
Even with the use of an asset protection trust, there are certain assets that may be considered exempt from creditors, meaning they are protected forever. This exemption is determined by each state, with different laws and regulations on what assets are considered exempt.
In the field of asset protection planning, the most favorable outcome for you, your family, and your loved ones can be achieved only by working with a lawyer who has a daily experience in handling asset protection planning cases.
You have spent your entire life building your assets, and it’s essential to ensure that they are protected for your family’s future. To avoid leaving it to an online form, internet software, or DIY template that may not provide the best protection for your loved ones, we recommend working with a lawyer who has the expertise to guide you in creating a comprehensive plan that ensures your assets are safeguarded in the way that your family deserves.
Asset protection planning, when done correctly, can be an effective way to protect your assets from creditors. Asset protection planning is a legal strategy that can help protect your assets from creditors and legal judgments.
The basic principle is that assets that are owned by you can be seized by creditors, while assets that are not owned by you cannot be seized. The goal of asset protection planning is to legally separate yourself from the ownership of an asset, while still allowing you to enjoy its benefits.
This can help protect your assets from creditors and legal judgments. However, it’s important to note that asset protection planning should not be used for the purpose of evading a known or likely creditor, as it would be too late for such planning at that point.
Federal law prevents creditors from accessing assets held in retirement plans such as profit sharing, pensions, and 401(k) plans. However, the protection for traditional and Roth IRAs may vary depending on the situation. We work closely with you to understand the specific details of your case and to make informed decisions about asset protection planning.
Cost is a common concern when it comes to asset protection planning, and we understand that it can be a sensitive topic when choosing a professional to guide you. To address this, we have designed our fees on a flat-fee basis, so you know exactly what you’re committing to and there are no surprises.
We cannot quote fees online or over the phone, but we invite you to attend one of our upcoming events where we will provide information about our unique meeting process and fee schedule. This will give you the opportunity to learn more about how to take the next steps at the best time for you and your family.
Frequently Asked Questions About BUSINESS PLANNING
Business Planning at Dracheva Law includs entity formation, contract drafting, and estate planning.
We also provide ongoing counsel and advice to help business owners navigate legal issues and make informed decisions.
When it comes to planning for your business, the best outcome for you, your family, and loved ones can only be achieved by working with a lawyer who has extensive experience in handling business planning matters.
You have invested a significant amount of time and effort to build your business, and it’s crucial to ensure that it is safeguarded for the future of your family.
To avoid relying on online forms, internet software, or DIY templates that may not provide adequate protection for your business, we recommend working with a lawyer who has the expertise to guide you in creating a comprehensive plan that ensures your business and your assets are protected in a way that your family deserves.
Our law firm is dedicated to designing personalized business asset protection plans that align with the objectives and principles of our clients’ business.
We collaborate with clients to create well-considered contracts and extensive legal agreements that reflect the values and goals of the business, serving as a foundation for fostering robust business relationships.
Additionally, we offer guidance and advice to help business owners manage legal matters and reduce potential legal hazards.
When it comes to protecting your business, cost can be a significant concern, we understand that it’s a sensitive topic while choosing a professional advisor. To address this, we offer transparent and flat-fee pricing, so you know exactly what you are committing to and there are no hidden costs.
Although we cannot provide quotes over the phone or online, we invite you to attend our upcoming asset protection planning events where we will provide information about our unique meeting process and fee schedule. This will give you the opportunity to learn more about how to move forward and make the best decision for you and your assets.
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