TRUSTS / ESTATE PLANNING DOCUMENTS
TRUSTS / ESTATE PLANNING DOCUMENTS
Estate Planning Documents
It is important to be proactive in your estate planning strategy; otherwise the government could be one of your largest beneficiaries by default. A properly structured estate can help families avoid the traps put into place by our legal system. When you enroll in the Legal Benefit Program, the following documents are included by ULTRA ESTATE PLANNING through State Bar Certified Probate and Trust Law Attorneys for a properly structured and comprehensive estate plan:
REVOCABLE LIVING TRUST – This document creates the entity to which you transfer ownership of your assets and also contains your instructions for managing your assets during your lifetime and for their distribution upon your death. Permits you to eliminate probate and optimize estate tax law.
FINANCIAL DURABLE POWER OF ATTORNEY – Outlines and gives a person or persons of your choice authority to manage your financial affairs if you are unable to do so. If married, documents are included for both Husband and Wife.
ADVANCE HEALTH CARE DIRECTIVE – Also referred to as Health Care Durable Power of Attorney, this document outlines and gives a person or persons of your choice authority to make decisions about your health care if you are unable to do so. If married, documents are included for both Husband and Wife.
DIRECTIVE TO PHYSICIANS – Important document outlining your wishes about continued life support care. If married, documents are included for both Husband and Wife.
POUR OVER WILL – Also known as a Last Will and Testament, this document states that if any assets left out , or not transferred to your Revocable Living Trust during your lifetime will become part of (poured over into) your Revocable Living Trust upon your passing. If married, documents are included for both Husband and Wife.
COMMUNITY PROPERTY AGREEMENT – For a married couple, this document clarifies who owns what at the time the trust document is established and establishes property available for full step-up basis. (Community Property States Only)
FUNDING DOCUMENTS – Documents necessary to properly transfer ownership of your assets to your Revocable Living Trust. These documents create the legal assignment of your property from you as individual or married persons, to you as Trustee(s) of your Revocable Living Trust.
Included with each estate plan to assist the Successor Trustees and Beneficiaries in the distribution of the estate. Services include
Notice to Beneficiaries
Complete copy of Revocable Living Trust and supporting documents are constructed and sent to beneficiaries serving notice of the disposition of the estate and the distribution thereof.
Accounting of Assets
Provided with the notice to beneficiaries the accounting of assets details the assets held in trust. Real Property as well as liquid accounts are identified.
IRS Estate Tax ID Number
EIN number from the IRS will be used in establishing an “Estate” account from which the Successor Trustee will pay debts and taxes of the Settlor
Affidavit Death of Trustee
ADOT is provided for each deceased Trustee notifying the county of the passing of the Settlor and the real property held in trust.
Proposition 58 Forms Completed
Tax benefits to beneficiaries are available through county offices preserving established tax basis for real property. Parent to child or grandchild transfers are allowed by the counties of California enabling the beneficiaries to keep family property without the extra burden of a new tax basis.