Do I need a trust or a will...or neither?
You have probably heard that when you depart this earth you need to be sure you have a will. This is a bit of an antiquated theory. Is that all you need? If you own titled property, it is likely you need a trust. You have spent years accumulating your estate, how is it to be distributed? Are some of the recipients’ minor children? Does there need to be limitations or qualifications on some of the distributions? What about a durable power of attorney that will designate someone who can act on your behalf in the unfortunate event you are alive but are unable to act or make decisions for yourself?
Give the attorneys at Fontanez Law Firm a call to discuss your situation.
Common Questions
What does a trust package include?
Our basic trust package includes trusts, pour-over wills, durable powers of attorney including designation of guardian, living will, medical authorization, a deed placing control of a property in your trust. In the event any beneficiary has special needs and is receiving governmental financial assistance we will be sure to insert the appropriate language to assure their financial aid does not terminate as a result of your generosity.
In the event your estate includes multiple properties or companies we may suggest we set up an LLC for you including a Members Operating Agreement and a Federal tax number. Depending on your unique situation it may be desirable to prepare a buy/sell agreement.
Do you handle Estate Ligitation?
Litigation consists of any action that will likely involve the courts and judges or that is a contested matter. Some examples are probates, trust actions, quiet titles, partition actions, guardianships, business/partner disputes, all types of contract disputes. These are almost always based on an hourly rate but can be contingency if the law allows.
Even the best of families can have times of disagreements and disputes, some even escalating to the point of litigation. If you are in a situation of a beneficiary contesting a will or trust or probate, give us a call.
Do you handle Estate Ligitation?
Litigation consists of any action that will likely involve the courts and judges or that is a contested matter. Some examples are probates, trust actions, quiet titles, partition actions, guardianships, business/partner disputes, all types of contract disputes. These are almost always based on an hourly rate but can be contingency if the law allows.
Even the best of families can have times of disagreements and disputes, some even escalating to the point of litigation. If you are in a situation of a beneficiary contesting a will or trust or probate, give us a call.
What does the Estate Planning process look like?
The estate planning process takes 1-2 weeks but can usually be done faster in an emergency.
In Person – There are usually 3 meetings. All are In-person: the initial meeting, the review and the signing. These usually take place at one of my offices but can be other locations if needed.
Video/Telephone – There will likely be 2 conferences – an Initial conference and a review. The signing will be the responsibility of the client, with instructions provided.
There are instances in which a trust is not necessary. Our non-trust package consists of a testamentary will, durable powers of attorney including designation of guardian, living will, medical authorization as well as a deed transferring one piece of property to a beneficiary upon your death.
Call us at Fontanez Law Firm to discuss your unique situation. Our knowledgeable, experienced attorneys will explore your options with you.
Frequently Asked Questions
The attorneys at Fontanez Law Firm are skilled, knowledgeable and experienced in all facets of estate planning. And we are adaptive! Over the years we have discovered our clients want greater flexibility in the way they conduct their estate planning. We will meet with you in person, via video conference, telephone, anywhere, at any time to discuss your estate planning requirements. As a general rule, we can complete the process in two weeks…or less in the case of an emergency.
Anyone who wants to ensure their estate can be passed on to family and successors smoothly and efficiently while avoiding probate.
If you have Beneficiaries who:
- Are minors
- Are bad with money
- Have problems with drugs
- Don’t get along
- Have special needs (and want to be assured the governmental assistance they are receiving will not be terminated because of the money or assets you leave them)
Or
YOU are one of the following:
- An Entrepreneur!
- Own a home or other real estate
- Are an author or own patents
- Own an LLC or other business
Have valuable collections (ie: cars, guns, paintings, coins etc.)
Persons who have dependents with special needs who are currently receiving government administered financial assistance need to make sure they are protected. The attorneys at Fontanez Law Firm are knowledgeable and well prepared to assist you with first-party and third-party special needs trusts.
Who needs a Special Needs/Supplemental Needs Trust?
Many people are currently receiving some form of governmental funded financial aid, most of it from Medicaid. Governmental financial assistance is “needs based”, which means if there is no longer a financial need the financial aid is terminated. If the individual, the beneficiary, is the recipient of a large sum of money the financial aid stops.
So is it Special Needs or Supplemental Needs?
The more accurate term is supplemental needs since this is how it is referred to in Oklahoma law; it refers to a benefit such as Medicaid that “supplements” a person’s income or assets. Many people refer to it as special needs because the provision is usually designed to help people with special needs. If a beneficiary who receives state aid because of a lack of income or assets is the recipient of a large sum of money – whether this be from an inheritance, personal injury award, life insurance policy or other sources – it is imperative that a supplemental needs provision be utilized to ensure the money received does not prevent them from continuing to receive their health benefits, food stamps or other needs-based benefits.
Are there different kinds of special needs trusts?
There are two types of special needs trusts: First Party Trusts – which are rare, and Third Party Trusts – which are very common.
A First Party Special Needs Trust is employed when someone with special needs had money prior to developing special needs, they are earning a wage, or they may inherit money. Now their ability to keep that money from being considered for Medicaid purposes is more difficult. They need their own First Party Special needs trust, not an insertion into someone else’s.
First Party Special Needs Trusts are considered on a case-by-case basis. Each are client specific, each have unique client requirements depending on whether the client is still making a wage, who the trustees will be as well as other factors.
A Third Party Special Needs Trust is simply a Revocable Living Trust that has a special needs provision in it. For example: Grandparents want to leave money to their kids and grandkids but one of their grandkids has special needs. They would most likely need a revocable living trust that specifies the distribution and includes a provision that the grandchild with special needs will have his or her distribution made subject to the special needs provision. The money belongs to the grandparents so they can put whatever restrictions they want on their money such as blocking the government from recognizing it or blocking creditors from getting it.
A Third Party Special Needs Trust is a Revocable Living Trust with a special needs provision and is the same price as a regular revocable living trust.
Some estates must be probated. In many instances, sometimes people put off developing their estate plan until it’s too late. When this happens, it is up to the courts to determine how the estate will be distributed and who will be responsible for overseeing this process. This is a lengthy, costly process. Did the deceased leave a will? Who will be appointed Personal Representative for the Estate and authorized to sign all the legal documents? Did the deceased owe anyone any money?
If this has happened to someone in your family give Fontanez Law Firm a call.
Fontanez Law Firm offer a wide variety of services. Some of our estate planning services include:
Types of Estate Planning Packages
A Trust Package includes the following documents:
- Trust-Individual or Joint Trust- couple
- Will(s)
- Advanced Medical Directive
- HIPPA Authorization
- Memorandum of Trust
- Financial and Medical Powers of Attorney and Designation of Guardian
- Deed (deed one piece of real estate to your Trust – usually the residence)
- Additional deeds and business assignments – additional charge
A Non-Trust Package includes:
- Traditional Will(s) –
- Advanced Medical Directive
- Financial and Medical Powers of Attorney and Designation of Guardian
- Transfer on Death Deed (TOD Deed) – to name beneficiaries of a piece of real estate – usually the residence
- Additional TOD Deeds and modifications to business operating agreements – additional charge
Methods of Meeting with Client
In Person meetings are face-to-face meetings between the client and me. These take place at my south Tulsa office, my downtown Tulsa office, or other locations upon agreement.
Video/Telephone meetings are done via Internet-based video-conference platform or by telephone.
Small LLC’s are very common, that is why they are categorized above with Estate Planning. More complicated business structures such as the following may be at flat rate or on an hourly basis depending on the complexity of the document. Client will be advised of fee structure following discussion of the client/document requirements.
- Asset Purchase Agreements: Sale of some or all of the assets of a company
- Stock or Entity Purchase Agreements: Sale of some or all of the shares of a company
- Buy/Sell agreement: Planning for the transfer of shares between owners or others
- Lease agreements and other business contracts
Address
616 South Boston Ave, Suite 300
Tulsa, OK 74119
1140 3rd Street, N.E.
Washington, DC 20002
Payment Options
