Compare Your Living Trust
Copyright 2010 The Connor Law Firm PLC: Estate Planning Scottsdale. All Rights Reserved.
DISCLAIMER:
The information on The Connor Law Firm, PLC website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and reciept or viewing of this information does not constitute, an attorney-client relationship.
I am often asked to review a Living Trust that has been prepared by another attorney or by a non-attorney. This presents a problem because attorneys are not willing to give their blessing on legal work completed by someone else. Therefore, the only way I can properly respond to such a request is to compare their Living Trust against the LIFE PLAN™ ASSET PROTECTION LIVING TRUST my Firm prepares – this is the Trust I have provided for my own family. Below is such a comparison. It is not intended to provide a legal analysis of the old Trust. Print a copy and review the below questions and write “yes” or “no” in the far right column. This will allow you to compare your Living Trust to the one I have prepared for my family. Doesn’t your family deserve what I have done for mine?
SELECTED IMPORTANT PROVISIONS & DOCUMENTS
FINANCIAL DURABLE POWER OF APPOINTMENT – IMMEDIATELY
EFFECTIVE AND CURRENT
There are some problems with incapacity which a Financial Durable Power of
Attorney can best handle.
HEALTH CARE DURABLE POWER OF APPOINTMENT – IMMEDIATELY
EFFECTIVE AND CURRENT
There are some problems with incapacity which a Health Care Durable Power of
Attorney can best handle.
MENTAL HEALTH CARE DURABLE POWER OF APPOINTMENT –
IMMEDIATELY EFFECTIVE AND CURRENT
There are some problems with incapacity which a Mental Health Care Durable
Power of Attorney can best handle.
POUR-OVER WILL
Takes property accidentally left outside of the Trust and “Pours” it over into the
Trust to best meet your asset management directions which are set forth
in the Trust.
LIVING WILL
Sets forth your desire, or lack of desire, to utilize life-prolonging methods to
sustain your life in the event you are technically and medically
brain-dead.
DOCUBANK AVAILABILITY OF POWERS OF ATTORNEY
Ensures that your Health Care documents are immediately available to any health
institution anywhere in the world.
DISCLAIMER FUNDING FOR FLEXIBLE TAX AVOIDANCE
Allows the surviving spouse the flexible opportunity to utilize a tax saving
By-pass Trust if necessary.
PRE-NUPTIAL REQUIREMENT FOR SURVIVING SPOUSE
Helps protect the surviving spouse from a predator new spouse if he/she remarries.
BY-PASS TRUST DISTRIBUTION TRUSTEE ASSET PROTECTION FOR
SURVIVING SPOUSE
Helps provide the surviving spouse added creditor protection with the funds available in the By-pass Trust.
DISABILITY PANEL WITH STANDARDS
Helps avoid the reluctant nature of a doctor to determine whether you are incapacitated and helps avoid a court determination of your physical or mental capacity.
PROTECTION OF ASSETS FOR CHILD IF THERE IS A DIVORCE
Ensures that your hard-earned assets remain for the benefit of your child rather than your child’s ex-spouse or the ex in-law’s new boyfriend/girlfriend, or spouse.
PROTECTION OF ASSETS FOR CHILD IF THERE IS A LAW SUIT
Ensures that your hard-earned assets remain for the benefit of your child rather than the overzealous person injured in an auto accident or from a disenchanted business partner or creditor.
PROTECTION OF ASSETS FOR CHILD FROM CREDITORS
Ensures that your hard-earned assets remain for the benefit of your child rather than your child’s creditors. Remember, even the most careful child can become subject to financial reversals or judgement creditors.
AVOIDS PROBATE – A COURT PROCESS
Probate is a lengthy, public, and costly process. Your assets must be in the Trust to avoid the probate process.
AVOIDS COURT ORDERED CONSERVATORSHIP
Similar to probate, a conservatorship process is a lengthy, public and costly process.
Additionally, the court requires a regular reporting procedure which is onerous.
ALLOWS FOR MEMORANDA TRANSFER OF PERSONAL PROPERTY
Legal document that gives you day-to-day flexibility to leave certain “personal” items to those you choose.
PROVIDES FOR UNANTICIPATED SPECIAL NEEDS CHILD OR GRANDCHILD
Gives you a built-in safety net provision to care for those future and unknown grandchildren who may require government assistance due to some unforeseen handicap but who should also benefit as an heir.
FEDERAL HIPAA NOTICE IN APPROPRIATE DOCUMENTS
The absence of this document or medical release provision, or failure to include a HIPAA provision within your health care documents, will greatly hinder proper medical record access which your loved ones may need to obtain from your medical provider in order to make medical decisions for you in the event you cannot make them yourself.
CONNOR FIRM
LIFE PLAN™
ASSET PROTECTION
LIVING TRUST
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YOUR OLD
TRUST
YOUR OLD LIVING TRUST
VS
THE CONNOR LAW FIRM
LIFE PLANTM ASSET PROTECTION LIVING TRUST
