Wills, Trusts & Estates 

Financial planning is essential to securing the well-being of yourself and your family. Let Drason Law help you make the important financial planning decisions according to your goals for the future.

 Estate Planning Package
·         Drafting of Wills and Trusts
·         Estate planning
·         Advance health Care Directives
·         Durable Powers of Attorney
·         Probate Administration
·         Trust Administration
·         Insurance Advice
·         Advance Health Care Directives

Please don't hesitate to call us. You can call with the peace of mind because we will give you our honest opinion on all matters. 
Picture
Estate Planning? Need an Estate Planning Attorney? 

Properly planning for your estate is very important because it will ensure that your family needs are met. Often people wish to leave property and assets to their family, friends and/or their favorite charities or organizations.

A thorough Estate Plan can minimize your taxes on your estate and properly allocate property according to your desires.

What happens if you don’t have a Will?

If you do not have a Will, then assets will be distributed according to state law. It will be out of your family control and may not coincide with your desires. There are predefined state regulations that govern the distribution of property. If you wish to leave you assets to your good friend. They will never see any of your assets because the rules do not account for friendships. Typically, assets are distributed to next in kin of the deceased. 

What if I just have a Will?

Having a Will is a great start. Having a Will makes it easier to know your intentions and desires. However, a Will does go through probate. The court intervenes and inventories the property and distributes them according to your Will.

What is Probate?

Probate is a process where property is passed onto the heirs from the decedent (person who passed away). Probate courts decide the validity of a Will. The court grants the probate to an executor of the estate. The executor for the estate is appointed through the Probate process. Executor is generally provided for in the will. This person is given legal powers to give the assets to the heirs as written in the Will.

Is Probate Expensive?

Probate is a formal court process in which listing, valuing and distribution of property is done under court supervision. Debts and liabilities are assessed including taxes which have to be paid before property is distributed to the beneficiaries.

There are costs associated with probate such as publishing a notice in the newspaper which can be between $200-500. Valuation of property owned by deceased can cost about $1000-3000. Taxes need to be filed which can cost between $150-300.

Others potential costs are taxes on the assets. There is no inheritance tax for property passing to your surviving spouse. Assets that pass to your children or grandchildren, however, can be taxed at the rate of 4.5%. Sometimes, assets pass to your brothers or sisters. They are taxed at a much higher rate of 12%. Other assets can be taxed at a higher rate of 15%.

How much time does it take for Probate?

Probate is absolutely time consuming and draining. Average probate process can take between 7-10 months depending on how organized you are.

Can I avoid legal fees by going through Probate?

Initially, one would think they are saving- by not having to pay for a Trust and other Estate Planning Tools. However, the cost incurred later on in the Probate process out weighs this superficial saving. The Probate process is much longer and painful for many.  You may likely end up hiring an attorney during the Probate process to do the taxes and assist in other planning purposes. So in the end, you pay more taxes and more in attorney’s fees. Attorney’s fees can range from 3-8% of the value of the estate. It is a lose-lose situation.

How do I avoid Probate?

With proper planning and a little money up front, you can avoid Probate altogether. One of the vehicles used by people to avoid probate is a Revocable Living Trust. With this, you move ownership of assets from you to the Trust. You relinquish your ownership in the assets. When you pass on, the Trust distributes the assets to your beneficiaries.

Does having a Revocable Trust avoid Probate? (A more direct question)

Yes. It does. And it saves you a lot of money in the process.

Does having a Revocable Trust automatically avoid Inheritance Taxes?

No. It does not. You can limit Estate Taxes and Inheritance Taxes through proper planning, but cannot eliminate them entirely.

Are there other components to a proper Estate Plan?

Yes. A proper Estate Plan consists of a Medical Directive, also known as a Living Will or a Durable Power of Attorney. A Trust also consists of Pour Over Wills. 

Do I really need an attorney for Estate Planning?

Hiring an attorney will help ensure that your wishes are met with certainty. An attorney will be able to advice you on the do’s and don’ts of Estate Planning. Estate Planning is complex, require extensive knowledge and often involve more than one attorney for some cases.

An attorney will ensure that your Estate Plan meets all the legal requirements of your state. This is very important. A court will throw out a Will and Trusts for failing to meet legal requirements.

At Drason Law Firm, Suhas and Ripal Patel (Tax Attorney and Estate Planning Attorney) work together to ensure proper Tax and compliance planning for your Estate Plan.

How much does it Cost?

A typical Estate Plan can start at $2200 and go as high as $10000. Our packages start at $2200. We will always keep you updated on costs and will not take any steps without your consent. We believe in providing value based service to our clients and we live by that.

Our Low Cost Estate Plans start at $2200. 
Best San Jose Estate Planning Attorneys. Covers Simple Revocable Trust + Will

Estate Planning: Why is it important?

Estate Planning is a means of achieving your personal and family goals after your pass. Proper Estate planning ensures that your wealth and personal belongings will go to family members of your choosing. It also ensures that your spouse will be taken care after your death.

Estate Planning also ensures that Uncle Sam will get less and your family will get more; it maximizes your family’s inheritance.

Proper Estate Planning also avoids probate.

It also ensures:

1.     That you live your life to it’s fullest.
2.     Pass your property according to your wishes.
3.     Provide guardianship for your children.
4.     Avoid probate.
5.     Decrease Tax amounts and possibly eliminate them.
6.     Ensure that your spouse is provided for.

Drason Law Firm is based in San Jose and specializes in Estate Planning. We will ensure that you will leave with peace of mind knowing that your family is taken care of. Have the best Bay Area Estate Planning Attorneys work with you. 

How are revocable Trusts Taxed?

 Families thinking about a Revocable Trust should have some basic knowledge on its taxation.

1.     How is the Trust Income reported?
2.     Who is responsible to the Trust Income?

Any Income reported by the trust is taxable to its creator. The Tax Identification of the trust is the creators Social Security Number. All Trust income, deductions and credits is reported through the Trusts creators tax returns. IRS does not recognize the Trusts existence for tax purposes.

If you are the creator of the Trust, often referred to as the Grantor, than you will be the person responsible for the taxes from any income generated by the Trust. Think of the Trust as a protective shield that is holding your assets, and that shield is not considered a separate person for legal purposes. 

Advance Medical Directive | Power of Attorney 

Power of AttorneyAdvance Medical Directive, Power of Attorney
Advance health care directive, often known as a Living Will, or a Medical Directive. A Medical Directive is a set of instructions that are drafted in a document to specify what actions should be taken for your health on your behalf, in an event you are unable to make those critical decisions.

Having an Advance Directive in place can assure you that your wishes in regards to your health and treatment will be carried out without ambiguity. Such decisions are often difficult to make by family members, since they themselves are often unaware of our most intimate feelings about medical treatments. Family members are often left with guilt and depression as to whether the right choice was made.

Do not burden your family with making painful decisions. Lets us help you place a Advance Medical Directive, aka Power of Attorney. 
We work with clients, and seek to work with clients, in all of Northern California, including the following cities and counties: Alameda, Albany, American Canyon, Atherton, Belmont, Belvedere, Benicia, Berkeley, Brentwood, Brisbane, Burlingame, Calistoga, Campbell, Clayton, Cloverdale, Colma, Concord, Corte Madera, Cotati, Cupertino, Daly City, Danville, Dixon, Dublin, East Palo Alto, Emeryville, Foster City, Fremont, Gilroy, Half Moon Bay, Hayward, Healdsburg, Hercules, Hillsborough, Lafayette, Larkspur, Livermore, Los Altos, Los Altos Hills, Los Gatos, Martinez, Menlo Park, Mill Valley, Millbrae, Milpitas, Morgan Hill, Mountain View, Napa, Newark, Novato, Oakland, Oakley, Orinda, Pacifica, Palo Alto, Petaluma, Piedmont, Pleasant Hill, Pleasanton, Portola Valley, Redwood City, San Bruno, San Carlos, San Francisco, San Jose, San Leandro, San Mateo, San Pablo, San Rafael, San Ramon, Santa Clara, Santa Rosa, Saratoga, Sausalito, Sebastopol, Sonoma, South San Francisco, St. Helena, Suisun City, Sunnyvale, Union City, Vacaville, Vallejo, Walnut Creek, Windsor, Woodside, Alameda County, Contra Costa County, Marin County, Napa County, San Francisco County, San Mateo County, Santa Clara County.