Working with a Trust Lawyer in Upland, Diamond Bar, Chino, Chino Hills, Rancho Cucamonga, Claremont, Montclair, Covina, Ontario, San Dimas, La Verne Walnut, Glendora, to Set Up a Charitable Trust

Trusts lawyers in Upland, Diamond Bar, Chino, Chino Hills, Rancho Cucamonga, Claremont, Montclair, Covina, Ontario, San Dimas, La Verne Walnut, Glendora, understand that there are a number of reasons why our clients might choose to create a charitable trust, and our job is to set them up in a way that best meets their needs.

For example, some Upland, Diamond Bar, Chino, Chino Hills, Rancho Cucamonga, Claremont, Montclair, Covina, Ontario, San Dimas, La Verne Walnut, Glendora, area residents are interested in the idea of a charitable trust because it can reduce the tax burden on the overall estate. In other cases, of course, the individual is simply looking to do good with his or her money. No matter what your reason, your Upland, Diamond Bar, Chino, Chino Hills, Rancho Cucamonga, Claremont, Montclair, Covina, Ontario, San Dimas, La Verne Walnut, Glendora, trust lawyer will be responsible for outlining for you the applicable rules and regulations for bequeathing your money or property in this way.

Estate planning laws differ from state to state, and possibly even from county to county. That’s why, if you live in California, it’s in your best interest to hire a trust attorney from the same area. An experienced trust attorney in the greater Upland, Diamond bar, Chino, Chino Hills, Rancho Cucamonga, Claremont, Montclair, Covina, Ontario, San Dimas, La Verne Walnut, Glendora, area will be well-versed in the requirements for where we work and practice.
Requirements for Setting Up a Charitable Trust

One of the first requirements of a charitable trust is blatantly obvious: you must have something to put in the trust, whether it is money, real estate, or some other form of property. Also pretty self-evident is the fact that the trust must demonstrate a charitable purpose.

Additionally, a trustee must be named as the person who will oversee and administer the trust, and beneficiaries must also be named. The beneficiaries are those who will benefit from the trust. The beneficiaries must meet certain criteria in order for the trust to be considered “charitable.” Your trust lawyer will work with you to ensure you are fulfilling this obligation by making sure you don’t name a for-profit business as the beneficiary, for example. Likewise, it is improper for a charitable trust to benefit a private individual.

To ensure you are setting up your charitable trust within the confines of the law, work with Upland, Diamond bar, Chino, Chino Hills, Rancho Cucamonga, Claremont, Montclair, Covina, Ontario, San Dimas, La Verne Walnut, Glendora, attorney to create a plan that’s right for you. To get started, please call our law firm at (626) 283-5093 and ask if you qualify for a Free Family Wealth Estate Planning Session with the mention of this article ($750 value).

The Letter of Intent as a Part of Your Special Needs Planning in Upland

The documentation that you create with your special needs planning lawyer in Upland will be quite detailed and will take an incredible amount into consideration, but it will likely not cover every possible concern or wish you may have for your child’s future care. For that purpose, many parents work with their lawyer to create a Letter of Intent.

The Letter of Intent is along the lines of a personal letter, rather than being a more formal legal document. It is used to supplement the special needs plan in order to provide additional information.

Uses for the Letter of Intent
• Parents often use it to address wishes that they have which don’t really fall under the purview of legal requirements.
• This document is also useful for addressing information about your child that is subject to change. While various other special needs planning documents tend to be more static, the Letter of Intent can be changed out as the information in it needs to be updated.
• Finally, a Letter of Intent is used to discuss topics that are just too lengthy to include in the special needs trust.The letter is typically addressed to the people who will be caring for your child once you are unable to fulfill that role. When the time comes, your attorney will share the Letter of Intent with the child’s caregivers, as well as with the trustee. They can use the letter to help interpret your desires and to help follow through on the wishes you have for your child.

Where to Get the Letter
Your special needs attorney in Upland can help you draw up your Letter of Intent as a supplemental piece of your special needs trust. You may also wish to download a template for organizing your thoughts. A nice one is available at http://www.specialneedsanswers.com/moi_order.asp. As with any online resource, be sure to have your attorney review the document and offer advice and recommendations.

“You Can Get Rid of More Than You Think You Can,” says Diamond Bar lawyer

Friendly reminder: Sunday is Mother’s Day. Do with this what you will .

I do hope you can make her (and the other mothers in your life) feel special this weekend. Or, if she’s no longer with us–that the other mothers in your life felt blessed.

Look, I normally dislike "Hallmark Holidays", but there really is something very beautiful and right about honoring mothers (and fathers too). They deserve more than a one-time, greeting-card-fueled day, of course … but at least it’s an excuse for all of us to open our eyes to the vital work of Mommyhood.

Spring is funny sometimes, isn’t it? It can heighten the sense that everything is bursting with newness and life … or, well, it can sometimes make things feel worse.

And I KNOW that our clients and friends face the same "junk" every season — doubt, fear, worry. And finances can play such a big role there. (By the way–this is something that even the wealthiest among our clients *still* deal with.)

Don’t believe the hype that having more zeros in your bank balance eliminates all of your problems.

Instead–pick up, pray, do what you need to do to dust off the detritus of fear and doubt … and step into what you were made to do.

That’s my shot in the arm for you today.

And while I have you, I wanted to encourage you to make the space to "step up your game!" It’s something business owners are routinely encouraged to do … but it works for families too.

Rowel Manasan’s
Take A Positive Step Towards Playing a Bigger Game
I’m not very handy around the house.

But I’ve embraced my all-thumbs ways, and have learned to see why this "deficiency" enables me to think bigger, and grow wealth for my family.

Look, admit that most things you cannot do (with apologies to the very "handy" among us): You probably aren’t going to redo the roof on your house. You likely don’t have a clue how to knock down a wall to open up the downstairs. If the potty stops working and the plunger and Drano don’t work, you’re calling the plumber. Likewise, you pay someone to work on your car because you either don’t know how to or you’d rather have a professional do it.

But one of the common messages which even the wealthiest among us often find themselves adhering to is: "Do it yourself to save money." Don’t hire a maid, don’t go out to eat, don’t pay someone to do your yard. Do it yourself and save money.

Baloney.

I say: "Outsource everything you can and focus on building your wealth!"

Oh, and it’s not only good for you, it’s good for the world economy. It’s called "comparative advantage" and it’s why you aren’t a landscaper. Or a plumber.

Some people have the time or the motivation to do things other people would outsource. I know plenty of men that just like to change their car’s oil. But I also know people too busy (and productive) to mow their own grass. So you have to decide what aspects of your life are worth outsourcing.

For families and mothers, there’s plenty that you perhaps *shouldn’t* outsource: raising your children, engaging with charities, loving your spouse (!). But there’s likely to be plenty of tasks which sap your energy, drain your productivity (in the home AND in your work pursuits) and can be successfully handled by an hourly earner.

Personally, I hope to make it possible that I’m so productive I have to outsource just about everything. Said differently: I want to just work, help clients, and pay people to do just about everything else for me.

What about you?

Probate Tips for Getting Through the Process Faster and with Less Hassle in Los Angeles and San Bernardino

Probate lawyers in Diamond Bar and Upland are well aware of the hassles and headaches that families face when a loved one’s estate goes into probate. The process can drag out, eating up not just time but also resources that would have otherwise gone to beneficiaries. Appointed executors find themselves with burdensome responsibilities that can compound their grief. In order to navigate the process as quickly and smoothly as possible, probate lawyers recommend you keep the following in mind:

Probate Tip #1: Hire an Experienced Probate Attorney in Los Angeles and San Bernardino
It may be tempting to navigate probate alone, but a good probate lawyer will be able to make the entire process more efficient. The attorney’s expertise will guide you steadily in the right direction and keep you on track for closing probate as quickly as possible.

Probate Tip #2: Notify Creditors Quickly
Part of the probate process is making creditors aware of the death. As long as the probate is open, creditors can come looking for payment, which can significantly slow down process. Instead, it is better to get everything lined up as quickly as possible to be able to move on to the next phase.

Probate Tip #3: Get an Appraised Inventory
As the executor works with the estate, he or she should be creating an inventory of its assets and getting appraisals when appropriate, whether on personal effects, real estate, or other assets. The courts may need to be involved with the process, so discuss it with your Diamond Bar and Upland probate lawyer.

Probate Tip #4: Don’t Miss Deadlines
There are specific deadlines set for when documents need to be filed. Missing these deadlines will lead to the need for more court appearances (i.e. time, hassle and more money), as well as keeping probate open—and the estate vulnerable—for that much longer.

Probate Tip #5: Keep Accurate Records
The creditor claim period can vary from state to state, which another excellent reason to work with a local probate lawyer in Diamond Bar and Upland. Once this period has ended, the executor will file the final report and accounting. Having these numbers ready to go and double checking them for accuracy helps get the estate closed faster.

There’s no doubt that seeing an estate through probate offers some stress and potential confusion. A good probate lawyer in Diamond Bar and Upland will minimize this stress, and utilizing these simple probate tips can get the estate and all those connected to it through the process that much faster.

Business Planning for the Unexpected in California

Business planning tends to revolve around where you are right now, where you’re going in the near future, and hopefully, where you’re going to be quite a ways down the road.  One aspect of business planning in California that is easily overlooked, however, is what happens to the business after you are gone.  Sure, there may be succession plans in place in preparation for your retirement, but what is going to happen if you pass away unexpectedly instead?

For a lot of people, a business is their biggest asset. Certainly, you want to make sure it’s protected–no matter what happens.  By planning now, you can help ensure that your business will go on to survive without you instead of falling apart because you’re no longer at the helm.

Step One:  Choose a Successor for Your Business

This was already mentioned in the event that are planning to retire, but other situations can arise in which you are unable to continue to head up your business.  Having someone you trust lined up who is prepared to take the reins should it become necessary will ensure your business stays running during an otherwise chaotic time.

Step Two:  Share the Knowledge

All too often, the business owner is the only person who is privy to all of the information it really takes to make the business run.  If you’re keeping everything “in your head,” how can your employees keep things running in your absence?  It’s time to gather up operational information that others may need should they be forced to step in and fulfill your role.  This doesn’t mean you need to share trade secrets with every employee; it just means that you should at least have a good blueprint for how things work that is accessible to the person or people who will need it if the time comes.

Step Three:  Know Your Assets

It’s a good idea to understand the overall value of your business.  Creating an inventory of assets is a good start in this process.  In today’s age, many assets are not even tangible items but are digital in nature—such as web properties, online accounts, and more. Talk to a professional if you need help assessing your assets.

Step Four:  Work with an Diamond Bar Attorney

To solidify your ideas and ensure that you are planning within the scope of the law, you’ll want to sit down with a business planning attorney here in Diamond Bar who is familiar with local laws and regulations.  Your attorney will help you draw up legal documentation that provides direction for your business when you are no longer able to retain control.  It also helps to establish your true intentions and limit the amount of challenges others may face later down the road.

If you’re ready to get started creating such a plan for your business, call our Diamond Bar business planning law firm at 626-283-5093 and ask to schedule a complimentary planning session with the mention of this article ($750 value).

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