+ What is Estate Planning?

Estate Planning is advance planning. It is the only way you can take charge of your assets and ensure it goes where you want it to go! Your plan can be specific or as general as you want. Estate Planning will help avoid probate - a lengthy and costly process. At MLO Law, we provide our clients with the following documents as part of their Estate Plan:

• Living Will/Advance Directive
• Last Will and Testament
• Power of Attorney for Health Care
• Power of Attorney for Finances
• HIPAA authorization
• Trusts
• Safeguarding Your Child Plan (Optional)

+ What is the Estate Planning process at MLO Law, LLC?

Click here to see our Estate Planning process.

+ Can I organize my Wills & Trust if I don’t have a legal plan (employee benefit through work/employer)?

You can still have your Wills & Trust documents done through MLO LAW, LLC. Give us a call and we will guide you through the steps.

+ I am here on a work visa, should I set-up my Wills & Trust documents?

Absolutely! You do not need to be a citizen to set-up your Estate Planning documents. We highly recommend everyone get their documents organized, especially if you have a young family (dependents) and/or if you have assets in the U.S. (properties, bank accounts, investments etc).

+ I have a dog and a cat. How do I ensure they are taken care of when I am no longer around?

We can help by creating a Pet Trust - your pet(s) will be taken care of until they pass.

+ I am an immigrant with a young family, and I don’t have any relatives in the U.S. What will happen to my children if something happens to both my spouse and me?

At MLO LAW, one of the documents we provide our clients with is the Safeguarding Your Child Plan. Although optional, we highly recommend that you include this set of documents for minor children and keep them with your Estate Planning documents. The Safeguarding Your Child Plan allows you to name temporary guardian(s) for your child(ren). The temporary guardian(s) can be a family friend or neighbor who is able to care for the child while waiting for your relatives to arrive from overseas to avoid your child(ren) being taken by the Child Protection Services (CPS) or Social Services.

+ I’m a single parent so I don’t need a plan. My children will automatically get everything, right?

If you are single, then you are correct that your children will get everything. However, it may not be automatic. Without an estate plan, your loved ones will have to go through the probate process to appoint a guardian for your children (if they are minors) and distribute the money and property that you own individually to the appropriate recipient, in this case, your minor children. However, because a minor cannot manage their own financial affairs (unless the minor is emancipated), a court will have to choose someone to do this for them. Also, once your children reach the age of majority (eighteen or twenty-one depending on your state law), the money and property will be handed over to them without any protections. To ensure that you get to choose who raises your children, who manages their inheritance, and how and when they receive their inheritance, you need an estate plan.

+ What is the best way to give my minor children their inheritance?

The answer to this question depends on your unique circumstances and the needs of your minor children. However, at a minimum, it is a good idea to place any money or property you want your minor children to inherit in a trust. This will allow you to control who manages the money and property on your children’s behalf and when they will have access to it. A trust can be created during your lifetime (called a revocable trust) or at your death (via a testamentary trust that is part of your last will and testament). The biggest difference between these two options is when the trust becomes effective. If you create a revocable trust during your lifetime, it will be for your benefit, and you can include instructions for what happens to the money and property at your death. A properly drafted and funded trust can be managed without court involvement and can be kept more private. On the other hand, if you use a testamentary trust under your last will and testament, you can still direct what will happen to your money and property, but the document will need to be filed with the probate court, and the trust will not be created until you pass away. This means that none of the instructions in the document will have any effect until you die. By contrast, a revocable trust can include provisions for what to do if you are alive but unable to care for yourself or your minor children.

When crafting instructions for how your children’s inheritance should be managed and distributed, you have a variety of options. For example, your minor children could receive a percentage upon reaching a specific age (e.g., 50 percent at thirty years old and the remainder at fifty years old). You could also structure your children’s trusts as incentive trusts to allow the trustee to give your children money only after they meet certain goals (e.g., successfully completing postsecondary education, being sober for one year, etc.). Alternatively, you can leave the decision of how and when to distribute the funds exclusively to the trustee’s discretion. This is sometimes referred to as a discretionary trust. Because your children will not be guaranteed a specific amount of money or piece of property, the funds will be better protected from any future creditors or divorcing spouses your children may have. However, when deciding to use a discretionary trust, it is important to choose your trustee wisely and communicate potential factors for the trustee to consider when giving money and property to your minor children.

+ What is a Trust? Do I need a Trust?

A Trust is a safety net that catches all your assets (tangible and non-tangible assets or also known as Titled and Non-Titled ) when an unforeseen situation happens to you. It will help your loved ones avoid a costly and lengthy probate process. Our attorneys will advise you during the consultation whether a Trust is suitable, and if so what type of Trust would be best for you.

+ I am a single person in my 60s with not many assets. I have some savings, a 401K, and a house. Do I need an Estate Plan?

Yes, you do! You don’t have to be a millionaire to have an Estate Plan! You cannot take your assets with you when you pass, but you can ensure your assets are given to your loved ones, charities, etc. Also, remember that your Estate Plan will contain documents allowing you to name Powers of Attorney for Finance and Healthcare.

+ I would like to get my Living Will organized. My wife and I are retired and I’m afraid this is going to cost us a lot of money. What are my options?

Firstly, congratulations for wanting to organize your Estate Planning documents. The cost is dependent on a few factors - do you have specific needs in your Plan? Is this a simple Plan? Or are you setting up multiple Trust? At MLO LAW, LLC, we believe in transparency. You will know what the cost is after your initial consult.

+ Does your law firm offer any payment options?

Yes, we do. MLO LAW offers a Client Credit program through Law Pay (Affirm), which allows you to pay your bill over time. Please contact our office on 314- 932-7111 if you need more information.