James A Wickre Attorney

James A Wickre Attorney
Let me help you develop an estate plan that fits your needs.

Monday, April 28, 2014

Special Needs Trusts

There are several types of  "Special Needs Trusts." The one I am writing about today is the "Special Needs Trusts" that is funded with funds other than the funds of the person in need of a Special Needs Trust.  This is typically done by a grandparent or parent leaving property and other assets in their estate plan to an adult child (under 65)who is receiving governmental benefits because of a disability and do not want to endanger eligibility for governmental benefits. This kind of Special Needs Trust does not need to pay back governmental benefits after the adult child dies. The Trust is not funded with the adult child's income or assets  but with gifts and bequests from others.

 The advantage of this trust is that it is a receptacle for gifts and bequests from others to supplement the needs of the disabled adult child. It can increase the choices available to the adult child  so that the comfort and personal dignity of the adult child are enhanced by trust distributions. The distributions can not be made for support such as board and room or medical treatment.  However, the following list illustrates some of the nonsupport items that may be paid for from the trust:

1. Transportation
2. TV expenses including telephone, computer and or cable equipment.
3. Cost of outings, and entertainment
4. Over the counter medications
5. Personal care products
6. Computers
7. Furniture and household items
8. Tuition for classes
9. Pet care and vet bill
10. Purchase of exempt assets
11. Medical care for which there are not public funds available
12. Private case management
13. The independent trustee can use trust funds to be an advocate for the disabled person and funds can be used for guardianship and conservatorship proceedings.

This list is to illustrate what can be done but does not limit the things that can be done to help the disabled adult child.

This summary is a general statement of the law and each client needs to go over their individual situation with a competent attorney experienced in this area of the law. 

James A. Wickre, Attorney, 816 West 8th Medford, Oregon. Telephone: 541 772-3371 




Monday, April 21, 2014

Is a Revocable Living Trust Right for You?

I have been preparing estate plans for my clients since 1975. In that time I have used Revocable Living Trusts as a valuable tool to the help many of my clients avoid probate and plan for incapacity. Many of my client planning for their sen...ior years want to remain in their home. A trust can offer help to insure that these wishes and desires are honored.

A REVOCABLE LIVING TRUST can also insure that your loved ones will not have to take the time and expense of probating your estate after your death.

Under a REVOCABLE LIVING TRUST you have complete control over your property and other assets. You can change the trust at any time or you can revoke it. You can do anything with your property that you can do with it now.

Unlike some, I am not in the business of selling trusts. It is possible you do not need a trust. If that is the case, I will tell you. A trust is just one of many estate planning tools and each estate plan need to be tailored to fit your needs and desires. I am in the profession of giving legal advice so that you are fully informed of your options and so you can make an informed decision. I will implement your plan with your help in a collaborative effort to establish your estate plan.

"Let me help you develop an estate plan that fits your needs."

Please call for fees. We will gladly give our fees by phone for most of our legal services. Most of our fees are done on a flat fee basis. Call 541 772-3371


Thursday, April 17, 2014

Should you have just a Will or a Living Trust ?


 
 
WITH NO WILL
 
WITH A WILL
 
WITH A LIVING TRUST
 
IF YOU BECOME
MENTALLY IMPAIRED
The court in your county
appoints a conservator
for your property
and a guardian for you.
 
Same as not having a will, a Will directs
affairs only after your
death.
Trustee you have named
oversees your trust property
without court action.
WHEN YOU DIE
Property in your name –
probate property – is
distributed according to
state laws of intestate
succession in Probate
Probate property
distributed through Probate as  laid
out in the Will –
with a few limitations.
 
 
You avoid probate court and it's cost. Property distributed as per trust
 
PROBATE COSTS
Your estate goes into Probate if large enough .Minimum of $3000 to $20,000 or more.
 
.
A WILL DOES NOT
AVOID PROBATE.
 
No probate costs. 
 
PRIVACY
Court’s handling of your
estate is open to public
inspection.
Your Will’s trip
through probate is
public record.
A living trust is not a public
document.
IF YOU CHANGE
YOUR MIND
No one will know because
you haven’t left any
plan to go by.
You can revoke it
totally or change
it with a codicil.
You can revoke the trust
totally or amend it.

Revocable Living Trusts

Revocable Living Trusts by Oregon State Bar

Revocable living trusts are often promoted as an effective alternative to probate. Even though Oregon’s probate system is relatively simple and inexpensive, many people seek an even quicker and easier mechanism for transferring the assets of a deceased person to the beneficiaries of that person. Revocable living trusts often serve this purpose, but they often create problems, too. To help you decide if a revocable living trust is right for you, here are answers to some of the most frequently asked questions about these trusts.

What is a revocable living trust?
A revocable living trust is a legal device that can be used to manage your property during your lifetime and to distribute your property after your death.
A revocable living trust is established by a written agreement or declaration, which appoints a “trustee” to administer the property transferred to the trust, and which gives detailed instructions on how the property is to be managed and eventually distributed. If you want your trust to substitute for a probate proceeding (court administration of property after death), you must give the trustee detailed instructions about how to handle these situations, and you should legally transfer substantially all of your property to the trustee. A revocable living trust agreement or declaration is usually longer and more complicated than a will, and transfer of assets to the trustee can be time-consuming and expensive. Any competent adult can establish a revocable living trust.

Who can be the trustee?
In Oregon any competent adult can be the trustee, including the person setting up the trust. An Oregon bank or trust company can also act as trustee. A professional fiduciary that is not an Oregon bank or trust company can act as trustee, if a court appoints it and it posts a bond. You can appoint more than one trustee, delegating different duties to each trustee if you wish, and you can retain the power to remove the trustee and appoint a new one. Appointing a successor trustee is essential if you are the first trustee and the trust will carry on after you die or become incapacitated.

How is a revocable living trust established?
If a revocable living trust is appropriate for you, you will need a written agreement or declaration of trust, which sets out your plan for management and distribution of your assets. Then you must legally transfer all trust assets to the trustee. Deeds, stock transfers, new bank accounts and other legal documents may be necessary. Assets not formally transferred to the trustee may not be considered part of the trust and might still be subject to probate.
You must also have a will to ensure that any property not properly placed in your trust before death can be transferred to it after death......
 Legal editor: Tim McNeil, August 2013


Conference Room

This is the conference room where my clients sign their wills, trust and other document in their estate plan.

My Legal Assistant

Janie my legal assistant has been working with me, and  helping my clients establish estate plans since 1975 and will probable be the one who greets you when you call or come by for a visit.

Wednesday, April 16, 2014

Check out James A Wickre, Attorney on FACEBOOK

Click to get more information: https://www.facebook.com/jameswickreattorney

What a Trust Package Includes:


Our fees for doing a REVOCABLE LIVING TRUST include the following documents:

1. The REVOCABLE LIVING TRUST

2. A POUR- OVER WILL for each trust maker to back up the trust
...
3. POWERS OF ATTORNIE for each trust maker as desired

4. POWER OF ATTORNEY FOR HEALTH CARE AND ADVANCED DIRECTIVE TO PHYSICIANS

5. BILL OF SALE for transferring into the trust non titled personal property such as the contents of your home.

6. DEEDS transferring your home and other Oregon real property into the trust.

7. HIPAA RELEASES so people you wish can talk to your doctors and other health care providers.

8. CERTIFICATION OF TRUST a memorandum of the trust and your authority to act as trustee.

9. LETTER OF EXPLANATION - a reference to how to operate the trust

10. POWER OF ATTORNEY FOR DISPOSITION OF REMAINS as desired.
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Revocable Living Trusts


I have been preparing estate plans for my clients since 1975. In that time I have used Revocable Living Trusts as a valuable tool to the help many of my clients avoid probate and plan for incapacity. Many of my clients planning for their senior years want to remain in their home. A trust can offer help to insure that these wishes and desires are honored.

A REVOCABLE LIVING TRUST can also insure that your loved ones will not have to take the time and expense of probating your estate after your death.

Under a REVOCABLE LIVING TRUST you have complete control over your property and other assets. You can change the trust at any time or you can revoke it. You can do anything with your property that you can do with it now.

Unlike some, I am not in the business of selling trusts. It is possible you do not need a trust. If that is the case, I will tell you. A trust is just one of many estate planning tools and each estate plan needs to be tailored to fit your needs and desires. I am in the profession of giving legal advice so that you are fully informed of your options and so you can make an informed decision. I will implement your plan with your help in a collaborative effort to establish your estate plan.

"Let me help you develop an estate plan that fits your needs."

Please call for fees. We will gladly give our fees by phone for most of our legal services. Most of our fees are done on a flat fee basis. Call 541 772-3371
See More