Probate and Trust Planning Basics in 2014!

PROBATE AND TRUST PLANNING BASICS IN 2014!

HELLO FRIENDS AND COLLEAGUES:

So it has been awhile due to many recent office changes since we have addressed basic trust and estate issues so, in my infinite wisdom, I decided that a few refresher courses and update sessions are in order so expect that in the coming weeks.  Before we get started, I want to announce that in the coming weeks we will also be rolling out a series of videos, hosted by yours truly, designed to bring clarity to a number of common legal concerns experienced by you, my valued clients and friends...so stay tuned for website and social media updates.  A weekly podcast is also in the development process.

Anyhoo, I always introduce the concept of probate in the United States by time traveling back to small town America.  In the old days, a family member would pass away and the other family members would go to the butcher, who was also the probate judge, and he would tell them to sell dad’s plow and pay the livery stable, sell the tools and pay the general store, and so on and so and so forth.  Today, the butcher is no longer the probate judge.  Judges are often overworked and booked…and the creditors are not the livery stable and general store…they are often national corporations, or international.  This all leads to probate having becoming an extremely complicated and burdensome process.  You can expect that even the simplest probate cases will take at least 6 months to complete and complex cases can take several years or more.  The legal fees generated in probate can extend easily into the 10s of 1000s and upward…ranging between 3 and 10% of the total value of the estate.  The answer to the entanglements of probate is the revocable living trust.  When you title your property in the name of a revocable trust instead of keeping it in your personal name, you may avoid the probate process if everything is done correctly…to assure things are done correctly requires the assistance of an experienced estate planning attorney who has handled 100’s of probate and trust matters and has this perspective of the process.  When a trust is properly in place and assets are properly titled in the trust, then a private trust administration may take the place of the public probate administration and the difference in my experience is night and day.  A trust administration involves your hand picked trustee notifying all beneficiaries, conducting an accounting and privately distributing assets to the beneficiaries in accordance with the specific terms of the trust.  The trustee may be assisted by professionals and this is a totally private process that may be completed in days or weeks rather than months at a fraction of the cost of probate.  In addition, creditor issues or disputes that can occur in probates may be entirely avoided by using a revocable living trust.  Having dealt often with the hurdles in probate, I have seen first hand the benefits of effective, professionally assisted trust planning.  Remember that canned trust documents don’t get it done because addressing the specific estate concerns and titling the assets is half the battle…the form pushers don’t want you to know this…  The good news is that you can start customizing your revocable trust planning today and protect your family from the burdens of probate.

Additionally, trusts afford protection for you and your beneficiaries on a number of other fronts which may include estate tax protection, disability planning, divorce protection, and creditor protection.  These are all advanced planning concerns that should be addressed by a professional when considering a revocable trust for your family.

I hope this first session helps provide perspective because this is my passion and the passion of my new and improved estate planning team...to provide you and your family with the tools needed to navigate the most difficult seasons in life.  Stay tuned for more in the weeks to come.

Never hesitate to contact our office with questions.

Until next time friends.

Demystifying Legal Services - Bringing it home.

Hello Friends and Colleagues!

So here at the Gibbs Law Office, we have been working hard to evolve as an office in order to adopt all of the characteristics that I've been writing to you about in recent months. This final lesson in the Demystification of Legal Services series concerns how to spot a law office that is willing to evolve with the trends toward valuing the customer and not just valuing the law firm...

Years ago, the status quo in legal services was characterized by dark mahogany desks and chandeliers in the lobby which was likely manned by a stern faced secretary. The emphasis, which was somewhat obvious, was that the the client was privileged to work with the distinguished firm.  The client was informed of how the firm operated and there were few if any options available to the client.  If the client could afford the retainer deposit, he was afforded the privilege of being "accepted" as a client. 

Fast forward 50 years.  No longer is legal information carefully preserved for those "in the know" behind those mahogany walls.  Legal tools and information is widely available with the click of a mouse.  The abundance of legal information is both a positive and negative phenomena because while the availability of information is a positive there is in increased likelihood of misinformation.  Anyhoo, progressive law firms have adapted to this new environment in order to meet the new expectations and demands of clients.   

For example, in our office we now recognize our clients as customers and our services as interwoven with customized legal products, and there are no mahogany desks. Our shift in emphasis hits home on a couple of levels which include a philosophy that we are privileged to serve our customers and committed to providing cutting edge legal products.  Our office "demystified" includes 4 areas of practice which are Wills, Trusts and Probate, LLCs and Corporations, Real Estate and Business Closings and Contract Review.  Our products are "Florida law firm products" and not "self help" and we will be specifically introducing "on line" Florida Wills, Trusts, Powers of Attorney and Medical Directives which may be initiated on our new and to be revealed website at reduced pricing.  All of our services will include a flat fee "value based" pricing system so there is no more mystery and no surprises. 

It is an exciting time in legal services and I consider it a privilege to provide you, my valued friends and colleagues, with a fresh perspective and alternative.  Stay tuned for exciting updates in the weeks to come.

Until next time...

SJG

Demystifying Legal Services 2014!

Hello Friends & Colleagues!

After a brief hiatus due to general mayhem of the Holidays, here we are again with another red hot article on the demystification of legal services. 

So we're coming to the end of this series and I've been brainstorming about what aspects of law practice are most important to you as our clients and professional partners?

Well having talked with many people about their experience with lawyers, it seems like the communication process with your lawyer may most important of all. After all, you are hiring someone to partner and work with you to address your legal area of concern.  Perhaps you are in the midst of a great deal of stress due to a legal dispute or divorce. Perhaps you need to take steps to complete some critical estate planning or business planning documents.  Maybe you are buying your Florida dream home and need contracts reviewed or a real estate closing performed. 

Whatever your concerns, it seems as if, based upon the feedback I receive, that communication with your lawyer must be open and available as well as clear and effective. Unfortunately it also seems like this area often easily can fall by the wayside. 

So as always, I will attempt to give you some constructive suggestions in this area.  First, hire a lawyer that you feel understands and empathizes with your concerns. Most people can feel whether someone is sensitive to their concerns and it is important because hiring a lawyer is a relationship. Second, hire a lawyer who is willing to tell you the hard truth.  Is this a contradiction?  Absolutely not...

Sure, we all like to have our egos massaged or sunshine blown in our direction but this isn't what you really want from your lawyer. You need a professional partner who offers you practical sage advice, whether you like it or not, and not someone that only tells you what you want to hear. 

Finally, it is important to make the effort to be very clear with your lawyer about what your concerns AND expectations are.  

In other words do not expect your lawyer to read your mind and do not fall into common relationship trap of thinking..."he should know this...she should have known that."  That thinking doesn't fly very often friends...lawyers are busy people and most really want to help their clients so give them the straight scoop and help them help you by staying engaged. 

Alrighty, I like this one...and I hope you found it helpful AND enjoyable. 

By the way, our office handles real estate closings (commercial and residential) and business closings now and (after some difficult decision making) remains at 8695 College Parkway, Suite 2012, Fort Myers, FL 33919. 

Until next time friends. 

SJG