DiGiorgio Law Firm Newsletter July 2019


Volume 2, Issue 2 July 1, 2019

The DiGiorgio Law Firm, specializes in providing estate planning and elder law services to our clients, their families and their family owned businesses. Phil DiGiorgio, the “Founding Member” of the DiGiorgio Law Firm brings over 28 years of experience in the Trusts, Estates and Elder Law practice areas to the firm.

The legal services offered by The DiGiorgio Law Firm, PLLC include, * Wills and Trusts* Estate and Tax Planning *IRS Audits & Appeals*Long Term Care Planning*Medicaid Eligibility Planning & Medicaid Recertification *Probate Administration*Elder Law*Special Needs Planning*Guardianship Applications*Asset Protection Planning*Business Entity Formation*Business Succession Planning*Buy Sell Agreements *Real Estate Closings.

In this issue of the DiGiorgio Law Firm, PLLC Estate Planning Newsletter we are turning our estate planning spotlight on Revocable Trusts.

Revocable Living Trusts: Retain complete control over your assets while enjoying the following benefits:

  • Reduced Costs: Eliminate many of the costs associated with the probate of wills or the administration of estates without wills.
  • Reduce Delays: Court supervised Probate and Administration Proceeds typically take considerably more time than it takes to effect distribution from a Trust, thus allowing your heirs quicker access to needed funds.
  • Reduce the risk of litigation: Probate and Administration proceedings require that your heirs at law be given notice of the proceedings even if they are not your intended beneficiaries. Such notice requirements do not pertain to Trusts.
  • Planning for Incapacity: Put a plan and a trustee in place to provide for you, your family and the management of your assets in the event of incapacity.

Most people will benefit from and enjoy cost savings as a result of creating and funding a “Revocable Trust”. However, if any of the following scenarios apply to you, then a “Revocable Trust Plan” is highly recommended:

  • Out of State Realty: If you own real property in more than one state, a Revocable Trust is important to avoid having to probate your Will in multiple states and higher multiple attorneys to do so;
  • Minors or Incapacitated Beneficiaries: If you have a beneficiary who is a minor or is incapacitated a Revocable Trust may help avoid service of process fees, guardian ad litem fees and or accounting proceedings;
  • Remote or Distant Heirs: If you are unmarried and have no children, you will need to put all of your heirs at law on notice of a probate proceeding. If you have numerous heirs or if they live in multiple states or abroad, a Revocable Trust Plan will help avoid significant costs and delays associated with putting these people on notice;
  • Business Owners: If you are a business owner and wish to avoid having business assets held in your name from being frozen pending probate, a Revocable Trust Plan can help avoid this problem;
  • Litigation Risk/Problem Heirs: If you anticipate a challenge to your estate plan, a Revocable Trust Plan may reduce the risk of litigation as your trustee will only need to communicate with your intended beneficiaries and will not need not put your heirs at law on notice before distributing trust assets.
  • Medicaid & Creditors’ Claims: If you are concerned about the impact of potential claims against your estate a Revocable Trust Plan may make sense for you.