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Philosophy
TRUSTS
FOR THE AVERAGE PERSON
Avoidance
of probate fees, estate taxes, loss of everything including the
family house due to a prolonged nursing home stay.
The
law firm of BEASLEY & FERBER, P.A., presents approximately twenty
estate planning seminars each month for libraries, seniors' groups,
hospitals, and charities. The above are concerns most frequently
expressed by those who attend. The firm is dedicated to certain
simple principles:
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No one should be subjected to the cost, inconvenience, and publicity
of the probate process;
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no one should pay voluntary estate taxes;
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no one should lose all their assets due to a prolonged nursing
home stay.
The first two issues are the easiest to predict and prevent by use
of traditional estate planning methods. The most vital estate
planning instrument is the Revocable Living Trust. Attorneys
Beasley and Ferber believe virtually everyone should be a trust
candidate because probate fee savings, even in the modest estate,
are usually substantial, and such savings more than pay for the
cost of the trust preparation. Attorneys Beasley and Ferber
work with a variety of Revocable Trust clients. One is a single
revocable trust for a widow, a widower, or single person who wishes
to pass their assets down to their heirs with a minimum of inconvenience.
Another is a married couple with assets under $675,000 who desire
the avoidance of probate and the legal process upon the death of
both spouses. For second marriages, this trust is ideal and
can become irrevocable upon the death of one spouse to ensure upon
the death of the surviving spouse the property passes to each spouse's
heirs. For couples with assets in excess of $675,000, the
use of two trusts, one for each spouse, is essential to avoid probate
and avoid paying voluntary federal estate taxes.
Attorneys Beasley and Ferber utilize one type of Irrevocable Trust-
a Special Power of Appointment Trust - in their nursing home
planning. A transfer to this trust starts the 60 month Medicaid
"look back" period running, yet retains broad powers for the client;
the client can be a co-trustee with the ability to make investment
decisions; the client is entitled to all income from this
trust; the client is entitled to a life estate in any
house conveyed to the trust; so, although this trust
is irrevocable, it retains many powers for the client while protecting
the asset from Medicaid. Numerous clients of Beasley &
Ferber establish these trusts solely to protect their most precious
asset- the family home. In addition, while this trust may be subject
to a five year "look back" period, assets placed in it (such as
the family home) are often protected in two years or less time.
Financial planners , accountants, and other attorneys utilize the
services of Attorneys Ted Beasley and David Ferber because they
can rely upon the prompt "turnaround" time of two weeks or less.
Clients appreciate the one-on-one personalized attention they receive
as well as the flat fee "package quote" for all work to be done;
the firm never charges for follow-up telephone conferences with
the client's family and other members of the client's professional
team or for "funding " the Trust. At no extra cost, Ted and
David will, when necessary, visit the clients at their home. Finally,
clients appreciate the fact that Attorneys Beasley and Ferber explain
to them, by written example, how they can make changes to their
trust without having to use an attorney each time they wish to add
or to change the trust.
The firm's practice is truly regional, ranging from as far north
as Lancaster, as far west as Keene, as far east as Portsmouth and
Maine, and as far south as Massachusetts and Rhode Island.
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