You may recognize some of the benefits of leaving your estate to heirs by means of a trust rather than simply executing a will. It is a great way to avoid having your funds tied up in probate battles. However, you need to understand the different types of trust.
An Irrevocable Life Insurance Trust
When you are leaving a life insurance policy to a beneficiary, you want to protect the funds from creditors. You can also add other funds to the trust besides the life insurance money. You can even designate funds in the trust to be used for paying the policy premiums while you are alive, ensuring that there is never a delayed or missed payment that could result in the policy being withheld from your family. The trust is considered irrevocable because only you can modify the trust while you are alive or your beneficiary after you pass on.
A Revocable Living Trust
This is a great way to set aside funds for loved ones while still being able to adjust the trust at any time while you are alive. You can establish a successor trustee to ensure that your beneficiaries receive the funds as directed by the trust. You can even make the trust your life insurance beneficiary. Since the trust is revocable, you can take trust distributions while you are still alive. When you die, it automatically transfers to your beneficiaries and becomes irrevocable.
Help Establishing Trust Funds in California
The estate planning attorneys at Petrov Law Firm will be happy to help you determine what sort of trust is best for you and your heirs. To learn more, you can call our San Diego office at 619-344-0360.Read More
If there are any serious medical problems from the accident, you should hire a lawyer.
Luckily many lawyers will work on contingency. On contingency basis, fees range from 25-40% depending on the case. The attorney will cover costs up front, making it possible for the client to seek justice without worrying about losing their own money.
While your insurance company is required to fairly represent your interests, there are built-in limitations to your insurance policy. There are also built-in limitations in the other driver’s insurance policy. If those limitations don’t cover all of the medical costs, the insurance companies walk away leaving you with thousands of dollars of unpaid medical bills. Or even worse – a lawsuit by the other driver requesting that you pay his or her medical bills as well.
Perhaps you aren’t worried because you (and perhaps the other driver) have health insurance. The health insurance companies don’t want to pay medical bills caused by unnecessary car accidents. Now, people are suing insurance companies and insurance companies are suing each other and you. You need a lawyer.
A person injury lawyer will protect you from unfair claims and help you get the money you deserve for your medical bills and your lost wages.
Medical bills add up quickly. And lost wages can have a devastating effect on your long term earning potential. These costs can quickly exceed the limits on your (and the other driver’s) insurance policy. If a reckless driver destroys your ability to use your hands to work, your lawyer will help you collect his or her future earnings.
Because insurance is highly regulated by each state, it’s unlikely that your insurance company will try to scam you out of money. However, they are likely to want a quick and easy settlement. While an insurance company probably won’t say, “Don’t hire a lawyer,” they might send you a letter explaining why lawyers complicate and delay the settlement process.
Insurance settlements without lawyers are fast. Once you hire a lawyer, you become just another case in the backlog of your regional legal system. Using a personal injury lawyer may mean years of waiting for additional settlement money. However, the lawyers are the experts. If a personal injury lawyer takes your case, patience and trust will yield the best settlement.Read More