Friday, October 26, 2007

Trusts, What Is a Inter Vivos Trusts ?

Mr. & Mrs. Adalberto Fernandez August 13, 1997
Page -4-

The attorney-in-fact will take the necessary steps to transfer the assets to the living trust and thereby avoid the need for the institution of guardianship proceedings.

Living Will Declaration and Designation of Healthcare Surrogate

In the Living Will Declaration and Designation of Healthcare Surrogate document, you first express your desire that your life not be artificially prolonged in the event you suffer a terminal condition and there is no medical probability of recovery. Second, you each nominate the other as surrogate to make healthcare decisions on your behalf in the event you are unable to make those decisions on your own.


The plan which we are recommending to you has three primary advantages over your existing plan. First, the use of revocable living trusts instead of just wills offers you the opportunity to avoid probate at your deaths. Second, the use of the living trust will enable you to avoid guardianship in the event of incapacity. Finally, the fractional formula used to create your Credit Shelter Trusts will help minimize the income tax consequences generated by your IRAs at your deaths.

Having your assets in trust at the time of incapacity can be an effective and efficient means of avoiding the costly and time consuming court supervised guardianship process should the need otherwise arise.

Upon the death of the second of you to die, all assets remaining in the Credit Shelter Trust and all assets in the survivor's Declaration of Trust will be distributed to your sons, Raul and Adalberto. Adalberto's portion will be held in a trust....

Please call me after you have had a chance to review the documents and we can discuss any needed revisions. As we discussed, xxxxxxx & xxxxxxx proposes to charge a flat fee of $x,xxx.xx for our services rendered in connection with your estate planning. I look forward to hearing from you soon.

With kindest regards.


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