Estate Planning and Why You Should Consider a Living Trust, Advice from Attorney Joshua Cali, Founder of Cali Law

ASHLAND, MA / ACCESSWIRE / June 29, 2021 / Estate planning is a subject many people are afraid to think about. This is partly due to an innate fear of talking about our own death and comes from not knowing much about the estate planning process. Joshua Cali, the founder of Cali Law, works to make the estate planning process less intimidating and wants people to know more about living trusts and how they can be beneficial to estate planning.

Estate planning is the process of putting a plan in place for what should happen should a person become incapacitated or pass away. Probate is the legal process that heirs go through to prove to a court that the deceased individual’s will is valid, a judge will decide if it is valid, and then begin a process of identifying, valuing, and disposing of assets.

Cali Law works to help clients avoid the probate process for their families by working with them on estate planning. One area they work to educate people on that can be greatly beneficial to the whole process is the subject of establishing a living trust. A living trust is a legally binding document that lays out what one would like to have happen with their estate, and names beneficiaries and trustees should they become incapacitated or die. It is created and structured to make the transfer of assets smooth and simple, and avoid the costly, complicated process of probate.

In simple terms, a living trust is any trust that is created while a person is living, and in estate planning that most often refers to a revocable trust. A revocable trust can be amended, restated, or revoked at any time during the person’s lifetime. Upon death they become irrevocable. Cali recommends people consider a living trust for two main reasons: a shorter timeline and less cost to the family, and it can potentially minimize estate taxes.

Shorter timeline – When a person dies things they own, like a home directly in their name, can spend years tied up in probate. Probate can take an exceptionally long time, is awfully expensive, and may not be settled until years after a person has passed. It can be emotionally trying and can cause arguments or other hurt feelings among family. There are too many stories out there about people who stopped talking to siblings and other family members over a disagreement about probate after a loved one dies. A living trust eliminates the need for probate, the trustee will take over when needed, and property and real estate can be closed and transferred over in just a few months, as opposed to a year or longer that probate takes.

Less Costly – The probate process is expensive and can cost on average 3 to 5 percent of the estate’s total value. A living trust will save a person’s family member a lot of money, and ultimately leave more of the estate for them to have. Trusts are not expensive and are far less costly than probate. In some states having a living trust will reduce estate taxes. This is because the asset is transferred to the trust, and reduces the overall value of the estate, thereby cutting the estate tax down.

Living trusts can be established in conjunction with wills. A pour-over will is a will that is limited and directs anything left in the estate to go to the trust, and limited wills that establish guardianship for minor children are used along with living trusts if needed. Cali Law focuses on working with everyone, of all backgrounds to help set up a plan for how to handle their assets at the end of life. They work on a “White-glove service at a price everyone can afford “motto, meaning that every client matters. They work to take the fear out of the legal process and help people set up estate plans to make the process easier and more beneficial for families.

Joshua Cali is the founder of Cali Law. He is a graduate of Bentley University in Waltham, MA, and UCLA School of Law in Los Angeles. Cali chose to follow the path to working in the law because he wanted to help other people understand how the law works. He got into estate planning after graduation at a small boutique law firm where he worked with very high net worth individuals. Eventually, he decided to branch out on his own and moved back to Massachusetts to start Cali Law. He works to help people plan for the future and believes quality legal service should not have to come at a high price tag.

Learn more about Cali, the Cali Law group, and living trusts and other estate planning options from www.mycalilaw.com. You can expect white-glove service, an affordable price, and a sympathetic professional you can trust to help guide the estate planning process.

Contact: 

Company Name: Cali Law
Contact Person: Joshua Cali
Address: 60 Pleasant St, Suite 10-D, Ashland, MA 01721
Phone Number: 508-233-2305
Website Link: https://www.mycalilaw.com/

SOURCE: Cali Law

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