
06/27/2023
Last week, Philippine American Bar Association had their annual gala! What an amazing event attended by judges, attorneys, and the community they support.
The Stokely Estate Planning Law Firm handles all aspects of estate planning including: wills, trusts
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Last week, Philippine American Bar Association had their annual gala! What an amazing event attended by judges, attorneys, and the community they support.
Third time (this year) being a moderator for Trust and Estate’s committe’s webinar. This month the presentation is regarding Enforceable Releases: Protecting Your Trustee Clients.
We get this question a lot: can’t I just add my beneficiary’s name to my real property deed now so I don’t have to use a trust? Answer: we don’t recommend this! One big reason is that by transferring at your death through the trust, they get a “step up” in tax basis, resulting in tax savings when the property is sold.
Have questions about how this situation may work for you? Contact the Stokely Estate Planning Law Firm for your complimentary consultation. Website link in bio or call (714)400-2466.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
To all our clients and their families, happy Mother’s Day!
Congratulations on completing your estate plan! This is a simple reminder that you should periodically review your completed estate plan. Check things such as:
✅ your trustees are still able and willing to serve
✅ your listed beneficiaries are still the ones you want to receive your assets
✅ your schedule of assets correctly list your property
If you need to make amendments to your estate plan, contact the Stokely Estate Planning Law Firm today!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Hellooo spring! Who else is ready for warmer weather? If you’re getting ready to get your house in order (spring cleaning), why not get your affairs in order too (estate planning)? Call or DM today for a complimenting consultation!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Happy MLK day!! If you’re able, do something today to help with an injustice you see.
❗️Attention!❗️The federal estate and lifetime gift tax exemption has been increased to $12.92 million dollars per individual! This exemption represents the amount of a decedent's estate (including previously taxable gifts) that is exempt from federal estate tax.
Have questions on what this means for you? Contact the Stokely Estate Planning Law Firm and set up your initial consultation.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
We know there are many terms in the estate planning world, such as “trustee.” Let us help you understand them! Who is the trustee?? Scroll to find out!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this informat
First day of a new year always feels like a clean slate! We can create our intentions and goals for the year with 364 more days to complete them. Wishing you and your family a happy new year! May all your goals and aspirations ring true!!
May your day be filled with love and gratitude. Happy Thanksgiving from our family to yours!
Happy Halloween! 🎃 Hope you all have some fun and stay safe tonight! 🍭🥳
Using the same person will simplify the process when your wishes are being carried out. Listing different people for those roles may cause delay in getting tasks completed when administering your trust or asssisting you when you’re incapacitated. If you have additional questions about this process, please contact the Stokely Estate Planning Law Firm for your free consultation.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Selecting a guardian for your child (if you are unable to care for them) is one of the most important decisions you can make. Here are 5 factors to consider when selecting a guardian. If you have additional questions or would like to further discuss, please contact the Stokely Estate Planning Law Firm for your free consultation. Call (714)400-2466 or DM!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Filipino-Americans have a robust history in the USA including contending with unfair labor laws, migration issues, and political struggles. This month, we celebrate not only our heritage but also our HISTORY and legacies.
Fun fact: this year we are celebrating 50 years of Filipino American studies in colleges!
Last night Lycia Stokely represented at ’s gala in celebration of diversity in the legal profession. It was a wonderful night to recognize champions of diversity. gave the touching keynote address and everyone was impressed not just by her intelligence but also her kindness. We hope to all continue working together to build a diverse legal community.
Take that first step towards creating your estate plan, you’ll be so glad you did it! Call (714)400-2466 or DM to schedule your complimentary consultation.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Happy Friday everyone! Here are some tips about what you should (generally) not be doing. If you’re thinking about doing any of these in the near future, contact the Stokely Estate Planning Law Firm to see if there’s a better plan for you! Call (714)400-2466 or DM to schedule your free consultation.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Who’s ready for pumpkin patches, PSLs, and cooler temps?! 🙋🏻♀️Welcome fall!
Have questions about creating a trust? Contact the Stokely Estate Planning Law Firm for your complimentary consultation.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Happy National Hispanic Heritage Month! Celebrating the contributions and achievements of Hispanic Americans.
Congratulations! Your child has officially moved in to their dorm and is ready to tackle their college classes. But do they have the proper documents in place in case anything happens to them (such as a medical emergency)? If your child suddenly becomes incapacitated, you’re not automatically granted the ability to make decisions for them (because they’re now adults!). The only way to be prepared is to have legal documents in place such as an advanced health care directive, durable power of attorney, HIPAA authorization, and if needed, a will. Don’t wait to prepare, contact the Stokely Estate Planning Law Firm to assist you with the creation of these documents.
Call (714)400-2466, DM, or check out our website (link in bio).
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Happy Labor Day from your estate planning law firm!! We want to celebrate each worker and their achievements. 👏
If the person who you want to take care of your child (physically) isn’t great with money or financial decisions, you can select a different person to handle the finances. The two work together to ensure your child’s needs are being met.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Wishing all of you a safe and fun holiday!!
Do you know you can make a plan for what happens to your pet if you’re unable to care for them? You can select the person who will take custody of them and set aside funds to be used for their food and medical expenses. Contact the Stokely Estate Planning Law Firm today for a free consultation to help you take care of your pet! Call (714)400-2466 or DM TODAY!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
False. You should NOT name a third party (whether it’s the guardian you’ve nominated or a beloved family member) as the beneficiary of your life insurance policy for your minor child’s benefit. Why? Because once the beneficiary has been given those funds, they have no legal duty to use it to benefit your minor child. While directly naming your minor child as a beneficiary is also not advisable (the insurance company cannot simply distribute it to your minor child), there is a way you can still make sure the benefits are used solely for the benefit of your child! You can use a trust to receive those funds, control how the funds are used while your child is a minor, and when they are finally distributed to your child (once they become an adult). If you need more information about this process, contact the Stokely Estate Planning Law Firm to assist you.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Congratulations to the Class of 2022!! You are now off in the world as adults!! If you are 18 and up, you now need legal documents for parents or guardians to act on your behalf (if you need them to). The Stokely Estate Planning Law Firm would like to assist you in creating legal documents to take effect upon your incapacity. Call (714)400-2466 or use the link in bio to set up a complimentary consultation and ask about the GRADUATE PACKAGE!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Do you have minor children? What will happen to them if you are unable to care for them? Do you know you can plan for their care? Read on to find out more and then contact the Stokely Estate Planning Law Firm to start on your nomination of guardian today!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
You are free to amend the terms of your revocable trust after you’ve created it. In fact, we recommend that you periodically review your trust to make sure you are still satisfied with the terms such as: your successor trustees are still available and willing to take on the role, your beneficiaries are still alive, and your schedule of assets lists your current assets.
If you need to amend your trust, contact the Stokely Estate Planning Law Firm to assist you with the amendments. Your trust may require specific ways to amend and incorrectly amending it may affect the distribution of your assets. Call (714)800-9515 or DM for a free consultation.
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Not having an estate plan means the state (through probate court) has to step in and make decisions regarding the distribution of your assets FOR YOU. If you want to avoid this and decide for YOURSELF how YOUR assets are to be distributed at your death, contact the Stokely Estate Planning Law Firm to set up your estate plan today! Call (714)400-2466 or DM!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Grateful for those who served and gave their all. Today, we honor your memory. 💜
Household checking accounts are those accounts used to pay mortgage, bills, etc. The balance is usually revolving and under $10,000. You don’t have to put it in your trust and can designate a payable upon death beneficiary instead.
Have more questions about what goes into a trust? Contact the Stokely Estate Planning Law Firm today for a complimentary consultation! Link in Bio or DM!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
If you’re hitting that mid-week slump-here’s some for you: start that task you’ve been putting off! Sometimes we don’t tackle big projects because we’re not feeling “ready” but the best thing we can do for ourselves sometimes is start before we are ready!
If estate planning has been on your to do list for years but you still haven’t started, take the first step today! Contact the Stokely Estate Planning Law Firm to schedule your free consultation. Call (714)400-2466 or DM for a Calendly link!
*For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
500 N State College Street , Ste 1100
Orange, CA
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False. You should NOT name a third party (whether it’s the guardian you’ve nominated or a beloved family member) as the beneficiary of your life insurance policy for your minor child’s benefit. Why? Because once the beneficiary has been given those funds, they have no legal duty to use it to benefit your minor child. While directly naming your minor child as a beneficiary is also not advisable (the insurance company cannot simply distribute it to your minor child), there is a way you can still make sure the benefits are used solely for the benefit of your child! You can use a trust to receive those funds, control how the funds are used while your child is a minor, and when they are finally distributed to your child (once they become an adult). If you need more information about this process, contact the Stokely Estate Planning Law Firm to assist you. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
False! Your child still needs to be appointed as your attorney-in-fact under a durable power of attorney to make financial decisions on your behalf should you lose capacity. Your durable power of attorney can be made to be effective only upon your incapacity-standing by to be used only when needed. Questions? Contact the Stokely Estate Planning Law Firm today! Call (714)400-2466 or use the link in bio to set up your appointment. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
False! It doesn’t matter whether your house is paid off, you still need to put it in a trust to avoid probate. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
True! ✅ Probate fees are stated in Probate Code Section 10810 (for ordinary services). The amount is based on a sliding scale of the total value of the estate. The fees may be due to both an attorney and an executor and can be higher if extraordinary services are required. 🌟Avoiding probate fees is possible! 🌟 Contact the firm today to discuss your estate plan and help your loved ones avoid probate fees. #estateplanning #thursday #true #trueorfalse #truth #california #cali #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
True! If you don’t have an estate plan, the state has one for you but it is likely not one that you’d prefer. It’ll usually require your family going through probate (a long and expensive process), a judge who knows little about your family making decisions about your minor children’s futures, and persons receiving your property without your preference as to when and how much. Questions about how to create an estate plan? Call the Stokely Estate Planning Law Firm for a free consultation. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
True! When your will is submitted to probate court, it becomes a matter of public record. If you have privacy concerns, consider having a trust to keep your financial assets (and liabilities) private. #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment #thursday #thursdayvibes #privacy *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
False. You may designate a trustee who is not a beneficiary. This is especially important when your beneficiaries are minors, have special needs, or are financially irresponsible. #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment #trueorfalse #true or #false #friday #itsfriday *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
False. Leaving money directly to your close relative does not place a fiduciary duty on them to use it to take care of your children. This means they control the funds and can spend it in whatever manner they choose without being liable to your children. Fortunately, you have other options to make sure that the funds from your life insurance policy are used solely for your children. Contact the firm today to discuss these options to protect your children. #wednesday #lifeinsurance #insurance #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
This is true if you create a trust! With your trust, you can specify what age, how many stages, and what conditions are required for the distribution of money or assets for your children. Questions? Call or DM! #trueorfalse #truth #truthtuesday #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
True! A pour over will is usually created along with a trust so that anything that is inadvertently left out of the trust at death will be “poured” into the trust and distributed to the selected beneficiaries. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Without an estate plan, your estate will likely have to go through probate. Which means your estate could incur executor fees, attorney fees, court costs, etc. More fees paid means less money for your beneficiaries. Don’t let this happen to you and your loved ones! #flyingmoney #funnyfridays *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
False! A person will not be automatically designated as your child’s guardian just because they are a godparent. A judge will consider the current circumstances and the evidence presented to them. Having a nomination of guardian in place provides the judge with a clear understanding of who you desire to take care of your children. Otherwise, they can only decide based on what they currently see and they may not choose who you would want to be your child’s guardian. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Did you know?? Let’s talk about what you’re leaving behind and who you are leaving it to. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Are you wondering what a trust can do for your family? Here are some important benefits! *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Answer: False. Once your child is an adult, you are not automatically granted the right to make decisions on their behalf (should they lose capacity), even if you provide financial support for them. This means that you may not have access to their medical records, financial records, or other private information - even if they need your assistance. Your family can avoid such difficulties by having estate planning documents executed for your adult child (such as an advanced health care directive, a power of attorney, and a HIPAA authorization). Call or DM to discuss your options. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
False. A revocable trust can be revoked - meaning the trust creator maintains ownership of the assets. Therefore, it does not ordinarily protect YOUR assets from YOUR creditors as long as it’s revocable. However, a revocable trust has many uses, contact the firm to find out how it can help you and your family. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
If you’re over 18, you should have an estate plan! While you may not need a trust, you should still have documents in place such a power of attorney, advanced healthcare directive, and HIPAA authorization so that your trusted family member or friend can step in and make financial and healthcare decisions for you in case you lose capacity. You should also consider having a will if you own any valuable assets. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Estate planning is not just for the wealthy!! It’s for anyone with a desire to create a plan to secure the future of their loved ones. Uses include: nominating guardians for your children, financially providing for a spouse but making sure wealth also passes on to your children, gifting assets to the person or charity of your choice, or communicating your wishes for medical care upon incapacity. #trueorfalseTuesday *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
If your estate is worth more than $166,250 and all you have is a will, your estate will still have to pass through probate court in order for your will to be validated. Think of a will as instructions to the court on what to do with your estate. If probate avoidance is what you’re looking for, there are other estate planning documents (such as a trust) that would better suit your desires. Call or DM the Stokely Estate Planning Law Firm today to discuss your options. #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #wills #trusts #taxplanning #generationalwealth #probate #estateplan #attorney #ocattorney #oclawyer #californialawyer #womenownedsmallbusiness #womanownedbusiness #willsandtrusts #lawma *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
There are several types of trusts. The one used most often is the revocable trust. The revocable trust is - like it’s name - revocable! You can amend or revoke it at any time during your lifetime. You are still in total control of your assets and it is set up to distribute your assets to your beneficiaries, in the way you want after your death, without the need for probate. If you have questions about revocable or irrevocable trusts, DM or call! #trueorfalseTuesday *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
#TrueorFalseTuesday Read up about this common misconception in the state of California! Got questions? Let’s chat! Dm or visit www.stokelyestateplanning.com to set up a free consultation. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.
Prince reportedly died without an estate plan on April 21, 2016. Because of his lack of estate planning, his estate (estimated value $80-$160 million) had to go through probate. He was not known to be married or have children so his estate is set to be split (according to his state’s intestacy laws), among his sister and half siblings. However, many people are making claims against his estate: alleged illegitimate children, alleged adopted child, alleged additional siblings, and persons claiming to have been gifted/promised property by Prince during his lifetime. Sadly, the chaos and legal battles continue to wage on - almost 5 years later!! Prince was known to fight for control over his rights to his music. Sadly, without a clear estate plan, his estate has lost all control of his property to the courts. Prince’s heirs can’t get their money until claims against his estate are settled. In the meantime, his estate has doled out millions of dollars to lawyers, consultants and others.
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