What You Need to Know About Estate Planning in Sacramento CA If you have questions, or would like to make ...Read More
Your Lawyer Should Know As Much About You As They Do About the Law
You expect your lawyer to know the law. A truly exceptional lawyer, however, understands that the law is not only about books, cases, and statutes – it’s about people. At Yee Law Group, PC, we never lose sight of that fact. Our committed team provides exceptional and personalized representation focused on each clients’ unique circumstances, concerns, and goals.
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Prior to founding Yee Law Group, PC, Mr. Yee was an attorney at one of the oldest and most well-respected real estate law firms in Sacramento.VIEW PROFILE
Melissa Yee Littau has been practicing as an elder law attorney since she graduated from McGeorge School of Law and was admitted to the California State Bar in 2006.VIEW PROFILE
Catherine L. Hughes has dedicated her law career to representing the poor and underserved communities.VIEW PROFILE
Rachel has a decade of experience in the legal field, focusing on assisting clients and attorneys to establish estate plans personalized to each individual’s and family’s needs and desires.VIEW PROFILE
Laurel is the administrative assistant at Yee Law Group. Laurel handles scheduling appointments, organizing case files, and administrative duties in the office.VIEW PROFILE
Holly has been involved in event planning and coordination for over 10 years. Her experience began in San Francisco working for Starwood Hotels in hospitality and catering, soon moving on to Marketing and Advertising within the Sacramento Region.VIEW PROFILE
Bethany is a paralegal at Yee Law Group. She focuses mainly on Estate Planning and making sure the clients are satisfied with the outcome of their documents.VIEW PROFILE
Jasmine is a Legal Secretary for the Yee Law Group. She takes pride in delivering personalized assistance and ensuring that client needs are met with care and compassion.VIEW PROFILE
In broad terms, a will is a legal document that states how you want your financial assets and property to be handled after your death. You name an executor, who is in charge of distributing your property, and beneficiaries, who will receive your property. You can also name permanent guardians for your minor children. Generally, wills that transfer ownership of the testator’s real and personal property to living beneficiaries go through probate.
A revocable living trust is a legal entity you create during your lifetime. Any property you choose to place into the trust will be distributed according to its terms after your death. Just like a will, you name someone to manage distributions (the trustee) and the people who will receive your property (beneficiaries).
Unlike a will however, a revocable living trust does not have to go through the probate court to be executed. In California, the probate court process can take 12-16 months to complete, costs approximately 5% of the value of the estate in court fees, and is completely public. Creating a revocable living trust saves your loved ones time, money, and maintains your privacy.
Every Estate Plan includes:
- A Will or Revocable Living Trust (as appropriate),
- A Pour-Over Will, to catch any assets accidentally left out of the Trust
- A Family Wealth Inventory, a consolidated document containing all important financial account information
- Guardians+ Plan for Minor Children, designating both temporary and permanent guardians, and requesting the express exclusion of potential guardians
- A Financial Power of Attorney, designating someone to act on your behalf for financial matters when you are ill or otherwise incapacitated,
- An Advanced Health Care Directive, naming the person who could make medical decisions on your behalf if you were unable to communicate
- A HIPAA Waiver, granting access to confidential medical information to your chosen representatives
The first important way to protect minor children is by naming potential permanent guardians to care for them if you are no longer able.
An Estate Plan adds the additional protection of naming temporary guardians, in the Guardians+ Plan for Minor Children. These temporary guardians are physically located within 20 minutes of the children and can respond immediately during a family emergency. Without a temporary guardian, minor children may be put under the care of Child Protective Services until their designated permanent guardian can be established, located, and brought to the children’s location. Creating a Guardians+ Plan for Minor Children avoids that undesirable result.
A revocable living trust can also be crafted to ensure that a minor child’s inheritance will be both supervised and protected from future creditors, court judgments, and divorce proceedings.
In California, a family’s home is often its largest investment. If you own a home with a fair market value of more than $50,000 (meaning what the home would sell for, regardless of debt), your family will need to go to court to inherit the house, unless you plan ahead.
The court process, called probate, in CA costs on average 5% of the total value of the estate, is totally public, and delays distribution to your heirs for 12-16 months, minimum.
If you have minor children at home, planning is a must. If you could no longer care for your children and had no estate planning in place, the court would decide who should raise them and appoint a fiduciary to manage their inheritance, for a fee. Then, when they turn 18, the remaining inheritance would be distributed to them outright, without any guidance or supervision. Your Estate Plan will be crafted to avoid this outcome, giving you the most possible influence on your children’s futures.
When you plan with Yee Law Group, we will have three important meetings. These meetings will be held via videoconference, from the comfort and convenience of your home or office or can be over the phone or in person. The entire process takes six to seven weeks.
The first meeting is the Design Meeting, where you decide the specifics of your estate plan distributions. The second meeting is the Review Meeting, where we will email you drafts of all your documents at least two weeks prior to your Delivery Meeting to review at home which gives you enough time to review all the documents and schedule a consult if you would like to go over the documents and any questions you may have. The third meeting is the Delivery Meeting, where you will sign all the documents in the presence of a notary and receive your complete Estate Plan Binder and a digital copy.
Currently we charge a flat fee of $1800.00 for a single person estate plan package and $2100.00 for a married couple estate plan package.
You have 1 year from the Delivery Meeting to make any changes to your existing plan at no additional cost. Any changes after the 1 year there would be some minimal fee depending on the changes requested.
The first step is to contact our office to schedule a free consultation and you will need to fill out our initial questionnaire which I will use during the consultation to help design your personal estate plan!
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At Yee Law Group, PC, clients can expect their attorney to take a vested interest in their success, working efficiently to solve problems that stand in the way and adding value by developing and implementing efficient and cost – effective strategies that lead to optimal results.
Taking the time to truly listen as well as advise, we provide sound and sophisticated counsel that encompasses international and domestic matters across a broad range of business and estate planning disciplines.
“Mike Yee and his team are amazing. They are fast and efficient, but you don’t feel rushed at all when meeting with them. Mike in particular is extremely patient, knowledgeable and articulate, and made the whole process as pleasant as writing legal documents can be. Highly recommended.”