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Frequently Asked Questions (FAQs)

Team Members of Hudson Martin PC
Cost is based on the work that is needed to accomplish the particular goals of your estate plan. If you have a business, significant real estate holdings, or a complex financial situation, the cost of your estate planning proceedings will be significantly more expensive. At our firm, we collaborate with our clients on a case-by-case basis and do our best to provide clients with a range of expected costs.  At times when a matter is straightforward, we are able to quote a flat fee but that does not apply to every case. If you are interested in establishing an estate plan, we recommend that you speak with one of our estate attorneys. This will enable you to go over the details of your estate, and help you get a sense of what it will take cost wise to ensure that your wishes are honored.
Everyone’s estate plan is different, and because of this, the information you need to provide will be unique to your situation. With this in mind, there is information that you should be familiar with in order to set up an estate plan that works for you. The most practical information to have on hand for your estate planning meeting includes:
  • Family Details, such as the names, addresses and telephone numbers for your spouse, children, parents, and other important individuals in your life.
  • Financial Information
  • Retirement Savings Information
  • Life Insurance Details
  • Real Estate you own
  • A list of any significant Tangible Personal Property, such as coin collections, art, jewelry, horses, cars, and any other high value or titled tangible asset.
  • Entities owned for business or investment purposes, such as LLC’s, REIT’s, S-Corps, partnerships, or any other type of business or investment structure you participate in.
If you are unsure about the information needed to set up your estate plan, contact our office to learn more.
Establishing an estate plan that takes specific factors into account is critical. There are particular planning documents that cover each of your needs, and being aware of how each of them functions will help you construct a successful estate plan. The most important documents to include in a typical estate plan include:
  • Trust
  • Will
  • Durable Power of Attorney
  • Healthcare Power of Attorney (also known as an Advanced Healthcare Directive)
Depending on the goals of your estate plan, you may need other documents to accomplish your wishes. By collaborating with a skilled attorney, you will have access to the resources necessary to not only chose the documents necessary to your situation, but also to complete them accurately.
If you are setting up an LLC or an S-Corp, there are cost differences to consider. Depending on the state in which it is established, and whether the business done is crossing state lines. Legal assistance does cost extra in addition to the filing costs, but legal assistance will likely save you time and money overall.
Both limit liability. Both LLCs and S-Corps provide limited liability protection and offer flexibility in management and taxation structure. A significant difference between an LLC and an S-Corp is how they are taxed. Both offer pass through taxation. Both LLC’s and S-Corps are taxed as “pass-through entities.” This makes it so that the losses and profits are included in the shareholders’ or members’ personal tax returns. LLCs, have the ability to select be taxed as either a corporation or a pass-through entity. Restrictions on ownership. Additionally, while S-Corps have restrictions on shareholders (including who is able to be a shareholder, and the number of shareholders there can be), LLCs have very few restrictions on ownership. Management. Among other things, when it comes to S-Corps and LLCs, there are differences in management structure and other formalities that must be considered. S-Corps are required under California law to keep tighter governance procedures in place. LLC’s can be operated with less formality.
Hudson Martin PC - Carmel, CA

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