Bankruptcy can be avoided. You need to live within your means. Do not overspend. Unfortunately, some people overlooked their finances causing them to take up loan after loan. In the end, they need to file bankruptcy. But before you do so, here are some consequences of filing bankruptcy as provided by our bankruptcy attorney Glendale, CA.
It is not an ordeal. It is like undergoing divorce or losing your loved one. And when you declare bankruptcy, it becomes public domain. It means that your personal information will show up in court records. That said, the public can access it. Banks, potential clients, and employers can view the information of your bankruptcy details. Apart from that, filing can be expensive. The fees can start at $300. It can go up, depending on the type of bankruptcy you have filed for. Moreover, it will be tough to buy a home in the future. It can take up to four years before your mortgage loan will be approved. Because of these difficulties, it is best to heed these things before taking any action.
Talk to Gomez and Simone Law
Our bankruptcy attorneys in Glendale, California are ready to assist you in proving your options. We know the emotional toll that this filing can bring. That’s why we recommend getting professional help first. Should you decide to file, make sure to work with our professional team to help you walk through the process. Our team will guide you from step one through the final step.
Organize the Paperwork
You must know all your debts. That is, from mortgage to your student loans. Then, make sure to verify the amounts for every debt that you have. These details are vital when consulting our bankruptcy attorney.
Pay Off Your Debt
Even if you have decided to file for bankruptcy, you must still try your best in paying off your debt. You must look at your budget or talk to your creditors. Your creditors might help in lowering your interest rates. They may even give you better terms. Our bankruptcy attorney also recommends working with a financial coach. This coach will give you an unbiased view of your financial situation. Perhaps, after working with a financial coach, you might gain some insights on how to pay off your debt without having to file for bankruptcy. Your coach will lead you in the right direction. If you have decided to file for bankruptcy, make sure to work with our bankruptcy lawyer. At Gomez and Simone law firm, we can give you all the resources you need to assist you throughout the process. We understand that it is a difficult situation. Our attorneys will be there to support your case. But we also give pieces of advice on how to avoid it. We can recommend you to some financial coaches to improve your finances after filing bankruptcy. For a consultation, contact our bankruptcy attorney in Glendale, CA at (855) 219-3333.
Your real estate business is booming. But, as early as now, you must plan about who will inherit it when you are gone. If you are reluctant to give your real estate to a family member, you may wish to contact an estate planning attorney in Los Angeles first. There are many cases where heirs mismanaged the lump sum of money left by their parents or relatives. They spent it too quickly because they lack guidance. By talking to an estate planning attorney in Los Angeles, you can set up a trust to prevent this issue.
It is a legal tool that lets you put some restrictions on how to distribute your assets. To avoid giving your loved ones a lump sum of money, you could set up terms that would let them receive a certain percentage of your assets per year. You may also choose a trustee and give him an authority to choose when an heir would get the money and how much. But picking a trustee can be quite difficult without consulting an estate planning attorney. At Gomez and Simone Law, our estate planning attorneys recommend not to pick a sibling as it will only result in bickering among your family members. The best solution here is to choose a financial institution that offers a trustee service. Or, if you have a close family friend that you can trust, then you can pick him as your trustee. When setting up a trust, though, you must consider your intentions and goals. Consider leaving more to a loved one who has special needs. Or you may wish to put up a trust for your grandchild that can assist him with his college. It is also vital to advise your heirs about your plan on how to distribute your assets when you are gone. If you picked a trustee, you must invite him to your financial appointments with your heirs.
Consulting an Estate
Consulting an estate planning attorney will guide you through the federal and state tax laws. Our attorneys will assist you in choosing the type of trust that best suits your needs. There are different types of trust. Our estate planning attorneys will find the best type that could protect your assets from creditors. After you pass on, we make sure that your hard-earned money will be used appropriately by the people you love. Our estate planning attorneys at Gomez and Simone law firm have years of experience in setting up a trust or draw a will. They are sought-after attorneys in Los Angeles to set up a trust that makes sure your wishes are fulfilled after you pass on. At Gomez and Simone Law firm, our team of estate planning attorneys in Los Angeles will give you guidance and legal services that can resolve issues related to your real estate. You can call our attorneys today for a free 30-minute consultation. This free consultation is only valid for civil case analysis. You can reach us at (855) 219-3333.
It’s important to contact civil law attorneys even for your minor injury is vital for your case. But first, let us define what a minor injury is. Sprain, strain, contusion, and whiplash can be considered a minor injury. If you sustained partial leads of ligaments, dislocation of a joint and tendons, then these injuries are minor. If you sustained an injury to the spine but it is not a fracture, then it is just a minor injury. If you are insured, your insurer can pay you a flat fee for your medical care expenses. You might think that it is sufficient for your case.
Thus, you might not want to consider hiring or consulting civil law attorneys. What you do not know is that you can obtain the maximum amount of benefits that you deserve. If you are not sure about it, then it is vital that you talk to one of our civil law attorneys at Gomez and Simone law firm. Many of us would just shrug off our minor injuries. After all, you are still alive and can go to work. But a civil law attorney can help you claim your maximum benefits. Our attorneys will ask you some questions to determine whether it is vital to pursue a case based on the liability of the other side. We will assess your injury and its extent so we will know whether it will affect you in the future. Keep in mind that some minor injuries may cause intense pain in the future. They may also result in expensive medical fees. By working with a civil law attorney, you will know the degree of your injury. And that injury might result in pecuniary losses. You might need to pay for your physiotherapy, housekeeping, etc.
However, it is vital to remember that not all minor injury cases are worth pursuing. Then again, many instances where the minor injury is more significant than it was originally thought. As mentioned earlier, the full extent of the injury might not be obvious. You may think that it is just a shoulder pain. But it is actually a tear in your rotator cuff. For that reason, it is important to work with a civil law attorney so you will have a team to work with you and make proper investigation. In that way, more serious injuries can be uncovered earlier. Never sign a “release” paper without first consulting an attorney. Remember that after signing it, you cannot make a new claim from the injuries you sustained.
Some of our clients at Gomez and Simone law encountered situations where we recommend seeking further medical attention. In those instances, the injuries were more serious than it was originally thought. Never sign your insurer’s settlement or assessment of the damage without first consulting a civil law attorney. The insurance adjuster may give you details about the most adequate compensation for your injuries. Consult our civil law attorneys first to better assess your situation. Contact Gomez and Simone law office at (855) 219-3333.
Foreclosure can be devastating. The economy presents its own challenges, and the real estate market exacerbates them. Should you be in danger of losing your home, you deserve to have legal representation that can help. That’s where we come in. Our mortgage foreclosure attorney in Los Angeles team can help you to get the best outcome for your needs. In this blog, we’ll go over some different ways that we can assist you towards the best possible outcome.A Foreclosure Attorney in Los Angeles for You
Here at Gomez and Simone, we set the standard when it comes to foreclosure law involved homeowners and small lenders. That may just sound like boilerplate, something we would say, but we actually back it up. For example, we’ve won major, significant published legal decisions. These weren’t simply published; they’re something that other judges and lawyers follow. We can bring that same pioneering expertise to your particular case.
Always Advocating for Your Interests
If it’s in your best interests to keep your home, we’ll do everything we can to make that happen. For some clients, it may not be in their best interest. Depending on some circumstances, it may be impossible. Should that be the case, we can help you to land in the best situation possible. Backed by years of experience, we can advise on how to best handle the situation. That way, we can help you to end up in the best situation for you and those who count on you.
Looking Out for You
Some of our proudest successes have been helping to stop mortgage fraud. If you have any suspicion that you’re being taken advantage of through mortgage fraud, you deserve to have an attorney on your side who can set things right. By that same token, we can assist with predatory lending violations, too. If someone’s taken advantage of you, you don’t have to sit and take it. Get attorneys on your side who will fight back, every step of the way until you get what you deserve.
Loan Modifications and More
We don’t have enough space on this page to list all of the different ways our foreclosure attorneys can help. One way that we’ve been able to assist so many is through loan modifications. If you think this or any of our other services could help in any way, call us for a free consultation.
In today’s economy, it can seem like everyone is looking for any financial advantage they can get. Many folks run side businesses in addition to their regular jobs. Some have turned to sell real estate on the side, flipping houses, that kind of thing. More people than ever are involved in contracts and contract negotiations. When someone violates that contract, you don’t have to take it lying down. Here at Gomez and Simone, we can help make sure that you have legal protection that always has your interests at heart. In this blog, we’ll go over some of the ways that our civil law attorneys can help.
We understand that for many people, the last thing they ever want to do is look over a contract to see if there’s been a violation. It can be the kind of thing that’s so packed with legalese, just looking at it for a moment can give you a headache or put you right to sleep. That’s where we come in. We can review your contract thoroughly. Drawing upon our years of experience, we can determine whether or not your contract has been breached definitively.
Drawing up a Contract
On top of that, in addition to discovering if there’s been a contract breach, we can help you to draw up a contract. So many times over the years, clients have developed a contract with someone else on their own and then brought it to us. We love providing this service, as it’s one more way that we can protect our clients. We can catch something in a contract that could become an enormous problem for you later on so that your interests are always protected. As we have your best interests in mind, we can let you know if a contract has your best interests in mind, too.
To Court, if Necessary
Should we have to go to court to protect your interests, we can do that. Backed by several years of successful courtroom experience, we can represent you with pride and expertise in front of a judge. Before it gets to that, we can negotiate with the other side to get you everything that you deserve out of a contentious case. The above are just a fraction of the services our civil law lawyers can provide. To schedule a free consultation, call us at our head to our site.
Over the years, we’ve had several people ask some variation of the question: “why would I need real estate attorneys?” The truth is, if you’re involved with buying or selling real estate, you absolutely need an attorney you can trust on your side. It may not seem that way, you may think that it’s a waste of time and effort, but it’s one of the best ways that you can protect your interests in any real estate deal. In this blog, we’ll touch on some of the ways that our real estate attorneys in Los Angeles can help.
One of the main reasons that you need a real estate on your attorney is simple: the other side has them. The odds of you being in some kind of real estate transaction without the other party having an attorney are so small as to be essentially nonexistent. When you have your own attorney, you have someone you can trust on your side. We’re an impartial, objective source that can tell you the absolute truth about what’s going on, every step of the way.
Experienced Legal Advice
Perhaps some of the real estate agents and brokers you’ve been talking to have legal advice, or they’re telling you they have some sort of legal expertise that they can share. Regardless of their experiences, that’s just not true. In fact, real estate agents and brokers are unable to provide you with any kind of legal advice. That’s not something we made up in a blog; that’s the law. They’re legally not allowed to do that. So, if they do say that they can give you some sort of legal advice, it’s probably not going to be in your best interests.
Wide Range of Expertise
Our real estate attorneys can help with so much more than just buying and selling real estate. While that’s one of the services that our clients take advantage of, it’s far from the only one. With several years of experience in foreclosure defenses, post-foreclosure litigation, evictions, easement/boundary disputes, quiet title, bankruptcy and more, we can help you with any aspect of real estate law. Real estate legal disputes can be complicated, and you deserve attorneys on your side that can help you to protect your interests. Schedule a free consultation by calling us at or message us through our site.
How to Settle A Revocable Living Trust
By Adena Mosesian and Stuart R. Simone Esq.
Following a loved one’s death, most people that have been named as the Successor Trustee in their loved one’s Living Trust have no experience as a Trustee. Once the Trustmaker passes away, the Successor Trustee named in the Trust now becomes the Trustee. As a Trustee you have a legal duty to make decisions that are in the best interest of the beneficiaries, so you want to make sure that you get off to a good start and get the best help throughout the process.
There are three main players in any trust, the Trustor, Trustee and Beneficiary. The person who makes the trust may be called the Settlor, Grantor or Trustor. A person who receives money or property from the revocable living trust is called a Beneficiary. (These can loosely be referred to as “Heirs”.) The person who makes the decisions about the money and property in the trust is called the Trustee. A Trustee can be an individual or a financial institution; if there is more than one, they are Co-Trustees. The Successor Trustee acts only if the Trustee (or all Co-Trustees) can no longer fulfill their role. In a Revocable “Living Trust,” the Trustor is also the Trustee (or co-Trustee) until he/she passes away, thus the Successor Trustee then becomes the acting Trustee at that time. If you were named as Successor Trustee in your parent’s Living Trust, when your last living parent dies you are now the Trustee and you suddenly have important responsibilities. You now have Fiduciary Duties to the beneficiaries of the trust.
Here is a list of questions to get answers to when determining if you will need to hire an attorney to assist you with settling your loved one’s revocable living trust: Is the Revocable Living Trust fully funded; was the Trustmaker married; will the Beneficiaries receive their inheritance outright or in trust; will the Estate owe federal or state estate taxes or inheritance taxes; did the Trustmaker own a business; are the Beneficiaries going to fight over their inheritances; is a trust named as a Beneficiary of a retirement account; is an individual named as a Beneficiary of a retirement account? And there surely will be more questions, depending on the circumstances.
This guide will provide a general overview of the four steps required to settle and then terminate a Revocable Living Trust after the Trustmaker dies.
- Locate important papers, including the Living Trust and other estate planning documents, along with recent tax returns, insurance policies, deeds, annuities, etc. and store in a safe place until they can be given to the trust Attorney.
- Make initial phone class, contact immediate family, close friends, and the parent’s employer (even if they are retired, there may be some benefits available).
- Make funeral arrangements, including memorial or flowers and funeral notice for newspapers.
- Order death certificates.
- You may want to change the mailing address to your home address to ensure you get the documents that will be sent to the Estate and to you as Trustee.
Review the Trust Agreement with an Attorney:
Once you have located and sorted through the decedent’s legal documents and other important papers, the next step in settling a Living Trust is to meet with a trust attorney to determine if probate will be required and if the attorney’s assistance will be needed to help with settling and then terminating the trust.
- Within a few weeks after your parent dies, you should consult with a qualified estate planning law firm to review the Revocable Living Trust with your attorney, review all documents, consider estate planning, discuss potential federal estate taxes, and determine the need for a probate administration.
- First and foremost determine who is named as the successor Trustee(s) to settle the trust and who is named as Trustee(s) of any trusts that need to be created now that the Trustmaker has died. The prior Trustee may need to resign first if you’re going to be assuming responsibility and you are not named as the first Successor Trustee.
- Make notes of the following: Who gets the decedent’s personal effects, who gets any specific bequests, who gets the decedent’s residuary trust, the date and location where the trust agreement was signed, who signed the trust (and pour over Will, if any) as witnesses and the Notary Public.
- Have the attorney prepare a “Trust Certification” that verifies your authority as the current Trustee of the Trust.
Your First Tasks as Successor Trustee:
Now it is time to make a complete list of all the various assets and liabilities (credit accounts). This is the “trust estate.”
- Assume control over assets by changing door locks or installing security alarms and safeguarding valuables to limit access to others; “Beneficiary Raids” are common occurrences during these stressful times and can lead to disputes.
- Establish date of death values for all your loved one’s assets by calling all the financial institutions where their assets are, in order to determine if any estate taxes and/or inheritance taxes will be owed; you may need professional licensed appraisers, especially for real property (such as houses) and large personal property such as boats and planes or valuable collectibles. Also note the value of assets that can pass outside the trust, such as property owned as tenants by the entirety or joint tenants, payable on death deeds or transfer on death accounts, liefe insurance, IRAs, 410Ks and annuities with named beneficiaries. Among other things, the values assigned by the appraiser will used for calculating taxes.
- Notify credit card companies, utility companies, mortgage holder, and other creditors about your loved one’s death.
Managing the Trust:
Once the date of death values have been determined for all of the decedent’s assets, the next step in settling the Living Trust is to pay the decedent’s final bills and ongoing expenses related to administering the trust. It is the Trustee’s job to figure out what bills the decedent owed at the time of death, determine if the bills are legitimate, and then pay the bills. You will also be responsible for paying the ongoing expenses of administering the trust, such as legal fees, any accounting fees, utilities, insurance premiums, mortgage payments, and HOA fees.
- Make sure that the homeowner’s insurance does not lapse and remains in force, with you named on the policy as Trustee of the Estate.
- Manage the trust assets safely and pay all bills and taxes in a timely manner while keeping good records and bookkeeping.
- Evaluate whether trust assets, such as real estate or business, should be sold in order to raise case to pay expenses and taxes. If property is to be kept, then you will need to send proof of death (death certificate and affidavit of death) and if the property is left to you, apply to assume the mortgage loan(s).
- Do not make risky investments or withdraw or rollover IRA’s annuities or 401’s without speaking to your attorney. Withdrawing could incur unnecessary taxes and the beneficiaries could sue you. Remember, as Trustee you have legal fiduciary duties.
- Make sure to file your loved one’s final federal and/or state income tax returns and pay any taxes that may be due in a timely manner.
- If the estate earns income during administration, you need to make sure to prepare and file all required federal estate income tax returns (IRS Form 1041) and state.
- If the estate is taxable for federal and or state estate tax purpose, you will be responsible for preparing and filing the federal estate tax returns (IRS Form 706) and/or a state inheritance tax return, and then paying the tax bill(s). While many estates and trusts may not be affected at all by estate taxes, inheritance taxes, gift taxes, or generation-skipping transfer taxes, the majority will be affected in some way or another by income taxes.
Making Distributions and Terminating the Trust
Usually the first question that the trust beneficiaries will ask the successor Trustee is “When will I get my inheritance check?” But unfortunately for the beneficiaries, making distributions of the remaining trust assets to the beneficiaries and terminating the trust is the very last step in settling a Revocable Living Trust. Prior to making any distributions to the trust beneficiaries, you must be certain that every single expense of administering the trust (and the probate process if there is one) an all taxes have been paid or that enough assets have been set aside to pay the final bills and taxes. Always keep in mind that if expenses come up after you distribute the estate, you will have to pay these expenses our of your own pocket.
You as a Trustee have the responsibility to make sure that every single expense of administering the trust (and the probate estate if there is one) and all taxes have been paid or that enough assets have been set aside to pay the final bills and taxes, so it does not come out of your own pocket later on. In addition, if probate of some of the decedent’s assets is necessary, then the beneficiaries will need to wait until the probate estate is closed and the probate assets have been transferred over to you before the trust can be terminated and the beneficiaries can receive their inheritance.
If administration of the trust is expected to take more than a year, then the successor Trustee should work closely with the trust attorney to plan for setting aside enough assets to pay the ongoing trust expenses and then making distributions to the trust beneficiaries in multiple stages instead of in one lump sum.
Gomez & Simone is a full service real estate law firm representing families and business people, homeowners and renters, landlords and tenants, with offices throughout Southern California. This article is informational only and should not be used as legal advice. Please note that laws may have changed since this article was published. Before taking action, we recommend that you consult with one of our attorneys about your specific matter. Please contact your local Gomez & Simone office or call us at 1-855-219-3333 or email us at info@ gomezsimonelaw.com.
If you have bought a brand new home, you probably like knowing that everything that comes with it is, well, new, and that all of the materials it was built with are new too. But what happens when a builder has not thought everything through? In California, there is only one cause of action available to a homebuyer who discovers a construction defect in their new home: The California Builders’ “Right to Repair Act” (SB800). Read More
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