Southern California Living Trusts

Hart, Mieras, & Morris, Inc. is a full service Law Firm with five offices in the Los Angeles area. Founded in 1952, we are a true multi-professional office, providing Legal, Financial, Accounting, Tax, Insurance and Real Estate services. Our clients find it helpful to have several professional services available within the same office. Particularly families who’ve recently lost loved ones find it extremely helpful having all of the services needed to handle the transition of assets from one generation to the next under one roof. Our services include Estate Planning, Money Management, Financial and Retirement Planning, Investments, Insurance, Tax, Accounting Services (1040, 1041 & 706), and Real Estate transactions. Read more about: Money Management | Real Estate | Insurance | Tax & Accounting Services

I. Money Management
We partner with clients to design a financial strategy that identifies their level of risk and fits their lifestyle, often providing them with our flagship product, fee based Money Management. This strategy keeps their investments 100% liquid and gives clients years of income growth. We help clients decide which portfolio is their best fit and we monitor their accounts daily, making adjustments as needed.  Our clients are kept informed with quarterly statements. There are no commissions, surrender charges, transaction charges, nor holding periods with Money Management. Clients pay a small quarterly fee, dependent on the balance in their account(s). When a client’s balance goes up, our income goes up, and if it goes down, our income goes down. You can see that we have a strong incentive to keep our clients’ balance(s) going up.

Many clients are retired. They have 401k plans, which need to work to replace their paycheck, but they’d rather go golfing or on cruises than manage their money. Their current plans are limited in investment options and may not provide them with a full range of benefits. We provide professional help, as someone separate from their 401k plan, who can best serve their retirement needs.

Other clients are scared. They’re not use to making investment decisions and the dynamics of the marketplace make them feel uncertain. Or they’re afraid they’ll run out of money, or are anxious over how their money’s invested.

Some clients just want a second opinion. They’re not confident their portfolio is properly structured for their lifestyle, or for the changes in the market. After they meet with us, they have a new direction and appreciate our professional assistance.
II. Real Estate
Professional Real Estate Services provides professional assistance to clients who are selling properties, transferring properties to CRTs, refinancing, or purchasing new real estate. We are dedicated to providing exceptional real estate representation and employ a “team” concept of hardworking, caring agents and staff to meet our clients’ real estate needs in Residential buying and selling; Multi-family property investing; 1031 Tax Deferred Exchanges (see below), Land acquisition and sales; Small commercial and Non-profit. Professional Real Estate Services, Inc. is dedicated to exceeding our clients’ expectations and we are focused on achieving a performance level that fosters long term client relationships.

DICK DAVIS is President and CEO of Professional Real Estate Services, and has worked in the Real Estate industry for over 20 years. He has served on Advisory Boards for many organizations, such as the YMCA, Salvation Army, and Los Angeles District Properties Board. Mr. Davis has been named one of the “Ten Best Mannered Business People in Pasadena” by the Pasadena Star News and has strong relational ties within the real estate brokerage industry and among city leaders in all areas of professional pursuit. He has gained a highly respected reputation for quality service, proven performance and superior ethical business practices.

1031 Exchanges are a popular option for clients wanting to sell rental properties without paying capital gains/income tax. These taxes can be avoided by using the Internal Revenue Code that allows you to sell your current rental property and reinvest all of the proceeds from the sale into a new property that is a similar, or a “like-kind” property. This allows clients to invest 100% of the proceeds from the sale, rather than perhaps only 75% (after paying state & federal taxes). As a result, clients can sell their “problem” properties and invest in a new or larger property as tenants in common (“TIC”). TIC lets them invest without having the obligation or headaches of managing property, since a professional manager would manage the commercial property and provide the client with income.

III. Insurance
Professional Estate Services provides professional service to our clients who want to preserve, protect and grow their assets through unique insurance solutions. We provide innovative solutions for our senior clients to protect them from the rising cost of Long Term Care - without buying costly long term care insurance policies. We provide clients with additional retirement income, and assist them in acquiring the funds needed to pay federal estate taxes, to protect their assets from an estate sale.

By transferring a client’s existing asset, such as a CD or IRA, into an Asset Care Account, we assist them in creating an investment that will pay for any potential long term care expenses. If this fund is not used for their care, all of it passes to their beneficiaries or to their Living Trust, totally income-tax free. By using annuities, long term care protection can even be obtained for clients who are already in a nursing home, or in need of immediate in-home care.

The emerging life insurance settlement market has created an opportunity for senior clients with estates in excess of $3M, to derive additional retirement income from an asset they may not have recognized as a source of immediate cash – a current life insurance policy, or the capacity to acquire new life insurance. We assist our senior clients, between the ages of 70-86, in acquiring multi-million dollar insurance policies at little, or no out-of-pocket cost, which can then be used as retirement dollars, designated for a Long Term Care Expense fund, or saved to pay federal estate taxes.

MARY LOU REID graduated from the College for Financial Planning, attended New York University Graduate School of Business and received her Masters Degree from the University of Nevada. Ms. Reid is licensed in securities, insurance and real estate, having a Long-Term Care Insurance credential and a Certified Senior Advisor credential, and has been in practice as a financial planner since 1984.

JOHN CELENTANO has a Bachelor of Science and Master of Arts degree from New York University. He has successfully served in the insurance industry for 28 years as an Agent and Broker for many leading Life and Health Insurance Companies. John has received over 15 National Sales Awards from Prudential, achieved Court of the Table Status with Million Dollar Round Table multiple years, has served as Moderator for Life Underwriters Training Counsel Courses and partners with Mary Lou Reid to fulfill our clients’ insurance needs.  

A unique, new retirement and estate planning idea: If you own a life insurance policy, or can acquire new life insurance, you might be holding a hidden asset, and be wealthier than you think. We can show you how to assess what your policy could really be worth through our life insurance appraisal program. The emerging life insurance settlement market has created an opportunity for seniors to derive additional retirement income from an asset they may not have recognized as a source of immediate cash – a current life insurance policy, or their capacity to acquire new life insurance. We have helped our senior clients between ages 65-86, with estates of $2M or more, acquire multi-million dollar insurance policies at little, or no, out-of-pocket cost. Whether you would benefit most from having additional retirement or investment dollars; a designated long-term care expense fund; or funds for charitable giving, you owe it to yourself to find out more about this innovative strategy by speaking with John Celentano or Mary Lou Reid (626-294-2491). IV. Tax & Accounting Services
Professional Estate Services provides professional service to our individual, business and estate clients who need Individual, Estate, Corporate, LLC or other business related annual Tax Returns prepared.

Estate Tax Work: Upon the death of a Trustor, (someone who’s created a Trust), if their estate requires a “706 Estate Tax Return”, our Law Firm provides this service, since we are intricately involved with all aspects of the estate. When an additional 1041 tax return is required, we prepare both returns so that all possible tax deductions are taken.