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HESS-VERDON IS THE LEADING ORANGE COUNTY AND LOS ANGELES TRUST & ESTATES, PROBATE LITIGATION LAW FIRM

During these hard times, we know it’s vitally important to save time, money, peace of mind, and receive the highest of top quality counsel!

Hess-Verdon is one of the highest top-quality counsel that cares and fights for your legal needs.

Our managing partners have practiced law for over 30+ years. We have deep court experience, and after 1500+ clients throughout our tenure, you will receive in-depth knowledge in trust & estates, business, and real estate matters.
For a limited time, we are offering a free no-obligation case evaluation. Feel free to call, and our helpful staff will set you up with one of our specialized attorneys.

Our Guarantee: Courteous treatment with respect and professionalism with a commitment to delivering high quality, client-centered focus.

Probate Topics, Probate Litigation 

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Trust Attorney Orange County – Near Me

HESS-VERDON IS YOUR #1 SOUTHERN CALIFORNIA TRUst laywer

What Is a Trust Attorney and what do they do?

The term Trust Attorney covers a vast amount of territory, especially for those who are new to probate, trusts, and estates, administration topics. We will look to make it easy for you to understand the world of Trusts and Wills.

What does a Trust Attorney Do?

As a Trust Attorney, you focus on how to protect the legacy of a family, i.e., how the estate of a grantor passes to the loved ones (beneficiaries) after death. (Learn about how long a trust can remain open after death) Within the type of estate planning vehicles that a Trust Attorney have at their disposal, they break into the following:

  1. Will and Last Testament
  2. Trust

Within each of the two instruments above are a myriad of other protection vehicles. As an example, under the Trust hierarchy can breakdown further into the following:

  1. Revocable Trusts
  2. Irrevocable Trusts

One would wonder which type of Trust is best, and remember, you will never know how good your Trust holds up because once it kicks in for distributing the assets to your family members, you will be deceased. Therefore, it’s essential to work with an expert estate planning attorney, i.e., Trust Attorney.   

Now, when studying the various types of instruments to protect your estate and pass your legacy to your family, you will want to understand the differences between a Will and a Trust.  

Just a quick note:  There is a vast difference between a Trust and a Will! Let’s delve into what a Trust Attorney will help you understand.

 

Will and Trust Attorney (trust attorney near me)

A Trust Attorney when you first meet will ask you to fill out a series of questions regarding your current family situation.  Another quick note:  When there are blended families, 2nd and 3rd marriages, it can open many doors to litigation as sibling rivalry is the main impetus to dispute, to name one. So, if you have had a Will or a Trust created in the past and then remarried, it behooves you to have a Trust attorney review to ensure the following:

  • Are complications already set, and how to maneuver around them to keep the family from conflicts in the future? 

So again, a Will and a Trust are crucial estate planning instruments for any family if you have an estate worth more than $150,000.00. If you are below that amount, a Trust is generally not needed; however, it’s still good practice to review a Will to eliminate sibling to sibling conflicts.  

With all that said, is a Trust or a Will your Best option? And of the types of Trusts, who will be the Successor Trustee for your Revocable and Irrevocable Trust? And, do you need an Irrevocable Trust, and what are they specifically?  

Why do I need a Trust?

So, when you meet a Trust Attorney, an essential aspect of the questions will revolve around reducing your estate taxes by using particular Trust instruments, e.g., a Dynasty Trust, QTIP Trust, CRUT, CRAT, and many other various acronyms. Each type has its exact purpose. Please take into consideration that an incorrect Trust type can lock up your estate for good, meaning, once you move your estate into an Irrevocable Trust, you no longer have access to it. There are benefits to irrevocable Trusts, therefore choose an experienced Trust Attorney who knows about estate planning and advanced estate planning.  

In California, Trusts are the dominating type of instrument utilized in estate planning as opposed to a Will. Let’s review the Advantages and Disadvantages of a Trust and why in California, a Trust supersedes the advantage of a Will. One can even consider a will as the first stepping stone before a Trust “IF” your estate is below $150,000.00. If your estate is above $150,000.00, you will want a Trust. 

The advantages of a Trust over a Will are the following:

  1. Keeps your estate private and out of prying eyes: Unlike a Will, a Trust is kept private and not for public viewing. This option of maintaining privacy is a crucial factor as it reduces conflicts should siblings see other siblings receiving more than another. A Will becomes a matter of public record.
  2. A Trust Avoids Probate: A Trust is explicitly designed to keep an estate out of probate as long as it is written correctly. The reason to stay away from probate is that it’s a court-supervised process of transferring the assets of a decedent’s ownership. A Trust does not need probate because the Trust does not die. The Trustmaker (Settlor, Grantor) has a private contract with the Trust entity.
  3. A Trust plans for Mental Disability: A Trust takes into account if you become mentally incapacitated, unlike a Will where a loved one will have to go to court and ask for guardianship or conservatorship. With a Trust, you are in control.

The advantages of a Trust over a Will are self-explanatory. Why would someone still choose a Will over a Trust? Unfortunately, it breaks down to the initial cost and ongoing and periodic review of the Trust instrument. Yes, it may cost more to set up a Trust than a Will, but the advantages outweigh the cost to probate a Will. Pay now or later is the gist.

Taking into consideration of a Trust versus a Will, there is a provision wherein a Trust can have a pour-over will, which states if you die and leave an estate out of the Trust, it can be “poured over” into the Trust. A Trust Attorney will review many factors, including age, health, real estate property, the possibility of contesting the estate planning vehicles, and so on, to determine which estate vehicle is best for your current situation. All in all, a Trust Attorney will guide you through the estate planning process.

Orange County Trust Lawyer

To continue the process of a Trust Attorney, you will be taught about the difference between a Revocable Trust versus an Irrevocable Trust. It’s essential to understand the differences and advantages and disadvantages of both. We will look to clarify some initial hot topics now.

Revocable Versus Irrevocable Trusts

If you live in California, it’s pretty evident that a Trust is an estate planning vehicle that is essential because an average home in California is around $400,000.00, and thus a Trust is critical. But what type of Trust do you need?  

First, the main difference between a revocable trust versus an irrevocable Trust is the following:

REVOCABLE TRUST

  • You, as the Grantor / Settlor, have full rights and access to the estate. You can make changes and even close the Trust.
  • The assets within the revocable Trust are still in your name, so the assets are still considered your personal property. This means creditors can always go after the assets.

IRREVOCABLE TRUST

  • You give up rights to the estate in the Irrevocable Trust. 
  • Irrevocable Trusts are used for asset protection.

The bottom line, it’s important to understand there are many types of Irrevocable Trusts.

Are you in need of a Trust Attorney? When selecting an attorney, you will want to make sure they have worked on several if not hundreds of the types of Trusts you need. Many people believe that once you have a Trust, it is impervious to litigation. Still, when it comes to money, blended families, sibling rivalry, family dysfunction, dispute of all types are on the rise. Contact Hess-Verdon & Associates, your Orange County Trust Attorneys.

 

Will and Trust Attorney

A Trust Attorney when you first meet will ask you to fill out a series of questions regarding your current family situation.  Another quick note:  When there are blended families, 2nd and 3rd marriages, it can open many doors to litigation as sibling rivalry is the main impetus to dispute, to name one. So, if you have had a Will or a Trust created in the past and then remarried, it behooves you to have a Trust attorney review to ensure the following:

  • Are complications already set, and how to maneuver around them to keep the family from conflicts in the future? 

So again, a Will and a Trust are crucial estate planning instruments for any family if you have an estate worth more than $150,000.00. If you are below that amount, a Trust is generally not needed; however, it’s still good practice to review a Will to eliminate sibling to sibling conflicts.  

With all that said, is a Trust or a Will your Best option? And of the types of Trusts, who will be the Successor Trustee for your Revocable and Irrevocable Trust? And, do you need an Irrevocable Trust, and what are they specifically?  

Why do I need a Trust?

So, when you meet a Trust Attorney, an essential aspect of the questions will revolve around reducing your estate taxes by using particular Trust instruments, e.g., a Dynasty Trust, QTIP Trust, CRUT, CRAT, and many other various acronyms. Each type has its exact purpose. Please take into consideration that an incorrect Trust type can lock up your estate for good, meaning, once you move your estate into an Irrevocable Trust, you no longer have access to it. There are benefits to irrevocable Trusts, therefore choose an experienced Trust Attorney who knows about estate planning and advanced estate planning.  

In California, Trusts are the dominating type of instrument utilized in estate planning as opposed to a Will. Let’s review the Advantages and Disadvantages of a Trust and why in California, a Trust supersedes the advantage of a Will. One can even consider a will as the first stepping stone before a Trust “IF” your estate is below $150,000.00. If your estate is above $150,000.00, you will want a Trust. 

The advantages of a Trust over a Will are the following:

  1. Keeps your estate private and out of prying eyes: Unlike a Will, a Trust is kept private and not for public viewing. This option of maintaining privacy is a crucial factor as it reduces conflicts should siblings see other siblings receiving more than another. A Will becomes a matter of public record.
  2. A Trust Avoids Probate: A Trust is explicitly designed to keep an estate out of probate as long as it is written correctly. The reason to stay away from probate is that it’s a court-supervised process of transferring the assets of a decedent’s ownership. A Trust does not need probate because the Trust does not die. The Trustmaker (Settlor, Grantor) has a private contract with the Trust entity.
  3. A Trust plans for Mental Disability: A Trust takes into account if you become mentally incapacitated, unlike a Will where a loved one will have to go to court and ask for guardianship or conservatorship. With a Trust, you are in control.

The advantages of a Trust over a Will are self-explanatory. Why would someone still choose a Will over a Trust? Unfortunately, it breaks down to the initial cost and ongoing and periodic review of the Trust instrument. Yes, it may cost more to set up a Trust than a Will, but the advantages outweigh the cost to probate a Will. Pay now or later is the gist.

Taking into consideration of a Trust versus a Will, there is a provision wherein a Trust can have a pour-over will, which states if you die and leave an estate out of the Trust, it can be “poured over” into the Trust. A Trust Attorney will review many factors, including age, health, real estate property, the possibility of contesting the estate planning vehicles, and so on, to determine which estate vehicle is best for your current situation. All in all, a Trust Attorney will guide you through the estate planning process.

Orange County Trust Lawyer

To continue the process of a Trust Attorney, you will be taught about the difference between a Revocable Trust versus an Irrevocable Trust. It’s essential to understand the differences and advantages and disadvantages of both. We will look to clarify some initial hot topics now.

Revocable Versus Irrevocable Trusts

If you live in California, it’s pretty evident that a Trust is an estate planning vehicle that is essential because an average home in California is around $400,000.00, and thus a Trust is critical. But what type of Trust do you need?  

First, the main difference between a revocable trust versus an irrevocable Trust is the following:

REVOCABLE TRUST

  • You, as the Grantor / Settlor, have full rights and access to the estate. You can make changes and even close the Trust.
  • The assets within the revocable Trust are still in your name, so the assets are still considered your personal property. This means creditors can always go after the assets.

IRREVOCABLE TRUST

  • You give up rights to the estate in the Irrevocable Trust. 
  • Irrevocable Trusts are used for asset protection.

The bottom line, it’s important to understand there are many types of Irrevocable Trusts.

Are you in need of a Trust Attorney? When selecting an attorney, you will want to make sure they have worked on several if not hundreds of the types of Trusts you need. Many people believe that once you have a Trust, it is impervious to litigation. Still, when it comes to money, blended families, sibling rivalry, family dysfunction, dispute of all types are on the rise. Contact Hess-Verdon & Associates, your Orange County Trust Attorneys.

 

Why do I need a Trust?

So, when you meet a Trust Attorney, an essential aspect of the questions will revolve around reducing your estate taxes by using particular Trust instruments, e.g., a Dynasty Trust, QTIP Trust, CRUT, CRAT, and many other various acronyms. Each type has its exact purpose. Please take into consideration that an incorrect Trust type can lock up your estate for good, meaning, once you move your estate into an Irrevocable Trust, you no longer have access to it. There are benefits to irrevocable Trusts, therefore choose an experienced Trust Attorney who knows about estate planning and advanced estate planning.  

In California, Trusts are the dominating type of instrument utilized in estate planning as opposed to a Will. Let’s review the Advantages and Disadvantages of a Trust and why in California, a Trust supersedes the advantage of a Will. One can even consider a will as the first stepping stone before a Trust “IF” your estate is below $150,000.00. If your estate is above $150,000.00, you will want a Trust. 

The advantages of a Trust over a Will are the following:

  1. Keeps your estate private and out of prying eyes: Unlike a Will, a Trust is kept private and not for public viewing. This option of maintaining privacy is a crucial factor as it reduces conflicts should siblings see other siblings receiving more than another. A Will becomes a matter of public record.
  2. A Trust Avoids Probate: A Trust is explicitly designed to keep an estate out of probate as long as it is written correctly. The reason to stay away from probate is that it’s a court-supervised process of transferring the assets of a decedent’s ownership. A Trust does not need probate because the Trust does not die. The Trustmaker (Settlor, Grantor) has a private contract with the Trust entity.
  3. A Trust plans for Mental Disability: A Trust takes into account if you become mentally incapacitated, unlike a Will where a loved one will have to go to court and ask for guardianship or conservatorship. With a Trust, you are in control.

The advantages of a Trust over a Will are self-explanatory. Why would someone still choose a Will over a Trust? Unfortunately, it breaks down to the initial cost and ongoing and periodic review of the Trust instrument. Yes, it may cost more to set up a Trust than a Will, but the advantages outweigh the cost to probate a Will. Pay now or later is the gist.

Taking into consideration of a Trust versus a Will, there is a provision wherein a Trust can have a pour-over will, which states if you die and leave an estate out of the Trust, it can be “poured over” into the Trust. A Trust Attorney will review many factors, including age, health, real estate property, the possibility of contesting the estate planning vehicles, and so on, to determine which estate vehicle is best for your current situation. All in all, a Trust Attorney will guide you through the estate planning process.

Orange County Trust Lawyer

To continue the process of a Trust Attorney, you will be taught about the difference between a Revocable Trust versus an Irrevocable Trust. It’s essential to understand the differences and advantages and disadvantages of both. We will look to clarify some initial hot topics now.

Revocable Versus Irrevocable Trusts

If you live in California, it’s pretty evident that a Trust is an estate planning vehicle that is essential because an average home in California is around $400,000.00, and thus a Trust is critical. But what type of Trust do you need?  

First, the main difference between a revocable trust versus an irrevocable Trust is the following:

REVOCABLE TRUST

  • You, as the Grantor / Settlor, have full rights and access to the estate. You can make changes and even close the Trust.
  • The assets within the revocable Trust are still in your name, so the assets are still considered your personal property. This means creditors can always go after the assets.

IRREVOCABLE TRUST

  • You give up rights to the estate in the Irrevocable Trust. 
  • Irrevocable Trusts are used for asset protection.

The bottom line, it’s important to understand there are many types of Irrevocable Trusts.

Are you in need of a Trust Attorney? When selecting an attorney, you will want to make sure they have worked on several if not hundreds of the types of Trusts you need. Many people believe that once you have a Trust, it is impervious to litigation. Still, when it comes to money, blended families, sibling rivalry, family dysfunction, dispute of all types are on the rise. Contact Hess-Verdon & Associates, your Orange County Trust Attorneys.

 

Why do I need a Trust?

So, when you meet a Trust Attorney, an essential aspect of the questions will revolve around reducing your estate taxes by using particular Trust instruments, e.g., a Dynasty Trust, QTIP Trust, CRUT, CRAT, and many other various acronyms. Each type has its exact purpose. Please take into consideration that an incorrect Trust type can lock up your estate for good, meaning, once you move your estate into an Irrevocable Trust, you no longer have access to it. There are benefits to irrevocable Trusts, therefore choose an experienced Trust Attorney who knows about estate planning and advanced estate planning.  

In California, Trusts are the dominating type of instrument utilized in estate planning as opposed to a Will. Let’s review the Advantages and Disadvantages of a Trust and why in California, a Trust supersedes the advantage of a Will. One can even consider a will as the first stepping stone before a Trust “IF” your estate is below $150,000.00. If your estate is above $150,000.00, you will want a Trust. 

The advantages of a Trust over a Will are the following:

  1. Keeps your estate private and out of prying eyes: Unlike a Will, a Trust is kept private and not for public viewing. This option of maintaining privacy is a crucial factor as it reduces conflicts should siblings see other siblings receiving more than another. A Will becomes a matter of public record.
  2. A Trust Avoids Probate: A Trust is explicitly designed to keep an estate out of probate as long as it is written correctly. The reason to stay away from probate is that it’s a court-supervised process of transferring the assets of a decedent’s ownership. A Trust does not need probate because the Trust does not die. The Trustmaker (Settlor, Grantor) has a private contract with the Trust entity.
  3. A Trust plans for Mental Disability: A Trust takes into account if you become mentally incapacitated, unlike a Will where a loved one will have to go to court and ask for guardianship or conservatorship. With a Trust, you are in control.

The advantages of a Trust over a Will are self-explanatory. Why would someone still choose a Will over a Trust? Unfortunately, it breaks down to the initial cost and ongoing and periodic review of the Trust instrument. Yes, it may cost more to set up a Trust than a Will, but the advantages outweigh the cost to probate a Will. Pay now or later is the gist.

Taking into consideration of a Trust versus a Will, there is a provision wherein a Trust can have a pour-over will, which states if you die and leave an estate out of the Trust, it can be “poured over” into the Trust. A Trust Attorney will review many factors, including age, health, real estate property, the possibility of contesting the estate planning vehicles, and so on, to determine which estate vehicle is best for your current situation. All in all, a Trust Attorney will guide you through the estate planning process.

Orange County Trust Lawyer

To continue the process of a Trust Attorney, you will be taught about the difference between a Revocable Trust versus an Irrevocable Trust. It’s essential to understand the differences and advantages and disadvantages of both. We will look to clarify some initial hot topics now.

Revocable Versus Irrevocable Trusts

If you live in California, it’s pretty evident that a Trust is an estate planning vehicle that is essential because an average home in California is around $400,000.00, and thus a Trust is critical. But what type of Trust do you need?  

First, the main difference between a revocable trust versus an irrevocable Trust is the following:

REVOCABLE TRUST

  • You, as the Grantor / Settlor, have full rights and access to the estate. You can make changes and even close the Trust.
  • The assets within the revocable Trust are still in your name, so the assets are still considered your personal property. This means creditors can always go after the assets.

IRREVOCABLE TRUST

  • You give up rights to the estate in the Irrevocable Trust. 
  • Irrevocable Trusts are used for asset protection.

The bottom line, it’s important to understand there are many types of Irrevocable Trusts.

Are you in need of a Trust Attorney? When selecting an attorney, you will want to make sure they have worked on several if not hundreds of the types of Trusts you need. Many people believe that once you have a Trust, it is impervious to litigation. Still, when it comes to money, blended families, sibling rivalry, family dysfunction, dispute of all types are on the rise. Contact Hess-Verdon & Associates, your Orange County Trust Attorneys.

What are the advantages of a living trust?  

A living trust is needed when you want to have the following:

1. Stay out of probate: A living trust does not go through probate, which means the distribution of the estate is clear to the beneficiaries, unlike a will. 

2. Keep all your assets private and out of public view: Unlike a will, a trust will usually be kept private and distribute the assets in private.  

3. A Living Trust saves you money in the long run. Though a Trust most times than not cost more upfront than a Will, a living trust will inevitably save in probate costs and quite possibly even from beneficiaries contesting the trust. With an astute Living Trust attorney, they can ensure your Living trust has the protection devices from tax-related issues and a host of other documentary defect contests.

4. Avoiding a Conservatorship: Having a living trust can be extremely helpful if the Trustor one day becomes incapable of taking care of their financial affairs. Without the authority conferred by the living trust document, family members must usually go to court to get the legal authority. The family will have to get legal authorization to manage the incapacitated Trustor’s finances – which is a lengthy and public process. 

5. Protects minor children: A trust can hold money for minor children. The funds can be allocated at different times based on age, for example.

6. Guardianship: The trust can provide a set of instructions by the Trustor determining who takes care of the minor children in case one or both parents pass away.

Revocable vs. Irrevocable Trusts: What are the differences

We will first start with the revocable trust. The revocable trust allows the Trustor the ability to amend its terms at any time. The Trustor can remove beneficiaries, designate new ones, as well as stipulate the management of the assets within the trust. You may have read about a revocable trust, or merely living trust, family living trusts. They are synonymous. 

The disadvantage of a Revocable Trust vs. Irrevocable trust

Now the drawbacks of the living trust may be the following:

  1. When funding the living trust, it will require the Trustor to reregister securities, real property, and other assets in the Trust name. You remain in complete control as the Trustor. Reregistering may involve additional costs, such as filing fees.
  2. Revocable Trusts do not save income taxes, nor estate taxes. In most cases, the state treats the revocable trust as the grantor’s property for both estate and income tax.
  3. Unhappy heirs can contest a revocable trust.  
  4. Creditors can go after revocable trusts. 
  5. Trusts are not all drafted equally. It depends on the experience of the drafting attorney and your family situation to achieve the best result for your estate planning.

As can be seen, there are advantages and disadvantages, and thus why it is imperative to speak to an estate planning attorney.  

What are the advantages of a living trust?

A living trust is needed when you want to have the following:

1. Stay out of probate: A living trust does not go through probate, which means the distribution of the estate is clear to the beneficiaries, unlike a will. 

2. Keep all your assets private and out of public view: Unlike a will, a trust will usually be kept private and distribute the assets in private.  

3. A Living Trust saves you money in the long run. Though a Trust most times than not cost more upfront than a Will, a living trust will inevitably save in probate costs and quite possibly even from beneficiaries contesting the trust. With an astute Living Trust attorney, they can ensure your Living trust has the protection devices from tax-related issues and a host of other documentary defect contests.

4. Avoiding a Conservatorship: Having a living trust can be extremely helpful if the Trustor one day becomes incapable of taking care of their financial affairs. Without the authority conferred by the living trust document, family members must usually go to court to get the legal authority. The family will have to get legal authorization to manage the incapacitated Trustor’s finances – which is a lengthy and public process. 

5. Protects minor children: A trust can hold money for minor children. The funds can be allocated at different times based on age, for example.

6. Guardianship: The trust can provide a set of instructions by the Trustor determining who takes care of the minor children in case one or both parents pass away.

Revocable vs. Irrevocable Trusts: What are the differences

We will first start with the revocable trust. The revocable trust allows the Trustor the ability to amend its terms at any time. The Trustor can remove beneficiaries, designate new ones, as well as stipulate the management of the assets within the trust. You may have read about a revocable trust, or merely living trust, family living trusts. They are synonymous. 

The disadvantage of a Revocable Trust vs. Irrevocable trust

Now the drawbacks of the living trust may be the following:

  1. When funding the living trust, it will require the Trustor to reregister securities, real property, and other assets in the Trust name. You remain in complete control as the Trustor. Reregistering may involve additional costs, such as filing fees.
  2. Revocable Trusts do not save income taxes, nor estate taxes. In most cases, the state treats the revocable trust as the grantor’s property for both estate and income tax.
  3. Unhappy heirs can contest a revocable trust.  
  4. Creditors can go after revocable trusts. 
  5. Trusts are not all drafted equally. It depends on the experience of the drafting attorney and your family situation to achieve the best result for your estate planning.

As can be seen, there are advantages and disadvantages, and thus why it is imperative to speak to an estate planning attorney.  

Here are some types of Irrevocable trusts:

1. Insurance Life Insurance Trust [ILIT]: Many people don’t understand that life insurance policy, depending on the amount, can trigger an estate tax bill. One option to mitigate estate taxes is an ILIT. An ILIT is a type of living trust that was explicitly set up to own a life insurance policy.

2. Qualified Terminable Interest Trust [QTIP]: a QTIP is an A/B trust arrangement and used by a married individual.

3. Charitable Remainder Trust: A charitable trust allows you to donate generously to a charity of your choice, and give you and your heirs a big tax break. Advantages are a reduction in Income taxes, estate taxes, capital gains tax.

4. Testamentary Trust: et is a trust, when established in the last will, typically created for the benefit of minor children.

5. Funded or Unfunded Trust

6. Credit Shelter Trust

7. Blind Trust: In a blind trust, the Trustee has full discretion over the assets. Initiated by the Trustor and can be terminated, but cannot exercise any control. Typically used when the investment holdings could potentially put the Trustor in conflict of interest with a regulatory issue. Usually used by a wealthy person entering into political office.

How does an Irrevocable trust work?

An irrevocable trust is one essential part of estate planning, asset protection, and tax strategy planning. With an irrevocable trust, the Trustor gives up full control and ownership of the property. 

 

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