A revocable trust is an important estate planning tool. These trusts are set up while the trust maker, a.k.a., the grantor, is still alive. After formalizing the trust within a legal document, the grantor will transfer assets to the ownership of the trust and becomes the initial "trustee" who administers and manages the trust.
Have you written your will or funded any trusts? If so, you may feel that your estate planning duties have ended.
Do you have a house, investment or some other kind of property that has increased significantly in value? Do you want to liquidate this property and reinvest the money to start generating an income from it, but you don't want to pay the tremendous capital gains taxes? You're facing a fairly common dilemma -- but a charitable remainder trust might allow you to accomplish all of those goals.
Imagine you don't have any children who can inherit your estate, except you do have a niece who happens to have a serious spending problem. As soon as she has any amount of money in her hands, she spends it on something irresponsible. Considering that this is your only heir, it's understandable that you're concerned. Fortunately, you and your niece might benefit from a "spendthrift" trust.
California pet lovers who want to create a responsible plan for their animals may want to consider the creation of a pet trust. This can be an excellent way to ensure that your animal is cared for long after you're gone, or in the event that you become medically incapacitated and are no longer able to tend to your pet's needs without assistance.