There are many tools available to Californians for estate planning, each with its own designated purpose. Those who are crafting an estate plan often choose to employ one or more types of trust, depending on the goals of the individual forming the trust. For Californians who desire to avoid having their property go through the probate process, the revocable living trust is a very popular option.
How can I protect my assets from creditors?
One of the primary objectives for many estate plans is ensuring that assets are passed on to their intended beneficiaries, and not diminished or wholly taken by creditors. Commonly, this end is achieved using an irrevocable trust. Simply put, trusts allow individuals to transfer assets out of their own ownership and place them in the care of another person, so that they cannot be pursued as personal property. With these estate planning tools, it is possible to make sure that your wishes and legacy are honored as you intend for them to be.
Are there variations of charitable remainder trusts?
A charitable remainder trust is an excellent option for those wishing to make charitable donations while selling assets that have appreciated significantly beyond their base value, such as stocks or real estate. Utilizing a charitable remainder trust can allow the seller to skirt capital gains taxation on the appreciated value of the asset, while achieving their charitable giving goals at the same time.
Negligence of a trust creator can invalidate a living trust
A living trust is an excellent for many individuals interested in preserving their accumulated property, depending on their particular needs and what they desire to accomplish with their resources. Like any trust or estate plan, careless planning and execution can lead to difficulties in administration of a trust or unnecessary expenses down the road.
Basic information for setting up charitable trusts in California
"Giving back" has become an important part of many California residents' lives. As awareness about the needs of charitable giving continues to grow across the nation, people often ask attorneys for advice about efficient methods of charity. Setting up a charitable trust is one way people can give back. Setting up such a trust will also provide you with a few benefits as well.
Don't make mistakes when protecting your legacy
Protecting one's assets and life legacy for generations to come is not something California residents typically think about. In truth, the subjects of death and estate planning make many people feel uncomfortable. As a result, some people are hesitant to even get started. This in itself is common mistake people can make when protecting their estates.
What is the difference between testamentary and living trusts?
Many residents of California have begun exploring the use of trusts as a way to leave family members instructions and inheritance guidelines upon their death. Trusts are an extremely effective way of protecting assets or inheritances from misuse.
Including a revocable trust in your estate plan
A revocable trust can fill an important role in your California estate planning efforts. Much like a will, a revocable trust can identify how you want your assets and personal belongings to be distributed when you die. Other ways a revocable trust can work for you is by specifying your wishes should you become seriously ill or incapacitated and by helping prevent probate for your heirs.
In what circumstances is a living trust a good option?
One thing about estate planning that can make it challenging is how so many people view the process as making "death arrangements." While planning out your wishes, your property disbursements and other personal issues does include end-of-life elements, it is really more about living. Taking control of your assets while you are alive usually enhances a person's quality of life. A living trust is just one of the estate planning tools that can give you the peace of mind necessary to enjoy the rest of your life.
The fiduciary duty of a trustee and potential consequences
So you recently found out that you have been named trustee to a loved one's trust. You don't think this is a big deal and that trust administration just means having your name on a legal document. However, this idea is absolutely incorrect.
