Why to avoid probate
The laws of California provide a court process by which all estates belonging to deceased persons are distributed: probate. It is a long and difficult process, and can often aggravate for the surviving family an already painful situation. The good news is, a living trust can allow one’s estate to avoid this process entirely. However, […]
Blended Families
Inheritance distribution can be a complicated process, often resulting in disagreement and negative interactions between surviving family members. These difficulties can be compounded in a blended family, particularly when both spouses come into the marriage with adult children. In a case like this, a living trust can become an incredibly beneficial tool. Consider the following: A […]
Trust Administration: what your trustees and beneficiaries can expect.
Creating a revocable living trust is the first step to executing your estate plan. The second step is the administration of the trust. This takes place following the death of the last grantor (the person who created the trust), at which moment the appointed successor trustee steps in to ensure that all of the beneficiaries […]
Asset Protection for Beneficiaries
The primary purpose of a living trust is to help your beneficiaries avoid the grueling process of probate. There are additional benefits, however, that are important to consider. One such benefit is the ability to provide asset protection for your beneficiaries. A properly drafted revocable living trust with asset protection provides a protective wall around […]
Advance Health Care Directive
The Advance Health Care Directive (or Living Will) is an essential document to have alongside your Revocable Trust. While the Revocable Trust both prescribes and protects post-death decisions, the Advance Health Care Directive (Living Will) protects your decisions while in life, when you are found incapable of making them on your own. A typical situation […]
Trusts and Lawsuit protection
Many people seek a Living Trust for a singular purpose: to protect their assets from a potential or pending lawsuit. The hope is that transferring assets from the person’s name to that of the trust can block a creditor’s ability to access them. This way of thinking is not totally correct. There are two forms […]
Step Up in Basis
One of the key tax protections provided by a Revocable Living Trust is the inheritance of property with a step up in basis. This means that your beneficiaries will inherit any of your property at the market value it holds at the time of your death, rather than the market value it held at the […]
Control of Assets, and Durable Power of Attorney.
In reference to a common misconception, many people worry that transferring their assets to a Living Trust–assets such as their homes and bank accounts–negatively affects, or even eliminates the control they have over those assets. This is entirely false. While transferring your house deed to the trust requires that the deed contain name of the […]
Funding
Funding your revocable trust is a fundamental part of the trust-making process, a part that often gets overlooked. A trust, in and of itself, is little more than a vehicle through which your assets can pass to your beneficiaries after your death (while at the same time avoiding probate). In a sense it is like […]
How to choose a trustee FAQ’s
Are you looking to start building your trust plan but have a few unanswered questions? We have answered a few general FAQ’s below that might help put your mind at ease a little about trustee’s. Who should I choose as my trustee? When you choose a trustee, you should consider first and foremost your trust […]
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