Drafting the trust agreement is only the first step in establishing an effective trust. The next crucial step is to fund the trust. “Funding” means transferring your property to the trust. How you go about funding your trust will depend on the nature of the property. When it comes to Los Angeles trust administration, there are several options, so you should discuss your situation with an experienced trust attorney.What does it mean to fund a trust?After the trust agreement has been … [Read more...]
What is Required When a Loved One with a Living Trust Dies?
A common misconception that many Orange County residents have is that when someone with a living trust passes away, nothing needs to be done. Although it is true that living trusts can go a long way toward avoiding probate, that does not mean nothing needs to be done when the person who created the living trust dies. Our Orange County trust attorneys can help you take the first steps when this happens.What is a living trust?A “living trust” is a specific type of trust that will become … [Read more...]
Orange County Trust Lawyers Discuss Trust Issues
When loved ones have disagreements about how a trust should be established and managed, including how the trust property should ultimately be distributed, the resulting dispute can be emotionally stressful, as well as expensive. Nevertheless, trust beneficiaries and trustees often have disputes that can lead to trust contests and litigation in court. Here is what our Orange County trust lawyers have to say about some of the common trust issues and how to deal with them.Can someone “contest” a … [Read more...]
Los Angeles Trust Lawyers Explain Timeshares and Living Trusts
With all of the great benefits that owning a timeshare can provide, most timeshare owners are looking for a way to pass on that valuable property to their heirs after death. Yet, timeshare ownership is not as straightforward as owning your home, for example. Nor is it the same as owning a summer home. Therefore, if you are considering establishing a living trust as part of your estate plan, you should know that funding a timeshare into a living trust takes the expertise of Los Angeles trust … [Read more...]
Mistakes to Avoid in Los Angeles Trust Administration
If you have been asked to serve as a trustee, you are agreeing to a take on a very important responsibility. The services of a trustee are critical to successful Los Angeles trust administration. As the trustee, you are the individual responsible for ensuring that the requirements set out in the trust agreement are satisfied. The trustee is also responsible for managing the assets that have been placed in trust, as well as maintaining accurate records of all transactions that involve the trust … [Read more...]
A Guide to Avoiding Probate
The goal of estate planning for most people is avoiding probate. Why? Because probate can be expensive and it can take a long time to go through the entire process. Every estate, regardless of its size, is required to pass through probate so that the heirs or beneficiaries can receive their inheritances. Whether avoiding probate is the right thing for you depends on many factors, so discuss this decision with your probate lawyer. If you decide you want to bypass the process, here is a guide … [Read more...]
What is a Grantor Retained Annuity Trust?
The basic purpose of a trust is to reduce estate taxes as much as possible. Another benefit is the chance to avoid the costly and lengthy probate court proceeding. With all of the available options, each trust having its own specific goals or requirements, it may be a little daunting trying to choose. One type of trust you may want to consider is the Grantor Retained Annuity Trust.What is the purpose of a GRAT?The purpose of a Grantor Retained Annuity Trust is to allow the donor to … [Read more...]
What is a Qualified Personal Residence Trust?
There are numerous kinds of trusts, each with its own specific functions. A Qualified Personal Residence Trust is one type of irrevocable trust designed to hold ownership of your primary or secondary residence. That way, upon your death, the value of the residence will not be included in your taxable estate. A Qualified Personal Residence Trust, if created properly can provide a huge benefit for you and your family.How the Qualified Personal Residence Trust worksWhen correctly … [Read more...]
What is a Charitable Remainder Trust?
If you are looking to make the most of your donations to charity, you should consider a charitable remainder trust which is a valuable estate planning tool. These types of trusts will allow you to provide generous donations, while also taking advantage of very generous tax breaks for you and your beneficiaries.How does a charitable trust work?Charitable trusts are irrevocable, which means once they have been executed, they cannot be changed. Once you transfer property to a charitable … [Read more...]
The Disadvantages of a Bare Bones Trust
The Disadvantages of a Bare Bones Trust from Schomer Law Group While it might seem like a quick way to accomplish your estate planning goals, do-it-yourself trust forms are not really the way to go. Essentially, these “bare bones” living trusts are sold more as a way to avoid probate, but they can create more problems than they actually solve. … [Read more...]
