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Home » Estate Planning » Keep Inheritances Safe With a Living Trust

Keep Inheritances Safe With a Living Trust

May 22, 2020Estate Planning

living trustThere is no single universal approach to estate planning that is right for everyone. Since there are so many different strategies that can be implemented, you should really discuss your unique personal situation with a licensed estate planning lawyer.

If you make the right choices from the outset, you can go forward with the knowledge that you are going to provide for all of your family members in the optimal manner. With this in mind, we will look at one of the major benefits that you would gain if you use a living trust as the centerpiece of your estate plan.

Spendthrift Protections

When you have someone in the family that is not good with money, you are naturally going to have inheritance planning concerns. This individual has probably come to you for financial help over the years, and there will come a time when you simply are not around to provide assistance.

The inheritance that you leave could be squandered very quickly, and your family member would be in a tenuous situation going forward. Many good people are just not ready to handle large sums of money, and this is no great badge of shame.

Under these circumstances, you could provide the appropriate protections through the creation of a revocable living trust.

First, it is important to understand the fact that you do not have to worry about losing control of the assets in the trust. You would be able to act as the trustee and the beneficiary while you are alive and well.

Plus, since the trust would be revocable, you could dissolve it entirely and take back direct personal possession of the property that you conveyed into it.

To account for the events that will take place after your passing, you name a successor trustee and a successor beneficiary. Any adult that is of sound mind that is willing to assume the role can act as the trustee, but it is also possible to use a professional fiduciary like a bank or a trust company.

The idea here is to instruct the trustee to distribute assets to the beneficiary on a limited basis over an extended period of time. For example, you could allow the trustee to distribute investment earnings only so that the principal remains intact for the long haul.

If you assume that the beneficiary will become more mature over time, you can give the trustee the latitude to make larger distributions when the beneficiary meets certain age requirements.

Another layer of protection would be the inclusion of a spendthrift provision. This would protect the principal from creditor claims. However, any distributions that have been made to the beneficiary would be in play.

To understand how it works, you can apply the concept of “stepping into the beneficiary shoes.” The creditor would have the same access to the funds that the beneficiary has, and the beneficiary would not be able to directly touch the principal.

Attend a Free Webinar

We have traditionally held seminars in person on an ongoing basis because we are committed to educating our neighbors about the importance of the estate planning process. Since we are now limiting our interactions with others, we have transitioned into webinars.

There are a number of them on the schedule right now, and there is no charge to attend these sessions. You can visit our webinar page and follow the simple instructions to register for the date that works for you.

Plan Your Estate Today!

If you already know enough to realize it is time to put an estate plan in place, we are here to help. You can schedule a remote consultation if you call us at 310-337-7696. There is also a contact form on this website you can use to send us a message.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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Client Review
July 29, 2020
    

We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

Frank & Jutta R
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July 29, 2020
    

Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

Paula M.
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July 29, 2020
    

We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

Phillip G.
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July 29, 2020
    

When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

Bob L.
Client Review
July 29, 2020
    

We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

Bob S.
Client Review
July 29, 2020
    

We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

Robert F.
Client Review
July 29, 2020
    

Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
Client Review
July 29, 2020
    

Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

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