Trusts

Thursday, February 7, 2019

Including Your Pet in Your California Estate Plan


How can I ensure my pet is cared for after my death?

Pets are part of the family for many Americans across the country.  About 85 million families, or 68 percent of U.S. households, have a dog, cat, or another type of pet.  Despite the high levels of pet ownership, few pet owners have included their pet within their estate plan.
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Monday, May 14, 2018

Creating a Spendthrift Trust

How can a spendthrift trust protect my heirs from creditors?

With a spendthrift trust, you can pass down assets to your heirs without concern that your assets may be rapidly spent by heirs or seized to satisfy creditors. A spendthrift trust comes with all of the benefits of a regular trust, but allows for additional protections. This type of trust is particularly useful for parents or grandparents who want to leave assets to their children or grandchildren, but they have concerns about the spending habits of these heirs. Our


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Wednesday, April 18, 2018

Setting Up a Trust for Minors

What are the advantages of placing assets in a trust for my minor child?

Many younger parents put off estate planning, believing they have plenty of time to set aside assets for their children before their death. However, failing to create an estate plan that benefits your children now could leave your child without a named guardian and no control over how the child’s assets will be managed in the event of your untimely death. With a trust for minors, you can designate that certain funds be provided to your child to cover costs of support and education. The trust will further protect assets from creditors.


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Wednesday, March 21, 2018

Charitable Giving Through Your Estate Plan

What is a charitable remainder trust?

Giving to charity is a wonderful legacy to leave behind.  With your charitable donations, you can truly make a difference to a cause that you hold near and dear.  There are many ways both during your lifetime and after your death that you can give to charity.  Charitable giving often additionally have the advantage of minimizing your taxes.  Our
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Wednesday, March 14, 2018

Qualified Personal Residence Trusts Explored


Is a Qualified Personal Residence Trust (QPRT) an irrevocable trust?

A Qualified Personal Residence Trust (QPRT) is a type of irrevocable trust that allows you to place your home or a secondary residence into the trust for tax benefits.  QPRTs are a popular estate planning tool that can help you to reduce the size of your taxable estate.  As an irrevocable trust, a QPRT cannot easily be altered, making it important that you consult with a trusts and estate planning lawyer to ensure this estate planning vehicle is right for you.
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Monday, February 19, 2018

Protecting Your Assets With a Trust


What is an irrevocable trust?

You’ve worked hard your entire life to provide for yourself and your family.  Now, you want to protect your assets in the face of an uncertain future.  Trusts can offer a way to protect your assets from creditors during your lifetime and after your death.  There are


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Friday, August 25, 2017

Exploring the Differences Between a Will and a Trust in California


Do I need a will or trust?

Wills and trusts are two common estate planning tools.  With both a will and a trust, you can ensure your family will receive your hard earned assets and be protected after your death.  Each of these estate planning tools, however, have benefits and drawbacks.  Our


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Friday, May 12, 2017

Funding Your Trust


How can a trust help my assets to avoid the probate process?

A trust is one of the most powerful estate planning tools in existence, but unless you fund your trust, it will be of little value. Funding a trust involves transferring assets into the trust.  This can be accomplished by changing the titles on your accounts, property, or beneficiary designations.  Funding a trust can be challenging for individuals with multiple homes or several accounts.  With the help of your California trusts and estate planning attorney, you can ensure your living or irrevocable trust is properly created and funded, allowing your assets to pass to your heirs without the need for probate.


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Monday, March 20, 2017

Protect Your Retirement with Estate Planning


What estate planning tools can protect me and my loved ones during retirement?

Your retirement should be a time of relaxation and enjoyment.  You’ve worked hard to financially prepare yourself for your golden years.  You may have stashed away significant funds in a retirement account, purchased a home wisely, and maintained a healthy lifestyle, all in anticipation of your ideal retirement.  However, even with the best financial preparation, your retirement may be at risk if you have neglected estate planning.  Our


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Friday, February 10, 2017

Do Heirs Have to Pay Off Their Loved One's Debts?


The recent economic recession, and staggering increases in health care costs have left millions of Americans facing incredible losses and mounting debt in their final years. Are you concerned that, rather than inheriting wealth from your parents, you will instead inherit bills? The good news is, you probably won’t have to pay them.

As you are dealing with the emotional loss, while also wrapping up your loved one’s affairs and closing the estate, the last thing you need to worry about is whether you will be on the hook for the debts your parents leave behind. Generally, heirs are not responsible for their parents’ outstanding bills. Creditors can go after the assets within the estate in an effort to satisfy the debt, but they cannot come after you personally.


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Wednesday, July 20, 2016

6 Events Which May Require a Change in Your Estate Plan


6 Events Which May Require a Change in Your Estate Plan

Creating a Will is not a one-time event. You should review your will periodically, to ensure it is up to date, and make necessary changes if your personal situation, or that of your executor or beneficiaries, has changed. There are a number of life-changing events that require your Will to be revised, including:

Change in Marital Status: If you have gotten married or divorced, it is imperative that you review and modify your Will. With a new marriage, you must determine which assets you want to pass to your new spouse or step-children, and how that may relate to the beneficiary interest of your own children. Following a divorce it is a good practice to revise your Will, to formally remove the ex-spouse as a beneficiary.


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