As you move through the various stages of your life, your estate plan will likely need to grow and expand in order to meet your changing needs. As such, you will undoubtedly make use of a variety of estate planning tools and strategies in your growing estate plan. One of the most popular additions to a comprehensive estate plan is a living trust. Understanding some of the common living trust benefits can help you decide if a living trust is right for your estate plan. What Is a Living … [Read more...]
Do I Need A Separate Tax ID Number For My Trust?
A common question we get from clients is: What is the Tax ID number for my trust? The question is often prompted when our clients attempt to open an account under the name of their trust. For most of our clients, the type of trust we create is known as a grantor trust which is amendable and revocable. These are commonly referred to as “living trusts”. You can determine whether you have such a trust by reading Article One of your trust document. In such cases, the Tax ID number for the … [Read more...]
KEEPING YOUR IMPORTANT DOCUMENTS SAFE FROM A DISASTER
The recent horrific firestorms suffered by our neighbors in nearby Paradise and the fires in the Wine Country not long ago have touched us all. To help them with their recovery, there are several organizations providing much needed assistance. They can all use our helping hand. See our Charity list in this newsletter for more information. Natural disasters are part of life, from hurricanes and floods to earthquakes and tornadoes. For us Northern Californians, the forecast is for more … [Read more...]
Sacramento Living Trust Attorneys Explain the Basics
For most clients, creating a living trust is a way to avoid the time and cost of probate. Each state has its own probate laws establishing the requirements for probate administration. If you are considering a living trust as part of your estate plan, then you are likely wondering how a living trust works. Here is what we believe, at a minimum, you should know. What exactly is a living trust? A "living trust" is a particular kind of trust that goes into effect during your lifetime, as … [Read more...]
Do It Yourself Wills and Trusts are not a Quick Fix
Here's a good rule of thumb: do-it-yourself (DIY) is for remodeling and arts and crafts. Sure, there are great DIY magazines out there and DIY products online for you to try. But when it comes to drafting your will or trust, or any other estate planning tool, DIY is not the way to go. DIY wills and trusts can ultimately cause you more problems than you could imagine. Despite the low cost and simplicity of DIY wills, trusts and other online legal forms, there is still a great risk that your … [Read more...]
How is a Durable Power of Attorney Different from a Living Trust?
When it comes to estate planning, there are so many beneficial options, depending on what you need to accomplish. A durable power of attorney is a common tool. So is a living trust. So, what is the difference and how do you know which one you need for your estate planning. What is the definition of a Durable Power of Attorney? A power of attorney is a flexible estate planning tool that allows you to choose someone who will handle all or part of your personal affairs, including making health … [Read more...]
7 Basic Steps of the Probate Process
When a loved one dies, the money and property included in their estate need to be distributed to their heirs. In many cases, the estate must go through the probate process in order for the assets to be properly distributed. The basic probate process requires completion of several steps in order to close probate and make those distributions. This article will explain the 7 basic steps required in the California probate process. Before the probate process can formally begin, you need a personal … [Read more...]
Why Irrevocable Trusts Protect Assets
Especially if you own a business or commercial property, asset protection can be a big concern for you. The possibility of legal claims and constant existence of creditors make it even more important to have an asset protection plan so that you don't run the risk of losing everything through some unexpected turn of events. There are different ways to legally protect your assets, including irrevocable trusts. Not every type of trust can accomplish proper asset protection. Here is why … [Read more...]
4 Myths About Wills and Trusts
Estate planning means preparing for possible incapacity and inevitable death. An estate plan can include many different types of documents, including wills and trusts. The variety of tools available will allow for a customized and comprehensive estate plan. There are many benefits to estate planning and there are some myths as well. Here we will dispel 4 common myths about wills and trusts. MYTH #1: Trusts are only for the rich and elderly One common misconception is that, if you are young … [Read more...]
Trusts Can Satisfy Many Different Objectives
The importance of trusts in estate planning is seen in their ability to minimize estate taxes and hopefully avoid probate. A trust is basically a fiduciary agreement, one based on trust and confidence, between the person making the trust (grantor) and the trustee. This agreement gives the trustee the authority to manage the assets of the trust and distribute those assets to the beneficiaries as specified in the trust agreement. There are several different types of trusts with their own … [Read more...]
