In estate planning, trusts are one of the most valuable estate planning tools you can use. Trusts are useful at minimizing estate taxes and in avoiding costly probate. There are actually many benefits. But, when it comes to trust administration, it is equally important to understand what is involved and to choose the right person or entity to serve as your trustee. The legal definition of a trust Trusts are essentially fiduciary agreements between a trustee and the trustor, who is the person … [Read more...] about In Estate Planning, Trusts are Key
Asset protection can be big concern for some, especially those who own a business or commercial property. The potential for 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 an irrevocable trust. Not every type of trust can accomplish proper asset protection. Here is why … [Read more...] about Can I use my Irrevocable Trust to Protect my Property?
Trusts are an important part of estate planning because of their ability to minimize estate taxes and potentially avoid probate. A trust is essentially a fiduciary agreement, one based on trust and confidence, between the person making the trust (trustor) 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...] about Are Revocable Trusts the Only Option?
Many clients create a living trust as a way to avoid the time and cost of probate. Every state has its own probate laws which establish the requirements for creating living trusts in order to ensure they are valid. If you are considering including a living trust in your estate plan, then you need to first understand how a living trust works. Here is some information from a living trust lawyer Sacramento residents can use. What is a living trust? A "living trust" is a special type of trust that … [Read more...] about Information From A Living Trust Lawyer Sacramento Area Residents Can Use
When it comes to things like maintaining control of your assets during your lifetime and avoiding probate of your estate after death, a living trust is a great choice. It is common for clients to search for ways to avoid the time-consuming, expensive probate process, without having to relinquish complete control of their assets during their lifetime. Here are some of the most important living trust benefits you should consider when creating your estate plan. Understanding what a living trust … [Read more...] about Do You Know about Living Trust Benefits?
Certainly everyone is familiar with the estate planning terms "will" and "trust," but not everyone understands the differences between the two estate planning tools. Wills and trusts are both useful estate planning instruments that serve very different purposes. Despite their dissimilarities, both can work together to create a comprehensive estate plan. Wills and trusts are needed for estate planning Regardless of how old you are and how much money you may have, it is important to prepare … [Read more...] about The Difference between Wills and Trusts
Though the names may be very similar, a living will and a living trust are not the same, nor do they serve the same purpose. A living trust is a type of trust that holds and manages your assets while you are still alive, then distributes those assets to your beneficiaries upon your death. A living will, on the other hand, is a term commonly used to describe a legal document that provides your instructions regarding the course of medical treatment you want followed if you become unable to … [Read more...] about Is a Living Will the Same as a Living Trust?