A trust creates a special relationship between people and property that the trust owns. The person who created the trust, called the trustor, transfers ownership of his or her property to the trust as the new owner. Trustors are also sometimes referred to as settlors and trust makers. The trustor also states who shall receive the benefit of that property, a person known as a beneficiary, and who shall manage the property for the trust, known as the trustee. But can a trustor also be a … [Read more...] about Trustors, Trustees and Beneficiaries – The Same Person?
If you’re researching the revocable living trust, you may be confused about some of the terms. It’s important to make sure that you understand all aspects of this estate planning tool so that you can properly use it in your plan. Take a look at the information below to learn more. If you have any questions, or if you’d like to discuss creating a revocable living trust, meet with an experienced, qualifief estate planning attorney. Trust document – Your trust document spells out all of your … [Read more...] about Understanding Revocable Living Trust Terms
The recent tax law has temporarily doubled the estate tax exemption. That doesn’t mean there’s no need for estate planning. Estate plans consider many important aspects, not just estate taxes. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines some of the many considerations besides estate taxes. Estate Planning: It’s Not Just About the Estate Taxes … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes
An estate plan considers many important aspects. One of the many aspects to consider is the impact of taxes. This article by my friend and colleague Steve Hartnett examines some of the many ways consideration of taxes might impact an estate plan. 6 Important Estate Planning Considerations – Part 6: Taxes … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes
An estate plan considers not just to whom assets should go, but also how. Each beneficiary is unique and the estate plan should consider their unique situation. This article, by my friend and colleague Steve Hartnett, an estate planning expert, looks at a couple with three very different children and how they might leave the assets for them in three very different ways. 6 Important Estate Planning Considerations – Part 3: Your Kids … [Read more...] about 6 Important Estate Planning Considerations – Part 3: Your Kids
Receiving an inheritance may be exciting for some, but stressful for others. There are many questions that arise when individuals get word that they are about to inherit from a loved one. The most common question is: will I have to pay an inheritance tax? Luckily, if you live in California, there is no California inheritance tax, but that is not true in every state. Here is what you need to know: What is inheritance tax? An inheritance tax, as the name implies, is a tax imposed by the … [Read more...] about Is there a California Inheritance Tax?