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 very valuable estate planning tools that provide a way to hold and manage assets for the benefit of your loved ones. You have the opportunity to include your own instructions as to how the property should be distributed and under what circumstances. A trust is an especially valuable tool if you have a loved one with special needs. Special needs trusts are a particular type of trust used just for this purpose. If you are considering whether you need this type of trust, your special … [Read more...] about Special Needs Trust Attorney Describes Types of Trusts Available
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?
It is a common misconception that any type of living trust can protect your assets from nursing home expenses. While there are various types of trusts, not all of them offer asset protection. Those that do are subject to certain requirements or limitations. However, if you engage in proper nursing home planning, including the use of an appropriate trust, you may be able to avoid exhausting your assets just to pay for nursing home costs. Revocable Living Trusts A revocable trust, more … [Read more...] about Using a Living Trust for Nursing Home Planning
A trust is often used in estate planning as a method for management of assets long-term. Those trust assets are transferred into the trust. With irrevocable trusts, the transfer is permanent, meaning that the grantor (the person who creates the trust) must give up all control and ownership of the property. Because the trust is considered irrevocable, it typically cannot be modified in any way after the trust has been executed. However, California trust laws provide for the modification of … [Read more...] about California Trust Laws Regarding Irrevocable Trusts
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...] about Why Irrevocable Trusts Protect Assets
On the surface, an irrevocable trust speaks for itself: it is a trust that you cannot revoke or dissolve after it has been created. For the most part, this is true, and you may not feel very comfortable about the prospect of surrendering control over your assets. At the same time, irrevocable trusts can be used to satisfy some important estate planning objectives. For example, there is the matter of taxation. There is a federal estate tax that can be a source of asset erosion for people … [Read more...] about The Value of Irrevocable Trusts