When establishing your trust, you may want to protect your beneficiaries from their creditors. For example, you may be concerned that after you die your beneficiary will assign their interest in the trust to someone else; or a creditor may try to levy your beneficiaries’ interest in the trust. To protect your beneficiaries, you can establish three different types of trusts: Spendthrift Trust; Support Trust; or Discretionary Trust.
Trust Administration is a process most families must undergo after the death of a parent to administer the trust estate and distribute the assets. If you are currently the named Successor Trustee of a Trust or have been named to be the Successor Trustee in the future, here is what you need to know:
A common issue in second marriages or where couples are not married is what will happen to the family home on the death of the first person. This is especially true if only one person is on title to the real property.
The beginning of the year is a perfect time for getting organized. It is also a perfect time to review your estate planning documents to ensure that your documents still reflect your wishes.
Estate planning can be a very difficult process. While it is not brain surgery, making the decision to move forward with an estate plan requires us to face the fact that we will not live forever. This thought stops many people in their tracks. Others talk themselves out of seeing a qualified attorney to create an estate plan because of the following common myths.
Revocable trusts, which are sometimes referred to as revocable living trusts, offer many benefits with the primary one being the ability to control your assets during your lifetime. Of course, the other main benefit is the ability to dissolve the trust if and when necessary. There are, of course, other advantages as well as some disadvantages that you should consider.
Irrevocable trusts can be an important component of estate plans. Much of it depends on the purpose of the trust. There are many considerations, however, that must be taken into account before creating one. At 360 Estate Planning, Inc, our estate planning attorney in California will thoroughly review your needs and wants when planning your estate and provide an outline of your best options, including the creation of an irrevocable trust. Contact us either online or at (925) 289-8837 to schedule a free consultation today.
