Is a California Trust Really for Me?

10:38 pm Uncategorized

If you’re still unsure as to whether a trust is for you, there’s one simple question to answer: Is your net worth $100,000 or more? If it is, now is the time to talk to your Newport Beach estate planning attorney. There are a few other things to consider, of course, and there are many, many different kinds of trusts — which one is for you can only be determined with the help and guidance of a California estate planning lawyer with a strong background in asset protection, wills, and legal trusts.

One main thing to consider is who you want your money and assets to support when you are gone. A whole host of options exist for various needs, including generation-skipping trusts, irrevocable life insurance trusts, offshore trusts to protect assets, and many more. But who you want to benefit from your trust will largely determine the type of trust you decide on. A trust will help your beneficiaries in a number of ways, not the least of which is being spared from inordinate taxation, uncomfortable disagreements, and expensive — as well as extensive probate.

Whether you consider yourself wealthy or not, a trust will protect what wealth you do have by enumerating certain conditions that you decide with the help of your Newport Beach estate planning lawyer. You will name those who benefit from your trust and this will enable the proper heirs to receive what is rightfully theirs — in many cases without having to go through probate. Remember, whatever assets or other wealth you want protected by a trust MUST be in the name of the trust; otherwise it will most assuredly face probate — and the end result is likely not to be one you would have agreed with.

If you’re not as concerned about your wealth as you are about your health, planning your estate will give someone else the medical power of attorney, and planning an estate with a trust will appoint a trustee who will manage the trust in the event of your passing or in the event of your incapacitation.

A California estate planning attorney can create a trust with you — and the cost is infinitesimal when compared to what your loved ones will pay in taxes on your assets if you don’t. Reduce the financial risk and increase what you give when you’re gone — what better gift can you give yourself and your family?

Contact us today for individualized planning strategies to meet your unique needs.

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