TheElder & Disability Law Firm, APC
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trusts & trust administration Archives

How to fund a trust and ensure that assets are transferred

Creating a trust can be a smart move for anyone in California who has assets they want to protect and pass on to designated beneficiaries in a way that offers protections against probate and certain taxes. After a trust is set up, the next step is to ensure it's sufficiently funded. Real estate can be handled with a deed or deed in trust that transfers a property to the established trust. It's often advisable for trust holders to determine if it's necessary to re-file with the county auditor's office to benefit from tax exemptions.

About charitable remainder trusts

California residents can include various types of trusts in their estate plan to ensure that their assets are managed and distributed in accordance with their preferences. One type of trust, a charitable remainder trust, can be used as of source of income for the donor while the remaining assets are donated to the donor's favorite charities. This irrevocable trust provides a form of control and flexibility that makes it useful for estate planning, tax management and retirement purposes.

The benefits of professional estate planners

California residents and others who are thinking about creating an estate plan are encouraged to do so with professional help. Ideally, an individual will have an estate planner as well as an accountant or financial adviser as part of a larger team. It may also make sense to consult with an attorney as part of the process of creating a plan to transfer assets to future generations.

Unique trust administration needs

We at The Elder and Disability Law Firm, APC, strive to deliver personalized trust planning assistance for individuals in Redlands, California. We are proud to offer our knowledge and guidance to assist with the trust & trust administration of a revocable trust, testamentary trust, living trust, charitable trust, or express trust. We recognize how complex the trust administration process is, and we are happy to work closely with our clients to help them meet their trust planning goals.

About pour-over wills

People in California who have estate plans centered on a trust may consider using a pour-over will in conjunction with their estate plan. This unique type of will can be useful if the grantor fails to transfer their assets in the trust over the course of their lifetime and there is no other will that specifies to whom those assets should be distributed.

How to help children with special needs

California parents who have children with special needs face unique challenges in trying to raise their kids. In some cases, the parent of a special needs child must face the prospect of a son or daughter who needs care for the rest of his or her life. Therefore, it is a good idea to create an estate plan that designates a guardian in the event that a parent is unable to care for the child.

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