Practice Area: Trusts and Estates (Revocable and Irrevocable)
California Counties: Orange County, Los Angeles, Riverside, San Bernardino, San Francisco, Sacramento, and other California Counties
Learn about Trusts and Estates
What Does a Trust Attorney Do?
You can work with a trust attorney to create the right Trust for your estate. Then, your Trust will save your family from having to go through probate when you pass away. Unlike a will, which must go through that process, a trust doesn’t need the involvement of the courts in your estate and private matters.
No matter how extensive or complicated your estate may be, a trust attorney will ensure that your wishes are followed. The advice of an experienced trust lawyer will help you choose the right Trust and set it in a way that offers the maximum benefits per your objectives.
After formation, a trust lawyer can protect your Trust by monitoring its execution, whether or not they are the trustee. If you have a complex trust or are administering it for minors or disabled adults, this may be of critical benefit.
Our attorneys can consult with you and help you decide whether you need a living will, a trust, or powers of attorney.
Choosing type of Trust
Are you better off establishing a revocable living trust or an irrevocable one? If you are considering the options for estate planning, you will have several questions to ask yourself. Strategic clarity can only be achieved through a legal partner with whom you feel comfortable. This is when you can benefit from the services of a living trust attorney.
Setting up the Trust
It takes much more work to establish a trust than to create a will. Hess-Verdon & Associates can help ensure that you get a thorough, fully compliant, and highly personalized trust document if you need a living trust lawyer. We will ensure that you fund it in a way that minimizes your taxes.
Even a tiny mistake can throw your estate plan out of whack. So you don’t necessarily want to do this yourself. Instead, leave it to an experienced legal team.
Choosing a Trustee
Creating a trust requires that you name someone as the trustee. The latter is a person who will be responsible for overseeing and managing trust funds.
The word ‘honest’ and ‘responsible’ come to mind right away, but who is this person? Attorneys are often able to serve as your trustee. Even if a lawyer is not the trustee, they can help you choose the right trustee.
They can work in collaboration with the trustee to solve any problems that arise. In addition, they will advise the trustee about their responsibilities as a trustee, ensure tax compliance, and keep off creditors and ill-intended prosecutors.
California Trust Attorneys
Hess-Verdon is in Newport Beach. We have 30 years’ experience in estate planning law. We have helped many clients protect their estate, grow their estate, and pass it down to their loved ones through various legal instruments.
Plans for estates can evolve. Changes in assets, health, divorce, and even moving out of state should all be accounted for when updating your estate plan. A trust attorney can help to update your trust terms as appropriate. The attorneys will solve trust conflicts, oversee distributions and protect your ambitions and aspirations even long after your death.
When do I Need to Hire a Trust?
Now maybe the right time to call a trust attorney if:
· You have amassed considerable wealth
· You don’t want your family to go through probate
· You want to lower your estate taxes
· You want the beneficiary to receive their inheritance at the time you choose
· You want your minor kids to be taken care of
· You are at high risk of lawsuits (e.g., a doctor or lawyer)
Why Would a Person Want to Set Up a Trust?
A trust allows one party (the trustor) to entrust another party (the trustee) with property or an asset on behalf of another party (the beneficiary). Thus, the distribution of assets and property can be more flexible and controlled with a Trust.
Living trust | Revocable Trust: If you create a living trust, you will benefit from the Trust during your lifetime. The assets will be transferred to your beneficiary upon your death. The advantages of using a living trust include avoiding probate court, as well as reducing estate taxes.
Setting up a revocable trust can change, terminate, or otherwise modify it during your lifetime. In turn, the trust assets can be transferred to beneficiaries outside of probate. The court may allow creditors to obtain access to assets in a revocable trust, but the process can be somewhat cumbersome since the creditor must get an order for access to trust assets.
If you set a revocable trust, you make your estate tax-proof, creditor-proof, and divorce-proof. An irrevocable trust cannot be changed or altered once it has been set up and funded. It can thus significantly reduce or remove tax obligations. As well as protecting creditors and divorced spouses, irrevocable trusts can also shield the Trust from the liabilities of the beneficiary.
For people who have litigious jobs, such as doctors and lawyers, irrevocable trusts can be a wise choice. High-profile people who may become targets of malicious prosecutors can also benefit from such protection.
Charitable Trust: By setting up a charitable trust, you get to donate to a non-profit organization for a passionate cause. Your children and inheritors get to receive part of the estate without paying taxes.
Spendthrift Trust: Creating a Spendthrift Trust over your assets gives you control over what your lavish heir does with them after you die. Trustee or trustees you designate may distribute trust funds to beneficiaries in a much more economical manner. These trusts are beneficial for someone who is either young or financially irresponsible.
QTIP trust: Setting up a QTIP (Qualified Terminable Interest Property Trust) will ensure that income from the Trust would be paid to your surviving spouse if you die first. The remaining funds would be held in the original Trust, and after the spouse dies, the money goes to your beneficiaries.
GST: Creating a Generation-Skipping Trust (GST) can help you pass assets to your grandchildren, thus “skipping” your children. Your assets are passed over to your grandchildren, which means they are absolved from estate taxes that could have been triggered if the inheritance went to your children.
Advantages of Trusts
Listed below are ways in which a trust can make your estate planning a significant success.
Smooth out inheritance: Probate is often too time-consuming and usually takes a year or more to complete. The cost can be very high. Attorney fees and court costs can account for as much as 5 % of the value of an estate. Trusts can help you to settle your estate quickly and efficiently.
Grow wealthier: Assets in a trust are invested under the principles of Prudent Investment-these can allow them to grow massively now and after your death. Further, tax savings from trusts can amount to hundreds of thousands.
Stay safe and private: The probate process is public. Thus, once your estate is presented for probate, your will, business, and financial information become public record, exposing your loved ones to haters, scammers, thieves, and malicious prosecutors. The private and confidential nature of a trust is the opposite.
Keep it in the family: A trust protects your assets from lawsuits, creditors, divorce, and other insurmountable challenges. An irrevocable trust will prevent a claimant or creditor from taking any further action against the Trust. As well as protecting the interests of a minor child, a trust can establish guidelines for distribution.
Provide for dependents even when you are dead: Children and adults with special needs may benefit from a special needs trust that provides for their medical and personal needs. Additionally, it ensures that you remain eligible for Medicare benefits.
Protect your wealth from irresponsible family members: Since you get to dictate the terms of the Trust, you can set up restrictions on the use of trust assets. An independent trustee can be appointed if you think your beneficiaries might not manage their assets wisely. You can also set usage restrictions. For example, it could stipulate in the Trust that asset distributions may only be made to beneficiaries for their welfare needs, such as purchasing a home or paying medical bills and not for flashy cars.
Keep your family wealthy for many generations: Often, assets that were intended to be kept by the family can be taken from them by divorce and remarriage. Creating a Generation-Skipping Trust for your great-grandchildren and grandchildren can help preserve your estate.
Promote values: Family values can be perpetuated through the creation of trusts. These include education, homeownership, environmental conservation, service, and religious beliefs. In the instance of a Trust that specifies heirs must give a certain proportion of assets to a charitable organization of their choice each year, charitable giving may be one of the family values.
A trust offers you insurmountable benefits in tax reduction and protection of assets for many years. Whether you already have a Trust in place or want to start one, you must consult your legal advisor regularly so your documents keep pace with changes in tax laws, as well as changes to your needs and goals. Call Hess-Verdon trust lawyers at (949) 706-7300.
Meet The Team
Trust & Estate Litigation
Trust & Probate Litigation Lawyers
Are you looking for a trust litigation lawyer in the Orange County area? When it comes to the practice of Trust and estates, it can be difficult finding an attorney that’s experienced in handling your specific issues.
- Can a Trustee sue on behalf of the trust
- Can a Trustee be held personally liable
- Can a Trustee remove a Beneficiary from a trust
- Settling a Trust After Death
- Being a Trustee of a Trust
Advanced Estate Planning
- Charitable Remainder Trust (CRT)
- Grantor Retained Annuity Trust
- Intentionally Defective Grantor Trust (IDGT)
An experienced estate planning lawyer can help you plan your estate; they will look into your financial situation, family needs and advise on a suitable plan. They will also help with the preparation of documents to protect your assets against taxes and lawsuits. These include titles, last will and testament, power of attorney, advance directives, and living will and trusts.
Types of Trusts one can Choose
Learning Center: How a Trust Attorney Can Protect Your Legal Rights
- Irrevocable Trust Disadvantages
- What you should know if contesting a trust
- Being a Trustee of a Trust
What are some reasons a family trust can be contested?
A Family Trust, which includes a revocable and irrevocable Trusts are contestable. When the Successor Trustee has taken over, there is an allotted time that beneficiaries have to contest the Trust. Make sure you are within your time limits to fight the Trust. A Trust Attorney can help you, at a minimum, understand your next few steps. It’s highly advisable to be “reasonable” throughout the process to ensure you stay on the right side of the courts.
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