TRUST ATTORNEY

How do I set up a trust in California?

A California trust attorney will conduct an overview of your estate planning goals through the first meeting. The trust attorney will ask various questions regarding your family members, your current financial worth, and potential litigation scenarios. The trust attorney will then assemble an estate plan to mitigate estate taxes and probate and litigation matters.
You may also have heard that a trust attorney is a living trust attorney in that they set up living trusts, aka revocable trusts. A living trust again is what a settlor sets up to protect their assets and any directive should they fall ill and incapacitated while alive.

Will vs. Trust in California

A trust attorney will also go over the advantages and disadvantages of a trust or will and the possible other options and outcomes. The alternative, however, is not to have a trust or will, leaving you open to probate and what is deemed dying “intestate,” i.e., dying without a will or trust. You effectively left your estate in the hands of the probate court and process. A will is effectively an estate plan that uses the probate process to distribute the estate to the heirs, but it is done in the public square, whereas a trust is kept private.

Tip: Avoid probate! Keep your estate private and out of public record. Set up a trust, name your trustee, and determine the distribution to your beneficiaries, all while managing the estate as a revocable living trust.

Estate planning attorneys cover a gamut of estate planning topics which include the following:

• Charitable remainder trusts
• Special needs Trusts
• Living Trusts
• Dynasty Trusts
• QTIP, QPRT, Totten Trusts, Spendthrift Trusts, and more!

Therefore a trust lawyer is an invaluable asset to help you with your estate plan.

How Much Does a trust attorney cost?

Trust attorney fees will range greatly for multiple reasons. When building your first estate plan, estate planning attorneys offer a flat fee arrangement and various online sites such as legal zoom. We bring this up because should you have a more complicated estate matter, such as a blended family, corporate entities, or a large estate, then the cost will go up because of the complexity.

Tip: Don’t select a law firm solely on cost, especially if you know you have a litigious family. To mitigate any possible probate and trust litigation that may take place, your estate planning documents must contain “wording” specifically spelling out potential outcomes.

Why hire a trust attorney vs. a trust litigation attorney

You will want to select the appropriate specialized law firm, depending on your situation. For example, if you are a trustee of a trust, and you received a petition to remove you as a trustee, then no question select a trust litigation attorney. Why? A trust litigation attorney is typically a trust lawyer with specialized knowledge of the probate court process. Not only that, they are used to battling and not rolling over to the demands of the opposing counsel.

How do I decide whether trust, will or both are needed?

An estate lawyer will guide you through the process, and you may end up having a revocable living trust with a pour-over will. Also, please note legal or tax advice best comes from your financial planner. When your trust lawyer works closely with your financial planner and accountant, you have covered your bases with a proper estate planning strategy.

What other topics do a trust attorney deal with?

Trust attorneys deal with many circumstances, including the following:

• Elder abuse
• Conservatorships
• Power of Attorney vs Conservatorship
• Probate litigation
• Trust Litigation
• Trust Administration
• Petition to partition real estate
• Advance estate planning

Here at Hess-Verdon & Associates, after 30+ years of estate planning and probate and trust litigation, you have found the right trust lawyers if you need aggressive counsel. Call 949-706-7300

What type of trust do I need?

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 Lawyer?

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)

Living trust or Revocable Trust – Ask your Trust Attorney

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 irrevocable 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.

IRREVOCABLE TRUSTS

Charitable Remainder 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.

Generation Skipping Trust: 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.