Bay Area Estate And Tax Planning Law Firm

Trust creation: It doesn’t have to be complicated

On Behalf of | Mar 1, 2019 | Uncategorized |

It is notable how select legal tools in various practice areas are sometimes misunderstood or underappreciated by individuals and families that could derive strong benefit from using them.

Consider the prenuptial agreement in family law, for example. It is often scorned for its perceived throttling of love in a relationship. Some couples regard its execution as a bet against marriage survivability. In fact, strong and broad-based utility attaches to the tool, with many couples who explore its tangibles ultimately seeing it as a planning device of considerable power.

And then there is the trust, a key tool in the estate administration realm that is also not given its just due sometimes as an instrument that can promote planning goals in an optimal way.

The financial publication Barron’s recently noted a widely held perception “that trusts are for the very wealthy and that they cost a ton of money to set up.”

Neither of those beliefs is true. Trusts are actually a very cost-effective tool in most instances and apply to broad-based subject matter that is just as applicable to planners of modest means as to any uber-rich tycoon.

“The reality is a trust can be a fantastic tool for the average person or couple,” says one wealth adviser.

We know that to be true at the proven Bay Area estate planning Law Offices of Connie Yi. Our principal attorney (who also wears a professional hat as a CPA) has over many years helped legions of diverse clients optimally promote planning goals through tailored trust strategies.

Trust creation helps clients avoid the public, sometimes messy and often expensive probate process. It can greatly simplify administration matters following a grantor’s death. And it often enables that individual to retain absolute control over key matters during his or her life.

Knowledge is power. Questions concerning trust creation and utility can be directed to an experienced estate planning attorney.