Bay Area Estate And Tax Planning Law Firm
Creating your estate plan is a way that you can let your loved ones know what you want to do with your assets after you pass away. These plans can have many components, including the will and trusts, both of which can stipulate who receives which assets. While it’s...
Serving as a trustee involves many time-sensitive tasks. You may feel confident managing finances, but trust administration can still feel unfamiliar. After someone passes, your duties start immediately. You must follow the schedules set by the trust and California...
Trustees and personal representatives take on many responsibilities. They have to communicate with beneficiaries or heirs. They also need to properly manage the assets in the estate or trust. In some cases, their role may require that they sell trust or estate...
A special needs trust is a type of trust you can use in your estate plan. It allows you to set aside financial assets. You name an individual who has special needs as the beneficiary of the trust, and you also select a trustee who will handle the fund for them,...
For the average person in California, appointing a spouse, sibling or the eldest child as trustee is the automatic choice. However, what many do not realize is that the obvious choice may not always be the best one. Defaulting to this option can lead to delays,...
An incentive trust is one way to leave an inheritance to a specific beneficiary. Instead of leaving them the money in your will, you fund the trust with that money and name them as the beneficiary, giving the trustee instructions to distribute payouts. The incentive...
If you’d like to have a bit more control over what happens to the inheritance you are leaving to your beneficiaries, you may want to consider putting that inheritance into a trust. If you just leave it to them in your will, you can decide who gets specific assets, but...
Irrevocable trusts are set up so they can’t be changed or canceled by the creator; however, there are times when these trusts may not reflect the intent of the creator as time progresses. One of the hallmarks of an irrevocable trust is that the creator relinquishes...
One of the primary tasks that an estate plan accomplishes is to pass assets down to the intended beneficiaries. This can be done in the will, but there’s also an option to establish trusts. All trusts are classified as either revocable or irrevocable, and the...
Creating a trust is a powerful tool for managing your assets during your lifetime and beyond. It offers you control over the distribution of your property and can provide peace of mind for your family's future. Understanding how a trust can benefit you and your loved...