A grantor trust can be an invaluable tool to use when estate planning in California. Here's what you need to know about it. What is a grantor trust? A grantor trust is an irrevocable trust, where the grantor (or person who creates the trust) can put assets into the...
Bay Area Estate And Tax Planning Law Firm
Trusts
What is an irrevocable life insurance trust?
Individuals beginning the estate planning process in California may have heard about a component called an irrevocable life insurance trust but may not know what it entails. This can help you leave your wealth to your heirs, but is it right for you? What is an...
Determining your need for an irrevocable trust
If you have started the estate planning process in California, you'll come across many elements that will help you transfer assets to heirs after your passing. One of those elements is an irrevocable trust, but are these instruments suitable for you? What is an...
Considerations for a special needs trust
The key aspects to consider before forming your special needs trust are fiduciary duties and who will perform them. In California, you have a right to set aside funding for the future care of any beneficiary you name. Beneficiaries with disabilities face a threat to...
Using an IDGT: What and why
Trustors use an IDGT to isolate specific trust assets. This is in order to segregate estate tax from income tax. The Intentionally Defective Grantor Trust is a trust used with deliberate and purposeful intent to protect assets. Maximizing next-generation assets IDGTs...
The basics of a certificate of trust
Instilling trust is important to anyone who becomes the administrator of an estate. A trustor needs a certificate of trust to prove the existence of a trust and reveal its specific terms. This certificate is an essential document to include as part of your estate...
What are the benefits of establishing trusts for adult children?
When poorly structured inheritances lack financial controls or supervision, it can result in inappropriate spending and wasted money. This is why so many parents have established trusts for their older adult children. Thankfully, trusts can be easily created in...
What are reasonable fees to charge as a trustee in California?
When implementing an estate plan in California, it is essential to ensure that you receive the proper compensation for the amount of time and work you are putting in. The probate court will look through the amount you charge to see if it is reasonable, especially if...
What to know about life insurance trusts
California families have an exemption for their estate that keeps it from being subject to income taxes. However, above that $11.7 million, the estate tax bill could get large. This is why they need to take measures to reduce the size of their taxable estate. Life...
Worried about your pet’s future: Consider a pet trust
Discover how a pet trust can allow you to care for your pet even after your death. Learn about the legal aspects of these trusts. A pet becomes part of the family, and as such, most people want to ensure their pet receives the proper care even when they are no longer...