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Demystifying trusts in an estate plan

Setting up your estate plan is something that can take a lot of thought, but it is worth it when you realize that you are making plans that can set your family members up after you are gone. Some people think that this is a complicated process, but it doesn't have to be. We are here to help take the uncertainty out of it.

One thing that you will have to determine is whether you need a trust or not. If you do need one, you will have to determine what type of trust is appropriate for your situation and can meet your needs. There are several that you might have to consider. Each one has benefits and drawbacks.

Trusts are classified loosely as either revocable or irrevocable. The difference between these two is that you can change a revocable trust, but that isn't possible with an irrevocable trust. In many cases, irrevocable trusts provide more protection for your assets since the assets aren't considered yours any longer.

We understand that you might have some questions about how to choose a trust. We can help you determine which ones are the best options by discussing your goals with you. Are you looking to reduce tax liability? Are your assets skipping a generation and moving from you to your grandchildren? Do you need to protect assets from creditors? Is anyone you have named as a beneficiary dependent upon public aid programs that have income and asset requirements?

Once we are aware of your goals for your estate, we can walk you through creating an estate plan, including trusts, that help you to meet those goals.

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2600 Walnut Avenue Suite E Tustin, CA 92780 Phone: 949-423-6783 Fax: 714-544-2736 Map & Directions

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