Living Trust Creation and Administration
Establishing a living trust
may be the single, wisest step that can be taken to protect
assets and insure their future. The degree of control that a
trust can provide makes them an excellent instrument, even for
single people, no matter the size of your estate.
An experienced and qualified California tax attorney
or California estate professional can assist you in creating
a living trust that is designed with your particular plans and
conditions in mind. Every person, every family, has a unique
profile and specific plans for the future, and there is a wide
assortment of provisions that need to be considered when a trust
is established.
Even the most common type of trust, where the family's assets
pass to a surviving spouse upon the death of the first and
then to children or grandchildren upon the death of the second,
involves more than signing a sheet of paper. With the assistance
of someone familiar with tax law, the process can be less
intimidating, and the trust can be constructed precisely to
fit your needs.
While all living trusts of
any particular type have common elements and legal standings,
the provisions that form the framework of the trust make each
one unique. The individual aspects of each estate, as well as
the plans for its survival, require that a great deal of care
is taken when a living trust is first established. Maintaining
the trust, too, means attention needs to be taken since a living
trust is not a "file and forget" way of handling asset
retention.
Whether a traditional A-B
Trust best fits your particular financial needs or a more-involved
ILIT trust
or one including pour-over provisions will best make your plans
a solid reality can be discussed with a California tax professional.
Living trusts solve a number of concerns, not the least of which
is the exposure of assets to the Federal
Estate Tax, but care and solid advice are needed to create
and sustain them. THE MAMOLA LAW FIRM, APC is conveniently located throughout Orange County. For additional information, please contact us at (949) 333-6543. |
