Wills & Trusts Attorney in Los Angeles & Orange County

With regard to wills, revocable trusts and irrevocable trusts there are endless options which may facilitate your estate planning needs and limit the possibility of exposure. An estate plan should be specific to your financial situation considering all your assets, liabilities and potential pitfalls. A comprehensive estate plan utilizing a will, revocable trust or irrevocable trust can help to ease the transition for your loved ones upon your passing.

If your loved ones are not financially sophisticated, then the creation of a comprehensive estate plan to accommodate that reality can be crucial to ensuring that the assets you left behind are not wasted or attached by creditors of the beneficiary’s. There are numerous types of revocable trusts and/or irrevocable trusts that can be created to ensure the financial well-being of your family regardless of their financial stability or sophistication. Many different varieties of revocable and irrevocable trusts exist, some of which are; spendthrift trusts, AB trusts, IRA inheritance trusts, special needs trusts, personal asset protection trusts, grantor retained annuity trusts (GRAT), charitable trusts and the qualified personal residence trusts (QPRT). Typically, one or a combination of these trusts should be considered if your assets are expected to exceed $150,000 at the time of your passing.

A revocable trust or irrevocable trust allows your property which has been placed in the trust to avoid the probate process and the incumbent fees and expenses associated therewith. Probate can be a lengthy and expensive process where the assets and liabilities of an estate are complex or voluminous. A revocable trust or irrevocable trust will ensure that your personal information remains private.

An irrevocable trust as its’ name implies is irrevocable once created. A revocable trust is a trust that you as the trustor may revoke at any time prior to your passing. After your passing a revocable trust becomes an irrevocable trust and the trustee will be required to administer the irrevocable trust and any assets placed into the irrevocable trust in accordance with the trust terms.

Tax planning through utilization of a will, revocable trust and or irrevocable trust is a common goal of many individuals and families. You will be able to decide which approach works best for you and your family. There are many tax planning alternatives and the best approach will depend upon your financial situation, objectives and limitations.

If you are part of a family business a family limited partnership or limited liability company may be what is required to ensure financial viability and safety upon your passing.