Revocable & Irrevocable Trusts
Trust Attorney Serving the Inland Empire
A trust is simply a legal vehicle to protect assets while maintaining control over them and to ensure that those assets are passed on to the appropriate spouse, heirs, or charity with a minimum of taxation or complication for the beneficiary or beneficiaries. A trust is typically used to protect your property, money, and possessions from passing through the dreaded probate process. Examples of assets that should and can be placed into a trust include real property, investment accounts, jewellery and personal property, business interests, securities, some retirement accounts, collectibles, even pets! The trust establishes specific instructions about how the assets will be managed and by whom, and what is to happen to them upon the passing of those who establish the trust. Revocable & Irrevocable Trusts
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I have helped individuals with various backgrounds, ranging from judges and doctors to blue-collar workers and retired individuals.
What is a Revocable Trust?
I am an estate planning and trust attorney serving clients in the Inland Empire in California. There are several tools we can use to protect your assets and interests, one of which is a “revocable trust”. A revocable trust simply provides the opportunity to remove property or interests from a trust at some point in the future if the need arises. Once a trust is established, the property or asset to be protected is transferred to the trust who, for all intents and purposes.
What is an Irrevocable Trust?
An “irrevocable trust” is exactly what it sounds like. Once an asset or interest is placed within the protection of the trust, it cannot be removed at any time in the future. The principal benefit of an irrevocable trust is the impact it has on estate and income taxes. Once the asset has been placed into an irrevocable trust it is no longer considered part of your estate, and therefore will pass to the beneficiary or beneficiaries free of estate taxes. Examples of when to use an irrevocable trust include insurance, life insurance and gifting.
Contact An Experienced Inland Empire Trust Attorney
Many people are unsure when it comes to trusts – they are not sure why they should be implementing them as part of their estate planning, and the protection this provides. They do not clearly understand the cash savings this generates if something should happen. I will meet with you personally, and evaluate your unique circumstances and portfolio. I will thoroughly explain the options available to you so that you can make informed decisions that protect your interests and preserve the assets you’ve worked so hard to build. Call me at 951.823.5138 or email me at firstname.lastname@example.org for a free initial consultation.