Preserving Your Assets for Your Loved Ones
As a hardworking American citizen, you know the feeling of a job well done. Over the years, you are likely to have accumulated some wealth and assets for all your labor. Unfortunately, you cannot assume that once you have earned them, it will be easy to retain them, especially in the case of any tragic, unexpected event of incapacitation, illness, or even death. Without the protection of our dependable trust attorney in Laguna Woods, your hard-earned property is liable to undergo unnecessary and even excessive taxation processes, or become completely wasted and mismanaged.
Here at Giammichele Law, APC, we are keenly aware of how tirelessly you have worked to provide for your family, so we are committed to working tirelessly to protect your assets. We can devote extensive time in making sure all of your income and property are safeguarded through the protection of a powerful trust.
Types of Trusts
There are different types of trusts which also have several distinct purposes. Some of the uses for these trusts range from avoiding probation to maneuvering around a conservatorship to even benefitting charities. Testamentary trusts are primarily set to form a portion of one's will, so these trusts are put into motion at the moment of death. Living trusts are another key type of trust and may be either revocable or irrevocable.
The permanence and changeability value of a trust is an important factor to consider before determining which trust to make. The two categories of trust include those that are:
- Revocable trusts – For these trusts, you have the rights to alter specific aspects or portions of the trust. The benefit of these flexible trusts is that they remain part of the estate after death, but are not forced to undergo probate.
- Irrevocable Trusts – These trusts are not able to be changed or altered. They remain untaxed while still being part of the estate upon death.
Benefits of Using a Living Will
There are several benefits of having a living trust in the state of California. One of the most important features is that you will not need to have your estate go through the probate process. This results in having a much more rapid distribution of all your assets to your beneficiaries. Whereas a valid will that requires probate can sometimes take more than two years to process, the distribution of assets from a living trust could take only a few weeks before your loved ones are able to receive your property. Another benefit is that neither the state or federal government can make as many choices on your account which would not be in the interest of you or your family.
Personalized & Tailored Support
Here at Giammichele Law, APC, we believe that every client deserves a unique approach to their individual estate planning needs. That is why we dedicate a lot of time to thoroughly analyzing and understanding the state of your assets, along with your specific desires and goals in the ways that these parts of property are then passed down to your family members. You can count on our devoted trust attorney in Laguna Woods to customize your experience to you.