Trust Attorney in Laguna Woods
Are You Trying to Protect Your Family’s Future? We Can Help.
Once people reach a certain level of income or secure high-value assets like real estate, they typically search for ways to protect their and their loved ones’ interests in these assets. Estate planning offers a variety of opportunities to protect and pass on property to the next generation, and one of the most commonly used tools is a trust.
If you are thinking about establishing a trust, we at the Law Offices of Steven Giammichele can provide the legal guidance you need. With help from our experienced attorney, you can gain the support and insight you need to address the most important concerns you have about protecting your assets. By investing time in creating a trust now, you can help your estate avoid probate and unnecessary taxation when you pass away. This means leaving more behind to help your loved ones build successful lives of their own.
For more information about working with our trust attorney in Laguna Woods, please get in touch with the Law Offices of Steven Giammichele today.
How Does a Trust Work?
Trusts are important estate planning tools people use to avoid probate, minimize their estate’s exposure to taxes, and protect their assets, among other benefits.
Any trust is essentially a legal entity you create to transfer your assets into. In doing so, these assets – which can include cash, real estate, and other property – are removed from your personal estate. When properly executed, this leaves nothing in your personal estate, so probate is unnecessary when you pass away.
At that time, the trust document you created guides how the property in your trust should be dispersed among your named beneficiaries. During your life and after your passing, the management and administration of your trust are handled by a trustee. This is a third-party individual with a fiduciary duty to the beneficiaries of the trust.
Are There Different Kinds of Trusts?
There are many different trusts that serve a variety of broad and niche purposes. For example, a living trust is an arrangement where the settlor (trust creator) puts their property in the care of a trustee for the benefit of their beneficiary, who can actually be the settlor.
There are also trusts established to ensure that a loved one with special needs has the financial resources they need to afford medical care and living expenses. There are even pet trusts that allocate funds for the care of a beloved pet after its owner passes away.
If you’re thinking establishing a trust for a specific reason, sharing that information with our trust attorney in Laguna Woods can help point you in the right direction. With guidance from the Law Offices of Steven Giammichele, you’ll be surprised at how much more clear the trust creation process can really be!
Revocable vs. Irrevocable Trusts
For all of the variety trusts can have, though, there are still two basic kinds of trusts: revocable and irrevocable.
A revocable trust is one in which the settlor can change the terms of the trust at any time after its creation. This is important because all trusts go into effect as soon as they’re created, so a revocable trust provides a more flexible option to alter provisions or move property around.
Importantly, though, revocable living trusts are generally less secure than their irrevocable counterparts. They can still be attacked by creditors and their assets can be subject to both state and federal estate taxation.
An irrevocable trust offers greater security for the assets it holds, but often at the cost of the settlor’s access to them in the future. In most cases, irrevocable trusts can’t be changed once created – if adjustments are possible, usually every beneficiary has to agree to them.
Irrevocable trusts can be important tools, however, because they remove assets from the settlor’s taxable estate. This removes their estate tax liability upon the settlor’s death – and not just for the principal assets, but any income or interest they generated as well.
Get Qualified Legal Assistance
Forming any kind of trust can be a complicated and risky process. By no means should you attempt to handle this process all on your own or with the help of someone who doesn’t have your best interests in mind.
At the Law Offices of Steven Giammichele, our trust attorney in Laguna Woods wants to help his clients achieve the best possible outcomes. By applying our personalized approach to legal service, we can help you establish the trust you need to accomplish the goals you have for your estate.
Learn more during a free consultation. Contact us online to schedule yours!
Cost-Efficient ApproachWe aim to work with you to get the best results at the lowest cost possible. We also offer free consultations and payment plans for our services, so contact us today for more information.
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Experience & KnowledgeOur attorneys have experience in various areas of law, which provides a unique perspective in trust and estate litigation and family law.
At the Law Office of Steven Giammichele, you will work with attorneys with the skill to deliver the results your looking for. Reach out to our firm to discuss your case during a free consultation.