Trust Attorney Near Me
A trust attorney near me can help you make the proper estate planning decisions. These attorneys specialize in a variety of areas, including business, real estate, and bankruptcy. They will analyze your case in detail to determine which trust is most appropriate for you. They can also help you with asset protection. You can contact Norma E. Ortiz to learn more about her services.
Creating a living trust
Creating a living trust is a good idea for people with significant assets. Fullerton Probate Attorney Especially in cases of blended families or long-term relationships, this type of estate planning can be extremely helpful. Setting up a living trust can be quite simple and requires a few steps. Firstly, it is necessary to transfer assets into the trust. This process involves transferring ownership of real estate, bank accounts, investments, automobiles and other assets.
Creating an irrevocable living trust
If you want to protect your assets from creditors, creating an irrevocable living trust can be a great way to accomplish that goal. This type of trust has a grantor, trustee, and designated beneficiary. The grantor cannot revoke a gift to the trust, and the trustee can decide how to use the trust’s funds. The trustee can be any person or entity, such as a family member.
Creating a charitable trust
The benefits of creating a charitable trust are numerous. Not only will it meet your charitable desires, but it can minimize your tax obligations. It’s a wise idea to contact an experienced attorney to learn more about the structure of a charitable trust.
Creating a special needs trust
Creating a special needs trust can be complicated and time consuming. It requires careful planning and precise legal language. If not created properly, it can impact the child’s life for years. It is advisable to hire an attorney or special needs planner to assist you with the trust and other estate planning documents.
Transferring assets outright
There are two ways to transfer assets from one person to another. One way is through a trust and the other is through outright distribution. Transferring assets outright is the simplest and most popular method. This method transfers an asset into the name of the beneficiary without any strings attached. Once the asset is transferred outright, the beneficiary owns the asset in fee simple, which means they can do whatever they want with it.
Creating a revocable living trust
When you create a revocable living trust, you will transfer the ownership of your assets to the trust. This includes your property, investments, and sentimental items. Before you transfer your assets to the trust, it’s essential to update the ownership documents. For example, if you own a home, you must retitle it in the trust’s name.