Recently in Trusts Category

June 17, 2013 | Comments: 0

Child Trust Fund

A child trust fund can be established to set aside funds for college tuition, living expenses, healthcare costs, and to pass along family inheritance. Since there are various types of trusts it is recommended to consult with a lawyer to discuss overall goals and tax advantages.

Prior to arranging a child trust fund to fund college expenses it's important to become familiar with the gift tax exclusion for educational tuition. To qualify for the exclusion tuition has to be paid directly to the school.

Furthermore, the school must be recognized as a qualified education organization. This encompasses both private and public institutions that offer formal education. Most often trust funds are arranged to cover college tuition, but can also include private schools, preparatory schools, and trade schools.

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March 13, 2013

Revocable Trust

Arranging a revocable trust is one of the simplest and most affordable ways to protect assets. By transferring ownership of property to a trust the estate bypasses the probate process and assets can be gifted to beneficiaries soon after death.

Most people prefer a revocable trust because the terms can be changed when needed. Trusts need to be modified when life situations change. For instance, modifications would be required if a person sells real estate that was placed in the trust or purchases assets after the trust is established.

Anyone who owns real estate or other forms of titled property they want to pass along to heirs should consider setting up a trust. Married couples often title real estate using joint tenants of survivorship so their partner will automatically inherit it upon death.

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January 05, 2013 | Comments: 0

Will and Testament

Preparing a Will and Testament is one of the best final acts a person can do for their family. Any time someone passes away without writing a Will their relatives have to make decisions they usually aren't prepared for.

Writing a Will and Testament isn't a difficult process and offers many benefits. First of all, the last Will lets a person have a final say in how their property is distributed. Without one, a probate judge has to abide by state law which requires property to be given to the surviving spouse or direct lineage heirs.

Secondly, the Will is needed to designate a probate personal representative to reconcile the estate. This position can be filled by anyone that is of legal age and never convicted of a felony offense. Personal representatives are responsible for all aspects of closing the estate.

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August 19, 2012

Living Trust

People are often unsure about using a California living trust, especially if they don't own a lot of property. This estate planning strategy is a good way to keep assets out of probate and can also minimize or remove federal estate taxes.

As with all estate planning methods a living trust offers benefits, but can also create unwanted problems. It is always a good idea to talk with a law firm that specializes in California probate law.

A primary benefit of setting up a revocable living trust is to bypass the probate process and reduce estate tax. In order to protect assets, individuals must transfer ownership of property to the trust. This is known as the funding process and involves obtaining new property titles made out to the trust.

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July 12, 2012

Family Trust

Setting up a family trust is one of the most common types of estate planning methods. Also known as a living trust, this method involves transferring ownership of personal belongings and financial assets so property does not have to go through probate for settlement procedures.

While it isn't difficult to arrange a family trust, most people find the process somewhat daunting. They are uncertain about terminology and legalese and sometimes fail to properly fund the trust which can result in major problems at the time of death.

The simplest way to setup trusts is to work with estate attorneys. These lawyers have endured years of specialized training to help people protect estate assets and reduce inheritance and estate taxes.

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June 19, 2012


People find trusts one of the most confusing aspects of estate planning and with good reason. There are various kinds of trusts used to address individuals' unique needs. Some are to protect inheritance for young children, others are needed for business owners, and yet others are setup to offset estate taxes.

Most people setup trusts to retain control of assets they have worked years to acquire and to minimize estate taxes. Other advantages of trusts are the estate avoids probate and the last Will remains private.

Probate is the mandated process for estate reconciliation in the U.S. One of the leading reasons to avoid probate is all estate property is seized and cannot be sold or transferred until proceedings are completed.

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May 16, 2012

Last Will

Preparing a last Will is necessary with every kind of estate planning. Regardless of if estates pass through probate or are protected by a trust, a Will is needed to provide directives. It is used to appoint a personal representative and name the individuals entitled to personal possessions.

The last Will is very helpful to personal representatives. It supplies information about estate planning strategies taken prior to death and identifies the property each heir and beneficiary should receive.

There are various kinds of Wills. The kind a person needs depends on their lifestyle and the type of assets owned. As an example, people with young children have different requirements than those who have grown children or none at all.

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