Trusts Lawyer in Orange County

A trust is a document that you create that allows you to appoint a Trustee to manage your affairs when you have passed, or are incapacitated. Many years ago, only the rich could afford to manage a trust. It required a special tax ID number, had to manage and pay taxes and many times, it would require expensive attorney fees to set up the trust and manage it.

Not so now. With the changes in trust law over the last 25 years, living trusts are now the most economical and efficient way to handle your estate. Think of a trust as your personal company. You are the CEO, but if something happens to you, you have already appointed a CEO in your place who you trust and know will carry out your directions. Without expensive attorney fees, and Court intervention, your CEO manages your trust in your absence due to incapacity or if you have passed.

A trust offers many benefits not offered by a will. A trust can own property and therefore can transfer, sell trade or borrow on property. A will has no such capability. A trust can operate even after you have passed, thereby allowing for the administration of benefits to young beneficiaries until they are of an age that they should receive large sums of money.

A trust can invest just as you can and can give small or large gifts as you dictate. Also a revocable living trust needs no special tax treatment, and in fact even though it carries title to property, you do not need to file a separate tax return. The trust is not taxed on income and profits, you are just as if you held the title. Therefore you file a normal tax return when you buy and sell trust property in your lifetime.

So why do people shy away from trusts, because lawyers try to make them complex to gain a larger fee. If you do not understand it, and are in awe, then of course, an attorney can charge you more. What is more to the point is the quality of trusts generated currently. I have personally seen trusts generated as a form of cut and paste that make no sense when read in the entirety. Worse most persons do not know what their trust says, because it is mired in legal jargon. Hopefully this web site will help you. Of course if you wish to consult us on your need for a trust or to help draft a trust, call us at 1 888 752-7474 or Contact Us online. We always provide a free initial consultation as to what you need.

Here are some links to the most confusing provisions for people to understand if you already have a trust or are thinking of having one drafted.

You will see that there are many links for you to educate yourself on trusts and wills. We hope you find the information helpful. Feel free to call us and consult on your trust or estate needs at 1 888 752-7474 or Contact Us online.