Without the assistance of us here at the Law Offices of Alice A. Salvo to help you understand revocable trusts, you likely know little about the actual trust you are party to in Woodland Hills other than your interest in its assets. Yet did you know that the settlor can create conditional clauses based upon future events that could impact your interest? If such a clause is in effect, then you would most definitely want to know.
Understanding interest limitations contingent upon future events
Detailing split-interest trusts
Those in Woodland Hills who have assets they would like to be managed for the benefit of others may find a trust to be an effective tool at doing so. The same may be said for people who wish to use their personal assets to benefit a favorite charity. Those who would like their trust's property to do both may be able to do so through a split-interest trust. The Internal Revenue Service defines a split-interest trust as one for which a portion was allowed a charitable deduction, while the remainder may be subject to the same tax requirements as a private foundation.
Lawsuit aims to stop McDonald’s from using late artist’s works
For those in Woodland Hills who have been asked to serve as the executor or personal representative of a family member or friend’s estate, their responsibilities may go beyond simply ensuring that the estate is processed and dispersed correctly. If the assets include items of artistic value or intellectual property, they may also need to ensure that the any copyright protections covering those items are respected (as such property may add an estate’s overall value). If those rights appear to be infringed in any way, then it may be left up to the one charged with administering the estate to pursue the proper legal recourse.
Mistakes to avoid when planning your estate
While the recent media attention has focused on the estates of the most-wealthy CEOs and celebrities, in reality, estate planning is for almost everyone. For people who have a house, a car, or even simply a bank account, an estate plan is essential to the financial future of your family.
What are powers of appointment?
Once you begin to get deeply involved in the estate planning process in Woodland Hills, you may begin to hear the term "power of appointment" frequently used. What does this mean? Essentially, the power of appointment is the granting of authority to another to dispense or dispose of property. In the case of a will, for example, you as the testator may choose to grant the power of appointment to a family member, friend or colleague. That person then assumes the role of donee. A donee differs from a trustee in that he or she is not charged with managing property or investing assets, but rather simply dispensing them.
