As you go about establishing your California estate plan, you likely will come face to face with the issue of trusts sooner rather than later. As reported in U.S. News, all trusts are stand-alone legal entities, meaning that they and the assets you put into them are separate and apart from you personally. Trusts come in two basic types: revocable and irrevocable.
You likely have already made a California will, but do you need to make a new one? You may if you have established a living trust. As FindLaw explains, only a pour-over will can ensure that your living trust works the way you intend it to work.
Before you can set up a special needs trust to benefit your California child, you must determine if (s)he qualifies for such a trust. As you likely already know, “special needs” is an umbrella term that covers a wide variety of illnesses and conditions.
At the Law Offices of Alice A. Salvo in California, we provide advice, counsel and legal representation to many clients in need of planning for or help with issues they face as they age. If you or a loved one is approaching your golden years, or already has achieved senior citizen status, we thought it would be helpful to explain some of the ways in which you, too, can benefit from taking action now before you need to reap the rewards of careful estate and elder care planning.
At the Law Offices of Alice A. Salvo in California, we know that ALL estate planning is proactive. After all, your estate cannot plan itself. It is your wishes and goals that your estate plan implements, so the first thing you must do is determine what your wishes and goals are. In other words, what is important to you? Tax savings? Retirement planning? Asset protection? Long-term care options? Charitable giving? Taking care of your special needs child throughout his or her life? Probate avoidance? Making sure your heirs receive exactly the property you wish?
Just when you thought you were pretty savvy about California powers of attorney, one of your friends mentioned his or her springing power of attorney at your latest dinner party. That may be a new one on you and of course you are curious.
Well-to-do California residents may have heard about self-settled trusts and become intrigued with the idea of establishing one to protect their assets. Before rushing ahead, however, they need to be aware that while California does not prohibit this kind of trust, neither is it one of the 14 states that specifically allow one. Consequently, the very benefits a Californian seeks to receive from a self-settled trust may not actually be available in this state.
You may have heard your California friends and neighbors talking enthusiastically about their living trusts and wondered what a living trust is, whether you might want to set one up, too, and what benefits you will receive if you do. As RBC Wealth Management explains, a living trust is one you establish during your lifetime and over which you have complete control.
As a reasonably well-to-do California resident, you may have heard your friends and neighbors talking about their various trusts and wondered if you, too, might benefit from setting up a trust. There are many different types of trusts, and which one(s) may be best for you depends on your own situation, goals and objectives.
You may have heard your California friends and neighbors talking about their durable powers of attorney and wondered what these things are, how they work, and whether or not you should have one. As Caring.com explains, a durable power of attorney is your signed legal document authorizing someone else to make decisions for you in the event you cannot make them for yourself.