Law Offices of Alice A. Salvo
Start Your Solution. Schedule a Free Consultation Today.
818-676-9572

Posts tagged "estate planning"

How many types of trusts are there?

If you are a sophisticated California estate planner, your estate plan likely consists of a will and several trusts. Have you ever wondered how many kinds of trusts you can choose from? As FindLaw explains, the answer is “many.” All of them, however, fall into two basic categories: revocable and irrevocable. All of them also have three basic parties: the grantor, the beneficiary or beneficiaries, and the trustee.

Making sure your will and trust(s) work together

At the Law Offices of Alice A. Salvo in California, we help individuals like you devise an estate plan that meets their goals and objectives of providing for themselves and their families. No matter what you seek to accomplish by means of your will and trust(s), we can help you achieve it.

Understanding generation-skipping trusts

A generation-skipping trust is one methodology by which wealthy Californians can pass their estates down through the family without facing the double estate taxation that other methodologies often entail. As Investor Guide explains, a generation-skipping trust generally names the grantor’s grandchildren as beneficiaries of the trust. By bypassing the grantor’s children, the family saves the estate taxes they would have to pay if the children first inherited, followed later by their own children.

What is a charitable trust?

If you have never heard of a charitable trust, you may find that establishing one or more of them is the best way you can give back to your church, your alma mater, your favorite California charity, or any number of other organizations to which you regularly donate money. But the bonus, as Fidelity.com explains, is that while you give to these organizations dear to your heart through these trusts, the trusts also give back to you

How often should you update your estate plan?

Remember how excited you were when you finally got your California estate plan created and established? You likely felt as if a giant burden had fallen off your shoulders. You knew you had perfectly set up your will, trusts, powers of attorney and all your other legal documents so as to ensure protection of yourself and your family, both now and in the future, to the greatest extent possible.

What is a spendthrift trust?

If you and your spouse are like most California parents, you make every effort to raise your children to become responsible adults, financially and otherwise. Unfortunately, these lessons do not always take with some kids, particularly when it comes to handling money responsibly. Today’s “I want it now and I don’t want to wait” culture provides your children with an influence every bit as large as your own more conservative and wise approaches to spending.

Revocable vs. irrevocable: Which type of trust is better?

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.

How are special needs defined?

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.

Email Us For a Response

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location:

Law Offices of Alice A. Salvo
20350 Ventura Boulevard
Suite 110
Woodland Hills, CA 91364

Phone: 818-676-9572
Fax: 818-716-9275
Map & Directions

  • Super Lawyers
  • Peer Review Rated