Helping Clients in the Bay Area Understand Living Trusts
For many people who want to protect their estate assets for future generations, a living trust is the best method. But what is a living trust? How do you know if it is right for you?
To make certain you are making informed financial decisions regarding the preservation of assets, you need to speak with an experienced estate planning lawyer. At the Fremont, California, Law Office of Louis Willet, we inform our clients on all their estate planning options, answering their questions, and helping them choose the tool that meets their needs and goals. Contact us today to discuss your wishes with an experienced attorney.
What is a Living Trust?
A living trust is a trust that is effective during a grantor's lifetime. It is designed to protect assets from taxes and government health care programs such as Medicare and Medicaid. It also is an effective tool to grant your estate to beneficiaries while avoiding probate.
Types of Living Trusts
Living trusts are divided into two main categories: revocable living trusts and irrevocable living trusts.
- Revocable living trust: Also called a family trust, a revocable trust can be altered during the grantor's lifetime. The grantor can change the beneficiaries, add assets to the trust and remove assets at will. Essentially, the trust serves as a financial management tool while protecting and preserving assets for family members upon the grantor's death.
- Irrevocable living trust: Unlike a revocable trust, an irrevocable trust cannot be altered. The grantor gifts the assets to the trust and surrenders all control over them. This is a good option for giving money to charities, and to remove assets out of your name for government benefit and tax avoidance purposes.
We at the Law Office of Louis Willet review your situation and help you determine which type of trust works best for you. We make sure your trust reflects your wishes and ensures your heirs receive the assets you intended for them.
Contact Us Now
To learn more about the types of trusts and the option that is the most appropriate for your situation, contact the Law Office of Louis Willet in Fremont, California. Call us today at 510-791-2244 for a free initial consultation.
