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California's Proposition 19, effective February 16, 2021, changed property tax laws. These changes affect how you transfer real estate to your children or grandchildren. If you have a trust, you must review and update it to ensure your estate plan aligns with your...
An irrevocable life insurance trust (ILIT) is a type of trust specifically designed to hold and manage a life insurance policy. Unlike revocable trusts or wills, which you can change or revoke at any time, an ILIT is set in stone once it's created. When you set up an...
As someone considering setting up a trust, you know the importance of protecting your assets and ensuring the fulfillment of your wishes according to your plans. But have you thought about the role of transparency in trust administration? Transparency is a critical...
Many parents seek to ensure their special needs children are well-cared for when they can no longer provide that care. A special needs trust offers this peace of mind, yet some families may delay this important financial planning step. Why you should act now With a...
If a friend or family member is getting their California estate plan in order, they may ask you to be in charge of administering their trust. This individual is otherwise known as a trustor or person who establishes a trust. Preparing for this important role means...
A special needs trust is a legal entity in California that holds financial assets on behalf of a disabled person. Its main purpose is to put a barrier between the individual with special needs and the assets they inherit or receive so that they can remain eligible for...
One of the most popular misconceptions about trusts is that they’re inexpensive to manage, especially once the settlor dies. If you stand to benefit from a trust in San Diego, you should educate yourself about the “hidden” costs of settling the trust after the settlor...
Many people start their estate planning by drawing up a will. Some people take the next step to establish a trust to hold their assets. Trusts accomplish various objectives, and they differ from your will in a significant way. Assets in a trust bypass probate, whereas...
If you live in California and are considering creating a revocable living trust, it's essential to understand the benefits and potential drawbacks of this trust type. A living trust is a legal document that allows you to manage your assets and determines asset...
A trustee is a person who manages and administers trusts. In San Diego and elsewhere, trusts are legal arrangements that set out specific terms and conditions for an individual or group of people. A trustee's role is to ensure that all follow the trust's terms and use...