Rocklin Trust Lawyer
Rocklin Trust Attorney
Planning for the end of your life can be intimidating. Many people do not wish to think about dying, and planning for the time period after your death can seem counterintuitive. However, the worst can happen at any time. Creating an estate plan is a powerful way to ensure that your family is cared for after you’re gone. Through significant financial tools like trusts, wills, and more, you can help your family retain your assets and avoid the stressful process of probate court.
Many people are intimidated by the prospect of establishing a trust, but in reality, trusts are largely accessible. More importantly, trusts are extremely beneficial to your loved ones after you pass away. With a Rocklin trust attorney on your side, trusts are an easy way to create a solid and reliable future for your family.
A California Trusts Lawyer You Can Count On
Our estate planning attorney, Drummond T. McCunn, can devise a plan which protects your loved ones in the event of your death or incapacity. For more information about our services, contact our firm online or call 916-773-6100 today.
McCunn Law: Your Rocklin Trust Lawyers
At McCunn Law, we take pride in offering trust, wills, and estate planning services that help to prepare families for the eventual loss of a loved one. For almost 20 years, we have been providing the citizens of Rocklin with reliable, honest estate planning services. We know the impact a well-made trust can have on both beneficiary and trustee and how it can bring peace of mind and comfort during a difficult situation.
We have significant expertise creating trusts, and we know that some of our competitors do, as well. However, we provide a personalized approach to trusts that other firms can’t match. When you work with our Rocklin trust lawyers, you can be sure that your trust works for you and your family and is not a boilerplate document consisting of generic terms. We create tailored estate planning documents that provide holistic solutions for your unique family situation.
What Is a Trust?
Many people use the terms trust and will interchangeably. Though these estate planning documents are similar in some ways, they are vastly different in others. It is important to understand the difference, so you can make informed and empowered decisions about the future of your assets. When used correctly, both wills and trusts can be immensely helpful in your estate planning journey.
A will is a document that outlines your wishes after your death and is not active until your death occurs. In addition, wills must go through the probate process to distribute your assets. A trust is an account or collection of assets held by a trustee for distribution to your beneficiaries after your death. Generally speaking, your assets are owned by the trust itself and distributed by the trustee. Trusts become active the moment they are created and can often be adjusted or eliminated until your death renders them irrevocable. Additionally, in some cases, trusts may enable your family to avoid estate and inheritance taxes, ensuring that the state does not seize an unfair amount of your hard-earned assets.
Types of Trusts
There are two general types of trusts available for California estate planning purposes. The first and most common is a living trust. With a living trust, the trustor places the desired assets in a trust and retains access to and control over those assets. The assets in the trust can be used to support the trustor while they are still living and are subject to alterations, additions, and other actions—including the addition of more beneficiaries. Living trusts are also called revocable trusts, as the trustor can take their assets back and close the trust if they so choose.
The other main type of trust is called an irrevocable trust. This kind of trust cannot be changed or altered in any way after it is created. The trustor cannot take their funds back or make any alterations to their beneficiaries and distribution plan. This type of trust can help you avoid certain estate taxes. Creating an irrevocable trust can also help you become eligible for programs like Medicaid—since your assets are no longer in your name, you may be below the income threshold for these government programs. Finally, putting money in an irrevocable trust may help your beneficiaries avoid creditors who appear after your death to collect debts. Again, because the money is not in the trustor’s name, creditors cannot take a portion of it to compensate for the trustor’s debts.
Creating Your Trust
There are many other types of trusts within each of these two general subcategories, and every one has its own unique advantages and disadvantages. This is why it is important to consider your options and create a trust that works for your personal financial situation and goals. While a revocable trust allows you to retain access to your funds and maintain your lifestyle while you are alive, an irrevocable trust makes you eligible for government programs and support. It can be difficult to discern which is right for you without the help of a professional.
This is why it is important to create a trust with the help of a Rocklin trust lawyer. After discussing your unique financial and family situations, we can help you create an estate plan that works for you. As a part of that estate plan, we can advise you regarding the best type of trust for your situation.
Appointing a Trustee
The individual or firm you name as your trustee has a fiduciary duty to hold the assets contained within your trust until your death. Upon your death, they must manage the assets and distribute each according to your wishes. They must also record any expenses your estate owes and pay any taxes necessary before distributing your estate.
Some people choose to name family members or loved ones as their trustee. However, remember that your loved one will be under a significant amount of pressure and grief when the time comes to manage your trust. Other family members may dispute the terms of your trust. For this reason, many people choose to name an attorney or trust company as trustee, eliminating the personal and emotional aspect of trust administration. Consult with your Rocklin trust attorney to determine the best candidate.
Contact an Estate Planning Lawyer at McCunn Law Offices Today
If you wish to create a trust to preserve your assets for your beneficiaries, turn to the team at McCunn Law. We have been creating trusts and other estate planning documents for many years and can help you to design a trust that suits your lifestyle, assets, and family.
For more information or to schedule a consultation, please contact our office via our website.
Legal Assistance
The best time to seek legal assistance is when disputes are still only minor agreements. This gives either party the time to re-evaluate their actions and determine the next move without breaking the law or acting unfairly. Consulting with an attorney can provide the information they need to steer them down the right path. In some instances, clients ask us to mediate a dispute between landlord and tenant, so both parties can come to an agreement without the need for battling it out in a courtroom.
If you are a landlord or a tenant who believes your rights have been breached or you have been accused and your business or reputation is on the line, turn to McCunn Law. We help our clients to navigate even the most complex legal issues to arrive at the best solutions possible. Contact us today at 916-827-3427.
“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”
“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”
“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”