When many people consider trusts, they may think this estate planning tool is only for the wealthy. However, middle-class Californians may also benefit from setting up a trust for their loved ones.
Sooner or later, California parents begin thinking about how they will pay for their child's college education. Some people may want to consider setting up an educational trust.
When you decide to set up a trust in California, you may not always consider how this trust will be taxed. Taxes can be different depending on the kind of trust you establish, so it is important to understand how this difference affects your taxes.
When you become an administrator of a trust in California, you may not initially realize how much responsibility you are taking on. It is important to understand your duties as a trustee and how you should administer the trust.
When children have special needs, California parents usually devote many resources to their care. Sometimes children may need care for the rest of their lives. In this situation, parents may want to set up a trust.
When you establish your estate plan in California, you may think that a will is sufficient. There are some times, though, when it might be beneficial to set up a trust.
For you and many other Californians, your pets are members of your family. However, the law does not see it that way, meaning that you cannot simply leave your property to your animals in your will. Instead, pets are viewed as property themselves. This does not mean you will be unable to have your beloved pet’s needs cared for if Max or Fluffy outlive you.
Going through probate court in California is often a complicated process involving the intents and requirements of multiple parties, such as the state, trustees and the decedent. As such, many families make every effort to simplify and accelerate these inheritance procedures before entering into court, or to avoid probate entirely. Estate planning might prove an integral part of such an attempt— a process that often involves the establishment of trusts.
When you decide to create a trust to provide for your family after your death, you may be surprised to learn that there is more than one kind of trust. It is important to understand the differences among these trusts so you can set up the kind that will be best for your family.
People have many options when they begin to set up their estate plan in California. One of these is a revocable living trust.