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trusts Archives

Are you getting the most out of your revocable living trust?

Numerous California residents create revocable living trusts every year, but not all of these individuals will take advantage of their numerous benefits. In fact, it's not uncommon for individuals to waste the amount of money they spend on trust creation by never reaping their full advantages.

What should I consider when creating a pet trust?

California parents love their children more than anything -- well, almost more than anything. Many parents arguably love their pet dogs and cats just as much as their human children. The problem is, dogs and cats are considered property under the law and they can't, themselves, own property. As such, this creates some challenges for those who want to ensure that their animals are well taken care of following their deaths -- challenges that could be resolved via a pet trust.

What parties are involved in a testamentary trust?

A testamentary trust is written within a will, or it's written within another document that has been incorporated into a will by reference. Such a trust goes into effect at the death of the will creator (a.k.a, the settlor). One of the primary reasons why estate planners seek the benefits of a testamentary trust is because it protects a minor child's bequeathed assets.

Dispute over Napa estate erupts more than decade after death

A family argument over the fate of a $92 million estate wages on in Napa Superior Court. The dispute erupted between two daughters of a multi-millionaire landlord, businessman and vintner who amassed a considerable amount of wealth during his life. The daughters are in disagreement about what happened to the $92 million estate, which also included approximately $38 million intended to fund charitable works for disadvantaged youth.

Do you want to include your grandkids in your estate plan?

You've considered all of your children and planned for them in your estate plan, but now your children have children of their own. As such, you might want to plan for your grandkids too. How you plan for your grandkids in your estate will depend on whether they're currently minors or adults, and other factors.

Are you afraid your pet will outlive you?

California families who have a much-loved furry friend will usually take it for granted that they'll outlive their pets, but if you're an elderly person, you might not be so sure. Your faithful companion could outlive you and what will happen then? Who will take care of your pet?

Consider using a trust to pass money on to your children

Some Newport Beach parents think that they should start giving money away to their children right now, as they're getting older, to avoid different estate planning and tax consequences when they die. If you're one of these parents, you're definitely on to something. If your children are as good as you are -- or better -- at handling their finances, this could be a good idea.

An overview of irrevocable trusts

Irrevocable trusts are popular options for people when they are going through the estate planning process for various reasons. These are not uncommon options, but most people tend to put regular trusts in place. When the option exists to create an irrevocable trust, you should educate yourself as to what it entails and how it can be beneficial for you.

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The Soto Law Group
1101 Dove Street,
Suite 200
Newport Beach, CA 92660

Phone: 949-945-0415
Fax: 949-945-0197
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