Establishing Trusts in Los Angeles County
Goldfarb & Luu Will Explain Your Options
Trusts are complex legal instruments designed to protect
your assets for
your beneficiaries. At its heart, a Trust is comprised of three elements: Grantor,
Trustee and Beneficiary. As creator, you as the Grantor (also known as
a Trustor or Settlor) are entrusting assets with the Trustee to manage
for the benefit of a Beneficiary. In most cases, while you are alive and
able, you are the Trustee and Beneficiary. When you are no longer able,
or when you pass away, your successor Trustee interprets your instructions
and carries out your wishes accordingly. A Trustee is considered a fiduciary
and held to a higher standard of care.
No two trusts are alike and can be custom-tailored to serve your specific
needs and circumstances. Where it is used, a Trust serves as the foundation
of a comprehensive estate plan. At Goldfarb & Luu, our experienced
Tarzana estate planning attorneys will take the time to learn about you,
your family and your goals to determine whether a Trust is appropriate
for you. If so, we can guide you through the process of creating a Trust
right for you.
In addition to serving Los Angeles County, we also serve clients in Ventura
and Orange counties!
What Are the Benefits of a Trust?
Trusts are strong, flexible instruments that can be basic or extremely complex. When properly designed, a trust
can avoid court involvement and be a completely private family document.
They can be used to achieve a wide range of objectives, such as:
- Providing for family members, especially children and pets
- Caring for disabled and elderly relatives
- Managing and protecting assets
- Deciding who gets what, when and how
- Minimizing or eliminating estate taxes
- Making charitable gifts
- Avoiding the probate process and fees
Types of Trusts
While no two trusts are alike, all trusts fall into one of two categories:
revocable or irrevocable.
Revocable Trusts (also known as Living Trusts) allow you as the Grantor to make
changes or revoke it at any time while you have capacity and before your
death. In contrast,
irrevocable trusts do not allow you to make changes once it is created. Upon your death, a revocable trust
becomes irrevocable. The majority of our clients create Revocable Trusts.
You may have heard of different types of trusts. While there are many types,
we will select the right type of trust to honor your goals.
Common trusts include:
- Special Needs Trusts (SNT)
- Marital Trusts
- Life Insurance Trusts (ILIT)
- Pet Trusts
- Bypass Trusts
- Charitable Trusts
Our Skilled Tarzana Estate Planning Attorneys Will Help You Understand
With so many options available to create your trust, our skilled estate
planning lawyers will guide you through the process of creating one best
suited to you and your family. At Goldfarb & Luu, we are dedicated
to helping you safeguard your family now and in the future.
Contact our office today to