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Trusts

Spring 2014 Newsletter

by | Last updated Feb 22, 2023 | Estate Planning, Newsletter, Taxes, Trusts

Portability Explained Preserving Estate Tax Exemptions for Married Couples.
You’ve Been Named Successor Trustee – What Does That Mean?
FREE SEMINAR – SUCCESSOR TRUSTEE DUTIES – Wednesday April 9, 2014 at 2:00 p.m 970 W. 190TH STREET, TORRANCE, CA 90502
Spotlight: Accident Law, The Most Important Thing You Can Do Before Your Accident By James L. Pocrass, Esq. Pocrass & De Los Reyes LLP
WHEN WAS THE LAST TIME YOU REVIEWED YOUR TRUST? WE OFFER FREE THREE YEAR REVIEWS!

Using an A-B Trust to Control your Assets

by | Last updated Feb 9, 2019 | Estate Planning, Trusts

When there is a blended family with children from multiple marriages, special considerations should be placed into the estate plan.

Without proper planning, the surviving spouse could be left without the means to provide for him or herself. Additionally, we also see lopsided distributions, which typically result in one spouses children suing the others.

What You Need to Know About Pet Trusts

by | Last updated May 15, 2019 | Children's Trusts, Estate Planning, Pet Trusts, Trusts

Pets are the most often overlooked members of the family when it comes to estate planning. Some might think that it’s a bit silly to think about estate planning for pets, but pet loves sure don’t. It’s really a serious matter. Most pets eventually end up in some sort of a rescue shelter after their original owners pass away. Most pet owners assume, that if something were to happen to them, their loved ones, or a neighbor would take their pets in. There are financial responsibilities associated with owning a pet, family compositions change, and many people are unwilling or unable to take on the responsibility- hence why so many pets end up in shelters. California is one of a few states in the country, that recognizes that pets are more than just property. In 2008, Governor Schwarzenegger signed into a law Probate Code Section 15212, which allows you to create an enforceable pet trust. This vehicle makes sure that your pet will find a good home, and allows you to allocate funds to make sure your pet are well cared for. Pet Trusts are simple to create, and work much in the same way as the provisions you might insert into your trust to care for underage or special needs children. 5 steps to get started to get started with a pet trust: 1. Find the right home and care givers for your pet. 2. Determine the average cost to care for your pet. This includes costs such as food, vet visits, medicine, and grooming. 3. Multiply the average life expectancy of your pet by the average care...

How Can I Use a Trust to Take Care of my Children?

by | Last updated Feb 22, 2023 | Children's Trusts, Trusts

You can use a Revocable living trust to specify a trustee to hold the trust assets and keep them invested until your child or children reach an age your feel comfortable with. This type of trust is referred to as a Spendthrift Trust, and can be folded right into your Revocable Living Trust. Statistics show that, on average, within 3 generations a family fortune will be spent. In order to beat the statistics, you can arrange for the trustee to pay for the child’s college education, care and support until that age. This helps prevents the beneficiary from squandering their inheritance at a very young age. Most people chose between 21 and 30 years of age for distribution. Spendthrift trusts are a great way to protect your children from squandering their inheritance, but they do require foresight to make you can properly provide for your children until they reach that age. You’ll typically need the help of several professionals to make sure set it up correctly, including: Estate Attorney Financial Planner Life Insurance Specialist Accountant Real Estate Appraiser  ...