A trustee can be an individual such as a family member or friend (must be a U.S. citizen) who is trustworthy and able to manage your assets. Some people prefer a neutral third party, such as a bank or trust company.
About 6 weeks. The process may take more or less time depending on the complexity of the matter and how quickly a client provides the firm complete information. In the case of an emergency or other unusual circumstance, the production process can be expedited, however a “rush” fee may be applied to the cost.
Yes. You will have an opportunity to review and request changes during the process of your document creation. Being responsive and thorough during the process will help your estate plan to be completed more quickly.
Most often a delay is the result of the firm not receiving all of the necessary information required to complete the estate planning documents or a delay in the client reviewing completed documents.
The use of a living trust does not in and of itself save taxes, but a living trust may be one vehicle for doing tax planning – a far more efficient vehicle than a will. Proper tax shelter trusts between spouses include Disclaimer style trusts and Bypass trusts. The use and operation of such trusts is beyond the scope of this article, but our offices thoroughly explore these planning options with each of our married clients.
For people who are facing the need for long-term custodial care, the state-administered and federally funded Medicaid program is often explored as a source of coverage. Putting assets into a trust does not shield or protect those assets for Medicaid purposes, but it does shield from recovery by the state of CA after death. Additionally, custom estate planning which allows certain types of gifting or the ability to transmute the character of property between spouses may be available to help a Settlor qualify for Medicaid benefits.
Our office can coordinate with your financial advisor upon request. All of your information is protected under attorney-client privilege unless you have given permission for us to share information with your advisor. Ethical rules dictate that a financial advisor cannot be named as a trustee of a client’s trust unless they are a family member. Content