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Probate & Business – Estate Planning – Trust Litigation – Inheritance Disputes – Product Liability – Trust Administration – Tax Planning

Creating a trust involves complex legal procedures and requirements. For this reason, hiring an attorney specializing in trusts and estate planning is crucial to ensure the trust is structured correctly, appropriately drafted, and executed following applicable regulations and laws. Are you looking for a trust attorney Orange County, CA, residents rely on? Our expert attorneys have the knowledge and skill to assist you best.

What Is a Trust?

A trust is a legal arrangement where a person, called the grantor or trustor, transfers assets such as money or property to another party, called the trustee. The trustee manages these assets on behalf of the beneficiaries. The trust document outlines the terms and conditions under which the assets are to be managed, distributed, and used for the benefit of the beneficiaries.

A Trustee’s Tax Duties

Trustees must file complete and accurate tax returns and pay taxes when due. Generally, courts take a strict view when the trustee does not carry out these essential tax duties. Most states have found a trustee can be liable for interest and penalties where the trustee negligently or willfully falls below the standard. For this reason, A trustee must exercise due care and diligence.

Benefits of a Trust

Trusts serve various purposes in the estate planning process. For example, trusts provide asset protection, charitable giving, and financial support to individuals such as minors. They offer a flexible and efficient way to manage and distribute assets. Moreover, trusts come with advantages, such as potential tax benefits, privacy, and continuity of asset management after the trustor passes on.

Trust Attorney Orange County CA

Common Types of Trusts

  • Revocable Living Trust
  • Irrevocable Trust
  • Testamentary Trust
  • Charitable Trust
  • Special Needs Trust
  • Grantor Retained Annuity Trust (GRAT)
  • Life Insurance Trust
  • Asset Protection Trust

A Charitable Lead Trust

A charitable lead trust allows the grantor to support charitable causes while potentially reducing a beneficiary’s potential tax liability upon inheritance. This type of trust involves transferring assets into a trust that pays a fixed annuity to a charitable organization for a predetermined period.

Once the trust term ends, any remaining assets are usually distributed to beneficiaries. By utilizing this type of trust, the grantor can leave a lasting charitable impact, provide for loved ones, and potentially decrease the tax burden on the estate. Thinking about setting up a charitable lead trust? Here are the steps you’ll take with your trust attorney in Orange County, CA:

  1. Set up the trust and transfer assets. Assets can include cash, securities, and valuables.
  2. Determine the annuity payment and the charity. This payment is the set amount the trust will regularly make to charity .
  3. Set the trust’s terms, such as the duration. The trust’s duration is typically a specific number of years or the grantor’s lifetime.
  4. Enjoy estate and tax benefits. The charitable donations are usually eligible for tax deductions, reducing the estate’s tax burden.

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    SOUTHERN CALIFORNIA ATTORNEYS

    We are an industry-leading estate, trust, and probate attorney serving clients in Irvine, CA and surrounding communities within Orange County, including Newport Beach and Laguna Beach.

    We are an industry-leading estate, trust, and probate attorney serving clients within Orange County, including Laguna Beach and Newport Beach.