Make Sure The Professional You Work With Is Right For You
One key strategy many successful families choose to include in an effective estate preservation plan is to establish a trust. Trusts serve many purposes. A key benefit of setting up a revocable living trust is to provide for planned giving, allowing you to pass on assets to the people, charities, religious groups or organizations of your choosing during your lifetime, or upon your death.
If assets are properly held in a trust, probate can be avoided when the trustor dies. In this way, the process of distributing assets can be kept out of the court (and therefore kept private!) and can save time and/or money. A trust also avoids the expense and problems of having a court conservatorship proceeding in the event of disability.
A Lawyer Who’s practice is limited to Trust And Estate Law
As a lawyer who has focused his law practice to estate planning, trust and probate law for 30+ years, attorney Bruce Ketron offers an in-depth understanding of ways to help families protect their assets through a variety of trust options.
A trust establishes a legal relationship between a trustor (the person who makes the trust) and a trustee (the person in charge of the trust) for the benefit of one or more persons or charities (beneficiary). For most trusts, the trustor, the trustee and the beneficiary are all the same person, while that one person is alive. When a trust has been established, the trustor transfers title ownership of assets to the trust. When you transfer title to your trust you DO NOT relinquish any control. You can still buy, sell, borrow or transfer.
Setting Up The Proper Trust Is All About Family Dynamics
“I ask you to teach me about your family, which lies at the heart of your decisions about trusts and trustees. I start by discussing factual matters such as what you own in assets, money in the bank, real estate, etc. I want to discover how important those things are within your immediate and extended family. Knowing your values is what will make a difference in whom you choose to handle your affairs.” — Attorney Bruce D. Ketron, Esq.
There are numerous types of trusts available to fit very specific family needs. Depending upon your circumstances, the Law Offices of Bruce Ketron can guide you to make the right decisions regarding revocable living trusts or irrevocable and blind trusts. The firm also has documents available to help you fund your trust.
Some types of family trusts include (but are not limited to):
- Asset protection trust: Primarily to reduce tax liabilities on asset holdings
- Charitable trusts: Benefiting 501(c)(3) nonprofit organizations or religious institutions
- Special needs trust: To provide support of a beneficiary who is incapacitated by a disability
- Spendthrift trust: To ensure assets passed to beneficiaries are not wasted unwisely
- Residential trust: Allowing a surviving spouse to live in your home placed in trust
Funding And Placing Property Into Your Trust
If you decide to establish a trust as part of a comprehensive estate planning strategy, you will be provided documents to get started with funding. The firm’s services include helping you get started in the VERY IMPORTANT process of retitling your assets to the name of your trust.
Mr. Ketron will handle transfer of title for your home and other California real properties and explain how to transfer the rest of your assets. However, it will remain your responsibility to change the title of ownership of all the other assets you own that are being assigned to the trust.
Contact The Law Firm To Schedule A Consultation
The Law Offices of Bruce Ketron has been serving clients in Napa County and Sonoma County, California, since 1974. Call 707-226-1700, or use the convenient email contact form to arrange an opportunity to discuss setting up a trust and other estate planning goals for your future.