Living Trust Attorney in Newport Beach CA
Newport Beach Living Trust Attorney
Let our highly experienced California living trust attorney help you protect your assets and save you and your family from high costs in the long run.
In California, a Living Trust is very often the preferred Estate Plan for many people. The most common type of Living Trust in California is one that is revocable, which means that you have the power to amend and revoke the trust.
The power of revocation and amendment are important for clients in an ever changing world where financial and family circumstances continually change.
Living Trusts vs. Wills
Living Trusts and Wills are the primary Estate Planning tools as both allow you to decide who receives your money, property, and assets after you pass away, and who will manage, settle, and distribute your estate after you are gone.
The primary advantage of a Living Trust over a Will is that a Living Trust avoids the costly and timely necessity of putting the family through a Probate Administration. Avoiding Probate saves the family thousands of dollars in the long run.
Living Trust in California is settled more quickly than the average Probate, and a Living Trust allows families to carry out Estate Planning in private. Probate cases are a public record, and are open to anyone to inspect.
Living Trusts can incorporate special features to handle specific family dynamics. These special approaches can include Special Needs Trusts for the care of a disabled child or family member; Pet Trusts; customized provisions for a “Blended Family” for second marriages that include children from prior marriages, adopted children, step-children, etc.; and “Spendthrift” provisions which protect a child’s inheritance from creditors, predators, and from themselves.
Helpful During Periods of Incapacity
If you are the trustee of your own living trust and you become incapacitated, your chosen successor trustee can manage the trust’s assets for you, very similar to an agent with power of attorney.
Estate Tax Planning
Estate and Gift Taxation issues can be avoided or minimized through the use of custom tailored Living Trust in California.
Counseling and Advice: The Key Ingredient
The key ingredient in the crafting of a Living Trust or Family Trust is the counseling and legal advice I give each and every client as their personal lawyer.
I frequently counsel people who have experienced high-pressure sales pitches from non-lawyer “financial planners” purporting to offer living trusts. These trust schemes hide the real goal, that is, to sell dubious and expensive annuity and insurance products; and more often than not, result in the client buying a useless “botched trust”.
Newport Beach, CA
Newport Beach, incorporated in 1906, is a city in Orange County, California, 10 miles (16 km) south of downtown Santa Ana. The population was 85,186 at the 2010 census. The city’s median family income and property values consistently place high in national rankings. The Daily Pilot, a newspaper published in the neighboring city of Costa Mesa, reported in 2010 that more than a quarter of households have an income greater than $200,000, and the median value for homes is approximately $1 million. In 1871 a steamer named The Vaquero made its first trip to a marshy lagoon for trading. Ranch owners in the Lower Bay decided from then on that the area should be called “Newport.” Newport Beach, city, Orange county, southern California, U.S. It lies along Newport Bay (Pacific inlet), south of Long Beach. Captain Samuel S. Dunnells sailed into the bay in 1870 looking for “new port” facilities; he developed Newport Landing, which in 1873 became a lumber terminal. Known as McFaddens Landing and Port Orange, it was laid out in 1892 as Newport. It developed around yachting, sport and commercial fishing, and beach activities and as a residential community for commuters to Los Angeles and Long Beach. Light industry, mainly aerospace electronics, also has developed. Encompassing Lido Isle, Balboa Island and Peninsula, and Corona Del Mar, the city has extensive marina facilities and is a leading yacht rendezvous. The Balboa Pavilion (1905), with ferry connections to Santa Catalina Island, is a popular attraction. Newport Beach is home to the Newport Harbor Art Museum and the Orange County Museum of Art. The University of California, Irvine, is immediately northeast. Inc. 1906. Pop. (2000) 70,032; (2010) 85,186.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.