Tustin Estate Planning Law Blog
Estate planning is critical if you want to protect your wealth
Contrary to what some people believe, estate planning isn't exclusive to the rich and famous. Creating one in California can be highly beneficial for you and your family if you want to protect your wealth for the future. This step allows you to plan for your own...
Differences between living trusts and wills
In California, having an estate plan is essential to ensuring that the intended wishes for your estate get carried out upon your death. Two standard methods to distribute assets include living trusts and simple wills. While both documents ultimately serve to...
Two types of special needs trusts
Individuals can create special needs trusts in California to hold benefits for people with special needs. The money in the trust often is not counted as assets when qualifying for federal programs, but there may be specific ways that the trust's assets may be spent....
How can you contest a trust?
Many Californians know about contesting a will. However, what’s lesser known is that you can also contest a trust. Below are some reasons you might want to take this route. Undue influence If you believe that the grantor, the person who created the trust, was under...
Improved tax deductions for parents with special needs children
Recent legislation has made life just a little bit easier for parents in California and around the country who are raising children with developmental, mental or physical disabilities. The Tax Cut and Jobs Act of 2017, the Coronavirus Aid, Relief, and Economic...
When to review a trust after moving to a new state
All 50 states allow citizens to set up trusts in their estate plans, and they generally recognize the validity of trusts created out of state. Even so, issues could arise after you move to a new state that would warrant a reevaluation of your trust to confirm that it...
When should you use an ILIT in California?
Trusts are a popular estate planning tool for California residents. One of the options is an irrevocable life insurance trust (or ILIT for short), which is a popular option for a few reasons. Benefits of an ILIT The ILIT - as the name suggests - is made with a life...
Can charitable giving be sustained in a strained economy?
The unprecedented surge in charitable giving in the US in 2021, reaching an estimated $485 billion, is not expected to be sustained in the long term as the economy recovers and inflation pressures mount. As a result, nonprofit organizations face rising costs while...
Wills: A guide to probate and public record
A will is a legal document that outlines the distribution of assets and the care of minor children after the death of a person. It is an essential tool for estate planning in California, and beneficiaries need to understand the probate process and the public record of...
Securing finances for children with special needs
Caring for a special needs child starts with planning. In California, children are provided for after being included in a will or trust. Before a parent's or guardian's death, special needs planning ensures the long-term survival of a disabled child. Special needs...
