Los Angeles, CA Trust Attorneys

Taking time to get your affairs in order is such an important step for a person to take, and there is no better tool to use for this than a trust. Trusts are financial entities which protect your assets (all the money and property you own) and ensure their quick and efficient distribution to your heirs.

Trusts are beneficial to those from all walks of life, who have any wealth to secure. While creating a trust may seem like a complicated process, at Karpel Law Firm we make it easy! Our Los Angeles trust attorneys have perfected a streamlined process for helping clients navigate trusts that includes determining what kind of asset protection they need, completing the complex paperwork, and ensuring each aspect of their service is customized to their unique needs and goals.

We take the time to answer your questions and address your concerns, then guide you through each step thoroughly and successfully. Whether you have been conducting your own research for a while or feel that you need more information, we are happy to speak with you. Call today to book your free consultation and learn more about how we can serve you.

What Are The Different Types Of Trusts?

The type of trust you choose will depend on the reasons you are creating one in the first place. While almost all trusts offer some level of asset protection and tax benefits, some offer more than others. If your number one goal is leaving behind money for your loved ones, whether for educational purposes or just in general, there are trusts that make that possible, too.

Our skilled Los Angeles trust attorneys will sit down with you to get a clear picture of what you are trying to accomplish. Then, we might recommend:

• A revocable living trust – a trust that allows the grantor (you) to retain control over their assets during their lifetime, as well as how those assets are managed and distributed after their death

• An irrevocable trust – a type of trust that transfers assets out of the grantor’s estate, but that cannot be amended or revoked easily; these trusts provide a significant amount of tax benefits and asset protection

• A testamentary trust – a trust created through a will, that only take effect after the grantor’s death; these trusts allow for the management and distribution of assets for minor children, beneficiaries with special needs, or beneficiaries who are unable to manage their finances

• A Special Needs Trust (SNT) – a type of trust that provides for the long-term care and financial needs of individuals with disabilities or special needs without jeopardizing their eligibility for public benefits

• A charitable trust – trusts that support charitable causes and organizations while providing potential tax benefits for the grantor

• An asset protection trust – trusts that shield assets from creditors and lawsuits; these are particularly beneficial for those in fields with a greater chance of being involved in a lawsuit, such as doctors, lawyers, or others in high-earning professions

• And more!

What Happens After The Trust Is Created?

After creating a trust, you must “fund” the trust. This simply means transferring ownership of the assets you want to be “owned” by the trust. This could include your real estate, bank accounts, investments, or other personal property. Our Los Angeles trust attorneys will help you decide which assets to transfer based on your overarching goals.

Next, you should have a conversation with your beneficiaries to inform them of the trust’s existence, as well as their roles within it and the necessary information regarding its terms and conditions.

It’s also important to remember to regularly review and update your trust (if it is possible). Your personal or financial circumstances may change over time, warranting an amendment to your trust. We can easily make the changes you desire to ensure your trust remains reflective of your preferences and principles.

Why Choose Our Experienced Los Angeles Trust Attorneys?

We are passionate about helping Californians preserve their legacy and face the future with confidence! With over 70 years of collective practical experience, our dedicated Los Angeles trust attorneys are uniquely positioned to help you navigate the ever-changing California legal landscape. We can help you understand your options and then develop a smart trust strategy that gives you peace of mind. Call today to schedule your free consultation and learn more about your next steps!