I created a trust and got a property tax assessment! What do I do? If you recently created a trust, or transferred ownership of your property, you could be facing a property tax assessment. Depending on the name of your trust, if the property tax assessor’s office cannot identify the beneficiary they can reassess your property taxes. Your estate-planning attorney should guide you on what to do if you get a property tax assessment from the creation of a trust. For more inf
Does a trust have its own EIN number? This depends on the type of trust that you have. If you have an irrevocable trust, then it will have its own EIN number. However, you will be forced to give up control of your assets. This means that you will NOT be able to sell your assets, and full power is given to the trustee and beneficiaries, and not the settlor (or creator of the trust). People who create irrevocable trusts have trustees and beneficiaries that they trust inhere
I am getting a divorce, do I need a trust? If you are going through the divorce process, it is always advised by our office to get a trust (also known as an estate plan). Having an estate plan will allow you the opportunity to choose people to make health care and financial decisions for you in the event that you cannot do so for yourself. Now that you will be single, this is always a good idea. Additionally, if you have minor children, you can include a guardianship provi
A trust is commonly referred to as a estate plan. This document encompasses the following six parts: a trust, a will, a durable power of attorney for finance, a durable power of attorney for health care, HIPAA, and schedules. Each of these documents have different functions and work in combination with one another to offer you full protection for your assets. Different law firms take different times to create a comprehensive estate plan. Most law firms should not take mor
One document used to indicate where your assets should go upon your demise is called a holographic will. This type of will is usually written when someone is on his deathbed. There are two witnesses required for type of will and it is written in the handwriting of the creator of the will. It does not need to be written formally however, it can be written on a napkin. For example, “Jane gets everything I own” written on napkin constitutes a holographic will if witnessed by
Differences between trusts versus corporations: There are many reasons that people corporations, but one of the primary reasons is for asset protection. The problem with corporations is that you must register your corporation with the Secretary of State and inform them who the president, treasury, secretary, and agent for service of process are for the corporation. If there is any commingling of your personal and corporate assets, or if it considered an alter ego or sham co
Can a trust protect my assets? Yes, a trust can be used to protect assets. However, the trust must have some asset protections measures incorporated into it. The asset protection measures vary amongst trust attorneys. They must be tailored to your particular situation. Don’t marry a gold digger….creating a post-nuptial agreement! In California, a gold digger is as common as a leaf on a tree. Everywhere you turn, you will see one! The gold digger can be a man or a woman.