Why Choose a Living Trust?
Preserve and Maximize Assets
• By minimizing taxes during your life (income taxes, capital gains taxes, estate taxes on inheritances you expect to receive) • By minimizing or eliminating estate taxes upon your death (up to 55% of your assets and life insurance benefits) • By reducing estate administration costs through probate avoidance • Avoid or limit MediCal claims on your assets should you require long-term care • Ensure that a special needs beneficiary has assets that are protected from government seizure while retaining eligibility for needed services • Ensure that your family has enough life insurance to provide a comfortable lifestyle no matter what • By ensuring that your assets are passed to your descendants and not given away to outsiders, such as spouses, creditors or the government Protect Yourself and Your Spouse • From malpractice or other creditor claims • From conservatorship proceedings (aka “living probate”) if you or your partner become incapacitated • From probate delays and stress upon your death or the death of your partner • From hospital policies requiring life sustaining procedures when you would rather not endure them • From healthcare decisions made by people other than those you trust most Protect Your Children or other Beneficiaries • From predators who can discover inheritance amounts and target young or vulnerable beneficiaries • From claims of divorced spouses to take half of your child or beneficiary’s inheritance • From malpractice claims, for beneficiaries in the professions • From other creditors’ claims (such as car accident plaintiffs) • From the stress and delays of the average 16-month process of probate • From the financial immaturity resulting in a quick loss of an inheritance • From sharing assets with heirs you would rather disinherit • From litigation claims by disinherited heirs • For parents only: from relatives who would be poor, abusive or even dangerous guardians or from foster care • For parents only: from acquaintances and relatives who should not be allowed to be alone with your children • For special needs beneficiary only: from neglect in the government care system Achieve your Dreams • Have clarity about your life purpose, goals and dreams • Benefit a charitable organization or activity • Support a common family goal through coordinated planning • For parents only: By providing guidelines for how your children should be supported while their assets are in trust. • For special needs beneficiaries only: By providing instructions, people, and assets to support your special needs beneficiaries above a poverty lifestyle • For business owners only: By providing for the orderly continuation and transfer of family business interests rather than a distress sale |
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