Sonoma county trust attorney
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Trusts are key components of an overall financial plan. They can be especially useful for those who want to reduce their estate tax, avoid probate court, specify how beneficiaries can use their inheritance, and those who want to avoid will contests. At Gullotta Law Group, we will work to build a comprehensive estate plan that meets all your goals and desires. We can help you understand what types of documents you need to protect your assets and your future estate. Let us do the worrying for you! Get your free consultation today by calling 707.938.7234.
Attorney Eric Gullotta is qualified to handle your needs as an experienced lawyer with a former career in taxation. We offer a flat-rate fee so you don't have to worry about hidden fees.
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Revocable vs. irrevocable trusts
One solution that allows you to exert control over your money is with a revocable living trust. This can be used as a substitute for a will or it can be used in conjunction with a will and it can be a vehicle to provide for the distribution of your assets upon your death. You may be able to avoid probate with a revocable living trust. Probate assets are solely in the decedent's name. This court-supervised process is necessary for the transfer of title from the decedent to the beneficiaries. Those assets held in a trust are not subject to probate proceedings because they transfer automatically to the beneficiaries named in the trust.
A revocable trust can be changed, amended or revoked at any time. Often the grantor (trust maker) will act as the trustee and manage the trust assets during their lifetime, but when the grantor dies, a successor trustee takes over and manages the trust assets for the benefit of the beneficiaries and strictly in accordance with the grantor's wishes.
Some of the advantages of a living trust include:
- Probate Avoidance
- Changeable and revocable
- It can eliminate challenges to an estate
- It can segregate assets among married couples
- You get to continuously manage the trust during your lifetime
- A trust can reduce the size of your taxable estate
The irrevocable trust
Unlike the revocable living trust, an irrevocable trust cannot be amended or revoked once it's been finalized. The irrevocable trust is used to achieve a variety of estate planning goals, some of which include reducing or eliminating estate taxes by removing property from the grantor's estate, reducing or eliminating taxes for future generations, providing asset protection for surviving spouses or descendants and much more. While there are numerous different types of irrevocable trusts, they most common reasons to establish an irrevocable trust are to reduce taxes and protect property.
Contact our office to get started
At Gullotta Law Office, our Sonoma County estate planning attorney can help you determine which estate planning tools would help maximize your estate while reducing taxes as much as possible. Since every situation is unique, we welcome the opportunity to examine the specifics of your situation and develop an estate plan that will be the perfect fit to your overall financial plan!