Trust Attorney Roseville, CA
There are many situations that can cause serious financial damage to the assets that you have spent your whole life working for and saving, which is why it is helpful to know a trust attorney Roseville, CA residents can rely on. A creditor can attach your property, a plaintiff in a lawsuit could win and attach your assets, or the day comes when you need to be placed in a nursing home and those assets are quickly eaten up to pay those expenses. Many people think there is nothing to protect them from situations like this, but the truth is that there are many legal tools available that will save your family from potential financial ruin.
Having a skilled and knowledgeable asset protection and trust attorney in Roseville, CA working with you is crucial to ensure that not only are your assets protected, but it has all been done legally. Trying to implement these options on your own can result in errors that will actually leave you vulnerable to creditors and others. At Yee Law Group, PC, our legal team has been helping clients with asset protection, estate, planning, probate, Medicaid issues, and more for number of years and would be happy to meet and discuss the best options for you and your family.
Trusts as a Legal Tool
One of the most common ways that our clients at Yee Law Group, PC protect their assets is by utilizing trust options. Contrary to what many people may think, trusts are not just for the wealthy, i.e. “trust fund baby.”
A trust is a fiduciary arrangement where the person who sets up the trust (referred to as the grantor) places his or her assets. The grantor will name a beneficiary to the trust who will obtain ownership of the contents of the trust under the conditions set forth by the grantor. The grantor will also name a trustee for the for trust. This is the person who will oversee distribution of the assets to the beneficiary or beneficiaries. Instead of the grantor owning the assets placed in the trust, ownership is transferred to the trust itself.
Trusts fall into two different categories – revocable and irrevocable. A good trust attorney serving Roseville, CA will help you to decide which is best for you! A revocable trust is also referred to as a living trust. With this type of trust, the grantor has much more flexibility and can maintain complete control over the trust if they wish. For example, the grantor can name themselves as trustee, change the trust, or revoke the trust any time they wish. However, because the grantor maintains ownership with a revocable trust, there are usually estate tax consequences.
Irrevocable trusts are just what their name implies – they cannot be dissolved once they are set up. The grantor has no control over the contents and cannot alter the terms of the trust once it is in place. One popular reason why clients choose this category of trust is the potential positive effect on tax obligations. Because they are no longer considered owner of the assets contained in the trust, they are not responsible to pay any taxes on additional income the trust may generate, such as interest. An irrevocable trust also can help protect against any lawsuits that may be filed against the grantor of the trust, as well as help them qualify for government assistance, such as Medicare for nursing home and medical costs.
There are different types of both revocable and irrevocable trusts and an asset protection and trust attorney Roseville, CA residents can count on will help you determine which type works best for your particular financial and family situation. Contact Yee Law Group, PC today to protect your financial future!