In California, a revocable living trust is one of the most effective tools for estate planning. It allows individuals to maintain control over their assets during life while ensuring that those assets are distributed efficiently upon death. Unlike a will, a living trust avoids probate, providing families with both financial and emotional relief during an…
An Irrevocable Life Insurance Trust (ILIT) is a specialized estate planning tool recognized under California law that allows individuals to remove life insurance proceeds from their taxable estate. By transferring ownership of a life insurance policy into the trust, the death benefit is no longer considered part of the grantor’s estate, helping reduce potential estate…
In California, a living trust is one of the most effective estate planning tools to avoid probate and streamline the transfer of assets. However, not every type of property should—or even can—be placed into a living trust. Placing the wrong assets in a trust can create legal complications, unnecessary costs, or unintended tax consequences. Understanding…
In California, a revocable living trust is a popular estate planning tool because it allows the grantor to maintain control of their assets during life while ensuring a smoother transfer at death. Upon the death of the grantor, the trust automatically becomes irrevocable, meaning no further changes can be made to its terms. This shift…
Who owns the property in a trust? In California, when property is transferred into a trust, the legal ownership of that property shifts from the individual to the trust itself. The trust is a separate legal entity, and the trustee is responsible for holding title and managing the property according to the terms of the…
In California, a testamentary trust is a type of trust that is created through a person’s will and only takes effect after their death. Unlike a living trust, which is established and funded during the grantor’s lifetime, a testamentary trust comes into existence when the will is probated. Its primary purpose is to manage and…