Living Trusts

Living Trust Administration

living trustIn legal terms, a Living Trust is an arrangement that allows a third party, known as a trustee, to take over the assets of a beneficiary before the time of their death. When an estate is transferred through a trust, it can help to minimize taxes and avoid probate.

The Ficara Law Office continues to be one of the leading options for preparation of Living Trusts and trust administration. Ignazio Ficara has over 30 years of experience dealing with a wide variety of unique trust scenarios. Understanding that every grantor has a different reason for establishing a trust, Ignazio Ficara approaches each new client with compassion, interest, and professionalism.

The Ficara Law Office will help make the process of creating your Living Trust easy and stress-free by providing the following:

  • Expert legal advice
  • Help with transferring assets
  • Processing all legal documentation

Understanding Living Trusts

As you get older you begin to think about what will happen to your family and loved ones once you are gone. When large financial wealth needs to be considered it may be more appropriate to delegate some of your assets before the time of your passing. A Living Trust allows you to do this legally without additional documentation.

A Living Trust establishes how a trustee will administer your estate. It also helps to dictate how the financial assets are transferred. There are three main benefits to creating a Living Trust.

1. Maintaining Control

With a Living Trust you are able to specify the terms of your trust and control how your estate is distributed among your heirs. It also allows you to create a revocable trust so that your assets are still accessible to you for the remainder of your lifetime while also pre-determining whom they will go to at the time of your passing. It allows you to dictate how your assets are distributed, specifically to your loved ones. Having a Living Trust can be extremely beneficial in complex family situations such as divorce, multiple children, or when you wish for your benefactor to be of non-blood relation.

2. Protection

Having a legally binding Living Trust will help to protect your estate from creditors or beneficiaries whom you may not trust. It helps to guarantee that you are protected financially until the time of your death and that your final wishes are honored upon your passing.

3. Privacy and Avoidance of Probate

In many cases Probate must be publicly disclosed. A Living Trust allows you to transfer your assets to your beneficiaries without probate, thereby keeping your financial records private. Because personal privacy is so important to so many people, having the option to establish a Living Trust is a good way to guarantee that you will not have to publicly share any information that you are uncomfortable with. Additionally, a Living Trust can also reduce the amount of legal fees and taxes paid in the process of transferring your estate.

Who Can Help You Establish a Trust

It is never too early to begin considering the future. Because nobody has the gift of foresight, having a Living Trust in place can provide great peace of mind. Finding a lawyer whom you can rely on to help establish your trust can be difficult. Many people worry that the process will be overly complex or that the legal firm whom you hire will not be able to provide you with the assistance that you require.

The Ficara Law Office understands the complex feelings that people may have when establishing a Living Trust. They cater to their clients by providing expert legal advice during the process to help relieve some of the stress. What sets the Ficara Law Office apart is the attention to detail and consideration that they pay to each unique case. They take the time to deliver one-on-one explanatory service so that everyone feels comfortable and well advised.

One of the top concerns that people have when seeking out legal assistance is whether or not they can find a lawyer whom they can trust. The Ficara Law Office understands this concern and will go above and beyond to provide discrete professional legal assistance when needed. Because the legal process regarding Living Trusts can be complicated and difficult to understand, Ignazio Ficara will take the time to help his clients better understand the process so that all parties are satisfied. When a problem does arise, he will professionally handle the legal proceedings without hesitation.

Enjoy Peace of Mind, With a Living Trust

Having a Living Trust established can be extremely helpful in guaranteeing that your family is properly cared for throughout their lifetime. There are also several tax and probate benefits to creating a Living Trust. A Living Trust ensures that your true wishes are honored so that you can continue to enjoy the finer things in life. It also provides the peace of mind that your wishes will be fulfilled regardless of whether or not you are able to personally manage your finances and properties.

A Living Trust is not necessarily useful for all people and can often cause great misunderstanding to those who fail to investigate the matter properly. The Ficara Law Office will not set up a Trust that you do not need.

Are All Trusts the Same?

No, not all Trusts are the same. There are various types of Trusts. Below is a list of some of the Trusts we create for our clients:

  • Charitable Trusts: These trusts give property to a charity in order to avoid taxes. We can create contingent trusts that give property to a charity only if you are facing estate taxes.
  • Revocable Trusts: A trust that the creator can alter or cancel during his or her lifetime. Only after death does the title to property transfer to the beneficiaries.
  • Insurance Trusts: An Irrevocable Life Insurance Trust is a trust that provides money to your beneficiaries at the time of your death.
  • Marital Trusts: This trust attempts to avoid estate taxes by transferring title of your property to your spouse.
  • Special Needs Trusts: This trust is important when you have minor children or disabled family members.

Ignazio Ficara will strive to make sure that you set up the correct type of Trust for your specific situation.

If you would like to learn more about establishing a Living Trust or have questions regarding administering a Trust, call (760) 365-7000 to make an appointment with the Ficara Law Office.

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