“I interviewed a couple of law firms and feel grateful and blessed for Financial Relief Law Center. Victor Ugarte is beyond amazing. Compassionate, empathetic, and very knowledgeable.”- Debora S.
Client Focused Trust Attorneys in Orange County
A revocable living trust is a trust that is managed by the grantor for the benefit of the grantor during his or her lifetime. The property transferred to the trust avoids the individual's probate estate but is included in the individual's gross estate.
A grantor, or the creator of the revocable living trust, retains the right to revoke their trust at any time prior to his or her incapacity or death. The grantor is usually the trustee during his or her lifetime and there is a trustee designated upon a triggering event, such as death or incapacity, to manage the trust and distribute the property pursuant to the grantor's wishes.
The Benefits of a Revocable Living Trust
Revocable living trusts are commonly used to avoid probate and to provide for management of the grantor's assets should he or she become incapacitated. Any income that the property of the trust generates during the grantor's lifetime is taxed to the grantor, just as it would otherwise be. There are no gift tax consequences because the grantor can take the property back.
As mentioned, one of the primary benefits of the revocable living trust is to avoid probate, but other benefits include the great deal of privacy that a revocable living trust can provide. Finally, it should be noted that a revocable living trust is not effective for reducing estate taxes. For most people, this will be inconsequential as estate tax only applies to estates worth more than $5,340,000.
Contact Us for Legal Help
Our trust lawyers at Financial Relief Law Center, APC can provide you with the information and legal advice you need before drafting your revocable living trust. We are thorough and comprehensive, while prioritizing your needs and wishes. All of our attorneys and support staff are friendly, accessible, and available; we will walk you through the process, answer your questions and concerns, and draft estate planning documents that can best protect the assets and property you have worked so hard for.
25+ Years of Combined Legal Experience
Our team of attorneys has extensive knowledge of bankruptcy and estate planning law, with over two decades of combined experience between them.
Solutions Fit for Your Unique Case
No two individuals, or their cases, are ever identical. We seek to provide viable solutions that your unique case deserves.
Constant Client Communication
You won't be out of the loop! We make sure all of our clients are up-to-date with the status of their case.
Why pay to have a conversation? Our phone, video and in-person consultations are 100% complimentary.
About Our Firm
Financial Relief Law Center is prepared to assist you with bankruptcy, foreclosure, and more.
Meet the Team
Learn more about our results-oriented team that is committed to helping you with your legal issues.
Access more information about credit counseling and resources for bankruptcy and loan modifications.
Stay in the know about recent news and updates concerning our firm and our specialized legal areas.
We take you and your case seriously. Contact us today for a free initial consultation and we will get back to you shortly!We Serve Most Counties throughout California!