Silicon Valley Elder Law, P.C.
Coupling Experience With Personalized Attention To Help You Meet Your Life Planning Goals. Contact Us And An Attorney Will Call You Back.

Creating Trusts To Protect What Is Important

Many people believe trusts are only for individuals with large estates and vast wealth. However, a trust may be beneficial for anyone in certain situations, regardless of the size of the estate. They are an effective way of protecting your assets for your beneficiaries and loved ones in the future. It also avoids the probate process and reduces the tax burden on the estate.

At the San Jose office of Silicon Valley Elder Law, P.C., we have extensive knowledge of all estate planning matters, including the use of trusts as part of a comprehensive estate plan. With 20 years of estate planning experience, trust attorney Naomi S. Comfort offers clients straightforward advice regarding trusts and wills. She sits down with each client to listen to their needs and goals, and can then detail the benefits (such as avoiding probate) and drawbacks of trusts to determine if a trust is appropriate for them.

Types Of Trusts We Often Create

Our firm confidently handles the creation and helps structure the funding of trusts, such as:

  • Revocable trusts: These can be changed or dissolved and can be subject to estate taxes.
  • Irrevocable trusts: The stipulations for these are set in stone, but the assets are also better protected.
  • Life insurance trusts: These are irrevocable trusts where the owner is also the policy's beneficiary.
  • Charitable trusts: These designate support to a charity and can provide many tax benefits.
  • Credit shelter trusts: These are living or revocable trusts for married couples to take advantage of state and federal tax exemptions.
  • Special needs trusts: These are designed to provide financial support to those who may also receive governmental or disability benefits.

Regardless of the type of trust that you choose, our firm can help you understand how they may all work toward accomplishing your goals, protecting your assets and preserving your legacy for future generations.

Is A Living Trust Right For You?

Many clients are exploring the possibility of a revocable trust, also known as a living trust. This popular type of trust is a document that can take the place, in part, of a will. Assets are placed into the trust during your lifetime, and administered while you are still alive. Changes can be made, including designating new beneficiaries or modifying stipulations. The balance of the trust is transferred to your beneficiaries upon your death without going through probate, but it still will be taxed. Often a revocable trust becomes an irrevocable trust once the maker of the trust dies.

Contact Us To See If A Trust Makes Sense For You

Call our office in downtown San Jose at 408-883-3244 or fill out our intake form to schedule a consultation with experienced California wills and trusts lawyer Naomi S. Comfort.

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