Understanding What A Trust Can Do
Trusts are created to help those with real property and other assets create a means for managing and sustaining their assets for the benefit of the trust’s named beneficiaries. There are certain tax benefits available to those who create trusts. Many people create trusts to safeguard their named beneficiaries from wasting assets within the trust.
As an experienced estate and trust administration litigator, Russell has seen the drawn-out battles beneficiaries contend with when a trust is ambiguous. He provides thorough counsel and close analysis for his clients who are interested in safeguarding their legacy by creating a trust.
What Type Of Trust Will Benefit My Family Most?
The type of trust you create will depend primarily on your specific goals and how you wish to manage your assets. There many different types of trusts, each with specific benefits, for example:
- Revocable
- Irrevocable
- Charitable
- Special needs
Revocable trusts are subject to amendments or revocation as necessary by the grantor throughout the grantor’s lifetime. The grantor is the person who creates the trust, also known as the “trustor” or “settlor” of the trust. An irrevocable trust, on the other hand, is difficult to amend but is possible through permission from the named beneficiaries. Special needs trusts will be instrumental in assisting a disabled family member who may be at risk of losing essential public benefits but may need extra care. You may benefit your favorite charitable organization by creating a charitable trust.
Call Today For More Information
Trusts are complex legal instruments. If not created with meticulous attention to detail, you could be dealing with serious disputes in the future. This is why working with an experienced and knowledgeable trust attorney is a wise decision. At the Law Offices of Russell M. Ozawa, Russell offers trusted counsel, advice and legal services for helping clients develop a sound legacy. He has built lifelong relationships with his clients and truly values the needs of each person he interacts with. To schedule a free initial consultation, call the Law Offices of Russell M. Ozawa at 424-396-2178 in Pasadena. You can also fill out his contact form online.