Trusts Attorney in Orange County, California

Trusts serve as a powerful tool in estate planning, allowing you to manage and protect your assets both during your lifetime and after your passing. By setting up a trust, you can provide for your loved ones, minimize tax burdens, and maintain control over your estate. 

As a trusted law firm in Southern California, we at The Farano Law Group APC are dedicated to helping our clients approach these legal processes with confidence and ease. Located in Orange County, we serve clients throughout Riverside County County and Los Angeles County, providing personalized legal services tailored to meet your needs. 

Understanding Trusts 

A trust is a legal arrangement in which one party, known as the trustee, holds and manages assets on behalf of another party, the beneficiary. There are various types of trusts, each serving different purposes depending on your estate planning goals.

For instance, revocable living trusts allow you to manage your assets during your lifetime and make changes as needed, while irrevocable trusts provide greater asset protection and tax benefits but cannot be altered once established. 

Trusts offer several benefits, including avoiding probate, managing estate taxes, and providing for minor children or family members with special needs.

In California, trusts can help streamline the transfer of assets, reduce legal fees, and maintain privacy by keeping your estate details out of public records. Whether you're looking to provide for a minor child, care for a family member with special needs, or support a charitable cause, a well-structured trust can help you achieve these objectives efficiently. 

Different Types of Trusts in California 

There are several types of trusts in California, each serving different purposes: 

• Revocable living trusts: These allow you to retain control of your assets and make changes as needed. They become irrevocable upon your death. 

• Irrevocable trusts: Once established, these cannot be changed or revoked, offering greater asset protection and tax benefits. 

• Special needs trusts: These types of trusts are designed to provide for a beneficiary with disabilities without affecting their eligibility for government benefits. 

• Charitable trusts: These enable you to support charitable causes while potentially receiving tax benefits. 

No matter what kind of trust best fits your and your family’s needs, at Farano Law Group, our attorney is well-versed in California’s estate planning procedures and will help you through every step of the process. 

Setting Up a Trust With The Farano Law Group 

Step 1: Initial Consultation 

The first step in setting up a trust with The Farano Law Group is to schedule an initial consultation. During this meeting, we will discuss your specific estate planning goals, the assets you wish to place in the trust, and any concerns or questions you may have.

This is an opportunity for us to understand your unique situation and provide tailored advice on the best type of trust to meet your needs. 

Step 2: Comprehensive Estate Review 

After our initial consultation, we conduct a thorough review of your estate. This includes evaluating your assets, liabilities, and current estate planning documents (if any). By understanding the full scope of your estate, we can make informed recommendations and ensure that the trust aligns with your overall estate plan. 

Step 3: Customizing the Trust Document 

With a clear understanding of your objectives, we proceed to draft the trust document. This legal document outlines the terms and conditions of the trust, including: 

• Trustee appointment: Naming the individual or institution responsible for managing the trust. 

• Beneficiaries: Identifying who will benefit from the trust and under what conditions. 

• Asset distribution: Specifying how and when the trust assets will be distributed to the beneficiaries. 

We work closely with you to confirm that every detail reflects your wishes and complies with California law. 

Step 4: Funding the Trust 

Once the trust document is finalized and signed, the next step is funding the trust. This involves transferring ownership of your assets into the trust. Assets that can be placed in a trust include real estate, bank accounts, investments, and personal property. We guide you through this process, making sure that all transfers are properly executed and documented. 

Step 5: Ongoing Support and Updates 

Estate planning is not a one-time event; it requires periodic reviews and updates to ensure it remains effective. Life changes such as marriage, divorce, the birth of a child, or significant financial changes may necessitate updates to your trust. At The Farano Law Group, we offer ongoing support to review and update your trust as needed, helping you maintain a robust and comprehensive estate plan. 

Why Choose The Farano Law Group? 

When it comes to setting up a trust, choosing the right legal counsel can make all the difference. At The Farano Law Group APC, we bring a wealth of experience and a deep understanding of estate planning laws in California. Our firm is committed to delivering comprehensive and compassionate legal support, meeting your estate planning needs with the utmost professionalism. 

We take the time to understand your individual circumstances and objectives, crafting tailored trust solutions that align with your goals. From the initial consultation to the finalization of your trust, we provide clear, detailed guidance every step of the way.

Our approach is rooted in transparency and integrity, helping you feel informed and confident in the decisions being made.

Frequently Asked Questions about Trusts 

How does a trust avoid probate? 

When assets are placed in a trust, they are no longer considered part of your personal estate. Thus, they do not go through probate, which is the legal process of validating a will. This can save time, reduce costs, and keep your financial affairs private. 

Can I change or revoke my trust? 

Yes, you can change or revoke your trust, but it depends on the type of trust you have set up. A revocable living trust allows you to modify or completely revoke the trust at any time during your lifetime. This flexibility makes revocable trusts a popular choice for many individuals, as it provides control and adaptability.

However, once you pass away, the trust becomes irrevocable, and its terms cannot be changed. 

On the other hand, an irrevocable trust cannot be altered or revoked once it is established, except under very limited circumstances and often requiring court approval. This type of trust is typically used for asset protection and tax planning, as it removes the assets from your taxable estate. 

How do trusts impact Medicaid eligibility in California? 

Trusts can significantly impact Medicaid eligibility, especially for long-term care benefits. In California, Medicaid is known as Medi-Cal. Irrevocable trusts can be beneficial in this context, as assets placed in such trusts are generally not counted towards Medi-Cal eligibility, provided certain conditions are met. This can help protect your assets from being spent down to qualify for Medi-Cal benefits. 

However, it's essential to plan well in advance since there is a "look-back" period (currently 30 months in California) during which transfers to trusts are examined. Improperly structuring a trust or transferring assets too late can result in penalties and affect your eligibility. 

What happens to my trust if I move out of California? 

If you move out of California, your trust can still be valid, but it may require some adjustments to comply with the laws of your new state. We recommend that you review and possibly update your trust documents when relocating.

Different states have varying laws regarding trusts, especially concerning taxes, administration, and validity. Consulting with an attorney who understands both California law and the laws of your new state can help your trust remain effective and your estate plan continue to meet your goals despite the move. 

Understanding these aspects of trusts can help you make informed decisions when planning your estate. If you have further questions or need assistance with your estate planning, The Farano Law Group is here to help.  

Orange County Trusts Attorney 

If you are considering setting up a trust or need assistance with your estate planning, our firm is ready to provide the support and guidance you need to create a comprehensive and effective estate plan. Take the first step toward protecting your legacy—reach out to The Farano Law Group today for a consultation. Let us help you secure your family's future with confidence and care.