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The Benefits of a Living Trust. Most people think that preparing a last will and testament is enough preparation in the event of death. There are, however, other ways to plan for this and other eventualities. Setting up a living trust is one of these ways.

What is a living trust? It is simply the act of putting your properties in a trust that is revocable by the trust grantor. It helps you plan for the possibility of disability or incapacity, as well as the inevitability of death. It also lets you avoid the lengthy and expensive process of probate.

The main concern when it comes to probate is expense, especially in places like Valencia, California, where probate expenses can range from 4-8% of the gross value of one’s assets. Having a living trust can help you avoid these costs. Of course, setting up a trust can be costly as well. One would have to consult with a good living trust lawyer before setting up the trust, which means that he could rack up attorney’s fees. The cost of setting up a trust is, however, negligible as compared to the cost of going through probate court.

Time is also a major factor that makes living trust more attractive than probate. A probate normally takes at least six months whereas facilitating the distribution of properties held in a living trust only takes the trustee a few weeks to complete.

Perhaps most important for some individuals is the privacy that a living trust guarantees. Probate court records, much like any court document, is open to the public while living trust records are held privately. A living trust is outside the control of probate court and the trustee is not required to report to the court in the process of distributing the grantor’s assets.

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

When your personal assets or personal independence is at stake, it is pretty obvious that you need legal Tax help from a reputable and proficient California Tax Attorney. Even though, it is a bit discouraging to know the fact that you can end up spending hundreds of thousands of dollars in asking legal tax assistance from a California tax lawyer, it is actually a real wise investment that can tremendously save you time, money and effort. Also, it can help you keep your properties from these fraudulent individuals and/or prevent criminal sanctions.

Therefore, in instances where you are being bothered by a certain tax problem that you cannot resolve by yourself, it will certainly never take less of you as a person to consult a California legal tax expert. Remember that it’s always better to look for a tax lawyer sooner than later. After all, these tax lawyers also need time to prepare before tax deadlines sneak up. After finding one, you’ll soon realize that it’s a lot easier to take a rest after talking to an experienced California tax attorney.

Businesses can avail the tax services of these tax lawyers for legal advice in almost all kinds of situations. So, if you aren’t sure of what your legal tax rights are, now can be the best time for you to obtain a tax attorney to evaluate your situation. Because even if you can get through a legal tax problem without the aid of a legal tax specialist, you must always keep in mind that it’s still better to find someone who can represent your interests in your search for the truth and justice.

We suggest you contact the California Tax Attorney, Daniel Mortensen for your tax needs.

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

LIVING TRUSTS IN VALENCIA, CALIFORNIA

1. Probate Is Expensive. In general, attorneys love probates because we are entitled to charge large fees on a probate. However, what is good for attorneys is not what is best for your heirs. In California, statutory probate fees range from 4-8% of the gross value of your estate. Court costs and appraisal fees are added to that. A properly created and maintained California living trust avoids probate. When you are gone, your successor trustee simply pays your last bills, reads your trust to see who gets your property, and then distributes the property. This all occurs without reporting to the probate court.

2. Probate Means Delay. A probate takes a minimum of six months (usually over a year) to get your assets to your heirs. We feel this delay is actually worse than the expense of a probate because of the potential hardship and emotional drain. On the other hand, the bulk of the property in a living trust is generally distributed in a few short weeks.

3. Probate Invades Your Privacy. A probate is open to the public. In a probate, anyone can go to the court clerk’s office and find out a surprising amount of information about the deceased and his or her family. A living trust, on the other hand, avoids such an invasion of privacy. No probate is needed if the living trust is set up and maintained properly. With a living trust, only your heirs and your attorney will know the details of your affairs.

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

A living trust is a legal document that replaces what you think of as your will. The living trust makes sure your assets go to the people you choose. It also avoids probate upon death or a conservatorship proceeding if you become incapacitated. Moreover, it allows couples to eliminate or reduce taxes. In addition, setting up a trust gives you a complete picture of your assets and compels you to get your “financial house in order” to transfer the assets into the trust. WHAT IS A LIVING TRUST?

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax