Articles Posted in Orange County Estate Planning Attorney

In the heart of Orange County, California, there lived two married couples: Tom and Mary, and Jack and Susan. Both couples had successful careers, beautiful homes, and children they adored. They spent their weekends at the beach, enjoying the sun, and attending their children’s soccer games. Like many in their community, they knew estate planning…

A dynasty trust is a type of trust that is created to pass wealth from generation to generation while avoiding taxes—forever—or at least as close to forever as possible.  Some states are more liberal than others when it comes to dynasty trust.  In California, a dynasty trust can exist for 90 years.  In other states…

If you wait to long to establish an estate plan, upon your passing your heirs may be subject to the delay and expense of probate court.  We encourage our clients to plan early because it can be too late to establish an estate plan.  In California, in order to make a will or trust you…

To create a will in California you must: Be An individual at least 18 years of age or older. Be of sound mind, which means that you: Comprehend what it means to make a will. Know the nature and extent of the property you own. Can recall who your relatives are. Are in good mental…

A charitable remainder trust or (CRT) is a type of irrevocable trust that allows the person who creates it (called the “Grantor”) to receive income from the trust and even split the income with other beneficiaries for a period of time.  After the period expires, the assets that remain in the trust are gifted to…

A Spousal Lifetime Access Trust or “SLAT” is a special type of irrevocable trust.  A SLAT is created by one spouse for the benefit of the other.  The spouse who creates the SLAT is referred to as the grantor and the spouse who receives gifts from the SLAT is referred to as the beneficiary spouse. …

A QTIP trust or a qualified terminable interest in property trust is a type of irrevocable trust that allows the person who creates the trust (the Grantor) to provide for a surviving spouse during her life but also maintain control over the trust’s assets once the surviving spouse dies.  The QTIP may be set up…

An irrevocable trust is a type of trust that once created is not modifiable by the individual who created it (the “Grantor”).  In fact, this type of trust cannot be changed, amended, or terminated without the permission of the beneficiaries (the individuals or entities that receive, for example, money, property or other assets under the…

Did you know that it’s National Estate Planning Awareness Week?  In 2008, the U.S. Congress passed House Resolution 1499 designating the third week in October as National Estate Planning Awareness week.  According to Caring.com’s 2022 Wills Survey, over 66% of Americans believe that having an estate plan is important, but only 1 in 3 Americans…

The unlimited marital deduction is part of the United States Federal Estate and Gift Tax law.  The law allows married U.S. citizens to transfer an unlimited amount of property and money to their spouse at any time free of any taxation (both estate and gift taxes).  These spouse-to-spouse transfers are not taxed.  The largest transfers…