Trusts -Advanced Planning
Protect Your Loved Ones with an Estate Plan
Creating the right estate plan can seem daunting since there is a wide range of Trusts available. That’s why you need an estate planning attorney who knows the laws and will design a plan that addresses your specific situation.
At Bay Area Estate Attorneys, we will address your concerns and provide recommendations with proven strategies. Together we will design a plan that incorporates the best documents for your family.
Trusts for Married Couples:
- Asset protection for the surviving spouse
- Reduce or eliminate estate tax
- Qualify for the unlimited marital deduction
- Provide income to the surviving spouse in second marriage situations or significant separate property
- Protect your children or beneficiaries from having their inheritance reduced or eliminated after your death
- Reduce estate taxes for a non-citizen surviving spouse
Irrevocable Trusts – Asset Protection:
- Eliminate State income tax
- Protection from creditors, bankruptcy, and lawsuits
- Dynasty planning to avoid future estate taxes and restrictions on distributions
- Retain real estate and businesses for many generations
Charitable Remainder Trust
A charitable remainder trust is an irrevocable trust which provides a stream of income to you for a period of years or a lifetime and then gives the remainder to the charity of your choice with significant tax savings once the period of years or death has occurred.
Since the Secure Act took effect in January 2020, which eliminated stretch retirement accounts for children, The Charitable Remainder Trust is a great replacement option.
Benefits of a Charitable Remainder Trust
- Convert an appreciated asset into lifetime income
- Reduce your current income taxes with charitable income tax deductions
- Pay no capital gains tax when the asset is sold
- Reduce or eliminate your beneficiaries’ estate taxes
- Gain protection from creditors for gifted assets
- Receive more income over your lifetime than if you had sold the asset yourself
Special Needs Trust
Federal laws allow special needs beneficiaries to receive certain types of benefits from a carefully crafted trust without defeating eligibility for government benefits. So Special Needs Trust enables you to provide money or property for the benefit of someone with special needs without disqualifying them from receiving governmental benefits. There are many more planning techniques depending on your estate that we will address with you in person.
