A trust attorney can provide invaluable help if you want to use trusts to achieve your asset protection goals or if you want to use [Read more…] The post Do You Need a Trust Attorney to Make a Trust? appeared first on Mark S. Eghrari & Associates PLLC.
Probate lawyers provide invaluable assistance to executors who are put in charge of overseeing the probate process. An executor of an estate is named in [Read more…] The post 5 Ways Probate Lawyers Help Executors appeared first on Mark S. Eghrari & Associates PLLC.
You have certainly heard of the legal device called a last will or last will and testament, and it is likely that you are also aware of the existence of trusts. Many people assume that all trusts are created equally, but in reality, different trusts serve very different purposes. Let s look at some of the details. Revocable Living Trusts A revocable living trust is a type of trust that can be useful if you want to facilitate timely asset transfers to your loved ones. The transfers would not be subject to probate, which is a time-consuming and often expensive process. If you use a will, probate would enter the picture, and your heirs would have to wait out the process of probate before they could receive their inheritances. This type of trust would not provide tax efficiency. If assets in the trust earn income, you would be required to claim the income when you file your tax return. Plus, assets in a revocable living trust would be looked upon as part of your taxable estate for estate