Trust Lawyer in Elk Grove

Helping to Protect Your Assets With Estate Planning

Losing a loved one is always a challenging situation, but when you have to deal with the death of a family member who was also your breadwinner, the challenge can be overwhelming. If you are struggling to manage life after their death, you may also struggle to find the energy to deal with your family’s estate, as well. If you have a trust, we can assist you in administering it. If you do not already have a trust, consider creating one as part of your estate plan.

Trusts are legal agreements that allow someone to manage your assets if you cannot do so yourself. A trust can provide much-needed financial stability for families dealing with the loss of a loved one and can help ensure that your loved ones are taken care of even after you are gone.

If you are considering setting up a trust, you must work with an experienced Elk Grove trusts attorney who can help you create a plan that meets your specific needs. At Cava and Faulkner, we understand the challenges families face when dealing with the death of a loved one, and we are here to help. Contact us today to learn more about our trusts services. Handling the technical details during a time of loss can be a challenge. We are here to help.

We want to help you through the legal process and take as much of the burden off your hands as possible when it comes to locating assets, paying bills, and ensuring your loved one’s assets reach the right people without court or conflict.

Suppose your loved one created a trust before their passing, and all their assets are in trust or named the trust appropriately as the beneficiary. In that case, the good news is that we can begin the estate administration process entirely outside of probate court.

Whether you need help setting up or administering a trust, the experienced Elk Grove trust lawyers at Cava and Faulkner can assist you. Contact us today to schedule a free consultation.

How Can a Trust Attorney Help?

Thank you for being here. We know you have many options when it comes to choosing the right trust attorney. We are here to support you in any time of burden or loss.

Suppose your loved one passes away and has a trust. In that case, we will work closely with the deceased’s family members, beneficiaries, and trusted advisors to ensure the trust assets are inventoried, debts are paid, and the assets are distributed to the named beneficiaries.

Depending on the type of trust involved, the assets may be distributed outright to the named beneficiaries or held in trust for their future benefit.

It is essential to work with an experienced trust attorney when creating or administering a trust. A trust attorney can help you create a plan that meets your specific needs and ensure that your assets are taken care of after you are gone.

An experienced trust attorney can also help you administer a trust if you cannot do so yourself. They can help locate assets, pay bills, and distribute them to the correct beneficiaries.

If you have a trust, it is crucial to work with a trust lawyer who understands the intricacies of trusts and can help you manage them effectively.

How Does Trust Administration Work?

Every trust has a “trustee.” The trustee’s job is to ensure that trust assets are handled correctly and that the trust terms comply with state law.

Serving as a trustee entails a considerable level of responsibility and liability. We have seen many instances where the trustee will have limited background or experience in carrying out the legal and financial duties of administering a trust.

If a trustee lacks experience, the most careful course of action is to hire an attorney to help with trust administration. The trustee can feel comfortable knowing the trust is being administered correctly, all legal requirements are being satisfied, and the trustee is minimizing or eliminating any personal liability related to their role to the greatest extent possible.

During trust administration, we will evaluate the title and beneficiary designations of the deceased’s assets to identify which assets fall under trust administration and which may need to be probated. We will also coordinate appraisals of significant assets to get a clear picture of the deceased’s net worth for estate tax purposes.

The successor trustee of any trust has a fiduciary responsibility to act in the best interest of the trust beneficiaries, which means that the trustee must manage trust assets carefully and prudently. The trustee must also keep accurate records of all trust transactions and maintain clear communication with the beneficiaries throughout the administration process.

We understand this is a challenging time for you, and we are here to help in any way we can. Contact our Elk Grove estate planning lawyers today to schedule a consultation with one of our experienced California trust attorneys. Our law firm will help you through this process every step of the way.

What Types of Trusts Can I Create in California?

There are many types of trusts, each with its purpose and requirements. Trusts can be used for a variety of purposes, including:

• To protect your assets from creditors or lawsuits
• To provide for your family after your death
• To minimize estate taxes
• To manage your assets if you become incapacitated
• To provide for a loved one with special needs

Each type of trust has different rules and requirements. It is crucial to work with experienced California Estate Planning Lawyers to ensure that your trust is created correctly and that it meets your specific needs.

There are many different types of trusts, but some of the most common include:

• Revocable Trusts: A revocable trust, also known as a living trust, can be created during your lifetime. You can name yourself the trustee, and you can revoke or change the terms of the trust at any time. Revocable trusts are often used to avoid probate, but they can also be used for estate planning purposes
• Irrevocable Trusts: An irrevocable trust is a trust that cannot be changed or revoked after it has been created. Irrevocable trusts are often used for estate planning and asset protection purposes
• Testamentary Trusts: A testamentary trust is created after your death. It is often used to reduce estate taxes and provide for beneficiaries who are minors or have special needs
• Special Needs Trusts: A special needs trust is created to provide for a special-needs beneficiary. It can protect government benefits and meet the beneficiary’s unique needs
• AB trusts: AB trusts, also known as marital trusts, are created for the benefit of a married couple. AB trusts can minimize estate taxes and provide for the surviving spouse after the other spouse’s death. Any trust document can be an essential part of your estate plan

Contact us today to schedule a consultation with one of our experienced California trust attorneys. We will help you determine which type of trust is right for you and assist you in creating one that meets your specific needs.

Can Creating a Trust Protect My Assets From Being Seized By a Nursing Home?

As individuals age, they often fear their assets will be seized if they have to go to a nursing home. However, individuals can use various estate planning tools to protect their assets should they need long-term care. One of the most common concerns for older adults is that their homes will be seized to pay for their medical care.

One way to protect your hard-earned assets is to create an irrevocable trust. A Medicaid Asset Protect Trust (MAPT) allows you to place your assets in a trust and live in your home. Once the assets are placed in the irrevocable trust, they are no longer considered your property. Instead, the assets become the trust’s property and are not counted against you when applying for Medicaid benefits.

However, anyone considering creating a MAPT must consult a knowledgeable trust attorney. Medicaid has strict eligibility guidelines and a five-year lookback period. The government can review your financial history to determine if you have countable assets that could affect your eligibility.

A skilled lawyer can also provide information on structuring assets so that you can live in your home for as long as you wish and still provide for your beneficiaries after your death.

The best way to ensure that your assets will be protected should you need to go to a nursing home. Contact Cava & Faulkner today so we can provide the legal assistance you need to make informed decisions.

What are the Trustee’s Responsibilities?

Trustees are typically responsible for all of the following:

• Identification, collection, and determination of values of assets
• Payment of all debts, expenses, and taxes from estate and trust assets, with submission of regular accountings
• Advice as to the disposition of jointly held assets, life insurance, and retirement benefits that pass outside a will or trust
• Preparation of state and federal gift, generation-skipping transfer, and gift tax returns
• Notifying all heirs and beneficiaries of the trust or estate
• Communicating with beneficiaries

Trust disputes may arise during the administrative aspects of settling an estate. These disputes can lead to serious complications and delay beneficiaries from receiving their rightful assets. They often arise during the trust administration process when there is a disagreement about the trust’s assets, beneficiaries listed as part of the trust, and other related matters. Trust litigation may be likely if these matters are not settled quickly.

As your Elk Grove trust attorney, we can work to allocate trust funds and trust property accordingly, as well as settle any outstanding debts, estate taxes, and more to ensure no disputes arise.

What Happens When Trust Administration is Complete?

Once the trust assets are ready for distribution, the trustee will refer to the trust terms to determine how assets will be distributed to the named beneficiaries or held for the benefit of the named beneficiaries.

Sometimes, the trust terms dictate that assets may be distributed outright to the named beneficiaries, and other times, they dictate that the assets should be held in trust for their benefit.

It is very common, for example, for trust assets to continue to be held in trust for named beneficiaries if the beneficiaries are minors or young adults, have special needs, or might have creditor issues that would unnecessarily expose their trust inheritance to risk.

The trustee will prepare and sign the appropriate conveyance documents if the trust assets are distributed outright to named beneficiaries. However, this part of the process can be complicated and time-consuming.

The trustee will likely want some assurance that upon transferring trust assets to the named beneficiaries, the trustee does not remain open to future claims of wrongdoing or omission. That being the case, guidance from an estate planning attorney is invaluable to help you cover gaps you may not even realize if you are navigating trust administration alone. It is also common for a trustee to resign after completing trust administration.

The successor trustee will then take over and be responsible for any further actions required under the terms of the trust, such as periodic reports to named beneficiaries or ongoing management of assets held in trust for named beneficiaries. Managing a trust can be daunting, especially if you are named a trustee for the first time. Let us help ease your burden by providing guidance and support throughout the trust administration process. We can also help ensure that all assets are properly distributed and that your responsibilities as trustee are fulfilled.

How Can I Avoid Trust Administration Disputes?

There are several things that you can do to try and avoid trust administration disputes, including:

• Communicate with your beneficiaries early and often. Ensure they know their inheritance and what is expected of them. Communicating regularly with beneficiaries can help avoid any surprises or misunderstandings down the road
• Be as straightforward as possible in your trust documents. The more specific you are, the less room there is for interpretation and dispute
• Choose a trustee who will be level-headed and able to make decisions objectively. Avoid family drama by choosing a neutral third party, such as a professional fiduciary
• Conduct yourself professionally and transparently. Be sure to keep good records and communicate regularly with your beneficiaries

If disputes arise, try resolving them quickly and efficiently. Trust administration disputes can often be resolved through mediation or alternative dispute resolution methods. If not, then you may need to seek court intervention.

No matter what, it is vital to have an experienced trust administration attorney by your side throughout the process to protect your interests and help guide you through any challenges that may arise.

Why Should I Choose Your Elk Grove Trust Lawyers for My Estate Planning Needs?

Regardless of your legal needs, Cava & Faulkner is a law firm with vast experience helping individuals create, manage, or distribute trusts. If you are considering the benefits of creating a trust, a qualified legal team member will gladly help you determine what is right to achieve your objective. 

Additionally, we are here to help you in your role as trustee so that you can have peace of mind that you are performing your trustee duties as the law requires and are not exposed to undue risk or liability. We can also help you administer the trust quickly and smoothly.

Most importantly, we will help you communicate with the trust beneficiaries in a way that makes them feel an integral part of the process, not simply a bystander or a “nuisance.” You would be surprised how many litigious situations arise simply from failing to communicate with beneficiaries. That will not happen when we guide you in your trustee duties. 

Call our Elk Grove, CA, law office today at (916) 831-7565 to schedule a free consultation with an experienced estate planning attorney.