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Thursday, October 22, 2009

Living Trusts Lawyers Southern California

What is a living trust? This is simply creating a system to hold ownership to an individual's assets during his/her lifetime, and distribute the same after the individual�s death. You may contact living trusts lawyers southern California to prepare a draft of living trust and administer. The experienced living trusts lawyers southern California explains how you can reduce your tax burden due to the living trust.

The person creating a living trust may be called the grantor. Generally, the person who creates a trust nominates himself/herself as the trustee for the living trust created and controls the assets even though they belong to the trust. He/she may also nominate a person as trustee on the death of grantor.

Living trust is called so as it is created when the grantor is alive and takes effect during the grantor�s lifetime. The living trusts lawyers southern California explain the difference between the living trust and will. The will comes into effect after the individual�s death.

Creating a living trust will not help anyone. Once the living trusts lawyers southern California complete the process of living trust, the grantor must transfer the assets like bank accounts, stocks, real estate etc. The living trusts lawyers southern California can help you what you may transfer to the trust and how to get the maximized tax benefits.

One of the big advantages of living trust over the will is avoiding probate. Hence the living trusts lawyers southern California advise people with reasonably big assets to go for a living trust.

The living trusts lawyers southern California explain that the living trusts are private documents with legal validity and are not subject to public scrutiny, where as a will becomes a public record during probate process.

The experienced living trusts lawyers southern California help you execute a living trust which can be a valuable estate and tax planning device. As the grantor is the owner of the living trust, all the income and expenditure of trust must be reported clearly to the income tax. Be informed that a trust can be contested in a special proceeding. Hence being in touch with living trusts lawyers southern California helps is managing the living trusts effectively.

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