ESTATE PLANNING

Trusts are legal instruments that safeguard assets for beneficiaries. They consist of three key components: the Grantor, Trustee, and Beneficiary. As the creator, the Grantor entrusts assets to the Trustee to manage for the benefit of the Beneficiary. In most cases, the Grantor is also the Trustee and Beneficiary while alive and capable. Once they are no longer able or pass away, the successor Trustee follows the instructions provided by the Grantor and carries out their wishes. The Trustee is held to a higher standard of care as a fiduciary. Each trust is unique and can be tailored to meet specific needs and circumstances. They are often a central component of a comprehensive estate plan. At Taylor Solano & Associates, our experienced estate planning attorneys will take the time to understand you, your family, and your goals to determine if a Trust is appropriate for you. If so, we will guide you through the process of creating a Trust that fits your needs.

Trusts are strong, flexible instruments that can be basic or extremely complex. When properly designed, a trust can avoid court involvement and be a completely private family document.

All trusts fall into one of two categories: revocable or irrevocable. A Revocable Trust, also known as a Living Trust, allows the Grantor to make changes or revoke it at any time while they have the capacity and before their death. An Irrevocable Trust, on the other hand, cannot be altered once created. A Revocable Trust becomes irrevocable upon the Grantor's death. The majority of our clients choose to create Revocable Trusts.

WILLS

While we do occassional draft wills, we do not recommend them to our clients. Wills do does not protect you from going through the court-administered Probate process for assets controlled by your Will. However, not all of your assets may be controlled by your Will, and this often results in unintended beneficiaries being left out, leading to disputes among grieving family members.

Direct distributions may be a better option for some beneficiaries, as lump sum distributions can create more chaos than intended. For example, you may want to distribute assets over several years to a young adult who isn't yet ready to manage the money, or to a loved one with a disability, or a child.

A basic Will does not offer Estate Tax Protection or Tax Efficiency, as Estate Taxes and Capital Gains Taxes can be expensive. Without proper planning, your spouse or loved ones may not be able to avoid these taxes.

Wills are also less flexible and need to be reviewed (and possibly redone) more often. Additionally, they only control property in the state you reside in. If you own property in multiple states, a Will may not be the best option for you.

PROBLEM SOLVERS

At Taylor Solano & Associates we view each case as unique demanding unique solutions. We explore each and every avenue to provide you with solutions which will benefit you and your case. CALL TODAY 888-842-9422