Living Trusts

Trusts come in many shapes and forms. The most common trust used is called a Revocable Living Trust.  A Living Trust can be easily changed over the years as circumstances change, such as the birth of a grandchild, or the reformation of a free spirited or troubled child.

Many people believe trusts are only for the wealthy.  In Jim Perry’s experience, this is not true, especially in California where the cost of a simple probate can run into the tens of thousands of dollars and eat up years of time before the inheritance is distributed.

A Living Trust can:

• Avoid probate, lower estate administration fees, and speed the transfer of your assets to your beneficiaries
• Protect your beneficiaries, especially when they are young, or if they are disabled or otherwise unable to manage their own assets.
• Minimize federal and state estate taxes
• Offer protection against creditors of beneficiaries
• Protect your privacy - unlike a will, a trust is confidential and not a public document

When attorney Jim Perry works with  new clients, depending on the case, he often encourages them to think about these inheritance issues at the outset:  

• Do you want to leave all your money outright to your children at age 21
• Would my children use the money wisely?
• Will the money be protected if my child goes through a divorce?
• If I die before my spouse, will my children from my first marriage be protected?

These are situation where a trust becomes important.  With a properly drafted trust you can provide for your surviving spouse and your children from a prior marriage.  With a trust, you can ensure the money you worked hard for is not squandered or spent foolishly.

Over the past 21 years Jim Perry has worked with hundreds of families and individuals to customize their Living Trust to reflect individual situations.    

“Peace of Mind is a beautiful thing.” Jim Perry