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3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123What Is an Irrevocable Life Insurance Trust (ILIT)? Irrevocable Life Insurance Trusts, or ILITs, have long been a staple of estate planning, helping individuals, families and business owners meet a wide range of goals. Certain situations may also be more complex (and expensive) than others when you’re setting up a trust, like if you add stipulations for how and when someone can receive the trust assets Should I put my house in a trust or LLC? LLCs are better at protecting business assets from creditors and legal liability. Trusts can handle many types of assets and are better at avoiding probate and reducing estate taxes. In some cases, both an LLC and a trust may be the best way to manage the estate. Still, probate doesn’t have to be a scary process A revocable living trust is an instrument created for the purpose of protecting your assets during your lifetime Frequently Asked Questions About Wills Going Through Probate. Accompanies If a Trustee held a significant amount of debt, the Successor may sell off real estate or other valuable assets from the Trust What is the most important part of a will? Bequests. This is probably the most important part of the will. This section should include specificities about how the testator wishes for her estate to be divvied up among the specific organizations and people acting as beneficiaries. The Law Firm Of Steven F. Bliss Esq. ( +1 (858) 278-2800 ). Numerous Probate Property is The Law Firm Of Steven F. Bliss Esq. You may also want to take into consideration these drawbacks: A trust will allow you to achieve multiple objectives that will cannot. If you don’t know who the executor is, obtain a copy of the death certificate through the county We also help clients with estate planning, Wills and Trusts, and power of attorney Obtain a Will From Probate Court Life insurance and annuities can play an essential role in estate planning. What debts are dischargeable? Dischargeable debt is debt that can be eliminated after a person files for bankruptcy. Some common dischargeable debts include credit card debt and medical bills. In Chapter 7 cases, a discharge is only available to individuals but not to corporations or partnerships. Why would someone want an irrevocable trust? The only three times you might want to consider creating an irrevocable trust is when you want to (1) minimize estate taxes, (2) become eligible for government programs, or (3) protect your assets from your creditors. Lawyers typically use one of three common rate structures …flat fees, the billable hour, or contingency fees Who Should Wait To File? Does The Law Firm of Steven F. Bliss Esq. work in Cortez Yes, The Law Firm of Steven F. Bliss in a San Diego Probate Attorney in Cortez. Achievable Estate Attorneys is The Law Firm Of Steven F. Bliss Esq. That preserves even more of the money in the trust for heirs You’ll be discussing your family and personal circumstances, financial matters, and other intimate details about your life, so you should be comfortable with the lawyer you hire.
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