Be present
Remember to seize the moment.
Practicing estate planning law, I have to walk my clients through some hard and sad scenarios: contemplating their death or incapacity, planning the future in a way that avoids family conflicts, making sure their values and principles are conveyed to future generations. Add to this the all present, daily hardships in life and you can see how it becomes really easy to loose focus on the “here and now” and become overwhelmed with worries.
It takes intentionality, discipline, and sometimes gentle reminders to pay attention to the present.
The picture above was taken this summer and it’s a rare moment of our young son sitting still and enjoying a witty conversation with my wife. This is how character is built in little kids; moments like these reinforce in the child that he/she is loved and important.
It may not always be easy or convenient, but I’m reminded of the importance of sitting still, being present and attentive to your child or loved ones.
Can a Living Trust Protect my assets from creditors?
Adding assets to your Trust.
This is a question that I hear often. The quick answer is “NO”.
In California, a living trust is a fiduciary relationship. A Settlor, or Trustor which is the initial owner of an asset, transfers the asset to another person, called Trustee, where the Trustee has one job: to hold the asset and at the designated time to transfer it to a third person - the Beneficiary.
Trusts are used for various purposes in different areas of law. One of the reasons we use trusts in Estate Planning in California is to avoid probate at the death of a person. The way we draft a revocable living trust, during the lifetime of the Settlor, this person is both the Trustee and the Beneficiary of the asset. It is only at their death that another Successor Trustee takes over the asset and distributes it to certain named Beneficiary or Beneficiaries.
Therefore, during the lifetime of the Settlor, the asset in question is viewed as belonging to the Settlor.
Now, if you own a rental property, or a business and you are concerned about personal liability against any risks arising out of these types of assets, attorney Bela I. Ispas should be able to help finding alternative ways to protect you. Contact our office to schedule a consultation!